# ISGEC Heavy Engineering share price today (ISGEC Heavy Engineering Ltd, NSE: ISGEC)

> ISGEC Heavy Engineering share price today: ₹914.90 at the NSE close on 3 November 2026, up 4.1% in a year. ISGEC Heavy Engineering (NSE: ISGEC) is worth ₹6,725 crore, trades at a P/E of 25.8 and has closed between ₹731.90 and ₹1,086.95 over the past 52 weeks. > ISGEC Heavy Engineering Ltd's share price, valuation and earnings point in different directions. The next one or two quarters should make it clearer. ISGEC · Infra - Engineering - General · data as of 3 November 2026. Page: https://www.sectoralpha.in/stocks/isgec-heavy-engineering-ltd

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## Key numbers

- Business trend: Turning around, from the last 12 quarters
- Price: ₹914.90 (+4.1% in a year)
- P/E: 25.8× (higher than 54% of the last 11 years)
- Revenue (Jun 2026): ₹1,980 Cr (+46.0% on a year ago)
- Profit (Jun 2026): ₹18.0 Cr (+38.5% on a year ago)
- Operating margin: 6.0% (−3.0 points on a year ago)
- ROCE: 11%, FY26
- ROIC: 4.1%, against a 12.0% cost of capital: −7.9 points

The main question: the share price moved +4.1% in a year while yearly earnings per share moved −42.6%. The difference came from the market paying a higher multiple. ## What is the ISGEC Heavy Engineering share price today? ISGEC Heavy Engineering Ltd's share price was ₹914.90 at the close on 3 November 2026. It has been falling for 15 weeks. That is 2.1% above its average price over the last 200 trading days. In the last 52 weeks it traded between ₹732 and ₹1,087, and at that close it sat 52% of the way up from that low. Over the past 13 weeks it has done better than the NIFTY 500, and it has stayed ahead for 7 weeks in a row. Over the last 11 years the share price moved +127% while the NIFTY 500 moved +251%, so it is behind the index over that whole period. The chart above shows the 13-week comparison for every week. This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row. ## What changed at ISGEC Heavy Engineering this quarter? Three changes stood out: lowest operating margin in 15 quarters, indian funds and insurers (DIIs) cut their stake for 3 quarters in a row and revenue up on a year earlier for 4 quarters in a row. 1. Lowest operating margin in 15 quarters Operating margin was 6% in the June 2026 quarter, against 9% a year earlier. Why: Operating margin fell because the Philippines ethanol plant lost money and did not cover its fixed costs. Next results: check whether the Philippines ethanol loss falls as management expects. From the earnings call on 12 Aug 2026. 2. Indian funds and insurers (DIIs) cut their stake for 3 quarters in a row From 10.5% to 10% of the company by the September 2026 quarter. 3. Revenue up on a year earlier for 4 quarters in a row In the June 2026 quarter revenue was ₹1,980 crore, +46% on a year earlier. Why: Revenue rose because the company executed more projects and shipped a US order it had been holding. Next results: check whether order bookings keep coming and project work stays smooth. From the earnings call on 12 Aug 2026. ## What are ISGEC Heavy Engineering's latest quarterly results? For April to June 2026 (the quarter ended 30 June 2026), ISGEC Heavy Engineering reported revenue of ₹1,980 crore, up 46.0% from ₹1,356 crore a year earlier, and a profit of ₹18.0 crore, up 38.5% from ₹13.0 crore. ### ISGEC Heavy Engineering results: April to June 2026 against a year earlier

| Measure | April to June 2026 | April to June 2025 | Change |
| --- | --- | --- | --- |
| Revenue | ₹1,980 crore | ₹1,356 crore | +46.0% |
| Profit | ₹18.0 crore | ₹13.0 crore | +38.5% |
| Earnings per share | ₹1.22 | ₹0.94 | +29.8% |
| Operating margin | 6.0% | 9.0% | −3.0 points |

The next results, for July to September 2026, are due by 14 November 2026: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter). ISGEC Heavy Engineering's management discussed these results on a call held on 12 August 2026; what it said is further down this page. (From the company's reported quarterly results (quarter ended 30 June 2026). Revenue and profit in ₹ crore.)

## What is the ISGEC Heavy Engineering share price history? ISGEC Heavy Engineering closed at ₹914.90 on 3 November 2026, up 4.1% from ₹878.85 a year earlier (31 October 2025) and up 34.4% over five years. Its highest weekly close since March 2016 was ₹1,587.70 on 13 December 2024. ### ISGEC Heavy Engineering share price: then and now

| When | Close | Change to 3 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 23 Oct 2026 | ₹869.10 | +5.3% |
| 1 month ago · 1 Oct 2026 | ₹918.00 | −0.3% |
| 6 months ago · 30 Apr 2026 | ₹1,086.95 | −15.8% |
| 1 year ago · 31 Oct 2025 | ₹878.85 | +4.1% |
| 3 years ago · 3 Nov 2023 | ₹705.45 | +29.7% |
| 5 years ago · 4 Nov 2021 | ₹680.80 | +34.4% |
| 10 years ago · 4 Nov 2016 | ₹498.27 | +83.6% |
| Earliest weekly close in our records · 11 Mar 2016 | ₹402.85 | +127.1% |
| Highest weekly close since March 2016 · 13 Dec 2024 | ₹1,587.70 | −42.4% |
| Lowest weekly close since March 2016 · 22 May 2020 | ₹210.35 | +334.9% |
| 52-week high (weekly close) · 30 Apr 2026 | ₹1,086.95 | −15.8% |
| 52-week low (weekly close) · 14 Aug 2026 | ₹731.90 | +25.0% |

Weekly closing prices. Each change is the move from that price to the 3 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes. (562 weekly closes from 11 March 2016 to 3 November 2026.)

