Current/ Expected Orderbook/ Pending Orders?

Current consolidated order book as of May FY27 stands at INR 1,053 crores, fully executable in the current financial year. Order book represents strong revenue visibility and execution clarity for the company. Inquiry pipeline has expanded to almost INR 4,000 crores, reflecting real customer demand and project activity. In the Middle East (KSA and Qatar), there is an inquiry pipeline worth $50 million (~INR 400 crores) for the next 24 months. Additional confirmed orders in KSA stand at around INR 5 million with a high probability conversion of INR 13-18 million. Company is selective

Any current/future new fundraising through debt or equity?

The company has planned and approved significant capex for the current and coming financial years, including: - INR 201 crores of capex approved by the Board for deployment in FY27. - Spillover capex of INR 120 crores from the previous year. - Total capex around INR 201 crores + INR 120 crores planned for new cranes. Net debt as of March 31, 2026, stands at INR 612 crores with a comfortable net debt-to-equity ratio of 0.47x. The management acknowledges that with increased capex, the debt level will increase but intends to manage it below 0.5x in the medium term. No explicit mention of fr

Any current/future capex/capital investment/strategic investment?

Deferred capex of approximately INR 120-165 crores from FY26 to FY27, partially deployed. Total capex planned for FY27 is around INR 391 crores, including INR 190 crores in India and INR 200 crores in KSA for new cranes (about 61 cranes). An earlier capex of INR 123 crores for 57 cranes is in various stages; some cranes are already in country, others pending shipment. Board-approved incremental capex of INR 201 crores in addition to the above, sanctioned on May 20, 2026. Commitment to deploy spillover capex from previous year along with new capex to strengthen fleet in KSA and Qatar.

Future growth expectations in sales/revenue/volumes?

The company targets a consolidated revenue growth of around 30% for FY27, consistent with past performance. The core crane rental business is expected to sustain a positive growth rate of 30% year-on-year. Sangreen Future Renewables (engineering & construction) has shown revenue doubling from FY24 to FY26, with a sizable opportunity ahead, but growth is managed carefully to maintain margins. Order book of INR 1,053 crores as of May provides strong deployment clarity. Inquiry pipeline expanded to around INR 4,000 crores, indicating strong future demand. KSA and Middle East operations target con

Future growth expectations in earnings/operating earnings/profits/EPS?

Sanghvi Movers targets a consolidated revenue growth of around 30% for FY27, continuing the momentum from FY26. Core crane rental business is expected to sustain a 30% year-on-year growth, contributing significantly to EBITDA and PAT. The engineering and construction (E&C) business under Sangreen Future Renewables is expected to double revenue and deliver asset-light, high-ROCE growth, though with a lower EBITDA margin. EBITDA margin for the group may show some decline due to the mix shift towards E&C business, but absolute EBITDA and profits are expected to grow. In Saudi Arabia and Q

IN US

Sanghvi Movers LtdQ1 FY27Commercial Services & Supplies

Sanghvi Movers Ltd Q1 FY27 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹482P/E: 20.0Market Cap: ₹4.1K CrSector: Commercial Services & Supplies

Management growth scorecard

Revenue

N/A

Margin

N/A

Fundraise

N/A

Order

N/A

Capex

N/A

0 of 0 growth signals are positive — mixed outlook.

Full analysis

Revenue guidance

→The company targets a consolidated revenue growth of around 30% for FY27, consistent with past performance.
→The core crane rental business is expected to sustain a positive growth rate of 30% year-on-year.
→Sangreen Future Renewables (engineering & construction) has shown revenue doubling from FY24 to FY26, with a sizable opportunity ahead, but growth is managed carefully to maintain margins.
→Order book of INR 1,053 crores as of May provides strong deployment clarity.
→Inquiry pipeline expanded to around INR 4,000 crores, indicating strong future demand.
→KSA and Middle East operations target continued growth with a pipeline of $50 million over 24 months.
→Growth in wind EPC segment expected but chosen selectively to maintain profitability.
→The company aims to maintain or improve operational efficiency with higher asset utilization.

Margin guidance

→Sanghvi Movers targets a consolidated revenue growth of around 30% for FY27, continuing the momentum from FY26.
→Core crane rental business is expected to sustain a 30% year-on-year growth, contributing significantly to EBITDA and PAT.
→The engineering and construction (E&C) business under Sangreen Future Renewables is expected to double revenue and deliver asset-light, high-ROCE growth, though with a lower EBITDA margin.
→EBITDA margin for the group may show some decline due to the mix shift towards E&C business, but absolute EBITDA and profits are expected to grow.
→In Saudi Arabia and Qatar, EBITDA margin is targeted to improve from 40-45% to 45-48% due to operational efficiencies.
→Operating costs in Middle East are higher but manageable due to lean operations and brand recognition.
→ROCE in E&C business is very high (~70%), contributing positively to return ratios.
→Order book of INR 1,053 crores and inquiry pipeline of nearly INR 4,000 crores provide strong revenue visibility.

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Fundraise plans

→The company has planned and approved significant capex for the current and coming financial years, including:
→ - INR 201 crores of capex approved by the Board for deployment in FY27.
→ - Spillover capex of INR 120 crores from the previous year.
→ - Total capex around INR 201 crores + INR 120 crores planned for new cranes.
→Net debt as of March 31, 2026, stands at INR 612 crores with a comfortable net debt-to-equity ratio of 0.47x.
→The management acknowledges that with increased capex, the debt level will increase but intends to manage it below 0.5x in the medium term.
→No explicit mention of fresh fundraising through equity in this transcript.
→The company appears to be funding expansion primarily through debt and internal accruals, with no announced plans for new equity issuance at present.

Order book

→Current consolidated order book as of May FY27 stands at INR 1,053 crores, fully executable in the current financial year.
→Order book represents strong revenue visibility and execution clarity for the company.
→Inquiry pipeline has expanded to almost INR 4,000 crores, reflecting real customer demand and project activity.
→In the Middle East (KSA and Qatar), there is an inquiry pipeline worth $50 million (~INR 400 crores) for the next 24 months.
→Additional confirmed orders in KSA stand at around INR 5 million with a high probability conversion of INR 13-18 million.
→Company is selective in executing contracts, focusing on maintaining healthy EBITDA margins and delivery capability.
→The strong order book supports the target of approximately 30% consolidated revenue growth for FY27.

Capex plans

→Deferred capex of approximately INR 120-165 crores from FY26 to FY27, partially deployed.
→Total capex planned for FY27 is around INR 391 crores, including INR 190 crores in India and INR 200 crores in KSA for new cranes (about 61 cranes).
→An earlier capex of INR 123 crores for 57 cranes is in various stages; some cranes are already in country, others pending shipment.
→Board-approved incremental capex of INR 201 crores in addition to the above, sanctioned on May 20, 2026.
→Commitment to deploy spillover capex from previous year along with new capex to strengthen fleet in KSA and Qatar.
→Capex decisions aligned with robust inquiry pipeline worth $50 million over next 24 months.
→Strategic focus on expanding presence in Middle East (KSA, Qatar) and growing core crane rental business alongside renewables EPC under Sangreen Future Renewables.

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