NSE: SANGHVIMOV · BSE: 530073
SANGHVI MOVERS LTD
Rents cranes and related heavy-lifting equipment to infrastructure, energy, and industrial customers in India, Saudi Arabia, and Botswana, and also executes wind and project EPC contracts. Crane hiring and ancillary services made up 68.8% of segment revenue (₹830.17 crore) at a 30.6% EBIT margin in FY26; Wind EPC, operated through subsidiary Sangreen Future Renewables which carries a 17+ GW track record, made up 27.5% (₹332.57 crore); and small-scale Project EPC made up 3.7% (₹44.68 crore). Asset utilization rose to 79% in FY26 from 74% the prior year, with an order book of ₹1,053 crore and an inquiry pipeline of ₹4,000 crore. India added a record 6.1 GW of wind capacity in FY26 (+46% YoY), supporting heavy-lift demand, while the KSA business crossed monthly EBITDA positivity with 85-90% utilization and yields above 4.5%. The asset-heavy rental model shows up in FY26 capex of ₹407.51 crore (38.1% of revenue), depreciation at 12.3%, and other operating expenses at 53.9%. Management plans ₹713 crore of FY27 capex (61 cranes) across India and KSA, targeting roughly 30% revenue growth. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Crane hiring and other ancillary services (69%), Wind EPC (28%), Project EPC (4%). Asset-heavy crane rental and EPC services business
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | 335 | 456 | 782 | 1,070 |
| EBITDA (ex other income) | 138 | 257 | 330 | 392 |
| margin % | 41.1 | 56.4 | 42.2 | 36.6 |
| Owners' profit | 29 | 112 | 0 | 184 |
| EPS, as reported (₹) | 6.79 | 25.89 | 18.08 | 21.29 |
| ROE % · ROCE % | 4.0 · 6.5 | 13.3 · 16.8 | 13.7 · 17.0 | 14.1 · 15.5 |
| Debt / equity (x) | 0.23 | 0.22 | 0.38 | 0.51 |
| Cash from operations | 130 | 257 | 162 | 278 |
| Capex | (58) | (232) | (237) | (408) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 156 | 208 | 267 | 273 | 210 | 236 | 351 | 380 |
| Profit before tax | 42 | 45 | 75 | 68 | 50 | 40 | 95 | 88 |
| Net profit | 29 | 33 | 54 | 50 | 36 | 29 | 69 | 65 |
| EPS (₹) | 3.36 | 3.82 | 6.22 | 5.80 | 4.19 | 3.35 | 7.95 | 7.54 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Crane hiring and other ancillary services | 430 | 35.6 |
| Wind EPC | 226 | 18.8 |
| Project EPC | 37 | 3.1 |
| Crane Hiring and Other Ancilliary Services | 206 | 17.1 |
| (a) Crane hiring and other ancillary services | 194 | 16.1 |
| (b) Wind EPC | 106 | 8.8 |
| (c) Project EPC | 8 | 0.6 |
| Total, before eliminations | 1,207 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| INTL GEMOLOGICAL INST LTD | 17,213 | 28.2 | 11.57 | 16.5 | 47.8 | 58.1 | — | 64.6 |
| WEWORK INDIA MANAGEMENT L | 8,821 | 101.2 | 29.48 | 5.6 | 25.0 | 1.0 | — | 66.5 |
| NESCO LTD. | 7,059 | 16.9 | 2.36 | 11.9 | 13.8 | 14.8 | 26.2 | 68.9 |
| NIRLON LTD | 5,677 | 16.4 | 12.12 | — | 73.8 | 18.1 | — | 79.4 |
| SMARTWORKS COWORKING SP L | 5,439 | 195.1 | 10.25 | 4.6 | 2.0 | 0.3 | — | 65.8 |
| QUESS CORP LIMITED | 4,838 | 19.1 | 4.14 | 14.5 | 19.0 | 14.4 | 7.1 | 2.6 |
| INOX GREEN ENERGY SER LTD | 4,250 | 34.0 | 2.48 | 25.3 | 6.0 | 9.0 | — | 131.6 |
| INDIQUBE SPACES LIMITED | 3,731 | — | 7.25 | — | (20.7) | (2.5) | — | 67.3 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 15.0 | 13.0 | 43 of 79 | 46% |
| P/B | 2.3 | 1.3 | 62 of 95 | 35% |
| ROCE | 13.5 | 3.4 | 23 of 103 | 78% |
| ROE | 14.1 | 2.9 | 18 of 113 | 85% |
| Debt / Equity | 0.5 | 0.1 | 71 of 91 | 22% |
| EBITDA margin | 36.6 | 25.4 | 37 of 92 | 60% |
| Revenue growth | 38.9 | 16.2 | 31 of 91 | 67% |
| Profit growth | 29.8 | 5.2 | 53 of 110 | 52% |
| Market cap | 2996 | 47 | 10 of 108 | 92% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Board meeting set for Q2 and H1 FY2027 results | results | low | — | — |
| 8 Oct 2026 · Quarterly dematerialisation certificate filed with BSE and NSE | compliance | minimal | — | — |
| 6 Oct 2026 · Inter-se transfer of 12.19% shares among promoter group via gift | ownership changes | medium | — | — |
| 6 Oct 2026 · Promoter group inter-se share transfer by way of gift | ownership changes | medium | — | — |
| 25 Sept 2026 · Trading window closed from Oct 1 till Q2 results announcement | compliance | minimal | — | — |
| 17 Sept 2026 · Sanghvi Movers to meet Anand Rathi on September 22, 2026 | board shareholder meetings | low | — | — |
| 16 Sept 2026 · Promoter Rishi Sanghvi cuts stake by 12.19pct via inter-se gift transfer | ownership changes | medium | — | — |
| 16 Sept 2026 · Mrs. Maithili Sanghvi receives 12.19% stake as gift from Mr. Rishi Sanghvi | ownership changes | high | — | — |
| 16 Sept 2026 · Promoter Group Member Acquires 12.19 percent Stake via Gift in Sanghvi Movers | ownership changes | high | — | — |
| 16 Sept 2026 · Inter se gift transfer: 1.05 crore shares move from Mr Rishi Sanghvi to his spouse | ownership changes | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.