• Event Type: Q2 and H1 FY27 Earnings Conference Call held on November 03, 2026, relating to financial results for the quarter ended September 30, 2026.
  • Date and Time: The conference call was held on November 03, 2026 (time not specified in the transcript).
  • Purpose: Discussion of quarterly financial results, operational performance, business updates, and future outlook.
  • Management Participants:
  • Mr. Rishi Sanghvi - Managing Director
  • Mr. Gaurang Desai - Chief Executive Officer
  • Mr. Pradeep Mehta - Chief Financial Officer
  • Mr. Abhijit Sawarkar – Group Financial Controller
  • Availability of Materials: The investor presentation and financial results were available on the company website and stock exchanges. The conference call was recorded, and the transcript along with the audio was made available on the company website and exchanges.
  • Compliance Language: The company indicated that anything said on the call reflecting outlook for the future or which could be construed as a forward-looking statement must be reviewed in conjunction with the risks that the company faces. The audio is copyright material of Sanghvi Movers Limited.

Financial Highlights Disclosed

Q2 FY27 Performance (Consolidated):

  • Revenue from operations: INR277 crores (up 32% YoY from INR210 crores)
  • Total income: INR296 crores (up 36% YoY)
  • EBITDA: INR106 crores (up 20% YoY)
  • EBITDA margin: 36%
  • Profit after tax: INR40 crores (vs INR36 crores in Q2 FY26)
  • Cash profit: Approximately INR78 crores

H1 FY27 Performance (Consolidated):

  • Revenue from operations: INR657 crores (up 36% YoY)
  • Total income: INR689 crores (up 38% YoY)
  • EBITDA: INR245 crores (up 25% YoY)
  • Blended EBITDA margin: 36%
  • Profit after tax: INR106 crores (up 22% YoY)
  • Cash profit: INR181 crores

Business Segment Performance (H1 FY27):

  • Revenue Mix: 62% from crane rental, 36% from renewables engineering and construction, 2% from project EPC
  • India & Botswana Crane Rental: Total income INR406 crores, utilization 78%, yield 2.24%, EBITDA margin 46%
  • GCC Crane Rental: Total income INR39 crores, utilization 86%, yield 3.80%, EBITDA margin 24%
  • Renewable E&C Business: Total income INR365 crores, EBITDA margin approximately 14%, ROCE 63% on TTM basis

Order Book & Pipeline (as of October 23, 2026):

  • Group order book: INR1,582 crores (up 26% from INR1,253 crores on July 24, 2026)
  • India & Botswana crane rental: INR683 crores
  • GCC crane rental: INR45 crores
  • Renewable E&C: INR854 crores
  • Total enquiry pipeline: Approximately INR6,700 crores

Balance Sheet & Capital Structure (as of September 30, 2026):

  • Consolidated net worth: INR1,398 crores
  • Gross debt: INR805 crores
  • Treasury position: INR414 crores
  • Net debt: INR391 crores
  • Gross debt to equity ratio: 0.58 times
  • Weighted average cost of borrowing: 8.28%
  • Working capital performance: Group DSO at 81 days (India & Botswana crane rental: 89 days, renewables E&C: below 60 days, GCC: 165 days)
  • Cash flow from operations (H1 FY27): INR231 crores (equivalent to 82% of full year FY26)

Capital Expenditure (FY27):

  • Revised capex ceiling: INR583 crores (includes carry forward from FY26)
  • Capex capitalized in H1 FY27: INR182 crores (INR90 crores in Q2)
  • Pending capex for H2 FY27: INR401 crores
  • 96% of planned capex relates to revenue-generating assets
  • Part of KSA capex re-phased for FY28 due to logistic disruptions, vessel availability constraints, and port congestion

Guidance Reaffirmed:

  • FY27 total income guidance: INR1,400-1,500 crores
  • FY27 EBITDA guidance: INR525-575 crores

Additional Notes Section

  • The document is a transcript of the earnings conference call submitted as a regulatory disclosure.
  • The company mentioned that no unpublished price sensitive information (UPSI) would be shared during the call, though this specific compliance language was not explicitly stated in the provided transcript.
  • Financial data was extensively disclosed during the call, including detailed segment performance, order book figures, balance sheet metrics, and forward guidance.
  • The transcript includes Q&A session with analysts covering topics such as margin drivers, Middle East operations, working capital, replacement cost calculations, and funding strategies.