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Sanghvi Movers Q2 FY27 results: net profit up 11.2% to ₹40.34 crore, revenue up 32.0%
Sanghvi Movers Limited reported Q2 FY27 consolidated revenue of ₹276.97 crore, up 32.0% from ₹209.90 crore a year earlier, and a net profit of ₹40.34 crore, up 11.2%. EBITDA rose to ₹86.77 crore but the margin fell 7.2 percentage points to 31.3%, while profit was lower than the ₹65.25 crore reported in Q1 FY27.
Key points
- Q2 FY27 revenue was ₹276.97 crore, up 32.0% from ₹209.90 crore in Q2 FY26 and down 27.0% from ₹379.67 crore in Q1 FY27.
- EBITDA was ₹86.77 crore, up 7.4% year on year, with the margin lower at 31.3% from 38.5%.
- Net profit was ₹40.34 crore and basic EPS was ₹4.66, against ₹36.27 crore and ₹4.19 a year earlier.
- H1 FY27 revenue was ₹656.64 crore, up 35.9%, and net profit was ₹105.59 crore, up 22.0%.
- The stock fell 13.2% on the reaction day, against a 0.0% median move for the industry.
How did Sanghvi Movers perform in Q2 FY27?
Sanghvi Movers reported consolidated revenue from operations of ₹276.97 crore for Q2 FY27, the quarter ended September 2026, up 32.0% from ₹209.90 crore in Q2 FY26. Total income was ₹296.19 crore, up 36.1% from ₹217.59 crore. EBITDA was ₹86.77 crore against ₹80.79 crore, but the EBITDA margin was 31.3%, down 7.2 percentage points from 38.5% a year earlier.
Profit before tax was ₹54.07 crore against ₹49.80 crore, and the net profit was ₹40.34 crore against ₹36.27 crore. Basic EPS was ₹4.66 against ₹4.19. The profit margin was 14.6%, lower by 2.7 percentage points from 17.3%. On the standalone basis, revenue was ₹147.84 crore and profit before tax was ₹22.30 crore.
Against the previous quarter, revenue fell 27.0% from ₹379.67 crore and total income fell 24.7% from ₹393.11 crore. EBITDA fell 30.8% to ₹86.77 crore from ₹125.47 crore, the margin declining 1.7 percentage points to 31.3% from 33.0%. Net profit fell 38.2% to ₹40.34 crore from ₹65.25 crore, and basic EPS fell to ₹4.66 from ₹7.54.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 276.97 | 379.67 | 209.90 | +32.0% | −27.0% |
| Other income | 19.22 | 13.44 | 7.68 | +150.3% | +43.0% |
| Total expenses | 242.12 | 305.47 | 167.79 | +44.3% | −20.7% |
| EBITDA | 86.77 | 125.47 | 80.79 | +7.4% | −30.8% |
| EBITDA margin | 31.3% | 33.0% | 38.5% | −7.2 pp | −1.7 pp |
| Profit before tax | 54.07 | 87.64 | 49.80 | +8.6% | −38.3% |
| Tax | 13.73 | 22.39 | 13.53 | +1.5% | −38.7% |
| Net profit | 40.34 | 65.25 | 36.27 | +11.2% | −38.2% |
| EPS (₹) | 4.66 | 7.54 | 4.19 | +11.2% | −38.2% |
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 Sanghvi Movers' costs and profit?
Total expenses were ₹242.12 crore in Q2 FY27, up 44.3% from ₹167.79 crore in Q2 FY26. Other expenses were the largest increase, rising ₹52.16 crore to ₹159.54 crore, while employee cost rose ₹8.93 crore to ₹30.66 crore. Finance costs doubled, rising ₹7.38 crore to ₹14.76 crore, and depreciation rose ₹5.87 crore to ₹37.17 crore.
Other income was ₹19.22 crore, up ₹11.54 crore from ₹7.68 crore a year earlier. There was no exceptional item in the quarter, and tax was ₹13.73 crore against ₹13.53 crore a year earlier, an increase of ₹0.20 crore. The filing did not give reasons for the movement in the cost lines or other income.
