Announcement • Jun 01
Isgec Heavy Engineering Limited Provides Stand-Alone Earnings Guidance for the Fiscal Year 2027 Isgec Heavy Engineering Limited provided stand-alone earnings guidance for the fiscal year 2027. For the year, the company expects revenue to increase 10% to 12% on a stand-alone basis. Reported Earnings • May 28
Full year 2026 earnings released: EPS: ₹14.81 (vs ₹46.37 in FY 2025) Full year 2026 results: EPS: ₹14.81 (down from ₹46.37 in FY 2025). Revenue: ₹69.2b (up 7.8% from FY 2025). Net income: ₹1.09b (down 68% from FY 2025). Profit margin: 1.6% (down from 5.3% in FY 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 19% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Feb 10
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 8.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (435% cash payout ratio). Share price has been volatile over the past 3 months (8.3% average weekly change). Reported Earnings • Feb 10
Third quarter 2026 earnings released: EPS: ₹13.26 (vs ₹2.73 in 3Q 2025) Third quarter 2026 results: EPS: ₹13.26 (up from ₹2.73 in 3Q 2025). Revenue: ₹17.6b (up 17% from 3Q 2025). Net income: ₹975.1m (up 386% from 3Q 2025). Profit margin: 5.6% (up from 1.3% in 3Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 18% per year and the company’s share price has also increased by 18% per year. Announcement • Jan 27
Isgec Heavy Engineering Limited to Report Q3, 2026 Results on Feb 09, 2026 Isgec Heavy Engineering Limited announced that they will report Q3, 2026 results on Feb 09, 2026 Valuation Update With 7 Day Price Move • Dec 25
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₹926, the stock trades at a trailing P/E ratio of 22.1x. Average forward P/E is 32x in the Machinery industry in India. Total returns to shareholders of 97% over the past three years. Announcement • Dec 18
Isgec Heavy Engineering Limited (BSE:533033) completed the acquisition of an unknown minority stake in FPEL HR1 Energy Private Limited. Isgec Heavy Engineering Limited (BSE:533033) entered into Solar Power Purchase Agreement to acquire an unknown minority stake in FPEL HR1 Energy Private Limited on October 6, 2025. In related transaction, Isgec Heavy Engineering Limited entered into Share Subscription agreement to acquire unknown minority stake in FPEL HR1 Energy Private Limited. After completion of these transactions, Isgec Heavy Engineering will own 26% stake in FPEL HR1 Energy Private Limited. The combined consideration for these transactions is INR 22.4 million. The transaction is expected to complete in 60 days.
The expected completion of the transaction is October 6, 2025, to December 5, 2025. As of December 4, 2025, the closing of the transaction is further extended to 30 days. The closing of the transaction is delayed due to certain procedural formalities at the end of FPEL HR1 Energy Private Limited that are still in progress.