## What is the latest news on ISGEC Heavy Engineering? 3 Nov 2026: ISGEC Heavy Engineering closed at ₹914.90, up 5.3% on the week and down 0.3% on the month. 21 Sep 2026: ex-date for a dividend of ₹6 a share. ### Earlier

- 12 Aug 2026: ISGEC Heavy Engineering held its results call for April to June 2026. Management guided: FY27 standalone revenue growth 10-12%; manufacturing EBIT margin 12-13%; projects EBIT margin 5-6%. - Results for April to June 2026: Revenue up 46.0% and profit up 38.5% on a year earlier. ## What dividend does ISGEC Heavy Engineering pay? ISGEC Heavy Engineering paid ₹6 a share in regular dividends in the 12 months to 4 November 2026 (1 payment), a yield of 0.66% at the ₹914.90 close on 3 November 2026. The last was a dividend of ₹6 a share, ex-date 21 September 2026. ### ISGEC Heavy Engineering dividends since 1 April 2021

| Ex-date | Dividend per share | Type | Record date |
| --- | --- | --- | --- |
| 21 Sep 2026 | ₹6 | Dividend | same day |
| 8 Sep 2025 | ₹5 | Dividend | 9 Sep 2025 |
| 21 Aug 2024 | ₹4 | Dividend | same day |
| 14 Aug 2023 | ₹3 | Dividend | 16 Aug 2023 |
| 12 Aug 2022 | ₹2 | Dividend | n/a |
| 8 Sep 2021 | ₹1 | Dividend | n/a |

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date. 5 of 5 Of the last 5 financial years, years with an NSE dividend record

Yes. ISGEC Heavy Engineering Ltd paid out 40% of its profit as dividends in FY26, and it paid a dividend in each of its last 13 reported years. (From the NSE corporate-actions record, read 4 November 2026.)

## What did ISGEC Heavy Engineering management say on the latest results call? On the call for April to June 2026, held on 12 August 2026, ISGEC Heavy Engineering's management guided: FY27 standalone revenue growth 10-12%; manufacturing EBIT margin 12-13%; projects EBIT margin 5-6%. > “We are no longer taking longer-duration projects. The maximum duration of the projects we are now taking is approximately 2.5 years, or at most 33-36 months.”
> Kishore Chatnani, Joint Managing Director and CFO, on the call for April to June 2026

### What management guided

- Q2 industrial projects revenue around ₹1,000 crore. - Q2 consolidated manufacturing revenue at least ₹750 crore; standalone manufacturing revenue at the Q1 level. - FY27 ISGEC Hitachi Zosen revenue and profit about 10% higher; ISGEC Titan revenue about ₹150 crore. - Manufacturing expansion: ₹502 crore approved; Bharatoli phase one ₹73 crore completes in the first week of September with ₹225 crore annual potential, major ₹218 crore phase by end-CY27 or Q1 CY28, Dahej by May 31, 2027, and full benefit largely from early 2028-29. Management’s own plans and goals, from our notes of the call. A plan is not a result. Source: [the call transcript](https://files.tijorifinance.com/insight/india/4878/Conference Call/CC-Aug26.pdf). (From the call for April to June 2026, 12 August 2026.)

## What is the future of ISGEC Heavy Engineering? What is changing in the business? What is changing at ISGEC Heavy Engineering, from the latest results and calls: operating leverage inflection, profit before tax growing 3-4x faster than revenue, export revenue acceleration, 134% nine-month growth, now 28% of standalone revenue and order book strength, ₹8,709 crore consolidated, 5+ quarters visibility. - Operating Leverage Inflection, profit before tax growing 3-4x faster than revenue. October to December 2025 standalone profit before tax +27% on +21% revenue; consolidated profit before tax from continuing ops +72%, machine building margins at 15.5% are the levered driver. ⚠ estimate
- Export Revenue Acceleration, 134% nine-month growth, now 28% of standalone revenue. Nine-month export revenue ₹830 crore vs ₹354 crore on a year earlier (+134%); Q3 alone ₹378 crore (+166% on a year earlier), management dedicating 'a lot of time and energy' to grow this channel. ⚠ estimate
- Order Book Strength, ₹8,709 crore consolidated, 5+ quarters visibility. Consolidated orders ₹8,709 crore (vs ₹7,334 crore Dec 2024), October to December 2025 bookings ₹1,733 crore (+15% on a year earlier), private sector 85%, nuclear/defense orders actively bid. ⚠ estimate
- Machine Building Capital spending, 2.5x revenue from ₹400 crore to ₹1,000 crore by FY28. Board-approved ₹361 crore capital spending across 4 facilities goals machine-building division revenue of ₹1,000 crore by FY28 (from ₹400 crore), at sustained 10-11% margins. ⚠ estimate

We check 16 kinds of change in every company, such as costs spread over more sales, higher-value products, new orders, new regions or falling debt, against its reported numbers and what management said on its calls. Only changes the numbers back are shown. (Our read after the latest results, written 17 May 2026.)

