ISGEC Heavy Engineering Limited
Isgec Heavy Engineering Limited provides engineering solutions worldwide. It operates in two segments, Manufacturing of Machinery & Equipment; and Industrial Projects. The company provides process plant equipment, including reactors, high pressure vessels, shell and tube heat exchangers, columns and towers, and high pressure boiler drums; boilers, such as solid and biomass fuels, bagasse and biomass, oil and gas fired, blast furnace gas fired, waste to energy, and heat recovery boilers, as well as auxiliaries comprising air pollution control equipment, bag filters, SCR/SNCR, flue gas desulphurization systems, and deaerators; and site construction and commissioning, operation and maintenance, supervision, retrofitting and modernization, residual life assessment studies, spares, and technical assistance services. It also offers engineering, procurement, and construction services; sugar plants and machinery that include mills, diffusers, process house equipment, sugar refinery, turnkey distillery plants, and spares and retrofits; presses, such as mechanical and hydraulic straight sided, mechanical gap and ring frame, and servo presses; and steel castings, including steam/gas turbine, hydro turbine, valve, pump, mining and crushing, and general engineering castings. In addition, the company provides iron castings, air pollution control equipment, and liquefied gas containers, as well as contract manufacturing services. Further, it manufactures and sells sugar and its by-products, and ethanol and its by-products. It serves power, fertilizer, sugar and distillery, oil and gas, petrochemicals, automobile, steel, defense, cement, and chemicals industries. The company was formerly known as The Saraswati Industrial Syndicate Limited and changed its name to Isgec Heavy Engineering Limited in 2011. The company was incorporated in 1933 and is based in Noida, India.
Valuation
Profitability
Returns
Solvency
AI Summary
Indian StockRule-based from financial data. Not advice.
Historically, Apr has averaged the highest return (+14.8%); Jan the lowest (-6.8%).
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | -17.4%Negative MonthJan 2026: -17.43% | +17.7%Positive MonthFeb 2026: +17.68% | -2.8%Negative MonthMar 2026: -2.85% | +26.0%Positive MonthApr 2026: +25.99% | -14.5%Negative MonthMay 2026: -14.49% | -0.3%Neutral MonthJun 2026: -0.29% | -8.8%*Negative MonthJul 2026: -8.79% | β | β | β | β | β |
| 2025 | -19.6%Negative MonthJan 2025: -19.62% | -19.8%Negative MonthFeb 2025: -19.76% | +12.8%Positive MonthMar 2025: +12.84% | +7.4%Positive MonthApr 2025: +7.42% | +7.6%Positive MonthMay 2025: +7.60% | +2.1%Positive MonthJun 2025: +2.15% | -11.8%Negative MonthJul 2025: -11.81% | -10.3%Negative MonthAug 2025: -10.35% | -10.3%Negative MonthSep 2025: -10.27% | +0.1%Neutral MonthOct 2025: +0.06% | -5.8%Negative MonthNov 2025: -5.84% | +10.4%Positive MonthDec 2025: +10.43% |
| 2024 | +5.3%Positive MonthJan 2024: +5.25% | -17.8%Negative MonthFeb 2024: -17.80% | +5.7%Positive MonthMar 2024: +5.69% | +22.3%Positive MonthApr 2024: +22.28% | -2.2%Negative MonthMay 2024: -2.17% | +15.7%Positive MonthJun 2024: +15.68% | +25.9%Positive MonthJul 2024: +25.87% | -11.6%Negative MonthAug 2024: -11.58% | -0.1%Neutral MonthSep 2024: -0.09% | -2.4%Negative MonthOct 2024: -2.38% | +6.4%Positive MonthNov 2024: +6.38% | +0.5%Neutral MonthDec 2024: +0.47% |
| 2023 | -9.5%Negative MonthJan 2023: -9.52% | +1.8%Neutral MonthFeb 2023: +1.81% | -1.6%Neutral MonthMar 2023: -1.62% | +12.1%Positive MonthApr 2023: +12.06% | +20.8%Positive MonthMay 2023: +20.77% | +17.8%Positive MonthJun 2023: +17.77% | +5.7%Positive MonthJul 2023: +5.67% | -5.2%Negative MonthAug 2023: -5.22% | +4.5%Positive MonthSep 2023: +4.54% | -7.1%Negative MonthOct 2023: -7.12% | +37.4%Positive MonthNov 2023: +37.43% | +5.8%Positive MonthDec 2023: +5.84% |