Isgec Heavy Engineering Limited (BSE:533033) completed the acquisition of an unknown minority stake in FPEL HR1 Energy Private Limited on December 17, 2025. Reported Earnings • Nov 15
Second quarter 2026 earnings released: EPS: ₹11.66 (vs ₹12.59 in 2Q 2025) Second quarter 2026 results: EPS: ₹11.66 (down from ₹12.59 in 2Q 2025). Revenue: ₹17.3b (up 5.0% from 2Q 2025). Net income: ₹856.7m (down 7.5% from 2Q 2025). Profit margin: 5.0% (down from 5.6% in 2Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 22% per year whereas the company’s share price has increased by 24% per year. Announcement • Oct 31
Isgec Heavy Engineering Limited to Report Q2, 2026 Results on Nov 12, 2025 Isgec Heavy Engineering Limited announced that they will report Q2, 2026 results at 12:15 PM, Indian Standard Time on Nov 12, 2025 Upcoming Dividend • Sep 01
Upcoming dividend of ₹5.00 per share Eligible shareholders must have bought the stock before 08 September 2025. Payment date: 14 October 2025. Payout ratio is a comfortable 11% but the company is not cash flow positive. Trailing yield: 0.5%. Lower than top quartile of Indian dividend payers (1.3%). Lower than average of industry peers (0.9%). Announcement • Aug 14
Isgec Heavy Engineering Limited, Annual General Meeting, Sep 16, 2025 Isgec Heavy Engineering Limited, Annual General Meeting, Sep 16, 2025. Reported Earnings • Aug 14
First quarter 2026 earnings released: EPS: ₹7.83 (vs ₹8.90 in 1Q 2025) First quarter 2026 results: EPS: ₹7.83 (down from ₹8.90 in 1Q 2025). Revenue: ₹13.6b (down 12% from 1Q 2025). Net income: ₹575.6m (down 12% from 1Q 2025). Profit margin: 4.2% (in line with 1Q 2025). Over the last 3 years on average, earnings per share has increased by 28% per year whereas the company’s share price has increased by 27% per year. Announcement • Aug 04
Isgec Heavy Engineering Limited to Report Q1, 2026 Results on Aug 13, 2025 Isgec Heavy Engineering Limited announced that they will report Q1, 2026 results During-Market on Aug 13, 2025 Announcement • Jul 08
Isgec Heavy Engineering Limited Announces Executive Changes Isgec Heavy Engineering Limited at its board meeting held on July 8, 2025,: a) Approved the appointment of Mr. Kalyan Ghosh, a qualified company secretary and a member of Institute of Company Secretaries of India (ICSI) as Compliance Officer and Key Managerial Personnel of the Company with immediate effect (i.e., July 08, 2025), in terms of Regulation 6 of the Listing Regulations. As a Compliance Officer and Key Managerial Personnel, Mr. Ghosh will oversee and responsible for the Compliance functions under the Listing Regulations and other applicable SEBI Laws. b) Approved the cessation of Mr. Sachin Saluja from the position of Compliance Officer of the Company with immediate effect (i.e., July 08, 2025). Mr. Saluja will continue to serve the Company as Company Secretary and Key Managerial Personnel under the Companies Act, 2013. The letter dated July 08, 2025, received from Mr. Sachin Saluja stepping down from the position of Compliance Officer, citing the reason thereof, is attached herewith as Annexure-111. Based on the recommendation of the Nomination and Remuneration Committee, the Board of Directors: a) Approved the appointment of Mr. Subrata Roy as Chief Executive- APCE & Utility Boiler and Senior Management Personnel, with immediate effect (i.e., July 08, 2025). b) Approved the appointment of Mr. Rohit Garg, Senior Vice President as Unit Head - Steel Casting Factory at Muzaffarnagar and Senior Management Personnel, with immediate effect (i.e., July 08, 2025). Reported Earnings • May 30
Full year 2025 earnings released: EPS: ₹46.37 (vs ₹33.14 in FY 2024) Full year 2025 results: EPS: ₹46.37 (up from ₹33.14 in FY 2024). Revenue: ₹64.6b (up 3.9% from FY 2024). Net income: ₹3.41b (up 40% from FY 2024). Profit margin: 5.3% (up from 3.9% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 32% per year whereas the company’s share price has increased by 36% per year. Announcement • May 17
Isgec Heavy Engineering Limited to Report Q4, 2025 Results on May 29, 2025 Isgec Heavy Engineering Limited announced that they will report Q4, 2025 results on May 29, 2025 Announcement • Apr 10