## What is ISGEC Heavy Engineering's order book? Three HIGH catalysts active per overlay: operating leverage inflection (+14% profit), order book (+10%), geographical expansion (+8%)

- Export orders ₹1,629 crore (21% of consolidated order book); export revenue now 28% of standalone revenue. ✓ fact
- Private sector 85% of order book vs PSU/Government 15%; strategic pivot away from capital-intensive government orders. ✓ fact
- Isgec Hitachi Zosen JV order book ₹946 crore; nine-month inflow ₹601 crore. ✓ fact

(Our read after the latest results, written 17 May 2026.)

## What could change the ISGEC Heavy Engineering story? What are the risks? Fixed-price contracts hedged ~90% via back-to-back supplier quotes; remaining 10% structural steel exposure is the risk pocket, especially if steel + nickel + copper spike simultaneously. ### The main risks

- Steel / Commodity Price Spike on Fixed-Price Contracts: Fixed-price contracts hedged ~90% via back-to-back supplier quotes; remaining 10% structural steel exposure is the risk pocket, especially if steel + nickel + copper spike simultaneously. ✓ fact
- Philippines Disposal Fails / Underperforms Book Value: One customer already failed to mobilize funds. ⚠ estimate
- Working Capital Intensity, High Debtor Days and Inventory Build: Debtor days ~161, inventory stock adjustment ₹153 crore; free cash flow conversion estimated at 0.62, manufacturing business is capital-intensive and working capital absorbs growth. ✓ fact
- Capital spending Execution Risk, Phase 1 July 2026 Commissioning: Phase 1 capital spending (₹225 crore, July 2026) is the near-term inflection milestone, delay pushes the machine-building revenue ramp into FY28. ⚠ estimate

(Our read after the latest results, written 17 May 2026.)

## What to watch in ISGEC Heavy Engineering's next results? When ISGEC Heavy Engineering reports July to September 2026, these are the 4 checks that show whether the story is still on course. First: Manufacturing EBIT margin to remain within the guided band - check whether capacity ramp and input-cost contingencies preserve delivery. - What to check (from the call)
- Manufacturing EBIT margin to remain within the guided band - check whether capacity ramp and input-cost contingencies preserve delivery. - Industrial-project execution and order additions - check whether healthy inquiries convert without a return to longer-duration contracts. - Philippines ethanol loss to fall substantially in Q2 - check whether cane and molasses bottlenecks resolve and charges approach depreciation plus interest. - Bharatoli phase-one commissioning - check production start, work-in-progress build and eventual billing conversion. ## Which stock lists is ISGEC Heavy Engineering on? ISGEC Heavy Engineering is on one of our India lists: Momentum stocks. [Momentum stocks Market cap cr: 6829.645734790411](https://www.sectoralpha.in/momentum-stocks-india)

