Sanghvi Movers Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Sanghvi Movers Ltd filed with BSE on 27 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Sanghvi Movers reported Q4 FY26 income from operations of INR 351 crores, up 31.4% year-on-year, and full year FY26 revenue of INR 1,070 crores, up 36.9% over FY25. EBITDA for FY26 was INR 429 crores with a margin of 40.1%, while PAT for the year stood at INR 184 crores, a growth of 17.7%. Management said the Saudi Arabia (KSA) subsidiary has begun generating positive monthly EBITDA and discussed capex plans, order book of INR 1,053 crores, and an inquiry pipeline of about INR 4,000 crores.
Numbers mentioned
Income from operations: INR 351 crores (Q4 FY26)
p. 3
“For Q4 FY26, the company reported income from operation of INR 351 crores as compared to INR 236 crores in Q3 FY26 and INR 267 crores in Q4 FY25.”
Pradeep Mehta, page 3 of the filed PDF · View the filing
Revenue from operations: INR 1,070 crores (FY26)
p. 3
“For the full year FY26, revenue from operation stood at INR 1,070 crores, representating a growth of 36.9% over INR 782 crores reported in FY25.”
Pradeep Mehta, page 3 of the filed PDF · View the filing
EBITDA: INR 143 crores (Q4 FY26)
p. 3
“EBITDA for Q4 FY26 stood at INR 143 crores compared to INR 113 crores in Q4 FY25, which is representing a growth of 25.7% on a year-on-year basis with an EBITDA margin of 40.6%.”
Pradeep Mehta, page 3 of the filed PDF · View the filing
EBITDA: INR 429 crores (FY26)
p. 3
“For FY26, EBITDA was INR 429 crores as against INR 371 crores in FY25, is reflecting a growth of 15.6% and a margin of 40.1%.”
Pradeep Mehta, page 3 of the filed PDF · View the filing
Profit after tax: INR 184 crores (FY26)
p. 3
“For the full year FY26, PAT stood at INR 184 crores versus INR 157 crores in FY25, marking a growth of 17.7%.”
Pradeep Mehta, page 3 of the filed PDF · View the filing
Net debt: INR 612 crores (as of 31 March 2026)
p. 4
“As of 31 March 2026, net debt stood at INR 612 crores with a net debt-to-equity ratio of 0.47x, reflecting a comfortable leverage position.”
Pradeep Mehta, page 4 of the filed PDF · View the filing
Net worth: INR 1,310 crores (as of 31 March 2026)
p. 4
“The average cost of borrowing remained stable at 8.12% per annum with net worth stood at INR 1,310 crores.”
Pradeep Mehta, page 4 of the filed PDF · View the filing
Total capital expenditure: INR 474 crores (FY26)
p. 4
“During FY26, the company incurred total capital expenditure of INR 474 crores.”
Pradeep Mehta, page 4 of the filed PDF · View the filing
Order book: INR 1,053 crores (as on 14th May FY27)
p. 4
“Our order book pipeline remains robust with INR 1,053 crores in hand as on 14th May FY27, giving us a greater visibility.”
Pradeep Mehta, page 4 of the filed PDF · View the filing
Average capacity utilization: 79% (FY26)
p. 4
“On operational front, average capacity utilization during the quarter was 87% and overall 79% for FY26.”
Pradeep Mehta, page 4 of the filed PDF · View the filing
Average blended yield: 2.12% per month (FY26)
p. 4
“While average blended yields were at 2.24% per month for the quarter 4 and average for the year is 2.12% for the year.”
Pradeep Mehta, page 4 of the filed PDF · View the filing
Inquiry pipeline: almost INR 4,000 crores
p. 4
“And what is further exciting is our inquiry pipeline, which has expanded to almost INR 4,000 crores.”
Gaurang Desai, page 4 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Revenue growth — same growth level as current year · FY27
stated as an aspiration by Pradeep Mehta
p. 6
“So on guidance side, we would like to maintain the growth we have done in the current year. We'd like to continue the same growth level. We can't quote the exact number, but our target is to achieve the same type of growth in the current year and next year.”
Pradeep Mehta, page 6 of the filed PDF · View the filing
Crane rental revenue growth — 30%
stated firmly by Pradeep Mehta
p. 6
“Yes. yes. That's what we have taken target.”