Isgec Heavy Engineering Limited Announces Retirement of P V N Sanjay, Chief Executive - EPC, Effective April 11, 2025 Isgec Heavy Engineering Limited announced that Mr. P V N Sanjay, Chief Executive- EPC (designated as Senior Management Personnel) will retire effective from closing hours of April 11, 2025. Reported Earnings • Feb 11
Third quarter 2025 earnings released: EPS: ₹2.73 (vs ₹8.42 in 3Q 2024) Third quarter 2025 results: EPS: ₹2.73 (down from ₹8.42 in 3Q 2024). Revenue: ₹15.0b (flat on 3Q 2024). Net income: ₹200.7m (down 68% from 3Q 2024). Profit margin: 1.3% (down from 4.1% in 3Q 2024). Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 14% growth forecast for the Machinery industry in India. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Announcement • Jan 28
Isgec Heavy Engineering Limited to Report Q3, 2025 Results on Feb 10, 2025 Isgec Heavy Engineering Limited announced that they will report Q3, 2025 results at 12:15 PM, Indian Standard Time on Feb 10, 2025 Valuation Update With 7 Day Price Move • Jan 27
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₹1,053, the stock trades at a trailing P/E ratio of 26.6x. Average forward P/E is 35x in the Machinery industry in India. Total returns to shareholders of 63% over the past three years. Valuation Update With 7 Day Price Move • Jan 13
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₹1,211, the stock trades at a trailing P/E ratio of 30.6x. Average forward P/E is 37x in the Machinery industry in India. Total returns to shareholders of 77% over the past three years. Announcement • Jan 03
Isgec Heavy Engineering Limited Announces Resignation of Sanjay Kumar Gharde as Chief Information Officer Isgec Heavy Engineering Limited announced Mr. Sanjay Kumar Gharde, Chief Information Officer (designated as Senior Management Personnel) has tendered his resignation on January 03, 2025 due to unavoidable circumstances, which has been accepted and effective from closing hours of January 03, 2025. Reported Earnings • Nov 14
Second quarter 2025 earnings released: EPS: ₹12.59 (vs ₹8.13 in 2Q 2024) Second quarter 2025 results: EPS: ₹12.59 (up from ₹8.13 in 2Q 2024). Revenue: ₹16.7b (up 13% from 2Q 2024). Net income: ₹925.7m (up 55% from 2Q 2024). Profit margin: 5.6% (up from 4.1% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 14% growth forecast for the Machinery industry in India. Over the last 3 years on average, earnings per share has increased by 31% per year whereas the company’s share price has increased by 30% per year. Announcement • Oct 31
Isgec Heavy Engineering Limited to Report Q2, 2025 Results on Nov 13, 2024 Isgec Heavy Engineering Limited announced that they will report Q2, 2025 results on Nov 13, 2024 Announcement • Aug 30
Isgec Heavy Engineering Limited Approves Dividend for the Year Ended March 31, 2024 Isgec Heavy Engineering Limited announced that at its AGM held on August 28, 2024, shareholders approved the dividend of INR 4 per equity shares of INR 1 each as recommended by the board of directors for the financial year ended March 31, 2024. Declared Dividend • Aug 07
Dividend increased to ₹4.00 Dividend of ₹4.00 is 33% higher than last year. Ex-date: 21st August 2024 Payment date: 26th September 2024 Dividend yield will be 0.3%, which is lower than the industry average of 0.6%. Sustainability & Growth Dividend is well covered by both earnings (12% earnings payout ratio) and cash flows (6% cash payout ratio). The dividend has increased by an average of 15% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 11% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 06
Full year 2024 earnings released: EPS: ₹33.14 (vs ₹26.72 in FY 2023) Full year 2024 results: EPS: ₹33.14 (up from ₹26.72 in FY 2023). Revenue: ₹62.2b (down 2.8% from FY 2023). Net income: ₹2.44b (up 24% from FY 2023). Profit margin: 3.9% (up from 3.1% in FY 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Machinery industry in India. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has increased by 22% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Aug 01
Isgec Heavy Engineering Limited, Annual General Meeting, Aug 28, 2024 Isgec Heavy Engineering Limited, Annual General Meeting, Aug 28, 2024, at 11:30 Indian Standard Time. Announcement • Jul 31
