Skip to content
Isgec Heavy Engineering logo

Isgec Heavy Engineering

ISGEC NSE
₹945.10 +30.20 (+3.30%)
P/E
35.46
View as Markdown
MCP
Close 4 Nov 2026 ₹945.10 +82.80 +9.60% 1Y
Start ₹862.30

Key Fundamentals

MicrocapConstructionIndustrials

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
11.20%
Debt to Equity
0.35
EPS (TTM)
₹26.65
Book Value
₹372.18
Market Cap
—
P/E (TTM)
35.46
P/B
2.54
ROE
4.18%
Dividend Yield
0.66%
EBITDA
₹688 Cr
52W High
₹1,113.90
52W Low
₹683.95
Day Range
₹904.45 – ₹965.00
Volume
60,113

Peer Comparison

Industrials › Construction › Civil Construction

Isgec Heavy Engineering peer comparison
L&T
₹3,944.4030.37₹5,47,193 Cr4.800.96%15.90%14.60%₹3,00,904 Cr₹20,895 Cr
Rail Vikas Nigam
₹191.2344.37₹39,292 Cr4.060.93%9.02%10.80%₹20,825 Cr₹897 Cr
Cemindia Projects
₹1,310.1037.40₹23,549 Cr6.360.24%27.80%32.80%₹10,205 Cr₹602 Cr
Kalpataru Projects International
₹1,366.1020.52₹22,726 Cr3.000.83%13.70%18.30%₹27,380 Cr₹1,129 Cr
NBCC
₹77.7428.37₹20,666 Cr6.950.20%20.40%29.30%₹12,756 Cr₹766 Cr
IRB Infrastructure Developers
₹16.7921.25₹19,929 Cr0.940.31%4.29%7.47%₹7,686 Cr₹954 Cr
Engineers India
₹300.8521.55₹16,653 Cr5.060.52%23.40%30.40%₹3,878 Cr₹784 Cr
Isgec Heavy Engineering (this company)
₹945.1035.46₹6,731 Cr2.540.66%4.18%11.20%₹7,458 Cr₹243 Cr
Median 8 companies₹622.9829.37₹21,696 Cr4.430.59%14.80%16.45%₹11,481 Cr₹841 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

50 Average

Data confidence 100/100

Category scores

Quality
52
Average
Returns, margins, earnings quality 22% weight
Valuation
70
Strong
Cheap vs sector & own history 24% weight
Growth
56
Good
Sales & profit trajectory 9% weight
Financial Health
31
Poor
Solvency, leverage, coverage 9% weight
Momentum
35
Poor
Trend strength, vol-adjusted 12% weight
Ownership
45
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

1
  • Company has been maintaining a healthy dividend payout of 24.0%

Weaknesses

2
  • The company has delivered a poor sales growth of 4.59% over past five years.
  • Company has a low return on equity of 7.01% over last 3 years.

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bullish2413
OscillatorsBullish243
Moving AveragesStrong Bullish0010

Key readings

RSI (14)
63.47
Neutral
MACD (12,26,9)
17.39
Bullish
SMA (50)
853.77
Bullish
SMA (200)
891.17
Bullish

As of

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+4.18%
5Y+4.58%
3Y+1.99%
1Y+5.67%
TTM+19.54%

Net profit

Net profit growth by window
10Y−2.08%
5Y−9.45%
3Y−9.24%
1Y−24.51%
TTM+5.65%

Operating cash flow

Operating cash flow growth by window
10Y+20.05%
5Y+27.39%
3Y+54.36%
1Y+559.48%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+0.85 pp
5Y−0.05 pp
3Y+1.20 pp
1Y+0.06 pp
TTM−0.25 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹3,916 Cr
Mar 2018₹3,790 Cr
Mar 2019₹5,050 Cr
Mar 2020₹5,882 Cr
Mar 2021₹5,426 Cr
Mar 2022₹5,499 Cr
Mar 2023₹6,399 Cr
Mar 2024₹6,218 Cr
Mar 2025₹6,425 Cr
Mar 2026₹6,789 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹248 Cr
Mar 2018₹168 Cr
Mar 2019₹144 Cr
Mar 2020₹149 Cr
Mar 2021₹253 Cr
Mar 2022₹115 Cr
Mar 2023₹206 Cr
Mar 2024₹255 Cr
Mar 2025₹204 Cr
Mar 2026₹154 Cr

