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ISGEC Heavy Engineering Ltd.
(ISGEC)
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Rating:57Neutral
Price Target:
₹883.00
▲(3.23% Upside)
Action:Reiterated
Date:09/22/26
The score is driven primarily by mid-range financial performance: a stronger balance sheet and a sharp 2026 cash-flow rebound are positives, but they are tempered by a significant 2026 margin/ROE decline that raises earnings-quality and volatility risk. Technicals are mixed (short-term strength but still below longer-term averages with slightly negative MACD), and valuation is a notable headwind given the high P/E and low dividend yield.
Positive Factors
Revenue Growth
Revenue 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 Compression
The 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.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth
Revenue 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.
Read all positive factors
ISGEC Heavy Engineering Ltd. (ISGEC) vs. iShares MSCI India ETF (INDA)
Market Cap
₹66.23B
Dividend Yield0.65%
Average Volume (3M)7.59K
Price to Earnings (P/E)34.5
Beta (1Y)1.20
Revenue Growth19.79%
EPS Growth-16.99%
CountryIN
Employees3,443
SectorGeneral
Sector StrengthN/A
IndustryEngineering & Construction
Share Statistics
EPS (TTM)26.65
Shares Outstanding73,529,510
10 Day Avg. Volume4,901
30 Day Avg. Volume7,589
Financial Highlights & Ratios
PEG Ratio-1.03
Price to Book (P/B)2.32
Price to Sales (P/S)0.93
P/FCF Ratio10.63
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
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...
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 achieve...
ISGEC Heavy Engineering Ltd. Financial Statement Overview
Summary
Income Statement
56
Neutral
Balance Sheet
68
Positive
Cash Flow
62
Positive
| 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 | 0.00 | 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 | 0.00 | 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
Positive
855.35
Price Trends
808.44
Positive
866.08
Positive
881.32
Positive
Market Momentum
31.98
Negative
66.84
Neutral
78.18
Neutral
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 855.35 is above the 20-day moving average (MA) of 846.92, above the 50-day MA of 808.44, and below the 200-day MA of 881.32, indicating a bullish trend. The MACD of 31.98 indicates Negative momentum. The RSI at 66.84 is Neutral, neither overbought nor oversold. The STOCH value of 78.18 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
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | ₹1.35T | 39.55 | ― | 0.49% | -12.45% | 12.44% | |
71 Outperform | ₹136.04B | 35.46 | ― | 0.42% | 5.04% | -10.39% | |
62 Neutral | ₹168.99B | 48.77 | ― | 0.82% | 17.70% | -1.58% | |
60 Neutral | ₹1.56T | 61.80 | ― | 0.44% | 27.00% | 739.32% | |
57 Neutral | ₹66.23B | 34.46 | ― | 0.65% | 19.79% | -16.99% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
54 Neutral | ₹385.14B | 59.59 | ― | 0.64% | 4.68% | -11.57% |
* General Sector Average
IN:ISGEC
ISGEC Heavy Engineering Ltd.
918.60
14.96
1.66%
IN:BHEL
Bharat Heavy Electricals Limited
430.50
191.67
80.25%
IN:KIRLOSBROS
Kirloskar Brothers Ltd.
1,661.75
-275.08
-14.20%
IN:SIEMENS
Siemens Limited
3,643.00
510.74
16.31%
IN:THERMAX
Thermax Limited.
3,138.35
-71.57
-2.23%
IN:TRITURBINE
Triveni Turbine Limited
516.25
-7.17
-1.37%
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.