Isgec Heavy Engineering Limited to Report Q1, 2025 Results on Aug 13, 2024 Isgec Heavy Engineering Limited announced that they will report Q1, 2025 results on Aug 13, 2024 Board Change • Jul 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 3 highly experienced directors. Independent Non-Executive Director Rashi Sikka was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Jun 12
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₹1,219, the stock trades at a trailing P/E ratio of 36.8x. Average forward P/E is 44x in the Machinery industry in India. Total returns to shareholders of 106% over the past three years. New Risk • May 30
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 8.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (8.1% average weekly change). Announcement • May 30
Isgec Heavy Engineering Limited Recommends Dividend for the Financial Year 2023-2024 Isgec Heavy Engineering Limited at the board meeting held on May 29, 2024, recommended a Dividend of INR 4/- (Rupees Four only) per equity share of INR 1/- each, out of the profits of the Company, for the financial year 2023-2024. Reported Earnings • May 30
Full year 2024 earnings released: EPS: ₹33.14 (vs ₹26.72 in FY 2023) Full year 2024 results: EPS: ₹33.14 (up from ₹26.72 in FY 2023). Revenue: ₹62.5b (down 2.4% from FY 2023). Net income: ₹2.44b (up 24% from FY 2023). Profit margin: 3.9% (up from 3.1% in FY 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 3.3% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Machinery industry in India. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has increased by 19% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 18
Isgec Heavy Engineering Limited to Report Q4, 2024 Results on May 29, 2024 Isgec Heavy Engineering Limited announced that they will report Q4, 2024 results on May 29, 2024 Reported Earnings • Feb 14
Third quarter 2024 earnings released: EPS: ₹8.42 (vs ₹8.56 in 3Q 2023) Third quarter 2024 results: EPS: ₹8.42 (down from ₹8.56 in 3Q 2023). Revenue: ₹15.0b (down 6.2% from 3Q 2023). Net income: ₹619.2m (down 1.7% from 3Q 2023). Profit margin: 4.1% (up from 3.9% in 3Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 5.6% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Machinery industry in India. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 27% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Feb 13
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₹938, the stock trades at a forward P/E ratio of 28x. Average forward P/E is 33x in the Machinery industry in India. Total returns to shareholders of 121% over the past three years. Announcement • Jan 26
Isgec Heavy Engineering Limited to Report Q3, 2024 Results on Feb 02, 2024 Isgec Heavy Engineering Limited announced that they will report Q3, 2024 results on Feb 02, 2024 Valuation Update With 7 Day Price Move • Nov 21
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₹903, the stock trades at a forward P/E ratio of 27x. Average forward P/E is 32x in the Machinery industry in India. Total returns to shareholders of 249% over the past three years. Reported Earnings • Nov 16
Second quarter 2024 earnings released: EPS: ₹8.13 (vs ₹4.02 in 2Q 2023) Second quarter 2024 results: EPS: ₹8.13 (up from ₹4.02 in 2Q 2023). Revenue: ₹14.8b (down 2.4% from 2Q 2023). Net income: ₹597.9m (up 102% from 2Q 2023). Profit margin: 4.0% (up from 2.0% in 2Q 2023). The increase in margin was driven by lower expenses. Revenue is expected to decline by 1.1% p.a. on average during the next 2 years, while revenues in the Machinery industry in India are expected to grow by 12%. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 41% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Oct 21
Isgec Heavy Engineering Limited to Report Q2, 2024 Results on Nov 14, 2023 Isgec Heavy Engineering Limited announced that they will report Q2, 2024 results on Nov 14, 2023 Valuation Update With 7 Day Price Move • Sep 08
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹805, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 33x in the Machinery industry in India. Total returns to shareholders of 209% over the past three years. Announcement • Aug 24
