ISGEC Heavy Engineering Limited
₹919.55+₹1.45 (+0.2%)
Last close · Data as of Oct 30, 2026
- Market cap
- ₹5,849 Cr
- P/E
- 20.0x
- EV / EBITDA
- 11.3x
- Revenue
- ₹5,018 Cr
- Net margin
- 4.8%
- ROCE
- 17.6%
Price chart
Technical chartScreen technicals →+5.0% over the last year
Daily closes.
Go deeper
Technical chart: candles, 9 moving averages, RSI, MACD and drawing tools
Performance
Price change over each period, before dividends.
- 1M
- +3.7%
- 3M
- +8.8%
- 6M
- -15.4%
- 1Y
- +5.0%
- 5Y
- +35.1%
52-week range
Day change +₹1.45 (+0.2%) from ₹918 to ₹920 · Last close Oct 30, 2026
Best weekday to invest, historically
The same weekly amount in ISGEC, bought on each weekday since 2021.
AI Summary
Indian StockStrengths1
- Comfortable interest coverage of 6.8x
Concerns1
- Negative free cash flow (₹177 Cr)
Rule-based from financial data. Not advice.
About the company
Isgec Heavy Engineering Limited provides engineering solutions worldwide. It operates in two segments, Manufacturing of Machinery & Equipment; and Industrial Projects.
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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.
- Sector
- Industrials
- Shares outstanding
- 7.4 Cr shares
- ISIN
- INE858B01029
- BSE code
- 533033
Key statistics
Screen fundamentals →Valuation, profitability, growth and solvency at the latest close; hover a label for its meaning.
Valuation
- Market cap
- ₹5,849 Cr
- P/E
- 20.0x
- P/B
- 2.3x
- EV / EBITDA
- 11.3x
- EV / Sales
- 1.0x
- P/S
- 1.2x
- Earnings yield
- 5.0%
- 52-week high
- ₹1,094.65
- 52-week low
- ₹692.45
Profitability
- Operating margin
- 7.9%
- Net margin
- 4.8%
- EBITDA margin
- 8.8%
- ROE
- 10.8%
- ROCE
- 17.6%
- ROA
- 4.0%
- Dividend payout
- 13.0%
- Tax rate
- 24.0%
- Other income, % of PBT
- 13.8%
Growth
- RevenueLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- ₹5,018 Cr
- Revenue growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 3.2%
- Revenue CAGR, 5YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- -0.1%
- EBITDALatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- ₹428 Cr
- EBITDA growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 21.9%
- Net profit growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 26.7%
- Net profit CAGR, 5YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 8.7%
- Cash from operationsLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- ₹519 Cr
- CFO growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 1079.5%
- Free cash flowLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- ₹5.00 Cr
- Asset growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 9.5%
Solvency and efficiency
- Current ratio
- 1.47
- Debt / Equity
- 0.02
- Debt / Assets
- 0.01
- Debt / EBITDA
- 0.11
- Interest coverage
- 6.77
- Financial leverage
- 2.72
- CFO / Net profit
- 2.24
- Cash / Market cap
- 89.0%
- Cash per share
- ₹707.87
- Asset turnover
- 0.83
- Fixed asset turnover
- 10.66
- Capital intensity
- 0.09
- Debtor days
- 233 days
- Inventory turnover
- 3.54
- Cash conversion cycle
- 169 days
Where the revenue went
Of every ₹100 of FY2025 revenue, ₹6 was left as net profit.
| From | To | Amount |
|---|---|---|
| Sales | Expenses | ₹4,591 Cr |
| Sales | Operating profit | ₹427 Cr |
| Operating profit | Interest | ₹30 Cr |
| Operating profit | Depreciation | ₹67 Cr |
| Operating profit | Profit before tax | ₹330 Cr |
| Other income | Profit before tax | ₹59 Cr |
| Profit before tax | Tax and other | ₹94 Cr |
| Profit before tax | Net profit | ₹294 Cr |
Revenue and net profit
Revenue grew 3.2% in FY2025; net profit is the dashed line.
| Date | Revenue | Net profit |
|---|---|---|
| FY2021 | ₹4,310 Cr | ₹218 Cr |
| FY2022 | ₹4,444 Cr | ₹113 Cr |
| FY2023 | ₹4,652 Cr | ₹178 Cr |
| FY2024 | ₹4,861 Cr | ₹232 Cr |
| FY2025 | ₹5,018 Cr | ₹294 Cr |
Cash flows
FY2025: ₹365 Cr from operations, -₹177 Cr free after investment (dashed).
| Date | Operating cash flow | Free cash flow |
|---|---|---|
| FY2021 | ₹151 Cr | ₹187 Cr |
| FY2022 | -₹134 Cr | -₹242 Cr |
| FY2023 | ₹44 Cr | ₹100 Cr |
| FY2024 | ₹519 Cr | ₹427 Cr |
| FY2025 | ₹365 Cr | -₹177 Cr |
Growth
Latest fiscal year FY2025 (ending March): each figure with its change over the year before.
