Sanghvi Movers Limited (NSE: SANGHVIMOV), the Pune-headquartered crane rental and heavy lifting solutions provider, delivered strong consolidated financial results for the quarter and half-year ended September 30, 2025. The company reported a 57 percent year-on-year increase in revenue to ₹483 crore for H1 FY26 and a 24 percent jump in net profit to ₹87 crore, signaling a strong start to the second half of its ELEVATE 2030 roadmap.
While sequential revenue dropped from ₹273 crore in Q1 FY26 to ₹210 crore in Q2 FY26, the year-on-year comparisons remained robust, with PAT rising to ₹36 crore in the latest quarter versus ₹29 crore in Q2 FY25. Operational margins remained healthy, aided by core crane rental demand and early gains from its renewables and international diversification strategy.
How did key financial metrics shape up for Q2 FY26 and the first half of the fiscal year?
Revenue from operations for Q2 FY26 stood at ₹210 crore, up from ₹156 crore in the same quarter last year. The company recorded ₹88 crore in EBITDA and ₹36 crore in net profit, translating into a 42 percent EBITDA margin and a 17 percent PAT margin. Though the quarter saw a 23 percent sequential revenue drop from Q1 FY26, the underlying trends reflect a stable cost structure and strong sectoral tailwinds.
For H1 FY26, Sanghvi Movers Limited recorded ₹483 crore in revenue and ₹195 crore in EBITDA, representing a modest 11 percent increase in operating earnings over the ₹175 crore posted in H1 FY25. The PAT margin for the half-year period stood at 18 percent, lower than 23 percent last year due to higher personnel costs and expansion-related expenses.
Total income, including other income, stood at ₹498 crore for H1 FY26, while cash profit rose to ₹149 crore from ₹135 crore in the prior year period. Sanghvi Movers Limited also maintained a healthy balance sheet, with a net debt of ₹440 crore and a net debt-to-equity ratio of 0.36:1 as of September 30, 2025.
What trends are visible across the crane rental, EPC, and renewables segments?
Segmental data shows that the crane rental business continues to be the largest revenue and margin contributor. In Q2 FY26, crane rentals made up 68.1 percent of revenue, with wind EPC and project EPC contributing 26.7 percent and 5.2 percent, respectively. For H1 FY26, the crane segment accounted for 62.7 percent of revenue, with renewables showing increased activity post the formal separation into a subsidiary structure.
Sangreen Future Renewables, the company’s renewable EPC arm, was carved out as a standalone subsidiary earlier in FY26. The management confirmed that it is gaining traction with a redesigned operating model, over 100 employees, and a new COO onboarded. This separation is expected to unlock better focus and profitability across both crane and renewables verticals.
Operating expenses rose in H1 FY26, particularly personnel cost and admin expenses, which jumped to ₹40 crore and ₹31 crore respectively. This reflects investments in team expansion, digital capabilities, and organizational restructuring, including C-suite hirings across finance, strategy, and Middle East operations.
What is the strategic significance of Sanghvi Movers’ entry into Saudi Arabia?
A key milestone for Sanghvi Movers Limited this quarter was the commencement of operations in Saudi Arabia through its wholly owned subsidiary Sanghvi Movers Middle East. The unit posted its first revenue of ₹1.43 crore in Q2 FY26. However, it also recorded a net loss of ₹3.34 crore for the quarter and ₹5.52 crore for H1 FY26, due to start-up losses, depreciation, and low base of operations.
Despite these losses, the company reported 85 percent capacity utilization in its KSA fleet and expressed confidence in capturing market share in a USD 800 million to USD 1 billion annual opportunity space. Confirmed mobilizations include high-profile sites such as King Fahad Stadium, Qiddiya, Jubail Industrial Hub, and Yanbu Industrial City, with a total visible pipeline of USD 32 to 49 million over the next 12 to 24 months.
Management said the expansion aligns with the broader Vision 2030 investments in Saudi Arabia, where over USD 1.6 trillion is being pumped into giga-projects, mining, utilities, and infrastructure.
How is the ELEVATE 2030 roadmap shaping growth expectations?