Pradeep Mehta, page 6 of the filed PDF · View the filing
Middle East capex — approximately INR 320 crores · current financial year
stated firmly by Rishi Sanghvi
p. 7
“So this year, we are forecasting to spend approximately INR 320 crores in the Middle East, and specifically for the Saudi Arabia and Qatar.”
Rishi Sanghvi, page 7 of the filed PDF · View the filing
KSA EBITDA breakeven — positive ITD EBITDA · end of first half of current financial year
stated conditionally by Pradeep Mehta
p. 4
“positive monthly EBITDA recently, and we are expected to achieve positive ITD, EBITDA by end of this first half current financial year.”
Pradeep Mehta, page 4 of the filed PDF · View the filing
Crane rental business growth — 30% growth
stated as an aspiration by Rishi Sanghvi
p. 9
“And we are positive that going forward, we will see another 30% growth in our crane rental business.”
Rishi Sanghvi, page 9 of the filed PDF · View the filing
Consolidated revenue growth — 30% · FY27
stated as an aspiration by Rishi Sanghvi
p. 15
“So, as we already indicated, the group will deliver or expect to deliver and is internally targeting a 30% growth on its overall consolidated revenue.”
Rishi Sanghvi, page 15 of the filed PDF · View the filing
KSA EBITDA margin — 45% to 48%
stated as an aspiration by Rishi Sanghvi
p. 16
“But we believe because of our 3.5 years -- of decades, our technical operating and efficiency factors that we can deliver in the country and our capability to operate as a leaner cost structure, we can push that EBITDA profile to 45% to 48%.”
Rishi Sanghvi, page 16 of the filed PDF · View the filing
India yield — around 2.1% with plus/minus 5% deviation
stated as an aspiration by Gaurang Desai
p. 16
“So, our yield in the last financial year has been around 2.1%. And we foresee maintaining the same with a plus/minus 5% deviation.”
Gaurang Desai, page 16 of the filed PDF · View the filing
Debt profile — next year
stated conditionally by Pradeep Mehta
p. 6
“So definitely, it will go up, but we'll maintain it at certain levels. And this is definitely going to be a little up considering the capex we have done.”
Pradeep Mehta, page 6 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management explained the number is consolidated and presented on a gross basis under Ind AS, netting off only FDs linked to specific liabilities.
Answered by Pradeep Mehta
Asked by Krupa Desai: Clarification on net debt figure versus gross debt and treasury.
p. 6
“We are netting off with those FD, which are linked to these liabilities. So that way, we are showing a proper gross liability.”
Pradeep Mehta, page 6 of the filed PDF · View the filing
Management said utilization and yields remain strong despite the regional situation, with continued capex commitments.
Answered by Rishi Sanghvi
Asked by Krupa Desai: Situation in the Middle East and any project slowdowns.
p. 6
“In the current situation in West Asia, we are still able to derive a utilization in the range of 85% to 90% and a yield which is upwards of 4.5%.”
Rishi Sanghvi, page 6 of the filed PDF · View the filing
Management cited its scale, 36 years of experience, brand reputation, and lean cost structure as differentiators.
Answered by Rishi Sanghvi
Asked by Nishant J. Sharma: What is Sanghvi's competitive moat in KSA versus existing competition?
p. 6
“You see Sanghvi Movers Limited is the fifth largest crane rental company in the world.”
Rishi Sanghvi, page 6 of the filed PDF · View the filing
Management said half the contracts include free fuel supply from clients, while price increase discussions are underway for the rest.
Answered by Gaurang Desai
Asked by Sunil Jain: Are rising diesel prices being passed on to customers?
p. 8
“No. So 50% of our clients give us free supply of fuel. And for the balance 50%, we are already in advanced stage of discussions with the client for a price increase.”
Gaurang Desai, page 8 of the filed PDF · View the filing
Management attributed the margin shift to growth in the lower-margin, asset-light renewables EPC business alongside the core crane rental business.
Answered by Rishi Sanghvi
Asked by Ishan: Why is the blended EBITDA margin falling and what is the margin guidance?
p. 9
“The core business has still grown at 30% and has contributed significantly to both the EBITDA and the PAT and all the other financial ratios.”
Rishi Sanghvi, page 9 of the filed PDF · View the filing
Management confirmed deferred cranes had been delivered or were in process, and denied any execution delay in Q4.
