Sanghvi Movers Limited (SANGHVIMOV) share price

₹410.65 on NSE as of 2026-10-07. -2.11% on the day. market cap ₹3,555 Cr. P/E 17.8. 52-week range ₹226.45 to ₹520.75. Services.

www.sanghvicranes.com

Sanghvi Movers Q1 FY27: Revenue Up 39%, EBITDA Margin Down Five Points, and a ₹652 Crore Shopping List

At a glance

A business built on lifting other people's loads spent the quarter lifting its own revenue. Sanghvi Movers rents out cranes, some of them able to lift 1,000 tonnes. In the three months to June 2026 that work brought in ₹380 crore. The same quarter a year earlier brought ₹273 crore, so the rise is 39%. Net profit came to ₹65 crore against ₹50 crore, up 30%. Operating profit was ₹125 crore, or 33% of revenue, against 36% a year ago.

Against the previous quarter the direction splits. Revenue moved up from ₹351 crore to ₹380 crore. Operating earnings before depreciation and tax fell from ₹143 crore to ₹139 crore. That margin went from 40% to 35%. The chief financial officer set out the pieces on the call. Roughly two margin points came from a larger provision against bills that may never be paid, at ₹6.2 crore. About one point came from a ₹1.4 crore currency loss on a foreign currency loan, restated at current rates. Another point went on a one-off staff payment, made after the year to March 2026 passed ₹1,000 crore of revenue. The rest, in that same account, is a shift in mix towards ancillary work and equipment hired in from others.

The order book stood at ₹1,253 crore on 24 July 2026. That is 19% above the ₹1,053 crore recorded on 14 May. The board has approved ₹652 crore of capital spending for the year to March 2027. Of that, ₹92 crore was capitalised in the June quarter. Fourteen percent is deployed, and the rest is still a line in a spreadsheet in Pune.

Group days sales outstanding, the average wait for a customer to pay, is 116 days. In Saudi Arabia the wait is 201 days.

Introduction

Sanghvi Movers has rented out cranes since 1989. That is thirty-seven years of a single idea: buy a machine few customers could justify owning, then hire it out by the month. The people hiring are building refineries, cement plants, wind farms and power stations. Between jobs the machines sit on 175 acres of freehold land. By the IC Index 2025 ranking, the company is Asia's largest crane rental operator and among the world's largest. The fleet runs to more than 485 cranes across 15 depots in India.

The last three years added geography and adjacent work to what was a single-country rental company. A wholly owned Saudi subsidiary was incorporated in October and December 2024. The renewables business was moved into Sangreen Future Renewables under a business transfer agreement signed in October 2024. Botswana operations followed, and Qatar opened as a market in the year to March 2026. The group now carries seven subsidiaries and step-down subsidiaries.

The orders of the last four quarters show where that went. In September 2025 the renewables arm won ₹292 crore of wind balance-of-plant contracts from independent power producers. Balance of plant means everything on a wind site other than the turbines themselves. December 2025 added ₹428.72 crore of wind engineering, procurement and construction orders, covering 270.6 MW. Under such a contract the builder also buys the equipment it installs. In January 2026 came a crane supply contract with Jindal Energy Botswana worth 4.3 million US dollars. It covers four machines at a 175 MW site. The work runs from the quarter to March 2026 through to the quarter to March 2028. In May 2025 there was a ₹49.50 crore engineering and construction order from Deepak Fertilisers.

Management calls the internal framework Elevate 2030. On the August 2026 call the managing director described a group that "transforms from being a crane rental company to a capital allocator". The cranes still do the lifting, and the question of where the next one goes now carries the weight.

The 37th annual report and the AGM notice were filed on 3 August 2026. The same day's filing carried the sustainability report for the year to March 2026, which highlighted a 120-kW solar system. A record date for a dividend was announced that day.

Business model

The company owns very large cranes. It rents them to people who cannot justify owning very large cranes. Thirty-seven years on, that is still the whole of it.

The fleet covers hydraulic truck-mounted telescopic cranes, lattice boom cranes and crawler lattice boom cranes. Lifting capacity runs from 20 tonnes to 1,000 tonnes. The group counts 492 units, of which 443 sit in crane rental across India and Botswana. The other 49 are in the Gulf. Gross block, the original cost of all that equipment, is ₹3,300 crore. The 175 acres beneath it are owned outright, which matters when a crawler crane will not fit in a mall basement.

Revenue for the three months to June 2026 split roughly 60% crane rental and 37% renewables engineering, with 3% from projects. Management expects the full year to settle nearer two-thirds rental and one-third renewables. It says renewables ran ahead in the first quarter because of execution phasing. The year to March 2026 split 65% rental, 31% wind engineering and 4% project work.

Two numbers govern the rental economics. Utilisation is the share of the fleet out on hire. Yield is the monthly rent as a percentage of what the crane cost. India and Botswana ran 86% utilisation at a monthly yield of 2.29%. The Gulf ran the same utilisation at 4.10%. An identical machine therefore earns nearly double per month in Saudi Arabia. Management points to that gap as the argument for putting capital abroad.

Customers are spread across heavy industry. The list includes Indian Oil, JSW Steel, BHEL and Ambuja Cement. Renewable developers on it include Adani Renewables, Suzlon, ReNew and Avaada. Contractors and engineering firms include L&T, Dilip Buildcon, GE Vernova and GRSE. The company states a share of 50-60% in wind energy and cement. It states 45-55% in thermal power. Nuclear, refinery and petrochemical work is put at 40-50%. Civil, infrastructure, offshore and marine work is put at 15-25%.

Sangreen, the renewables arm, is built the other way round: asset-light, with no buying of equipment. "We don't do any procurement," management said on the call, describing the unit as engineering and construction rather than the full package. Management describes it as adding profit without consuming capital, while securing work for the crane fleet. The asset-light child books the wedding and the asset-heavy parent turns up with the equipment. Its order book stands at roughly ₹680 crore in its first year of operation.

Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for Sanghvi Movers Limited.

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