ISGECISGEC Heavy Engineering Ltd.
ISGEC Heavy Engineering Q2 FY27 Results: Consolidated Net Profit ₹66.19 Crore on Total Income of ₹1,860 Crore
- Earnings
- Engineering and projects
Reviewed byRachit TripathiBlacklitt Research
ISGEC Heavy Engineering (NSE: ISGEC) reported consolidated total income of ₹1,860 crore and net profit of ₹66 crore for the quarter ended 30 Sep 2026, and standalone total income of ₹1,521 crore and net profit of ₹118 crore, it said in a filing on 04 Nov 2026.
Key highlights
Consolidated
Including its subsidiaries
- Total income: ₹1,859.64 crore, up 9.6% YoY and down 6.7% QoQ
- Net profit: ₹66.19 crore, up 427.4% YoY; ₹56.41 crore attributable to owners of the parent
- EPS: Basic ₹7.67, against ₹0.03 a year earlier
- Other income: ₹9.25 crore, down 73.2% YoY
Standalone
The company on its own, without its subsidiaries
- Total income: ₹1,520.83 crore, up 17.6% YoY and down 4.1% QoQ
- Net profit: ₹118.14 crore, up 40.0% YoY and 28.4% QoQ
- EPS: Basic ₹16.06, against ₹11.47 a year earlier
- Other income: ₹64.25 crore, up 29.5% YoY
Summary
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 1,860 | 1,696 | +9.6% | 1,993 | -6.7% | |
| Revenue from operations | 1,850 | 1,662 | +11.4% | 1,980 | -6.5% |
| Other income | 9 | 34 | -73.2% | 13 | -31.3% |
| 66 | 13 | +427.4% | 18 | +278.2% | |
| Profit before tax | 102 | 51 | +102.4% | 53 | +93.4% |
| Finance costs | 18 | 20 | -12.8% | 19 | -8.5% |
| Depreciation | 37 | 70 | -47.9% | 65 | -43.4% |
| Tax expense | 36 | 38 | -4.9% | 35 | +2.1% |
| Net profit margin | 3.56% | 0.74% | +2.82 pp | 0.88% | +2.68 pp |
| EPS, basic (₹) | 7.67 | 0.03 | n/a | 1.22 | +528.7% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Net profit grew far faster than income. Consolidated net profit was ₹66.19 crore against ₹12.55 crore a year earlier, a rise of 427.4%, while total income rose 9.6%. Profit before tax rose 102.4%, from ₹50.55 crore to ₹102.32 crore.
The year-earlier base was low: consolidated profit attributable to owners was ₹0.22 crore in the quarter ended 30 Sep 2025. The filing notes a one-time increase of ₹16.49 crore in employee benefit provisions from the New Labour Codes, recognised as an exceptional item in the year ended 31 Mar 2026, which is outside this quarter's figures.
The statement shows the consolidated profit for the period of ₹66.19 crore and profit attributable to owners of ₹56.41 crore side by side. The difference of ₹9.78 crore is shown against non-controlling interests of ₹9.78 crore in the statement, and the consolidated figures for the quarter are the ones reported here.
Depreciation fell to ₹36.65 crore from ₹70.37 crore. The consolidated note on an overseas subsidiary says that a change in useful lives, applied from 1 Jul 2026 and accounted for prospectively, lowered depreciation and raised profit before tax by ₹28.41 crore in the quarter and the six months. Other income of ₹9.25 crore is 9.0% of profit before tax of ₹102.32 crore.
Tax expense was ₹36.13 crore, 35.3% of profit before tax, against ₹38.00 crore a year earlier, when profit before tax was much lower. The consolidated results also record a gain of ₹3.73 crore on the loss of control of SFW Isgec Energy in the quarter ended 30 Jun 2026.
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 1,521 | 1,293 | +17.6% | 1,585 | -4.1% | |
| Revenue from operations | 1,457 | 1,243 | +17.2% | 1,553 | -6.2% |
| Other income | 64 | 50 | +29.5% | 32 | +99.0% |
| 118 | 84 | +40.0% | 92 | +28.4% | |
| Profit before tax | 154 | 111 | +38.5% | 123 | +25.6% |
| Finance costs | 14 | 13 | +7.7% | 16 | -9.0% |
| Depreciation | 19 | 18 | +7.1% | 18 | +6.1% |
| Tax expense | 36 | 27 | +33.7% | 31 | +17.3% |
| Net profit margin | 7.77% | 6.53% | +1.24 pp | 5.80% | +1.96 pp |
| EPS, basic (₹) | 16.06 | 11.47 | +40.0% | 12.52 | +28.3% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Standalone net profit rose 40.0% to ₹118.14 crore, slower than the rise of 427.4% in consolidated profit but faster than total income, which rose 17.6%. Profit before tax rose 38.5% to ₹154.31 crore.
Revenue from operations rose 17.2% to ₹1,456.58 crore, while other income rose 29.5% to ₹64.25 crore. Other income is 4.2% of total income and 41.6% of profit before tax, a larger share than in the consolidated figures.
Standalone tax expense was ₹36.17 crore, 23.4% of profit before tax, against ₹27.05 crore a year earlier. Finance costs were ₹14.11 crore, 0.9% of total income. The standalone results record a gain of ₹3.50 crore on the dilution of the SFW Isgec Energy stake in the quarter ended 30 Jun 2026.
Inference
The filing reports that the Board approved the results on 4 Nov 2026 with limited review reports by SCV & Co. LLP. The auditors did not review the interim financial information of seventeen subsidiaries, and their conclusion relies on other auditors' reports.
The consolidated cash flow statement shows dividend paid on equity shares of ₹11.85 crore for the six months ended 30 Sep 2026, against ₹4.44 crore a year earlier. The filing does not contain a dividend declaration for the quarter. Whether a dividend will be declared for the current year, and its amount, is not stated.
The filing does not explain the reason for the step-up in consolidated profit beyond the overseas subsidiary depreciation change, or for the change in consolidated total comprehensive income from the year-earlier quarter.
Filed with BSE on . Reference: Original filing (PDF)
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