AI Analysis — Bull vs Bear

Generated 6 Jul 2026
AI opinion · based on fundamentals
Risk high

ISGEC Heavy Engineering is a mid-cap industrials company with a market cap of ₹6,744 Cr trading at a PE of 44.1x. Consolidated revenue grew modestly to ~₹6,789 Cr in FY26 from ₹6,422 Cr in FY25, but compounded profit has declined at -53% TTM and the 3-year ROE averages only ~8%. The order book stood at ₹8,709 Cr as of December 2025, providing revenue visibility but profitability remains under pressure.

Bull Case 7
  • Order book stood at ₹8,709 Cr (consolidated) as of Dec 2025, providing ~1.3x book-to-bill ratio against FY26 revenue of ₹6,789 Cr, giving strong revenue visibility
  • Q4 FY26 revenue grew 17.42% YoY to ₹2,048 Cr, indicating an acceleration from the muted 6% TTM sales growth rate
  • FY26 consolidated revenue rose to ₹6,789 Cr from ₹6,422 Cr in FY25, reversing a period of flat-to-declining topline
  • Consistent dividend payout of 22.4% demonstrating management's commitment to shareholder returns even in a difficult profit environment
  • Diversified business across heavy engineering EPC, boilers, sugar, and ethanol — with exports to ~92 countries reducing single-market concentration
  • FY26 standalone net profit rose to ₹347 Cr (EPS ₹47.18) from ₹294 Cr (EPS ₹39.96) in FY25, showing a 18% YoY improvement
  • Operating profit margin improved from 5.65% in FY22 to ~8-9% in FY25-FY26, showing a multi-year expansion trend in consolidated OPM
Bear Case 8
  • PE ratio of 44.1x is elevated for a company with 5-year compounded profit CAGR of -14%, implying the stock prices in significant growth that has not yet materialized
  • Compounded profit growth is deeply negative: -53% TTM, -16% over 3 years, and -14% over 5 years on a consolidated basis
  • 3-year ROE averages only 8% and last year ROE dropped to 4%, well below the cost of equity for an industrial company
  • 5-year sales CAGR of just 4.59% lags nominal GDP growth and peers in the capital goods sector
  • Stock has declined 24% over the past 1 year, significantly underperforming broader market indices
  • Price-to-book of 2.48x appears expensive relative to the sub-8% ROE, implying the market pays a premium not justified by current return on capital
  • Dividend yield of only 0.54% offers limited income cushion against capital depreciation risk at current valuations
  • 10-year stock CAGR of only 6% suggests prolonged periods of value stagnation despite being in a cyclical upswing sector

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

121d ago

TL;DR: Limited recent news flow for Isgec Heavy Engineering. The only development is a minor ₹4 crore stake sale in a JV, which is a routine corporate restructuring event with negligible financial impact. No clear directional catalyst emerges from current newsflow.

Neutral 1
  • JV stake sale completed Jun 25

    Isgec Heavy Engineering sold 25% stake in Isgec SFW Boilers for ₹4 crore, reducing its shareholding to 26%. The JV ceased to be a subsidiary as a result.