## Is ISGEC Heavy Engineering profitable? ISGEC Heavy Engineering Ltd earned ₹18.0 Cr of net profit in the Jun 2026 quarter, +38.5% on the same quarter a year earlier. Full-year FY26 profit was ₹154 Cr. Over 10 years profit has grown −2.1% a year on average. That is 0.9% of the quarter's revenue. The same quarter a year earlier earned ₹13.0 Cr. For the full year, FY26 profit was ₹154 Cr (−24.5% on the year before). Why profit moved: revenue changed +46.0% on a year earlier and the margin moved −3.0 percentage points. Sales did the work while the margin got thinner. On average over the last four quarters, profit changed +62.2% and revenue +20.6%. Profit is growing faster than sales: fixed costs are spread over more sales, so each extra rupee of revenue adds more to profit. ## How much revenue does ISGEC Heavy Engineering make, and is it growing? ISGEC Heavy Engineering Ltd reported ₹1,980 Cr of revenue in the Jun 2026 quarter, +46.0% on the same quarter a year earlier. That is the 4th quarter in a row with growth on the year before. Over 10 years it has grown 4.2% a year on average. The last full year, FY26, came in at ₹6,789 Cr. Why this happened. Export revenue is the margin-accretive growth engine: higher-value presses for international markets, boilers and small power plants for export, Hitachi Zosen JV orders (50%+ overseas). The 134% surge is not purely base-effect, Q3 FY26 alone was Rs 378 Cr vs Rs 142 Cr, showing genuine momentum. Export orders comprise Rs 1,629 Cr of the Rs 8,709 Cr consolidated order book (21%). The Skids & Modules facility expansion (Rs 110 Cr capex) was specifically expanded to accommodate larger-size product demand from exports. The last four reported quarters add to ₹7,458 Cr. FY26 revenue was ₹6,789 Cr, +5.7% on the year before. Recent pace: the last four quarters grew +20.6% on average, against 4.2% a year over the longer run, so this year is growing faster than its own long-run rate. Is growth speeding up? Revenue over the last 12 months grew +19.5%, against +8.2% a year over the last 8 quarters (accelerating); profit over the last 12 months grew +5.7%, against −5.1% a year (accelerating). ## How much of every ₹100 of sales does ISGEC Heavy Engineering keep? ISGEC Heavy Engineering Ltd's operating margin was 6.0% in the Jun 2026 quarter, 3.0 percentage points lower than the same quarter a year ago. Across 13 years it has been between 5.0% and 10.0%. The latest quarter is within that range. Why this happened. Operating leverage is inflecting because: (1) the project mix shift toward private sector (85% of order book, shorter cycles, LC-backed) improves working capital and reduces execution risk; (2) the Isgec Hitachi Zosen JV has moved from 3% margins (FY24) to 21% (Q3 FY26) through efficiency + capacity utilization; (3) the machine-building division generates 15%+ margins vs the group's 8-9% goal. The capex (Rs 361 Cr, Phases 1-2 completing July 2026 and July 2027) adds capacity before the leverage fully plays out, making the next 6-8 quarters the operating leverage sweet spot. Why the margin moved: operating margin changed −2.9 percentage points on the year while gross margin changed −6.6 points. So the drop came mostly from the gross margin, which means input costs and prices charged. ## Is ISGEC Heavy Engineering's profit turning into cash? Over the last 3 years, 264% of ISGEC Heavy Engineering Ltd's reported profit came in as cash from its operations, so the profit is backed by cash. In FY26 it brought in ₹765 Cr of operating cash against ₹154 Cr of profit. After ₹226 Cr of spending on assets, ₹539 Cr was left over as free cash. Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year. Why 264% of profit came in as cash: the cash cycle got 100 days longer between FY21 and FY26, so more of each rupee of profit waits in the business before it arrives. What to look at next: no single use of cash stands out. The next section checks both the cash tied up in daily operations and the spending on assets. ## Where does ISGEC Heavy Engineering's cash go? ISGEC Heavy Engineering Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 192 days in FY26, up from 92 days in FY21. It spent ₹730 Cr on assets over the last 3 years. Customers take 148 days to pay, and stock sits for 163 days on average. At FY26 sales of ₹6,789 Cr, each day of that cycle ties up about ₹18.6 Cr, so roughly ₹3,571 Cr is tied up in the business at any time. FY26: customers took 148 days to pay and stock sat for 163 days, about 5.4 months of sales sitting as stock, for a full cycle of 192 days, longer than FY21's 92. The full loop: cash goes out to suppliers and production on day 0. Stock sits for 163 days. Customers pay about 148 days after that. Suppliers are paid at 118 days. Together that makes the 192-day cycle. Spending on assets: ₹730 Cr over the last 3 years, against ₹554 Cr of depreciation (the yearly wear and tear on existing assets). So it is building a little beyond replacing what wears out. Work still in progress is ₹138 Cr (FY26): assets paid for that are not earning yet. In short: neither the daily cycle nor new spending is soaking up the cash, so the picture is fairly clean. ## What is ISGEC Heavy Engineering's P/E ratio, and how does it compare with its own history? ISGEC Heavy Engineering Ltd's P/E is 25.8×, in the middle of its own history: higher than 54% of past readings. Its usual P/E (the middle reading) is 25.2×, over 11 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth. The P/E here, and its history, use a profit figure that can leave out one-off items, so it can differ from a P/E worked out on the quarterly results. Those results' earnings per share for the four quarters to Jun 2026 add up to ₹26.65. Why the multiple is where it is: over the past year earnings per share moved −42.6% while the price moved +4.1%. The price did better than earnings, which pushed the multiple up within its own range. Where the price move came from: over 5 years the price moved +6.1% a year; about +3.5% a year came from earnings growth and about +2.6 percentage points from the multiple (the market paying more); over 10 years the price moved +6.3% a year; about +4.2% a year came from earnings growth and about +2.1 percentage points from the multiple (the market paying more). The split is approximate (price return minus earnings growth). It shows how much of the move came from the market paying a different multiple. In short: the multiple is about average against its own past, so the earnings trend underneath matters more than the multiple. ## Is the ISGEC Heavy Engineering business getting better or worse? ISGEC Heavy Engineering Ltd's business is turning around. Profit growth has swung from −16.2% at its low to +5.7%, improving for 2 quarters in a row, with ROCE steady at 13.1%. This is based on 12 quarters of 4 measures. Why it matters: a turn in growth is often where a bigger change starts. The lines say a turn is forming, so the question is whether the next quarters confirm it. ## What is the ISGEC Heavy Engineering story, and has it been checked? ISGEC Heavy Engineering Ltd's story is not scored yet against the checks our research set on 17 May 2026. Where it sits in its own cycle: MID CONTRACTION TO BREAKOUT. Still open: Fixed-price contracts hedged ~90% via back-to-back supplier quotes; remaining 10% structural steel exposure is the risk pocket, especially if steel + nickel + copper spike simultaneously. Our read, 17 May 2026. From the numbers. The BREAKOUT FROM COMPRESSION signal fires because QoQ momentum is positive (+10%+) even as YoY is…

