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Isgec Heavy Engineering Q2 FY27 results: net profit up 17.6% to ₹66.19 crore, revenue up 9.4%
Isgec Heavy Engineering Limited reported consolidated revenue of ₹1,850 crore in Q2 FY27, up 9.4% from Q2 FY26. Net profit was ₹66.19 crore and basic EPS was ₹7.67, while EBITDA was ₹147.38 crore at an 8.0% margin.
Key points
- Q2 FY27 consolidated revenue was ₹1,850 crore, up 9.4% from ₹1,691 crore in Q2 FY26.
- Net profit was ₹66.19 crore, up 17.6% from ₹56.28 crore in the year-ago quarter, while basic EPS was ₹7.67.
- EBITDA was ₹147.38 crore, down 0.0% from ₹147.40 crore in Q2 FY26, with an 8.0% margin.
- For H1 FY27, revenue was ₹3,830.39 crore, up 26.3% from ₹3,032.08 crore, while net profit was ₹83.69 crore, down 27.2% from ₹114.91 crore.
How did Isgec Heavy Engineering perform in Q2 FY27?
Consolidated revenue for Q2 FY27 was ₹1,850 crore, compared with ₹1,691 crore in Q2 FY26 and ₹1,980 crore in Q1 FY27. EBITDA was ₹147.38 crore, against ₹147.40 crore a year earlier and ₹123.60 crore in the previous quarter; the margin was 8.0%, compared with 8.7% and 6.2%, respectively.
Net profit was ₹66.19 crore in Q2 FY27, up from ₹56.28 crore in Q2 FY26 and ₹17.50 crore in Q1 FY27. Basic EPS was ₹7.67, against ₹5.98 a year earlier and ₹1.22 in the previous quarter. Profit attributable to owners was ₹56.41 crore, compared with ₹43.95 crore and ₹8.95 crore, respectively.
On a standalone basis, revenue was ₹1,456.58 crore, up 17.2%, while profit before tax was ₹84.37 crore and profit after tax was ₹118.14 crore. The consolidated profit before tax was ₹102.26 crore, compared with ₹135.94 crore in the year-ago quarter and ₹52.89 crore in the previous quarter.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 1,850 | 1,980 | 1,691 | +9.4% | −6.5% |
| Other income | 9.25 | 13.46 | 34.38 | −73.1% | −31.3% |
| Total expenses | 1,757 | 1,941 | 1,590 | +10.6% | −9.4% |
| EBITDA | 147.38 | 123.60 | 147.40 | −0.0% | +19.2% |
| EBITDA margin | 8.0% | 6.2% | 8.7% | −0.7 pp | +1.8 pp |
| Profit before tax | 102.26 | 52.89 | 135.94 | −24.8% | +93.3% |
| Tax | 36.13 | 35.40 | 37.94 | −4.8% | +2.1% |
| Net profit | 66.19 | 17.50 | 56.28 | +17.6% | +278.2% |
| EPS (₹) | 7.67 | 1.22 | 5.98 | +28.3% | +528.7% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Isgec Heavy Engineering's costs and profit?
Total expenses were ₹1,757 crore in Q2 FY27, up ₹167.85 crore or 10.6% from Q2 FY26. Cost of materials increased ₹85.43 crore to ₹491.89 crore, employee cost rose ₹35.65 crore to ₹203.55 crore, and other expenses rose ₹92.42 crore to ₹952.17 crore. Depreciation increased ₹10.01 crore to ₹36.65 crore, while finance costs fell ₹1.48 crore to ₹17.72 crore.
Other income fell ₹25.13 crore to ₹9.25 crore from ₹34.38 crore in the year-ago quarter. Tax expense was ₹36.13 crore, down ₹1.81 crore from ₹37.94 crore, and there was no exceptional item. EBITDA was nearly unchanged at ₹147.38 crore, but profit before tax fell ₹33.68 crore to ₹102.26 crore.