Quarterly Results

₹ Cr
ISGEC quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
1,386
1,473
1,493
1,868
1,540
1,644
1,497
1,744
1,356
1,691
1,739
2,048
1,980
Expenses
1,282
1,340
1,369
1,730
1,415
1,517
1,364
1,592
1,232
1,544
1,545
1,892
1,856
Operating Profit
104
134
123
138
125
127
132
152
124
147
194
156
124
OPM %
7%
9%
8%
7%
8%
8%
9%
9%
9%
9%
11%
8%
6%
Other Income
13
4
5
4
9
34
−31
3
18
−7
−26
63
13
Interest
19
20
13
11
11
8
8
13
26
19
17
20
19
Depreciation
25
26
27
28
26
26.73
40
12
71
27
28
68
65
PBT
72
91
89
102
96.56
127
52
130
45
94
123
131
53
Tax %
27%
30%
25%
30%
30%
25%
56%
24%
70%
40%
31%
35%
67%
Net Profit
53
64
67
72
67
96
23
98
13
56
84
85
18
EPS (₹)
6.89
8.13
8.42
9.7
8.9
12.59
2.73
12.4
0.94
5.98
9.49
9.96
1.22

Profit & Loss

₹ Cr
ISGEC profit and loss, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
3,952
4,507
3,916
3,790
5,050
5,882
5,426
5,499
6,399
6,218
6,425
6,789
7,458
Expenses
3,679
4,157
3,510
3,481
4,761
5,537
4,956
5,165
5,926
5,671
5,877
6,206
6,837
Operating Profit
273
349
407
309
289
345
469
335
473
548
548
583
620
OPM %
7%
8%
10%
8%
6%
6%
9%
6%
7%
9%
9%
9%
8%
Other Income
47
76
93
56
65
31
52
13
12
−8
35
117
42
Interest
51
66
58
34
45
61
64
88
91
84
82
113
75
Depreciation
83
76
75
81
82
101
101
101
104
101
175
278
187
PBT
188
284
367
251
227
214
356
158
290
354
326
308
401
Tax %
34%
33%
32%
33%
37%
30%
29%
27%
29%
28%
37%
50%
—
Net Profit
123
190
248
168
144
149
253
115
206
255
204
154
243
EPS (₹)
16.03
25.13
32.94
21.4
19.42
19.65
33.71
14.8
26.72
33.14
25.79
14.81
26.65
Div. Payout %
12%
8%
9%
7%
33%
10%
9%
14%
11%
12%
19%
40%
—

Balance Sheet

₹ Cr
ISGEC balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
7
7
7
7
7
7
7
7
7
7
7
7
Reserves
837
1,021
1,246
1,374
1,508
1,777
2,014
2,114
2,297
2,515
2,672
2,729
Borrowings
524
661
356
174
304
991
983
1,233
1,235
814
1,098
951
Other Liabilities
2,110
2,434
2,504
2,271
3,303
3,166
3,441
3,387
3,513
4,470
4,172
4,352
Total Liabilities
3,479
4,124
4,114
3,826
5,121
5,941
6,445
6,741
7,053
7,807
7,949
8,040
Fixed Assets
554
615
623
629
749
833
803
977
947
956
1,914
1,790
CWIP
14
10
19
32
19
706
893
702
805
959
66
138
Investments
348
554
697
371
155
98
60
135
33
29
102
66
Other Assets
2,562
2,944
2,775
2,794
4,199
4,303
4,689
4,928
5,267
5,863
5,866
6,046
Total Assets
3,479
4,124
4,114
3,826
5,121
5,941
6,445
6,741
7,053
7,807
7,949
8,040

Cash Flow

₹ Cr
ISGEC cash flow, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
261
123
236
101
−238
104
228
−70
208
735
116
765
Investing
−239
−261
−141
276
73
−328
−164
−159
−43
−274
−274
−193
Financing
−66
66
−370
−233
93
295
−89
176
−98
−487
108
−341
Net Cash Flow
−44
−72
−275
144
−71
71
−25
−53
67
−26
−49
231
Free Cash Flow
179
−3
149
2
−363
−328
−11
−135
51
493
−119
600
CFO/EBITDA
124
63
85
60
−51
51
67
1
59
154
39
161