From the price. Price stage 4, week 15, above its 200-day line, relative strength rising. From the research. What is proven. What is not proven yet. Fixed-price contracts hedged ~90% via back-to-back supplier quotes; remaining 10% structural steel exposure is the risk pocket, especially if steel + nickel + copper spike simultaneously. The test written in advance. Steel / Commodity Price Spike on Fixed-Price Contracts. Measured by: Steel / Commodity Price Spike on Fixed-Price Contracts Steel HRC price trajectory + management commentary on margin trajectory each quarter by the next result. The test written in advance. Philippines Disposal Fails / Underperforms Book Value. Measured by: Philippines Disposal Fails / Underperforms Book Value Philippines cash break-even in Q4 FY26 results; any new customer announcement by the next result. The test written in advance. Working Capital Intensity, High Debtor Days and Inventory Build. Measured by: Working Capital Intensity, High Debtor Days and Inventory Build Quarterly operating cash flow; debtor days trend; retention release timing by the next result. What the company does. Q3 FY26 standalone PBT +27% on +21% revenue; consolidated PBT from continuing ops +72%, operating leverage kicking in as the machine-building division delivers 15%+ margins. Export revenue +134% nine-month (Rs 830 Cr vs Rs 354 Cr YoY), Isgec Hitachi Zosen JV margins rocketing from 3% FY24 to 21% Q3 FY26, the mix shift is already P&L visible. Rs 361 Cr board-approved capex goals 2.5x machine-building revenue to Rs 1,000 Cr by FY28;