Isgec Heavy Engineering Limited Approves Dividend for the Financial Year Ended March 31, 2023 Isgec Heavy Engineering Limited at its AGM, held on August 23, 2023, approved Declaration of Dividend of INR 3/- per Equity Share of INR 1/- each, as recommended by the Board of Directors, for the financial year ended March 31, 2023. Price Target Changed • Aug 17
Price target increased by 20% to ₹794 Up from ₹663, the current price target is an average from 2 analysts. New target price is 12% above last closing price of ₹706. Stock is up 47% over the past year. The company is forecast to post earnings per share of ₹31.80 for next year compared to ₹26.72 last year. Upcoming Dividend • Aug 07
Upcoming dividend of ₹3.00 per share at 0.4% yield Eligible shareholders must have bought the stock before 14 August 2023. Payment date: 21 September 2023. Payout ratio is a comfortable 11% and this is well supported by cash flows. Trailing yield: 0.4%. Lower than top quartile of Indian dividend payers (1.5%). Lower than average of industry peers (0.8%). Announcement • Aug 01
Isgec Heavy Engineering Limited Announces Retirement of Mr. Satish Bhatia as Business Head - Bmp Division Isgec Heavy Engineering Limited announced that Mr. Satish Bhatia, Business Head - BMP Division, who is covered under "Senior Management" retired at closing hours of July 31, 2023. Reported Earnings • Jul 30
Full year 2023 earnings released: EPS: ₹26.72 (vs ₹14.80 in FY 2022) Full year 2023 results: EPS: ₹26.72 (up from ₹14.80 in FY 2022). Revenue: ₹64.0b (up 16% from FY 2022). Net income: ₹1.96b (up 81% from FY 2022). Profit margin: 3.1% (up from 2.0% in FY 2022). The increase in margin was driven by higher revenue. Revenue is expected to decline by 2.3% p.a. on average during the next 2 years, while revenues in the Machinery industry in India are expected to grow by 12%. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 47% per year, which means it is well ahead of earnings. Announcement • Jul 29
Isgec Heavy Engineering Limited Proposes Dividend for the Financial Year Ended March 31, 2023 Isgec Heavy Engineering Limited announced that at the AGM to be held on August 23, 2023, the company proposed Dividend of INR 3/- per Equity Share of INR 1/- each, as recommended by the Board of Directors, forthe financial year ended March 31, 2023. Announcement • Jul 28
Isgec Heavy Engineering Limited to Report Q1, 2024 Results on Aug 11, 2023 Isgec Heavy Engineering Limited announced that they will report Q1, 2024 results on Aug 11, 2023 Announcement • Jul 14
Isgec Heavy Engineering Limited, Annual General Meeting, Aug 23, 2023 Isgec Heavy Engineering Limited, Annual General Meeting, Aug 23, 2023, at 11:30 Indian Standard Time. Reported Earnings • May 30
Third quarter 2023 earnings released: EPS: ₹8.56 (vs ₹6.40 in 3Q 2022) Third quarter 2023 results: EPS: ₹8.56 (up from ₹6.40 in 3Q 2022). Revenue: ₹16.0b (up 14% from 3Q 2022). Net income: ₹629.6m (up 34% from 3Q 2022). Profit margin: 3.9% (up from 3.4% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.1% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Machinery industry in India. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 34% per year, which means it is well ahead of earnings. Announcement • May 30
Isgec Heavy Engineering Limited Recommends Dividend for the Financial Year 2023, Payable on or Before September 21, 2023 The board of directors of Isgec Heavy Engineering Limited at its meeting held on May 29, 2023, has recommended a dividend of INR 3 per equity share of INR 1 each, out of the profits of the company for the financial year 2023. The dividend recommended is subject to the approval of the shareholders at forthcoming annual general meeting. The dividend if approved by the shareholders at forthcoming annual general meeting, will be paid on or before September 21, 2023 i.e., within a period of 30 days from the date of declaration at forthcoming annual general meeting. Valuation Update With 7 Day Price Move • May 30
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₹588, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 26x in the Machinery industry in India. Total returns to shareholders of 144% over the past three years. Announcement • May 17