Ratios

ISGEC financial ratios, annual
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
96
116
106
109
137
111
144
143
161
172
161
148
Inventory Days
125
115
183
143
142
125
129
153
110
140
146
163
Days Payable
179
183
241
189
174
147
182
157
141
141
123
118
Cash Conversion Cycle
42
48
48
64
105
89
92
138
129
171
184
192
Working Capital Days
−6
−7
3
42
60
34
53
54
58
61
70
67
ROCE %
16%
21%
23%
17%
15%
11%
14%
8%
11%
13%
11%
11%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Isgec Heavy Engineering insights

64 extracted metrics across FY10–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 62.43%
  • Public 17.26%
  • DIIs 9.98%
  • Others 6.46%
  • FIIs 3.86%
  • Government 0.01%

No promoter shares pledged as of 14 Oct 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about Isgec Heavy Engineering

What does ISGEC Heavy Engineering Ltd do?
ISGEC Heavy Engineering Ltd is a diversified heavy engineering company engaged in manufacturing and project business with an extensive global presence. It manufactures process plant equipment, presses, Iron & Steel castings & Boiler pressure parts.
Where is ISGEC Heavy Engineering Ltd (ISGEC) listed?
ISGEC Heavy Engineering Ltd trades as ISGEC on the NSE and under code 533033 on the BSE.
Which sector does ISGEC Heavy Engineering Ltd belong to?
ISGEC Heavy Engineering Ltd is classified under the Construction sector, in the Civil Construction industry.
What is the PE ratio of ISGEC Heavy Engineering Ltd?
ISGEC Heavy Engineering Ltd trades at a PE ratio of 35.46 as of 4 Nov 2026, on earnings per share of ₹26.65, against a book value of ₹372.18 per share.
What is the 52-week high and low of ISGEC Heavy Engineering Ltd?
Over the last 52 weeks ISGEC Heavy Engineering Ltd has traded between ₹683.95 and ₹1,113.9 as of 4 Nov 2026.
Does ISGEC Heavy Engineering Ltd pay dividends?
ISGEC Heavy Engineering Ltd has a dividend yield of 0.66%.
What is the Return on Equity (ROE) of ISGEC Heavy Engineering Ltd?
ISGEC Heavy Engineering Ltd reported a return on equity of 4.18%. Its debt-to-equity ratio is 0.35.

Company Information

ISGEC Heavy Engineering Ltd is a diversified heavy engineering company engaged in manufacturing and project business with an extensive global presence. It manufactures process plant equipment, presses, Iron & Steel castings & Boiler pressure parts. It also undertakes turnkey projects for setting-up boilers, power plants, sugar plants, distilleries, factories and others. It also has strengths in the business of construction. It is also engaged in the business of manufacture of sugar and its by-products through a subsidiary.

Website isgec.com
CEO Mr. Aditya Puri
Employees 3,089
Listed 5 May 2021
Face Value ₹1

For AI agents and developers

Reading this as an AI agent, LLM or automated pipeline? Every page on Tapetide is also published as clean Markdown — no navigation, no scripts, just the data. Fetch https://tapetide.com/stocks/ISGEC.md for ISGEC Heavy Engineering Ltd: dated key facts, then this page's sections in order: latest price, key fundamentals, peer comparison, the Tapetide Score, technical indicators, analyst ratings, growth rates, analyst forecasts, the AI analysis and news digest (labelled as AI-generated), financial statements, shareholding pattern, documents and the FAQ.

Append .md to any Tapetide URL for the same treatment. A full index of what we publish is at /llms.txt and /llms-full.txt. For live, structured queries instead of documents, use our Indian stock market MCP server.

Explore More

More Construction & Infrastructure stocks → FII DII DataStock ScreenerNifty 50 HeatmapF&O Ban ListFII and DII flows, month by monthHow Tapetide Scores changed, month by monthStocks mutual funds are buying, month by month