ISGEC Heavy Engineering Ltd. (ISGEC) AI Stock Analysis

ISGEC Heavy Engineering Ltd.

(NSE:ISGEC)

Select Model

Rating:60Neutral

Price Target:INR 896.00▼(-2.56% Downside)

Action:reiterated

Date:09/22/26

Moderate financials form the core strength, while technical mixed signals and elevated valuation cap the score at 60.

Positive Factors

Revenue GrowthRevenue growth improved into 2026 after an uneven period, indicating stronger business activity across ISGEC’s engineered equipment and project operations. Continued top-line expansion can support order execution, scale benefits, and reinvestment in the company’s industrial capabilities over coming quarters.

Negative Factors

Margin CompressionThe sharp decline in net margin indicates that revenue growth is currently converting into substantially less profit, pointing to weaker cost control or an unfavorable price and project mix. Persistently thin margins would reduce earnings resilience and leave less room to absorb execution or input-cost pressure.

ISGEC Heavy Engineering Ltd. (ISGEC) vs. iShares MSCI India ETF (INDA)

Market Cap: INR 65.42B
Dividend Yield: 0.65%
Average Volume (3M): 6,264
Price to Earnings (P/E): 34.5
Beta (1Y): 1.12
Revenue Growth: 19.79%
EPS Growth: -16.99%
Country: India
Employees: 3,443
Sector: General
Sector Strength: 55
Industry: Engineering & Construction

ISGEC Heavy Engineering Ltd. Business Overview & Revenue Model

Company Description

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 ve...

How the Company Makes Money

ISGEC primarily makes money by selling engineered-to-order industrial equipment and by executing projects for industrial customers, with revenue generally recognized against contracts as equipment is delivered and/or project milestones are achieved (...

ISGEC Heavy Engineering Ltd. Financial Statement Overview

Summary

Revenue growth and balance sheet stability provide a solid foundation, despite cash flow inconsistencies and recent margin declines.

Income Statement

65Positive

Balance Sheet

75Positive

Cash Flow

55Neutral

Financial statement breakdown
Breakdown	TTM	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022
Income Statement
Total Revenue	74.58B	67.89B	64.22B	61.67B	63.49B	54.99B
Gross Profit	21.37B	14.55B	13.59B	8.04B	8.34B	14.81B
EBITDA	7.19B	6.71B	6.19B	5.20B	4.63B	3.25B
Net Income	1.96B	1.09B	2.49B	2.44B	1.96B	1.09B
Balance Sheet
Total Assets	0	80.77B	80.41B	78.35B	70.75B	67.60B
Cash, Cash Equivalents and Short-Term Investments	4.42B	4.42B	2.30B	1.76B	1.99B	2.30B
Total Debt	0	9.51B	8.61B	8.14B	12.35B	12.33B
Total Liabilities	-28.88B	51.89B	51.93B	52.17B	46.83B	45.58B
Stockholders Equity	28.88B	27.37B	27.39B	25.15B	23.04B	21.21B
Cash Flow
Free Cash Flow	3.77B	5.97B	-2.21B	4.90B	498.49M	-1.36B
Operating Cash Flow	4.50B	7.65B	193.30M	7.35B	2.08B	-702.99M
Investing Cash Flow	-815.90M	-1.31B	-3.09B	-2.32B	-584.42M	-1.41B
Financing Cash Flow	-3.29B	-3.41B	2.10B	-4.87B	-977.64M	1.76B

ISGEC Heavy Engineering Ltd. Technical Analysis

Technical Analysis SentimentPositive

Last Price919.55

Price Trends

50DMA840.66Positive

100DMA854.04Positive

200DMA884.37Positive

Market Momentum

MACD15.73Positive

RSI60.05Neutral

STOCH79.37Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:ISGEC, the sentiment is Positive. The current price of 919.55 is above the 20-day moving average (MA) of 904.81, above the 50-day MA of 840.66, and above the 200-day MA of 884.37, indicating a bullish trend. The MACD of 15.73 indicates Positive momentum. The RSI at 60.05 is Neutral, neither overbought nor oversold. The STOCH value of 79.37 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:ISGEC.

ISGEC Heavy Engineering Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

IN:ISGEC against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IN:BHEL	71Outperform	INR 1.35T	46.87	―	0.49%	29.08%	415.38%
IN:TRITURBINE	65Neutral	INR 149.45B	44.39	―	0.90%	17.70%	-1.58%
IN:KIRLOSBROS	60Neutral	INR 127.28B	33.82	―	0.44%	10.85%	-4.06%
IN:ISGEC	60Neutral	INR 67.61B	34.51	―	0.65%	19.79%	-16.99%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
IN:SIEMENS	53Neutral	INR 1.17T	35.90	―	0.55%	-12.45%	12.44%
IN:THERMAX	47Neutral	INR 370.83B	59.10	―	0.64%	4.68%	-11.57%

* General Sector Average

Performance Comparison

IN:ISGEC and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
IN:ISGEC	ISGEC Heavy Engineering Ltd.	919.55	34.67	3.92%
IN:BHEL	Bharat Heavy Electricals Limited	387.35	123.20	46.64%
IN:KIRLOSBROS	Kirloskar Brothers Ltd.	1602.85	-280.48	-14.89%
IN:SIEMENS	Siemens Limited	3285.00	174.88	5.62%
IN:THERMAX	Thermax Limited.	3112.15	-79.85	-2.50%
IN:TRITURBINE	Triveni Turbine Limited	470.10	-65.48	-12.23%

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Sep 22, 2026

ISGEC Heavy Engineering Ltd. AI Stock Analysis