Isgec Heavy Engineering Limited to Report Q4, 2023 Results on May 29, 2023 Isgec Heavy Engineering Limited announced that they will report Q4, 2023 results on May 29, 2023 Price Target Changed • Mar 24
Price target increased by 18% to ₹663 Up from ₹563, the current price target is provided by 1 analyst. New target price is 50% above last closing price of ₹442. Stock is down 18% over the past year. The company posted earnings per share of ₹14.80 last year. Reported Earnings • Feb 14
Third quarter 2023 earnings released: EPS: ₹8.56 (vs ₹6.40 in 3Q 2022) Third quarter 2023 results: EPS: ₹8.56 (up from ₹6.40 in 3Q 2022). Revenue: ₹16.0b (up 14% from 3Q 2022). Net income: ₹629.6m (up 34% from 3Q 2022). Profit margin: 3.9% (up from 3.4% in 3Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Announcement • Feb 03
Isgec Heavy Engineering Limited to Report Q3, 2023 Results on Feb 13, 2023 Isgec Heavy Engineering Limited announced that they will report Q3, 2023 results on Feb 13, 2023 Price Target Changed • Nov 16
Price target increased to ₹563 Up from ₹477, the current price target is an average from 2 analysts. New target price is 18% above last closing price of ₹478. Stock is down 18% over the past year. The company posted earnings per share of ₹14.80 last year. Reported Earnings • Nov 13
Second quarter 2023 earnings released: EPS: ₹4.02 (vs ₹1.43 in 2Q 2022) Second quarter 2023 results: EPS: ₹4.02 (up from ₹1.43 in 2Q 2022). Revenue: ₹15.2b (up 10% from 2Q 2022). Net income: ₹295.7m (up 181% from 2Q 2022). Profit margin: 2.0% (up from 0.8% in 2Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Announcement • Nov 12
Isgec Heavy Engineering Limited Announces Appointment of Cs Sachin Saluja as Company Secretary and Compliance Officer, Effective from November 15, 2022 Isgec Heavy Engineering Limited announced that based on the recommendation of the Nomination and Remuneration Committee, the Board of Directors at its meeting held on November 11, 2022, have approved the appointment of CS Sachin Saluja as Company Secretary and Compliance Officer of the Company with effect from November 15, 2022. CS Sachin Saluja, aged 39 Years, is an associate member of Institute of Company Secretaries of INDIA (ICSD) having membership number A24269 and also, a Law graduate, having over 13 years of experience in overseeing corporate secretarial, _--legal, compliance and HR matters. Announcement • Nov 03
Isgec Heavy Engineering Limited to Report Q2, 2023 Results on Nov 11, 2022 Isgec Heavy Engineering Limited announced that they will report Q2, 2023 results on Nov 11, 2022 Announcement • Oct 29
Isgec Heavy Engineering Limited Announces Resignation of Shweta Agrawal as Company Secretary, Effective on November 14, 2022 Isgec Heavy Engineering Limited announced that Ms. Shweta Agrawal, Company Secretary and Compliance Officer and Key Managerial Personnel has placed her resignation from the post of Company Secretary (KMP) to pursue her professional aspirations. Her resignation is accepted by the Company and she will continue in the current position till November 14, 2022. The company is in the process of identifying and hiring a new person for the position of Company Secretary. The Company shall inform the Stock Exchanges once position of Company Secretary is filled up. Valuation Update With 7 Day Price Move • Sep 13
Investor sentiment improved over the past week After last week's 18% share price gain to ₹555, the stock trades at a trailing P/E ratio of 36.1x. Average trailing P/E is 27x in the Machinery industry in India. Total returns to shareholders of 44% over the past three years. Announcement • Aug 25
Isgec Heavy Engineering Limited Approves Dividend for the Financial Year Ended March 31, 2022 Annual General Meeting (AGM) of the Shareholders of Isgec Heavy Engineering Limited was held on August 24, 2022 approved Dividend of INR 2 per Equity Share of INR 1 each, as recommended by the Board of Directors, for the financial year ended March 31, 2022. Price Target Changed • Aug 16