| 2022 | +7.1%Positive MonthJan 2022: +7.14% | -12.2%Negative MonthFeb 2022: -12.19% | -10.2%Negative MonthMar 2022: -10.20% | +6.4%Positive MonthApr 2022: +6.42% | -10.5%Negative MonthMay 2022: -10.50% | -0.1%Neutral MonthJun 2022: -0.11% | -4.5%Negative MonthJul 2022: -4.46% | +2.3%Positive MonthAug 2022: +2.28% | +6.0%Positive MonthSep 2022: +5.98% | -3.2%Negative MonthOct 2022: -3.25% | +6.1%Positive MonthNov 2022: +6.05% | -7.6%Negative MonthDec 2022: -7.56% |
| 2021 | β | β | β | β | β | +34.9%Positive MonthJun 2021: +34.87% | +3.2%Positive MonthJul 2021: +3.22% | -8.3%Negative MonthAug 2021: -8.30% | -1.2%Neutral MonthSep 2021: -1.17% | -7.3%Negative MonthOct 2021: -7.27% | -18.1%Negative MonthNov 2021: -18.10% | +11.4%Positive MonthDec 2021: +11.37% |
| AvgΒ±SD |
Each cell is the percentage change in closing price from the end of the prior month to the end of this month. The bottom row shows the average return for that calendar month across the selected years, plus or minus one standard deviation β the range that historically contained roughly two-thirds of outcomes. Past monthly patterns are not a forecast of future returns.
This aggregates every month by calendar position β all Januaries together, all Februaries together, and so on β to show whether a given month has leaned positive or negative historically. βSimpleβ counts each month as +1 or β1. βWeightedβ gives larger moves more influence: +2 above +10%, β2 below β10%. With only 6 years of history for this asset, each monthβs score reflects a small number of observations β read it as a historical tendency, not a reliable seasonal pattern.
This tracks a running tally across the assetβs full price history: each month adds or subtracts based on whether it was positive or negative. A rising line means more positive months than negative so far; a flattening or falling line means recent months have leaned negative. This measures historical month-to-month consistency, not expected future performance.
Year-to-date return is calculated by dividing each dayβs closing price by the price on January 1st of that year (or the assetβs first available price if it began trading mid-year). The custom average line shows the mean YTD return at each calendar day across the selected years. The standard deviation band shows the range within which returns have historically fallen β at 1 SD, roughly two-thirds of years; at 2 SD, roughly 95%. Past year-to-date patterns do not predict future returns. The average and standard deviation band are computed from the year set chosen in βAverage fromβ, which is independent of which year lines are displayed. The current in-progress year is excluded from these calculations, since a partial year is not comparable to complete ones. Election-cycle groupings follow the US presidential calendar and are offered only for US and crypto assets.
Historical Performance
Revenue, profitability, and cash flow trends (βΉ Crores)
Revenue (10Y)
Operating Income (10Y)
Net Profit (10Y)
Operating Margin % (10Y)
Dividend Payout % (10Y)
Free Cash Flow (10Y)
Growth Summary
Latest fiscal year: Mar 2025
Historical Growth
Year-by-year revenue, profitability, and cash flow (βΉ Crores, last 10 years)
| Year | Revenue | Op. Income | Net Profit | CFO | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|---|
| Mar 2025 | βΉ5.02 K Cr | β | βΉ294.00 Cr | β | β | 12.2% | 3.2% | 26.7% |
| Mar 2024 | βΉ4.86 K Cr | β | βΉ232.00 Cr | β | β | 10.8% | 4.5% | 30.3% |
| Mar 2023 | βΉ4.65 K Cr | β | βΉ178.00 Cr | β | β | 9.2% | 4.7% | 57.5% |
| Mar 2022 | βΉ4.44 K Cr | β | βΉ113.00 Cr | β | β | 6.3% | 3.1% | -48.2% |
| Mar 2021 | βΉ4.31 K Cr | β | βΉ218.00 Cr | β | β | 13.0% | -11.9% | 42.5% |
| Mar 2020 | βΉ4.89 K Cr | β | βΉ153.00 Cr | β | β | 10.4% | 18.5% | 19.5% |
| Mar 2019 | βΉ4.13 K Cr | β | βΉ128.00 Cr | β | β | 9.5% | 58.8% | 7.6% |
| Mar 2018 | βΉ2.60 K Cr | β | βΉ119.00 Cr | β | β | 9.7% | -14.2% | -37.0% |
| Mar 2017 | βΉ3.03 K Cr | β | βΉ189.00 Cr | β | β | 16.8% | -21.7% | -0.5% |
| Mar 2016 | βΉ3.87 K Cr | β | βΉ190.00 Cr | β | β | 19.9% | 18.1% | 32.9% |
Financial Statements
Income statement, balance sheet, and cash flow (βΉ Crores, as reported)
Consolidated Figures in USD Millions.