Against Q1 FY27, total expenses fell ₹183.19 crore to ₹1,757 crore. Other expenses decreased ₹89.67 crore and depreciation fell ₹28.15 crore, while employee cost rose ₹24.80 crore. Other income fell ₹4.21 crore and tax rose ₹0.73 crore. Management said most of the increased costs were expected to be absorbed through normal contingency provisions.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 491.89 | 406.46 | +85.43 | +21.0% |
| Employee cost | 203.55 | 167.90 | +35.65 | +21.2% |
| Finance costs | 17.72 | 19.20 | −1.48 | −7.7% |
| Depreciation | 36.65 | 26.64 | +10.01 | +37.6% |
| Other expenses | 952.17 | 859.75 | +92.42 | +10.7% |
| Total expenses | 1,757 | 1,590 | +167.85 | +10.6% |
| Other income | 9.25 | 34.38 | −25.13 | −73.1% |
| Tax | 36.13 | 37.94 | −1.81 | −4.8% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
H1 FY27 consolidated revenue was ₹3,830.39 crore, up 26.3% from ₹3,032.08 crore in H1 FY26, while total income rose 24.9% to ₹3,853.1 crore from ₹3,084.26 crore. Profit before tax fell 33.0% to ₹155.15 crore from ₹231.67 crore, and net profit declined 27.2% to ₹83.69 crore from ₹114.91 crore.
Basic EPS for H1 FY27 was ₹8.89, down 32.0% from ₹13.08 in H1 FY26. The first-half result therefore combined higher revenue with lower profit before tax, net profit and EPS compared with the year-earlier period.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 3,830 | 3,032 | +26.3% |
| Profit before tax | 155.15 | 231.67 | −33.0% |
| Net profit | 83.69 | 114.91 | −27.2% |
| EPS (₹) | 8.89 | 13.08 | −32.0% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
As of 30 September 2026, total assets were ₹8,043.43 crore, compared with ₹8,077.14 crore at 31 March 2026, while total equity was ₹2,921.59 crore against ₹2,887.67 crore. Borrowings fell to ₹732.49 crore from ₹918.07 crore, and cash declined to ₹136.6 crore from ₹324.22 crore. Inventories were ₹1,500.3 crore against ₹1,652.65 crore, trade receivables ₹2,357.1 crore against ₹2,751.3 crore, and trade payables ₹1,180.05 crore against ₹1,199.92 crore.
H1 FY27 operating cash flow was ₹417.2 crore, compared with ₹393.83 crore in H1 FY26. Investing cash flow was negative ₹395.4 crore against negative ₹25.66 crore, financing cash flow was negative ₹238.05 crore against negative ₹329.48 crore, and capital expenditure was ₹127.76 crore against ₹72.72 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 8,043 | 8,077 |
| Total equity | 2,922 | 2,888 |
| Borrowings | 732.49 | 918.07 |
| Cash and equivalents | 136.60 | 324.22 |
| Inventories | 1,500 | 1,653 |
| Trade receivables | 2,357 | 2,751 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 417.20 | 393.83 |
| Cash from investing | −395.40 | −25.66 |
| Cash from financing | −238.05 | −329.48 |
| Capital expenditure | 127.76 | 72.72 |
Source: Company's results filing (XBRL).
How has Isgec Heavy Engineering done over the last 8 quarters?
Revenue increased year on year in each of the last five quarters. It rose from ₹1,691.09 crore in Q2 FY26 to ₹1,738.56 crore in Q3 FY26 and peaked at ₹2,048.28 crore in Q4 FY26, before easing to ₹1,980.0 crore in Q1 FY27 and ₹1,850.39 crore in Q2 FY27.
Net profit peaked at ₹84.97 crore in Q4 FY26 and fell to ₹17.50 crore in Q1 FY27 before recovering to ₹66.19 crore in Q2 FY27. The EBITDA margin reached 11.1% in Q3 FY26, fell to 7.6% in Q4 FY26 and 6.2% in Q1 FY27, then recovered to 8.0% in Q2 FY27.
Which businesses drove the quarter?
Manufacturing of Machinery & Equipment reported revenue of ₹736.39 crore, up 10.4% from ₹666.72 crore in the year-ago quarter, and EBIT of ₹99.43 crore, compared with ₹98.84 crore. The segment’s EBIT margin was 13.5%. Industrial Projects reported revenue of ₹1,020.72 crore, up 21.0% from ₹843.67 crore, and EBIT of ₹57.23 crore against ₹37.23 crore, with a 5.6% margin.
Sugar revenue was ₹116.84 crore, down 31.0% from ₹169.25 crore, while EBIT was ₹11.82 crore compared with a loss of ₹5.22 crore. Ethanol revenue was ₹27.24 crore, down 61.0% from ₹69.86 crore, and EBIT was a loss of ₹4.31 crore against a loss of ₹0.31 crore. The Ethanol Plant at Philippines reported revenue of ₹56.7 crore and an EBIT loss of ₹60.16 crore.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Manufacturing of Machinery & Equipment | 736.39 | +10.4% | 99.43 | 13.5% |
| Industrial Projects | 1,021 | +21.0% | 57.23 | 5.6% |
| Sugar | 116.84 | −31.0% | 11.82 | 10.1% |
| Ethanol | 27.24 | −61.0% | −4.31 | -15.8% |
| Ethanol Plant at Philippines | 56.70 | −60.16 | -106.1% | |
| Unallocated | 0 | 35.04 |
Source: Company's results filing (XBRL segment data).