Price target decreased to ₹500 Down from ₹539, the current price target is provided by 1 analyst. New target price is 9.8% above last closing price of ₹455. Stock is down 34% over the past year. The company posted earnings per share of ₹14.80 last year. Announcement • Aug 06
Isgec Heavy Engineering Limited to Report Q1, 2023 Results on Aug 10, 2022 Isgec Heavy Engineering Limited announced that they will report Q1, 2023 results at 12:15 PM, Indian Standard Time on Aug 10, 2022 Upcoming Dividend • Aug 05
Upcoming dividend of ₹2.00 per share Eligible shareholders must have bought the stock before 12 August 2022. Payment date: 20 September 2022. Payout ratio is a comfortable 14% but the company is not cash flow positive. Trailing yield: 0.4%. Lower than top quartile of Indian dividend payers (1.7%). Lower than average of industry peers (0.8%). Reported Earnings • Aug 02
Full year 2022 earnings released: EPS: ₹14.80 (vs ₹33.71 in FY 2021) Full year 2022 results: EPS: ₹14.80 (down from ₹33.71 in FY 2021). Revenue: ₹55.0b (up 1.4% from FY 2021). Net income: ₹1.09b (down 56% from FY 2021). Profit margin: 2.0% (down from 4.6% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 7% per year. Announcement • Jul 15
Isgec Heavy Engineering Limited, Annual General Meeting, Aug 24, 2022 Isgec Heavy Engineering Limited, Annual General Meeting, Aug 24, 2022, at 11:30 Indian Standard Time. Recent Insider Transactions • Jun 26
Insider recently sold ₹958k worth of stock On the 21st of June, Vani Prasad sold around 2k shares on-market at roughly ₹479 per share. This was the largest sale by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Reported Earnings • May 30
Full year 2022 earnings released: EPS: ₹14.80 (vs ₹33.71 in FY 2021) Full year 2022 results: EPS: ₹14.80 (down from ₹33.71 in FY 2021). Revenue: ₹55.1b (up 1.6% from FY 2021). Net income: ₹1.09b (down 56% from FY 2021). Profit margin: 2.0% (down from 4.6% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 1% per year. Announcement • May 21
Isgec Heavy Engineering Limited to Report Q4, 2022 Results on May 28, 2022 Isgec Heavy Engineering Limited announced that they will report Q4, 2022 results on May 28, 2022 Price Target Changed • Apr 27
Price target decreased to ₹610 Down from ₹756, the current price target is provided by 1 analyst. New target price is 12% above last closing price of ₹545. Stock is down 2.5% over the past year. The company posted earnings per share of ₹33.71 last year. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 5 non-independent directors. Non-Executive Independent Director Arvind Sagar was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Mar 17
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 5 non-independent directors. Non-Executive Independent Director Arvind Sagar was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 13
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: ₹6.40 (down from ₹9.01 in 3Q 2021). Revenue: ₹14.0b (flat on 3Q 2021). Net income: ₹470.3m (down 29% from 3Q 2021). Profit margin: 3.4% (down from 4.8% in 3Q 2021). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 6% per year. Announcement • Feb 03
Isgec Heavy Engineering Limited to Report Q3, 2022 Results on Feb 12, 2022 Isgec Heavy Engineering Limited announced that they will report Q3, 2022 results on Feb 12, 2022 Valuation Update With 7 Day Price Move • Dec 24
Investor sentiment improved over the past week After last week's 17% share price gain to ₹656, the stock trades at a trailing P/E ratio of 31.4x. Average trailing P/E is 22x in the Machinery industry in India. Total returns to shareholders of 33% over the past three years. Reported Earnings • Nov 15
Second quarter 2022 earnings released: EPS ₹1.43 (vs ₹10.47 in 2Q 2021) The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2022 results: Revenue: ₹13.8b (up 2.3% from 2Q 2021). Net income: ₹105.2m (down 86% from 2Q 2021). Profit margin: 0.8% (down from 5.7% in 2Q 2021). The decrease in margin was driven by higher expenses. Upcoming Dividend • Sep 01
Upcoming dividend of ₹1.00 per share Eligible shareholders must have bought the stock before 08 September 2021. Payment date: 11 October 2021. Trailing yield: 0.3%. Lower than top quartile of Indian dividend payers (1.5%). Lower than average of industry peers (0.7%). Reported Earnings • Aug 12