Against the previous quarter, total expenses fell ₹63.35 crore to ₹242.12 crore, with other expenses down ₹62.53 crore and employee cost down ₹1.46 crore. Finance costs were higher by ₹2.08 crore at ₹14.76 crore and depreciation was lower by ₹1.42 crore at ₹37.17 crore. Other income rose ₹5.78 crore to ₹19.22 crore, while tax fell ₹8.66 crore to ₹13.73 crore.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 0 | 0 | 0 | |
| Employee cost | 30.66 | 21.73 | +8.93 | +41.1% |
| Finance costs | 14.76 | 7.38 | +7.38 | +100.0% |
| Depreciation | 37.17 | 31.30 | +5.87 | +18.8% |
| Other expenses | 159.54 | 107.38 | +52.16 | +48.6% |
| Total expenses | 242.12 | 167.79 | +74.33 | +44.3% |
| Other income | 19.22 | 7.68 | +11.54 | +150.3% |
| Tax | 13.73 | 13.53 | +0.20 | +1.5% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
For the first half of FY27, consolidated revenue was ₹656.64 crore, up 35.9% from ₹483.26 crore in H1 FY26, and total income was ₹689.30 crore against ₹498.34 crore. Profit before tax was ₹141.71 crore against ₹118.05 crore, and the net profit was ₹105.59 crore against ₹86.53 crore.
Basic EPS for the first half was ₹12.20 against ₹9.99 in H1 FY26. The rise in revenue was larger than the rise in profit over the half year, with profit after tax up 22.0% and EPS up 22.1%.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 656.64 | 483.26 | +35.9% |
| Profit before tax | 141.71 | 118.05 | +20.0% |
| Net profit | 105.59 | 86.53 | +22.0% |
| EPS (₹) | 12.20 | 9.99 | +22.1% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets stood at ₹2,532.46 crore against ₹2,343.29 crore at 31 March 2026. Total equity was ₹1,398.46 crore against ₹1,310.35 crore, and borrowings were ₹769.00 crore against ₹673.56 crore. Cash was ₹63.57 crore against ₹36.52 crore, while trade receivables were ₹212.64 crore against ₹424.18 crore and inventories were ₹6.21 crore against ₹6.33 crore.
For H1 FY27, cash flow from operating activities was ₹231.11 crore against ₹117.65 crore in H1 FY26. Investing cash flow was negative ₹258.47 crore against negative ₹132.27 crore, and financing cash flow was ₹49.85 crore against ₹23.28 crore. Capital expenditure was ₹231.46 crore against ₹107.30 crore a year earlier.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 2,532 | 2,343 |
| Total equity | 1,398 | 1,310 |
| Borrowings | 769 | 673.56 |
| Cash and equivalents | 63.57 | 36.52 |
| Inventories | 6.21 | 6.33 |
| Trade receivables | 212.64 | 424.18 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 231.11 | 117.65 |
| Cash from investing | −258.47 | −132.27 |
| Cash from financing | 49.85 | 23.28 |
| Capital expenditure | 231.46 | 107.30 |
Source: Company's results filing (XBRL).
How has Sanghvi Movers done over the last 8 quarters?
Revenue has risen year on year in each of the last six quarters, while profit has risen year on year in each of the last three quarters. Revenue reached a peak of ₹379.67 crore in Q1 FY27 before falling to ₹276.97 crore in Q2 FY27, and the same pattern is visible in profit, which was ₹65.25 crore in Q1 FY27 and ₹40.34 crore in Q2 FY27.
The EBITDA margin has moved lower recently. It was 38.2% in Q4 FY26, 33.0% in Q1 FY27 and 31.3% in Q2 FY27, against a peak of 40.0% in Q4 FY25 and a low of 33.0% in Q1 FY27 before the latest quarter. Q3 FY26 was the weakest profit quarter in the series, with profit of ₹28.97 crore on revenue of ₹235.78 crore.
Which businesses drove the quarter?
Crane hiring and other ancillary services reported revenue of ₹221.99 crore for Q2 FY27, with EBIT of ₹55.88 crore and an EBIT margin of 25.2%. The filing did not provide the year-ago segment revenue or EBIT, so a comparison could not be made.
Wind E&C reported revenue of ₹97.78 crore and EBIT of ₹18.39 crore, with an EBIT margin of 18.8%. Project EPC reported revenue of ₹4.41 crore and an EBIT loss of ₹3.35 crore, with an EBIT margin of -75.8%. Year-ago figures were not given for either segment in the filing.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| (a) Crane hiring and other ancillary services | 221.99 | 55.88 | 25.2% | |
| (b) Wind E&C | 97.78 | 18.39 | 18.8% | |
| (c) Project EPC | 4.41 | −3.35 | -75.8% |
Source: Company's results filing (XBRL segment data).
What else did the company announce?