Lever 1 · Operating leverage: building. Q3 FY26 standalone PBT +27% on +21% revenue; consolidated PBT from continuing ops +72%, machine building margins at 15.5% are the levered driver. What proves it keeps working: Operating Leverage Inflection, PBT growing 3-4x faster than revenue. It stops working if Steel HRC price trajectory + management commentary on margin trajectory each quarter. Lever 10 · New geographies: building. Nine-month export revenue Rs 830 Cr vs Rs 354 Cr YoY (+134%); Q3 alone Rs 378 Cr (+166% YoY), management dedicating 'a lot of time and energy' to grow this channel. What proves it keeps working: Export Revenue Acceleration, 134% nine-month growth, now 28% of standalone revenue. It stops working if Steel HRC price trajectory + management commentary on margin trajectory each quarter. Lever 6 · Order-book wins: building. Consolidated orders Rs 8,709 Cr (vs Rs 7,334 Cr Dec 2024), Q3 FY26 bookings Rs 1,733 Cr (+15% YoY), private sector 85%, nuclear/defense orders actively bid. What proves it keeps working: Order Book Strength, Rs 8,709 Cr consolidated, 5+ quarters visibility. It stops working if Steel HRC price trajectory + management commentary on margin trajectory each quarter. Lever 4 · Paying down debt: building. Board-approved Rs 361 Cr capex across 4 facilities goals machine-building division revenue of Rs 1,000 Cr by FY28 (from Rs 400 Cr), at sustained 10-11% margins. What proves it keeps working: Machine Building Capex to 2.5x revenue from Rs 400 Cr to Rs 1,000 Cr by FY28. It stops working if Steel HRC price trajectory + management commentary on margin trajectory each quarter. Sources: our stock research file (17 May 2026) · quarterly results through Jun 2026 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes. ## Did ISGEC Heavy Engineering management deliver what it promised? What ISGEC Heavy Engineering Ltd's management promised, against what actually happened: 4 promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met. Philippines Depreciation Outlook Revised Downward · 12 August 2026. In May 2026, management expected FY27 depreciation for the Philippines business to be around INR150 crores. In Aug 2026, it instead cited about Rs. 95 crores, after earlier saying in the same call that it should be closer to Rs. 120 crores, without reconciling the materially different estimates. Materially Weaker Philippines Plant Ramp and Profitability Outlook · 12 August 2026. In May 2026, management said the Philippines plant was cash positive and self-sustaining, with utilization expected to reach 85% - 90% for most of FY27. In Aug 2026, management reported an Rs. 83 crore quarterly loss, utilization of about 65%, and 90% utilization only by December; although it attributed the weaker outcome to feedstock-specific operational bottlenecks, it did not reconcile the earlier cash-positive and no-funding expectation. Philippines Operational Forecast Reversal · 29 May 2026. In the Nov 2025 call, management confidently projected full-year revenues of INR 470-480 crores and operational profits of INR 30-40 crores for the Philippines plant. However, in the May 2026 call, they reported a net loss of INR 295 crores (including a 26 crore operational loss) and virtually no sales, unexpectedly citing a lack of government Department of Energy allocations required to dispatch the stored ethanol - a major regulatory oversight not previously flagged as a risk. Philippines Asset Sale Narrative Pivot · 29 May 2026. By the May 2026 call, this narrative completely reversed, with management admitting no parties were deeply engaged, forcing a reclassification to continuing operations that triggered a massive unforecasted step-up in depreciation charges. Every quote above is taken word for word from the company’s own earnings calls. ## How much does ISGEC Heavy Engineering earn on its capital? ISGEC Heavy Engineering Ltd earned a ROCE of 11% in FY26. That is up from a low of 8% in FY22. Its return on capital used (ROIC) is 7.9 percentage points below its cost of capital, so growth here does not yet pay for the capital it uses. It comes from a 2.3% net margin and 0.84× asset turnover (sales divided by assets). Why the return is what it is (FY26): a 2.3% net margin × 0.84× asset turnover × 2.94× leverage (assets divided by equity) ≈ 5.7% on equity. The margin does its share; borrowing is a big part of it. The key test, return on capital used minus the cost of capital: 4.1% − 12.0% = −7.9 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. Negative: growth at these returns loses value until returns improve. The 4.1% ROIC above is the latest reading, as reported. The yearly chart below shows FY26 at 5.1%, and the quarterly chart works out each 12-month window from the quarterly figures, so the readings differ by date, not by method. ## Does ISGEC Heavy Engineering have too much debt? ISGEC Heavy Engineering Ltd has total debt of ₹951 Cr against shareholder equity of ₹2,888 Cr as of Jun 2026, so its debt is 0.33× its equity. Year by year, that ratio went from 0.56 in FY22 to 0.33 in FY26. Keep that borrowing in mind when reading the returns on this page. Why this happened. Phase 1 (Rs 225 Cr, July 2026): New manufacturing shops for presses and industrial machinery, adds Rs 225 Cr annual revenue capacity. Phase 2 (Rs 218 Cr, July 2027): Additional capacity for presses and industrial machinery, adds Rs 375 Cr revenue. Machining facility (Rs 22.6 Cr): In-house machining for iron castings (previously outsourced), improves quality, delivery, Rs 20 Cr value addition annually. Skids & Modules facility (Rs 110 Cr, Phase 1 March 2027, Phase 2 March 2028): Expanded to accommodate larger export orders. Key: this capex is funded entirely through internal accruals, no equity dilution, no leverage increase. ## What is the ISGEC Heavy Engineering shareholding pattern? Domestic institutions cut their stake in ISGEC Heavy Engineering Ltd by 1.3 percentage points over 8 quarters, the biggest change among its owners. Domestic institutions now own 10.0% of the company. Foreign institutions moved −0.1 points over the same period, to 3.9%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings. Over the last two years: Domestic institutions: −1.3 points over 8 quarters, to 10.0%; Foreign institutions: −0.1 points over 8 quarters, to 3.9%; Promoters: +0.0 points over 8 quarters, to 62.4%. Why the owners changed: domestic institutions drove it (−1.3 points). They reduced their stake. ## How far is ISGEC Heavy Engineering from balance-sheet trouble? For ISGEC Heavy Engineering Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date. Why this happened. The Philippines biofuel subsidiary is the balance-sheet overhang. The original customer failed to mobilize funds, so management is now operating the plant to cash break-even (planned Q4 FY26), then refinancing working capital loans through local Philippine banks, and re-marketing the asset. Maximum additional working capital requirement is $5 million. ## How does ISGEC Heavy Engineering rank in its industry? 