| Unnamed: 0 | Mar 2014 6m | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue / Net Sales | 1,439 | 3,276 | 3,870 | 3,032 | 2,600 | 4,129 | 4,894 | 4,310 | 4,444 | 4,652 | 4,861 | 5,018 | 4,790 |
| Total Expenses | 1,345 | 2,996 | 3,553 | 2,759 | 2,419 | 3,860 | 4,597 | 3,957 | 4,215 | 4,335 | 4,475 | 4,592 | 4,428 |
| EBIT / Operating Profit | 94 | 280 | 317 | 272 | 181 | 268 | 296 | 352 | 230 | 317 | 386 | 427 | 362 |
| OPM % | 7% | 9% | 8% | 9% | 7% | 6% | 6% | 8% | 5% | 7% | 8% | 8% | 8% |
| Other Income | 23 | 42 | 61 | 93 | 72 | 34 | 18 | 35 | 25 | 34 | 42 | 59 | 129 |
| Finance Costs | 19 | 33 | 31 | 34 | 18 | 33 | 33 | 35 | 43 | 53 | 57 | 30 | 30 |
| Depreciation & Amortisation | 28 | 72 | 64 | 64 | 67 | 66 | 74 | 68 | 65 | 63 | 67 | 67 | 70 |
| Profit Before Tax | 70 | 218 | 283 | 268 | 168 | 203 | 207 | 285 | 147 | 234 | 304 | 388 | 391 |
| Tax % | 34% | 34% | 33% | 30% | 29% | 37% | 26% | 23% | 23% | 24% | 24% | 24% | - |
| Net Profit / PAT | 46 | 143 | 190 | 189 | 119 | 128 | 153 | 218 | 113 | 178 | 232 | 294 | 293 |
| EPS (βΉ) | 6.29 | 19.48 | 25.84 | 25.66 | 16.19 | 17.45 | 20.82 | 29.68 | 15.34 | 24.20 | 31.51 | 39.95 | 39.82 |
| Dividend Payout % | 11% | 10% | 8% | 12% | 10% | 37% | 10% | 10% | 13% | 12% | 13% | 13% | - |
Peer Comparison
Industrials sector peers, ranked by market cap
| Company | Market Cap | Revenue | P/E | P/B | EV/EBITDA | Rev G 1Y |
|---|---|---|---|---|---|---|
| ISGEC Heavy Engineering Limitedthis co. | βΉ5.85 K Cr | βΉ5.02 K Cr | 20.00 | 2.29 | 11.34 | 3.2% |
| Larsen & Toubro Limited | βΉ5.35 L Cr | βΉ1.43 L Cr | 52.20 | 7.87 | 34.29 | 12.9% |
| Adani Ports and Special Economic Zone Ltd | βΉ3.29 L Cr | βΉ7.91 K Cr | 159.00 | 10.36 | 62.82 | 16.2% |
| Solar Industries India Limited | βΉ1.15 L Cr | βΉ4.46 K Cr | 121.00 | 32.81 | 128.61 | 19.9% |
| Polycab India Limited | βΉ1.14 L Cr | βΉ21.91 K Cr | 46.90 | 10.84 | 42.32 | 21.4% |
| Cummins India Ltd. | βΉ1.10 L Cr | βΉ10.34 K Cr | 49.50 | 15.01 | 47.01 | 15.4% |
| Ashok Leyland Ltd. | βΉ1.09 L Cr | βΉ38.75 K Cr | 32.00 | 9.49 | 22.91 | 1.0% |
| Industry Average | β | βΉ5.40 K Cr | 57.83 | 7.16 | 40.88 | 45.0% |