The board approved the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026 at its meeting on 2 November 2026, and took them on record. The same-day filing said the results carried a limited review report from the statutory auditors.
The board approved the appointment of Aditya Bhartia as an Additional Director, Non-Executive and Independent, with effect from 2 November 2026, subject to shareholder approval, on the recommendation of the Nomination and Remuneration Committee. The company also approved changes in the composition of certain board committees with immediate effect.
The company filed an investor presentation on the same day. The filing did not announce a dividend, a fund raise or any other capital action.
What did Sanghvi Movers' management say?
Chief Executive Officer Gaurang Desai said, "This is a timing issue, not a demand issue." He also said, "We are phasing investment in line with orders and prioritizing the high return assets." Management listed risks including West Asia conflict, shipping and port congestion delaying Saudi crane deliveries, monsoon-led slowdown in India, renewable EPC execution timing, a roughly 10% risk of order deferral, GCC DSO of 165 days, and fixed-price EPC contracts exposed to unpassed cost escalation.
How did Sanghvi Movers shares react?
The stock fell 11.5% within 5 minutes of the filing appearing, 12.5% after 15 minutes and 12.2% after 30 minutes. On the reaction day it was down 13.2% from the previous close of ₹366.85, and by the next day's close it was 12.5% lower from that same pre-results close.
The Diversified Commercial Services median was unchanged on the reaction day and up 0.3% by the next day's close. The stock therefore moved 13.2 percentage points below the industry median on the reaction day and 12.8 percentage points below it by the next day's close. The Nifty Microcap 250 rose 1.4% on the reaction day.
Earlier results-day moves were mixed: the stock was down 5.7% on 31 July 2026, up 9.3% on 20 May 2026 and down 9.8% on 7 November 2025.
| After the filing | Stock | Diversified Commercial Services median |
|---|---|---|
| 5 minutes | −11.5% | |
| 15 minutes | −12.5% | |
| 30 minutes | −12.2% | |
| Reaction day | −13.2% | +0.0% |
| Next day | −12.5% | +0.3% |
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 |
|---|---|
| 31 July 2026 | −5.7% |
| 20 May 2026 | +9.3% |
| 6 February 2026 | −5.5% |
| 7 November 2025 | −9.8% |
| 6 August 2025 | +3.6% |
| 20 May 2025 | −7.1% |
| 13 February 2025 | +11.5% |
| 14 November 2024 | −5.3% |
Source: MarketPing price-reaction measurement.
How did other Diversified Commercial Services companies do?
Among 24 Diversified Commercial Services companies that have filed this quarter, the median revenue growth was 15.6%. Sixteen peers grew revenue slower than Sanghvi Movers, and eight grew faster than the company.
Of the 30 peers for which profit was compared, 18 reported higher profit. The peer figures are as of 4 November 2026.
| Sanghvi Movers revenue growth (YoY) | +32.0% |
|---|---|
| Median of 24 other Diversified Commercial Services companies | +15.6% |
| Companies with slower revenue growth than Sanghvi Movers | 16 of 24 |
| Companies with faster revenue growth than Sanghvi Movers | 8 of 24 |
| Companies whose net profit rose | 18 of 30 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Sanghvi Movers' revenue in Q2 FY27?
Revenue from operations was ₹276.97 crore, up 32.0% from ₹209.90 crore in Q2 FY26 (consolidated).
Did Sanghvi Movers make a profit in Q2 FY27?
Yes. Net profit was ₹40.34 crore, against a net profit of ₹36.27 crore in Q2 FY26.
What was Sanghvi Movers' EPS in Q2 FY27?
Basic earnings per share were ₹4.66, against ₹4.19 in Q2 FY26.
How did Sanghvi Movers shares react to the Q2 FY27 results?
On the reaction day the stock moved −13.2% from the previous close; the median Diversified Commercial Services stock moved +0.0%.
When did Sanghvi Movers announce its Q2 FY27 results?
On 2 November 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Intimation Of Board Meeting To Consider And Approve The Unaudited Financial Results (Standalone And Consolidated) Of The Company For The Quarter And Half Year Ended On September 30, 2026. (BSE, 27 October 2026) · PDF
- Board Meeting Outcome for Unaudited Financial Results (Standalone & Consolidated) For The Quarter And Half Year Ended September 30, 2026. (BSE, 2 November 2026) · PDF
- Unaudited Financial Results (Standalone & Consolidated) For The Quarter And Half Year Ended September 30, 2026. (BSE, 2 November 2026) · PDF
- The earnings call (3 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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