58.7 out of 100, rank 3 of 8 in Infra - Engineering - General, with 96% of the evidence available. ISGEC Heavy Engineering Ltd scores 58.7 out of 100 against the 8 companies it is compared with in Infra - Engineering - General, ranking 3. The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. The four parts add up to the total exactly: 19 + 13.1 + 7.1 + 19.5 = 58.7. This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector. ## Which companies is ISGEC Heavy Engineering compared with? ISGEC Heavy Engineering ranks 3 of 8 Infra - Engineering - General companies on the 4-Factor Sector Score, with 58.7 out of 100. 1. [Engineers India Ltd](https://www.sectoralpha.in/stocks/engineers-india-ltd) ENGINERSIN · breaking out · Sector-leading setup · 100% evidence 85.9 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 27.6/35 · Revenue 6% · Profit 67.2% · Operating margin change 11 points · 100% evidence Capital efficiency 21.8/25 · ROCE 30.4% · Operating margin 21% · 100% evidence Valuation 16.5/20 · P/E 15.8× · PEG 0.54 · 100% evidence Relative strength 20.0/20 · Lead over its industry 17.7% · Lead over NIFTY 500 16% · 1 year 24.6% · 100% evidence · 11 of 12 weeks ahead Exact sum: 27.6 + 21.8 + 16.5 + 20 = 85.9 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 2. [Axtel Industries Ltd](https://www.sectoralpha.in/stocks/axtel-industries-ltd) AXTEL · breaking out · Most evidence points up · 81% evidence 71.2 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 29.9/35 · Revenue 42.1% · Profit 97.3% · Operating margin change 2.3 points · 88% evidence Capital efficiency 15.1/25 · ROCE 30% · Operating margin 7.8% · 100% evidence Valuation 15.4/20 · P/E 21.3× · PEG 0.72 · 100% evidence Relative strength 10.8/20 · Lead over its industry n/a · Lead over NIFTY 500 1.2% · 1 year -13.6% · 25% evidence · 0 of 5 weeks ahead Exact sum: 29.9 + 15.1 + 15.4 + 10.8 = 71.2 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 3. ISGEC Heavy Engineering Ltd this page ISGEC · breaking out · Evidence leans up · 96% evidence 58.7 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 19.0/35 · Revenue 19.5% · Profit 5.7% · Operating margin change -3 points · 88% evidence Capital efficiency 13.1/25 · ROCE 11.2% · Operating margin 6% · 100% evidence Valuation 7.1/20 · P/E 25.9× · PEG 1.64 · 100% evidence Relative strength 19.5/20 · Lead over its industry 10.6% · Lead over NIFTY 500 9% · 1 year 4.6% · 100% evidence · 4 of 12 weeks ahead Exact sum: 19 + 13.1 + 7.1 + 19.5 = 58.7 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 4. [BGR Energy Systems Ltd](https://www.sectoralpha.in/stocks/bgr-energy-systems-ltd) BGRENERGY · turning · Too little evidence to rank firmly · 53% evidence 33.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 14.0/35 · Revenue -38.3% · Profit -10.9% · Operating margin change -529 points · 65% evidence Capital efficiency 0.3/25 · ROCE -26.9% · Operating margin -648% · 100% evidence Valuation 10.0/20 · P/E n/a · PEG n/a · 0% evidence Relative strength 9.2/20 · Lead over its industry n/a · Lead over NIFTY 500 -4.7% · 1 year -35.7% · 25% evidence · 2 of 12 weeks ahead Exact sum: 14 + 0.3 + 10 + 9.2 = 33.5 · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose. 5. [Ircon International Ltd](https://www.sectoralpha.in/stocks/ircon-international-ltd) IRCON · quiet · Most evidence points down · 96% evidence 32.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 12.7/35 · Revenue -9.9% · Profit -22.2% · Operating margin change -1 points · 88% evidence Capital efficiency 9.8/25 · ROCE 9.3% · Operating margin 10% · 100% evidence Valuation 10.3/20 · P/E 17.4× · PEG 1.13 · 100% evidence Relative strength 0.0/20 · Lead over its industry -25.5% · Lead over NIFTY 500 -26.4% · 1 year -43% · 100% evidence · 0 of 12 weeks ahead Exact sum: 12.7 + 9.8 + 10.3 + 0 = 32.8 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 6. [EMS Ltd](https://www.sectoralpha.in/stocks/ems-ltd) EMSLIMITED · quiet · Most evidence points down · 81% evidence 31.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 7.3/35 · Revenue -34.1% · Profit -63.4% · Operating margin change -6 points · 88% evidence Capital efficiency 12.8/25 · ROCE 12.8% · Operating margin 17% · 100% evidence Valuation 3.2/20 · P/E 22.9× · PEG 2.09 · 100% evidence Relative strength 8.0/20 · Lead over its industry n/a · Lead over NIFTY 500 -18.9% · 1 year -46.8% · 25% evidence · 6 of 12 weeks ahead Exact sum: 7.3 + 12.8 + 3.2 + 8 = 31.3 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 7. [Bondada Engineering Ltd](https://www.sectoralpha.in/stocks/bondada-engineering-ltd) BONDADA · basing · Too little evidence to rank firmly · 50% evidence 61.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 17.7/35 · Revenue n/a · Profit n/a · Operating margin change -1 points · 45% evidence Capital efficiency 19.8/25 · ROCE 39.4% · Operating margin 11% · 76% evidence Valuation 15.0/20 · P/E 14× · PEG n/a · 50% evidence Relative strength 8.6/20 · Lead over its industry n/a · Lead over NIFTY 500 -10.8% · 1 year -39% · 25% evidence · 1 of 5 weeks ahead Exact sum: 17.7 + 19.8 + 15 + 8.6 = 61.1 · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose. 8. [Artson Ltd](https://www.sectoralpha.in/stocks/artson-ltd) ARTSON · Too little evidence to rank firmly · 48% evidence 28.9 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 10.3/43.75 · Revenue 8.7% · Profit -80% · Operating margin change -2.9 points · 83% evidence Capital efficiency 6.1/31.25 · ROCE -14.6% · Operating margin 4.5% · 76% evidence Valuation 12.5/25 · P/E n/a · PEG n/a · 0% evidence Relative strength: no reading this week · its 20 points are shared across the other three Exact sum: 10.3 + 6.1 + 12.5 = 28.9 (no relative-strength reading this week; its 20 points are shared across the other three) · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose. Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [Infra - Engineering - General](https://www.sectoralpha.in/sectors/infra-engineering-general), all 8 compared on one page. ## Which companies are close to ISGEC Heavy Engineering in size? ISGEC Heavy Engineering is the 3rd largest of 8 Infra - Engineering - General companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: Engineers India and Ircon International. Just below it: Bondada Engineering, BGR Energy Systems, EMS and Axtel Industries. ### Infra - Engineering - General companies close in size

