Financial Performance Overview

Consolidated Results

  • Revenue from operations grew 33.6% to ₹1,100 crore (₹1,07,044.78 lakhs) from previous year
  • Net profit increased 18-20% YoY to ₹184 crore (₹18,428.60 lakhs) from ₹156.52 crore
  • Basic and diluted EPS stood at ₹21.29 compared to ₹18.08 previous year
  • Profit before tax reached ₹252.88 crore (₹25,288.00 lakhs)

Segment Performance

  • Crane hiring and ancillary services: Revenue ₹693.20 crore (35% growth)
  • EPC services: Revenue ₹422.18 crore (41% growth)
  • Wind EPC segment contributed ₹332.57 crore with segment result of ₹47.19 crore

Capital Structure and Corporate Actions

Dividend Declaration

  • Board recommended final dividend of ₹2 per equity share (face value ₹1) for FY26
  • Record date for dividend: August 14, 2026
  • Previous year final dividend: ₹6 per share (face value ₹2) before stock split

Stock Split Implementation

  • Effective from Record Date of September 27, 2024
  • 1 equity share of face value ₹2 each sub-divided into 2 equity shares of face value ₹1 each
  • Total outstanding shares increased to 8,65,76,000 shares from 4,32,88,000 shares

Strategic Developments and Expansion

International Expansion

  • Incorporated Sanghvi Movers Middle East Limited in Saudi Arabia with investment of ₹250.00 lakh
  • Established Sanghvi Movers Botswana Proprietary Limited with investment of ₹1.05 lakh
  • Step-down subsidiary Sanghvi Movers Middle East Qatar Limited incorporated February 4, 2026
  • Over 30 cranes deployed in Saudi Arabia market

Business Restructuring

  • Carve-out of renewables business under Sanggreen Future Renewables Private Limited
  • Slump sale effective October 1, 2024 with consideration of ₹43.06 crore at book value
  • Implementation of Elevate 2030 strategic growth roadmap
  • Professionalization of leadership with new CEO and CFO appointments

Financial Position and Borrowings

Capital Structure

  • Total equity: ₹1,310.35 crore (₹1,31,035.39 lakhs)
  • Net debt: ₹637.03 crore (₹63,703.47 lakhs)
  • Gearing ratio: 32.71% (Previous year: 27.41%)
  • Debt-to-Equity Ratio: 0.47

Borrowings Structure

  • Total borrowings: ₹673.56 crore (₹67,355.52 lakhs)
  • Secured term loans: ₹585.92 crore from major lenders including ICICI Bank, HDFC Bank, IDFC First Bank, and Saraswat Co-Operative Bank
  • Interest rates ranging from 7.75% to 9.25%
  • Assets hypothecated as security totaling ₹1,520.68 crore

Auditor's Report and Key Audit Matters

Audit Opinion

M S K A & Associates LLP provided an unqualified opinion on the financial statements with the following key audit matters:

Key Audit Matter 1: Expected Credit Loss on Trade Receivables

  • Trade receivables balance: ₹178.04 crore gross with ₹14.32 crore provision for ECL
  • Required significant management judgment in estimating ECL using historical data

Key Audit Matter 2: Revenue Recognition for EPC Contracts

  • Revenue recognized from EPC contracts: ₹44.68 crore using percentage-of-completion method
  • Complex judgments required in estimating total contract revenue and costs

Qualification Regarding Audit Trail

  • Inability to comment on audit trail at database level due to inadequate coverage in SOC report
  • For payroll software managed by third-party provider, unable to verify audit trail feature operation
  • No instances of audit trail tampering found

Exceptional Items and Provisions

PPE Write-off

  • During Q3 FY26, trailer and crane cabin sustained significant damage during mobilization
  • Net WDV written off: ₹4.37 crore with reversal of input tax credit ₹0.59 crore
  • Total exceptional charge: ₹4.37 crore
  • Insurance claim lodged but not recognized pending assessment

Labour Code Impact

  • Statutory impact of new Labour Codes notified on November 21, 2025
  • Incremental gratuity provision: ₹2.79 crore
  • Provision for long-term compensated absences: ₹0.72 crore
  • Total exceptional charge: ₹3.51 crore

AGM and Corporate Governance

Meeting Details

  • Thirty-seventh Annual General Meeting on August 24, 2026 at 10:30 AM IST
  • Virtual mode through Video Conferencing/Other Audio Visual Means
  • Remote e-voting facility through CDSL from August 21-23, 2026

Proposed Resolutions

Ordinary Business:

1. Adoption of Audited Financial Statements for FY 2025-26

2. Declaration of Final Dividend of ₹2 per equity share

3. Appointment of M/s MSKA & Associates LLP as Statutory Auditors for second term

4. Re-appointment of Mr. Rishi C. Sanghvi as Director

Special Business:

5. Alteration of Articles of Association regarding equity share face value

6. Ratification of remuneration paid to Managing Director Mr. Rishi C. Sanghvi (₹6.46 crore)

Compliance and Regulatory Status

  • CSR expenditure: ₹3.72 crore against requirement of ₹3.72 crore
  • Shareholding pattern: 47.24% promoters, 43.72% public, with 99.83% shares in dematerialized form
  • Compliance with SEBI LODR Regulations and Companies Act, 2013
  • No material complaints or non-compliances reported
  • Vigil Mechanism and Whistle Blower Policy in place

Contingent Liabilities

  • Claims by vendors/customers: ₹1.31 crore
  • Income tax matters: ₹0.25 crore
  • GST matters: ₹5.53 crore
  • Sales tax/VAT matters under dispute with favorable judgments received for previous years