First quarter 2022 earnings released: EPS ₹1.85 (vs ₹5.67 in 1Q 2021) The company reported a soft first quarter result with weaker earnings and profit margins, although revenues improved. First quarter 2022 results: Revenue: ₹11.3b (up 7.6% from 1Q 2021). Net income: ₹136.3m (down 67% from 1Q 2021). Profit margin: 1.2% (down from 4.0% in 1Q 2021). The decrease in margin was driven by higher expenses. Executive Departure • Jul 06
Non-Executive Director Nina Puri has left the company On the 28th of June, Nina Puri's tenure as Non-Executive Director ended after 14.4 years in the role. As of March 2021, Nina still personally held 159.53k shares (₹80m worth at the time). A total of 5 executives have left over the last 12 months. The current median tenure of the management team is 13.79 years. Reported Earnings • Jul 01
Full year 2021 earnings released: EPS ₹33.71 (vs ₹19.91 in FY 2020) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2021 results: Revenue: ₹54.8b (down 6.4% from FY 2020). Net income: ₹2.48b (up 69% from FY 2020). Profit margin: 4.5% (up from 2.5% in FY 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 17% per year whereas the company’s share price has increased by 13% per year. Valuation Update With 7 Day Price Move • Jun 29
Investor sentiment improved over the past week After last week's 17% share price gain to ₹722, the stock trades at a trailing P/E ratio of 26.6x. Average trailing P/E is 25x in the Machinery industry in India. Total returns to shareholders of 46% over the past three years. Valuation Update With 7 Day Price Move • Jun 08
Investor sentiment improved over the past week After last week's 15% share price gain to ₹639, the stock trades at a trailing P/E ratio of 23.6x. Average trailing P/E is 24x in the Machinery industry in India. Total returns to shareholders of 16% over the past three years. Announcement • Mar 04
Isgec Heavy Engineering Limited Receives Order Isgec Heavy Engineering Limited has received order for a Slop Fired Boiler from a prestigious company in the sugar industry for their distillery plant. This will help the distillery plant achieve Zero Liquid Discharge thereby ensuring a cleaner and greener environment. It will also help in moving towards the Ethanol Blending initiative of the Government of India. Isgec is internationally recognized for setting up a wide variety of industrial and green
energy, as well as utility boilers. So far Isgec has set up more than 850 boilers across 48 countries, which include approx. 40 Slop fired boilers. Is New 90 Day High Low • Feb 25
New 90-day high: ₹491 The company is up 92% from its price of ₹256 on 27 November 2020. The Indian market is up 17% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Machinery industry, which is up 26% over the same period. Upcoming Dividend • Feb 17
Upcoming Dividend of ₹2.00 Per Share Will be paid on the 8th of March to those who are registered shareholders by the 24th of February. The trailing yield of 0.9% is below the top quartile of Indian dividend payers (1.9%), and is lower than industry peers (1.1%). Price Target Changed • Feb 15
Price target raised to ₹577 Up from ₹350, the current price target is provided by 1 analyst. The new target price is 34% above the current share price of ₹432. As of last close, the stock is up 16% over the past year. Reported Earnings • Feb 12
Third quarter 2021 earnings released: EPS ₹9.01 (vs ₹8.48 in 3Q 2020) The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: ₹13.9b (down 17% from 3Q 2020). Net income: ₹662.5m (up 6.1% from 3Q 2020). Profit margin: 4.8% (up from 3.7% in 3Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Feb 03
Investor sentiment improved over the past week After last week's 25% share price gain to ₹442, the stock is trading at a trailing P/E ratio of 17x, up from the previous P/E ratio of 13.7x. This compares to an average P/E of 21x in the Machinery industry in India. Total return to shareholders over the past three years is a loss of 41%. Announcement • Feb 03
Isgec Heavy Engineering Limited to Report Q3, 2021 Results on Feb 11, 2021 Isgec Heavy Engineering Limited announced that they will report Q3, 2021 results on Feb 11, 2021 