What did Isgec Heavy Engineering's management say?
Management maintained FY27 standalone revenue growth guidance of 15–17% and expected the manufacturing EBIT margin to remain around 12–13%. It expected the project business EBIT margin to improve to around 6% by year-end. The company expects about 90% utilisation of the Philippine ethanol plant in January–March 2027, with depreciation of approximately ₹8–9 crore per quarter in Q3 and Q4 FY27.
Management identified input-material costs, fluctuations in steel, copper, aluminium and chemicals prices, shipping delays, container shortages, freight rates and port charges as risks. It also said most product orders were fixed price, with material-cost volatility mitigated but not eliminated through supplier arrangements, and that the Philippine ethanol plant remained sensitive to feedstock, depreciation, interest and foreign exchange.
How did Isgec Heavy Engineering shares react?
The filing was announced on 4 November 2026 and the stock was already in the market when it appeared. From the pre-results close of ₹914.7, the reaction-day close was ₹925.3, up 4.4%; by the next day’s close, the stock was up 7.0% from the pre-results close. The Civil Construction industry median was up 1.6% on the reaction day and 3.0% by the next day’s close, making Isgec’s excess moves 2.8 percentage points and 4.1 percentage points, respectively.
Earlier reaction-day moves were mixed: the shares fell 1.1% on 11 August 2026, fell 9.9% on 27 May 2026, rose 17.2% on 9 February 2026 and rose 3.4% on 13 November 2025. The 13 August 2025, 29 May 2025, 10 February 2025 and 13 November 2024 results days brought reaction-day moves of -4.8%, -1.6%, -8.0% and -7.1%, respectively.
| After the filing | Stock | Civil Construction median |
|---|---|---|
| Reaction day | +4.4% | +1.6% |
| Next day | +7.0% | +3.0% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 11 August 2026 | −1.1% |
| 27 May 2026 | −9.9% |
| 9 February 2026 | +17.2% |
| 13 November 2025 | +3.4% |
| 13 August 2025 | −4.8% |
| 29 May 2025 | −1.6% |
| 10 February 2025 | −8.0% |
| 13 November 2024 | −7.1% |
Source: MarketPing price-reaction measurement.
How did other Civil Construction companies do?
Thirty-eight other Civil Construction companies had filed this quarter by 6 November 2026. Their median revenue growth was 12.1%, while Isgec Heavy Engineering’s revenue grew 9.4%. Of the peers compared, 19 grew slower than Isgec Heavy Engineering and 19 grew faster; 28 of 38 reported higher profit.
| Isgec Heavy Engineering revenue growth (YoY) | +9.4% |
|---|---|
| Median of 38 other Civil Construction companies | +12.1% |
| Companies with slower revenue growth than Isgec Heavy Engineering | 19 of 38 |
| Companies with faster revenue growth than Isgec Heavy Engineering | 19 of 38 |
| Companies whose net profit rose | 28 of 38 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Isgec Heavy Engineering's revenue in Q2 FY27?
Revenue from operations was ₹1,850 crore, up 9.4% from ₹1,691 crore in Q2 FY26 (consolidated).
Did Isgec Heavy Engineering make a profit in Q2 FY27?
Yes. Net profit was ₹66.19 crore, against a net profit of ₹56.28 crore in Q2 FY26.
What was Isgec Heavy Engineering's EPS in Q2 FY27?
Basic earnings per share were ₹7.67, against ₹5.98 in Q2 FY26.
How did Isgec Heavy Engineering shares react to the Q2 FY27 results?
On the reaction day the stock moved +4.4% from the previous close; the median Civil Construction stock moved +1.6%.
When did Isgec Heavy Engineering announce its Q2 FY27 results?
On 4 November 2026, in a filing to the NSE.
Sources
- Board Meeting Intimation for Consider And Approve The Unaudited Financial Results For The Quarter And Half Year Ended September 30, 2026 (BSE, 15 October 2026) · PDF
- Outcome of Board Meeting (NSE, 4 November 2026) · PDF
- The earnings call (5 November 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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