Sanghvi Movers Limited is currently in the early stages of executing its ELEVATE 2030 strategy, which aims to transform the business into a globally integrated, digitally enabled heavy engineering solutions provider. The roadmap includes six thematic pillars: product and portfolio diversification, customer-centric innovation, digital transformation, financial optimization, global expansion, and organizational agility.
In FY26 so far, Sanghvi Movers Limited has delivered several key initiatives. The company commenced commercial operations in Saudi Arabia, marking a significant step in its international expansion. It also completed the separation and buildout of Sangreen Future Renewables as a standalone subsidiary, enabling greater focus on the renewables segment. A new leadership team was onboarded to drive strategic transformation and growth. Additionally, Phase 2 of the Bain & Co. Engine-2 growth initiative was successfully completed, and a new sales organisation model was deployed to address emerging market disruptions.
The company is also actively investing in digital transformation, leveraging SAP and AI-led initiatives via a dedicated internal innovation team. These changes aim to boost service quality, institutionalize customer feedback loops, and improve ROE through capital-efficient operations.
What does the ₹1,239 crore order book and CapEx plan say about forward visibility?
As of September 30, 2025, Sanghvi Movers Limited’s order book stood at ₹1,239 crore, with ₹483 crore already executed in H1 FY26 and ₹756 crore scheduled for billing in the second half. Management noted that around 10 percent of this backlog may spill over to FY27 due to extended monsoons and client-side delays in site clearance.
For FY26, the company has outlined a consolidated capital expenditure plan of ₹629 crore, of which ₹123 crore has been incurred. This includes ₹405 crore allocated for India operations and ₹224 crore for KSA expansion. The Indian arm has added over 97 cranes, while 75 cranes are being deployed across Saudi Arabia. A portion of this CapEx is also being funded through internal accruals and surplus investments, with ₹192 crore parked in mutual funds and commercial papers.
How does Sanghvi Movers’ current share price movement, valuation levels, and delivery data reflect institutional investor sentiment and market expectations for FY26 growth?
As of market close on November 7, 2025, shares of Sanghvi Movers Limited traded at ₹388 on NSE, reflecting a 4.79 percent gain over the previous day. The stock is hovering near its 52-week high of ₹428.65 and has delivered strong returns in recent months, driven by improved financials and institutional buying interest.
The company’s market capitalization stands at ₹3,359 crore, with a free float of ₹1,765 crore. Delivery volumes were high at 35.99 percent, indicating long-term holding patterns. Sanghvi Movers Limited’s price-to-earnings ratio is at 19.71, which analysts consider fair given the company’s unique positioning in the crane rental and renewables sectors.
Post the recent phase of Helpful Content updates and changes to indexing logic, the stock has shown stronger visibility on major search and discovery platforms, contributing to enhanced investor awareness and liquidity.
FII and DII flows remain steady, with notable domestic institutional accumulation visible in recent shareholding disclosures. The infrastructure capex upcycle and Middle East diversification narrative have made Sanghvi Movers Limited an attractive midcap industrial play for fund managers seeking differentiated growth stories in FY26 and beyond.
What are the key takeaways from Sanghvi Movers’ Q2 FY26 and H1 FY26 results?
- Sanghvi Movers Limited reported H1 FY26 revenue of ₹483 crore, up 57 percent year-on-year, and PAT of ₹87 crore, up 24 percent.
- Q2 FY26 standalone revenue came in at ₹210 crore, with net profit at ₹36 crore and a strong EBITDA margin of 42 percent.
- Crane rentals remained the core business, accounting for 68.1 percent of Q2 revenue, while renewables (Sangreen) and EPC segments continued to grow.
- The company commenced revenue-generating operations in Saudi Arabia through its subsidiary, although early losses were reported due to ramp-up costs.
- Total CapEx planned for FY26 is ₹629 crore, including ₹224 crore for Middle East expansion.
- The order book stands at ₹1,239 crore, with ₹756 crore billable in the second half of FY26.
- Institutional investor sentiment is strong, with the stock trading near its 52-week high and FII/DII accumulation evident.
- Sanghvi Movers Limited is executing on its ELEVATE 2030 roadmap, focusing on international growth, digital integration, and diversified value creation.
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