- Revenue
- ₹5,018 Cr+3.2%1Y
- Net profit
- ₹294 Cr+26.7%1Y
- Cash from operations
- ₹365 Cr
- Free cash flow
- -₹177 Cr-141.5%1Y
- Revenue CAGR, 5Y
- -0.1%
- EBITDA CAGR, 5Y
- 6.4%
- Net profit CAGR, 5Y
- 8.7%
| Year | Revenue | Operating income | EBITDA | Net profit | CFO | FCF | ROE | Revenue growth 1Y | Net profit growth 1Y |
|---|---|---|---|---|---|---|---|---|---|
| FY2025 | ₹5,018 Cr | ₹427 Cr | — | ₹294 Cr | ₹365 Cr | -₹177 Cr | 12.2% | +3.2% | +26.7% |
Monthly returns
Month-by-month returns of ISGEC across the years, with the seasonal pattern.
Balance sheet
What the company owns and owes at the end of FY2025.
| Line | FY2025 |
|---|---|
| Liabilities and equity | ₹5,969 Cr |
| Equity capital | ₹7 Cr |
| Reserves | ₹2,410 Cr |
| Borrowings | ₹277 Cr |
| Other liabilities | ₹3,275 Cr |
| Assets | ₹5,969 Cr |
| Fixed assets | ₹495 Cr |
| Capital work in progress | ₹56 Cr |
| Investments | ₹244 Cr |
| Other assets | ₹5,175 Cr |
Market cap against peers
8 peers: same sector group, nearest by size.
P/E against peers
ISGEC trades at 20.0x earnings against a peer median of 38.3x (a 48% discount).
Peer comparison
Same-sector peers by market cap, with the median.
| Company | Market cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|
| ISGEC Heavy Engineering LimitedISGECthis companyP/E ↓ discount | ₹5,849 Cr | 20.0x | 2.3x | 10.8% | 11.3x |
| Suprajit Engineering Ltd.SUPRAJIT | ₹6,296 Cr | 24.9x | 4.5x | 18.1% | 18.5x |
| Atlanta Electricals LimitedATLANTAELE | ₹6,283 Cr | 51.5x | 8.0x | 27.3% | 50.7x |
| Welspun Enterprises LimitedWELCORP | ₹6,264 Cr | 20.0x | 2.2x | 11.8% | 13.7x |
| SML Mahindra LimitedSMLMAH | ₹6,140 Cr | 43.4x | 13.8x | 37.9% | 34.7x |
| Ahluwalia Contracts (India) LtdAHLUCONT | ₹6,018 Cr | 22.9x | 3.1x | 23.5% | 8.9x |
| Kingfa Science & Technology (India) LtdKINGFA | ₹5,833 Cr | 37.0x | 4.5x | 20.9% | 30.4x |
| Surya Roshni Ltd.SURYAROSNI | ₹5,786 Cr | 17.7x | 2.3x | 15.2% | 9.2x |
| Praj Industries Ltd.PRAJIND | ₹5,654 Cr | 32.1x | 4.1x | 22.2% | 13.3x |
| Peer median | — | 38.3x | 5.2x | 15.2% | 25.8x |
Year-to-date ROI
ISGEC since 1 January, against earlier years.
Historical volatility
ISGEC's day-to-day swings over 30, 60 and 180 days.
Financial statements
Income statement, balance sheet and cash flow as reported, in ₹ crore, grouped into plain-language lines.
Figures in ₹ crore as reported, fiscal years ending March, newest first; the trailing twelve months (TTM) last.
Operating margin by fiscal year
| Date | Operating margin |
|---|---|
| FY2021 | 8.0% |
| FY2022 | 5.0% |
| FY2023 | 7.0% |
| FY2024 | 8.0% |
| FY2025 | 8.0% |
| Line | FY2025 |
|---|---|
| RevenueSales | ₹5,018 Cr |
| Costs | |
| Interest | ₹30 Cr |
| Expenses | ₹4,592 Cr |
| Operating profitOperating Profit | ₹427 Cr |
| Other income and charges | |
| Profit before tax | ₹388 Cr |
| Tax | |
| Net profitNet Profit | ₹294 Cr |
| Per share |
| Line | FY2025 |
|---|---|
| Liabilities and equityTotal Liabilities | ₹5,969 Cr |
| Equity capitalEquity Capital | ₹7 Cr |
| Reserves | ₹2,410 Cr |
| Borrowings | ₹277 Cr |
| Other liabilitiesOther Liabilities | ₹3,275 Cr |
| AssetsTotal Assets | ₹5,969 Cr |
| Fixed assetsFixed Assets | ₹495 Cr |
| Capital work in progressCWIP | ₹56 Cr |
| Investments | ₹244 Cr |
| Other assetsOther Assets | ₹5,175 Cr |
| Line | FY2025 |
|---|---|
| Operating cash flowCash from Operating Activity | ₹365 Cr |
| Investing cash flowCash from Investing Activity | -₹542 Cr |
| Financing cash flowCash from Financing Activity | ₹181 Cr |
| Change in cashNet Cash Flow | ₹5 Cr |
Learn while you research
Academy chapters picked for ISGEC Heavy Engineering Limited and the metrics on this page.
- 01 Taxes on Investments (India)LTCG, STCG, dividend tax, what every Indian investor needs.6 min read
- 02 Stock Valuation BasicsHow to think about what a fair price for a stock looks like.7 min read
- 03 Stock Market RisksSmall caps carry concentrated, idiosyncratic risk, learn to manage it.6 min read
- 04 Business Cycles & StocksThese cyclical sectors win and lose in different macro phases.6 min read
- 05 Essential Stock RatiosP/E, P/B, EV/EBITDA, what they mean and when to use each.7 min read
- 06 How to Read a Cash-Flow StatementProfit can be manipulated; cash flow rarely lies.7 min read