Answered by Rishi Sanghvi
Asked by Hemant Shah: Status of deferred capex and any Q4 execution delays.
p. 11
“I think the Q4 revenue year-on-year has improved on quarter-on-quarter. So I don't understand where the question on execution delay is coming now.”
Rishi Sanghvi, page 11 of the filed PDF · View the filing
Management said conversion is hard to predict and that they do not target a blended margin, instead managing each business unit's P&L separately.
Answered by Rishi Sanghvi
Asked by Ashish Soni: How much of the INR 4,000 crore pipeline can convert to orders in 3-6 months, and what is the blended EBITDA margin target?
p. 12
“And therefore, we do not target a blended EBITDA margin. We drive BU level P&L.”
Rishi Sanghvi, page 12 of the filed PDF · View the filing
Management said some cranes are in the country and some pending shipment, and rerouting to Jeddah is possible but costly due to congestion.
Answered by Rishi Sanghvi
Asked by Prashant: Status of the INR 123 crore ordered cranes and possibility of rerouting to Jeddah port.
p. 13
“It is possible, but it is costly and uncertain.”
Rishi Sanghvi, page 13 of the filed PDF · View the filing
Management attributed the rise to growth in the E&C business and investment in leadership talent under their ELEVATE 2030 strategic plan.
Answered by Gaurang Desai
Asked by Abhinav: Why did employee costs rise 103% year-on-year in FY26?
p. 13
“So, the order book of INR 1,053 crores is fully executable this year. Regarding your second question on the increase in the fixed cost, yes, I mean our E&C business has grown almost twice to what year ago.”
Gaurang Desai, page 13 of the filed PDF · View the filing
Management explained that revenue recognition follows percentage-of-completion accounting, causing timing mismatches, and that they are selective about contracts to protect margins.
Answered by Rishi Sanghvi
Asked by Mohit: Why does wind EPC segment revenue growth appear slow despite rising national wind installations?
p. 15
“The second is there is a timing delay of revenue recognition in EPC projects because you -- a lot of the revenue is linked to POCM methodology of accounting which is percentage of completion methodology of accounting.”
Rishi Sanghvi, page 15 of the filed PDF · View the filing
Management said Middle East operating costs are significantly higher due to manpower and logistics, but the EBITDA profile is still strong.
Answered by Rishi Sanghvi
Asked by Ajayrajsinh Jhala: What is the cost structure difference between India and Middle East operations given the yield difference?
p. 16
“So, the operating costs in Saudi Arabia and Qatar are, of course, significantly higher in terms of manpower costs, logistics costs, etcetera, repairs and maintenance and things like that.”
Rishi Sanghvi, page 16 of the filed PDF · View the filing
Management said KSA customers are regional/country-specific contractors, not Indian clients, and that E&C working capital days are 50-60 with high ROCE.
Answered by Rishi Sanghvi
Asked by Nishant J. Sharma: Who are KSA customers and what are working capital and return ratios in the E&C business?
p. 16
“As far as the customers are concerned, we do not, as of today, have a single Indian client who is working in Saudi.”
Rishi Sanghvi, page 16 of the filed PDF · View the filing
Risks flagged
Supply chain disruption and shipping congestion affecting crane deliveries to Saudi Arabia and Qatar
p. 12
“So now one of the challenges that we have is in the supply chain disruption, which is bringing the cranes from the country of origin to both Saudi Arabia and Qatar.”
Rishi Sanghvi, page 12 of the filed PDF · View the filing
Possible postponement of capex due to shipping line disruption
p. 12
“If the shipping lines to the region continue to be, then there may be a postponement of capex.”
Rishi Sanghvi, page 12 of the filed PDF · View the filing
Jeddah port congestion and rising shipping costs
p. 13
“Jeddah is also facing severe congestion. And also, there is a figure hike in shipping cost due to congestion.”
Rishi Sanghvi, page 13 of the filed PDF · View the filing
Rising diesel prices increasing costs not fully passed to customers
p. 8
“So yes, there is a big fluctuation in the diesel price, and we are already in discussion with our clients for a price increase.”
Gaurang Desai, page 8 of the filed PDF · View the filing
Impact of Labour Code implementation on costs
p. 3
“Primarily driven by 35% growth in credit rental revenue in India and partially offset by higher incurred to our expansion on the KSA and renewable business along with the impact of Labour Code implementations.”
Pradeep Mehta, page 3 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.