1. [Engineers India Ltd](https://www.sectoralpha.in/stocks/engineers-india-ltd) ₹14,155 crore
2. [Ircon International Ltd](https://www.sectoralpha.in/stocks/ircon-international-ltd) ₹9,088 crore
3. ISGEC Heavy Engineering Ltd ₹6,762 crore
4. [Bondada Engineering Ltd](https://www.sectoralpha.in/stocks/bondada-engineering-ltd) ₹2,943 crore
5. [BGR Energy Systems Ltd](https://www.sectoralpha.in/stocks/bgr-energy-systems-ltd) ₹2,034 crore
6. [EMS Ltd](https://www.sectoralpha.in/stocks/ems-ltd) ₹1,560 crore
7. [Axtel Industries Ltd](https://www.sectoralpha.in/stocks/axtel-industries-ltd) ₹666 crore

[All 8 Infra - Engineering - General companies, largest first](https://www.sectoralpha.in/sectors/infra-engineering-general#all-companies)

### Companies close in size in other industries

1. [Relaxo Footwears Ltd](https://www.sectoralpha.in/stocks/relaxo-footwears-ltd) ₹6,784 crore · Footwear
2. [NDR INVIT Trust](https://www.sectoralpha.in/stocks/ndr-invit-trust) ₹6,779 crore · Infrastructure Investment Trusts
3. ISGEC Heavy Engineering Ltd ₹6,762 crore
4. [Mishra Dhatu Nigam Ltd](https://www.sectoralpha.in/stocks/mishra-dhatu-nigam-ltd) ₹6,758 crore · Aerospace & Defence - Equipments
5. [Spectrum Electrical Industries Ltd](https://www.sectoralpha.in/stocks/spectrum-electrical-industries-ltd) ₹6,757 crore · Capital Goods - Electric General

## What else do people ask about ISGEC Heavy Engineering? ### What is ISGEC Heavy Engineering's share price today? ISGEC Heavy Engineering Ltd's share price is ₹914.90, +4.1% over the past year. The whole company is worth ₹6,725 Cr on the market. In the last 52 weeks it traded between ₹732 to ₹1,087; today it is 52% of the way up from the low, 2.1% above its 200-day average (as of 3 November 2026). ### What were ISGEC Heavy Engineering's latest quarterly results? ISGEC Heavy Engineering Ltd reported revenue of ₹1,980 Cr and net profit of ₹18.0 Cr for the Jun 2026 quarter. Revenue rose 46.0% and profit rose 38.5% compared with a year earlier. Earnings per share were ₹1.22. The operating margin was 6.0%, 3.0 percentage points lower than a year earlier (as of 3 November 2026). ### What is ISGEC Heavy Engineering's market cap? ISGEC Heavy Engineering Ltd's market capitalisation is ₹6,725 Cr at a share price of ₹914.90. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 3 November 2026). ### How is ISGEC Heavy Engineering performing? ISGEC Heavy Engineering Ltd's share price has been falling for 15 weeks. In its latest quarter, revenue rose 46.0% and profit rose 38.5% compared with a year earlier. Over the past 13 weeks it has done better than the NIFTY 500, for 7 weeks running (as of 3 November 2026). ### Will ISGEC Heavy Engineering's share price go up? This page does not forecast ISGEC Heavy Engineering Ltd's share price. What it shows instead: the share price is ₹914.90, and it has been falling for 15 weeks. Its P/E of 25.8× is higher than 54% of its own last 11 years (as of 3 November 2026). ### Who owns ISGEC Heavy Engineering? Promoters own 62.4% of ISGEC Heavy Engineering Ltd, foreign institutions 3.9%, domestic institutions 10.0% and the public 23.7% (latest quarter). The biggest change over the last two years: Domestic institutions cut their stake by 1.3 percentage points over 8 quarters (as of 3 November 2026). ### Does ISGEC Heavy Engineering have too much debt? ISGEC Heavy Engineering Ltd has a moderate amount of debt: its debt is 0.35× its equity, and its operating profit is 5 times its interest bill. FY26 borrowings were ₹951 Cr against equity of ₹2,736 Cr. Keep that borrowing in mind when reading the returns on this page (as of 3 November 2026). ### Where is ISGEC Heavy Engineering in its business cycle? ISGEC Heavy Engineering Ltd's FY26 operating margin was 9.0%, against a 13-year range of 5.0% to 10.0%: the middle of its own range, neither a peak nor a low. The latest quarter was 6.0%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 3 November 2026). ### What could break the ISGEC Heavy Engineering story? The main question: the share price moved +4.1% in a year while yearly earnings per share moved −42.6%. The difference came from the market paying a higher multiple. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 3 November 2026). ### Is ISGEC Heavy Engineering a stock worth studying right now? What the numbers show: ISGEC Heavy Engineering Ltd's share price, valuation and earnings point in different directions. The next one or two quarters should make it clearer. The main open question: whether earnings grow into a price that has already moved. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 3 November 2026). ### Is there a ISGEC Heavy Engineering share price forecast for 2026? What management itself guided: FY27 standalone revenue growth 10-12%; manufacturing EBIT margin 12-13%; projects EBIT margin 5-6%. What is changing at ISGEC Heavy Engineering, from the latest results and calls: operating leverage inflection, profit before tax growing 3-4x faster than revenue, export revenue acceleration, 134% nine-month growth, now 28% of standalone revenue and order book strength, ₹8,709 crore consolidated, 5+ quarters visibility. What would change the story: Fixed-price contracts hedged ~90% via back-to-back supplier quotes; remaining 10% structural steel exposure is the risk pocket, especially if steel + nickel + copper spike simultaneously. ## Lists

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