ISGEC Heavy Engineering Ltd

- Stand-alone revenue guidance for FY '26 and next year remains conservative at 7%-8% growth; management currently does not plan to revise this (Page 13). - Management expects steady-state EBITDA margins of 8%-9% at the operating level for the core projects business, excluding sugar ethanol (Page 18). - Improved order book mix with higher machinery and export orders is expected to support margin expansion (Page 18). - Manufacturing capacity expansion, particularly in the Machine Building division, aims to raise revenues to around INR 1,000 crores by July 2027 and INR 3,700 crores by 2028, supporting growth (Page 6). - Export focus and diversified industry/geography presence expected to aid sustained order inflows and profitability (Pages 12-13). - Profit improvement is also driven by better operational efficiency and increased capacity utilization in subsidiaries like Hitachi Zosen JV (Page 7). - No explicit EPS guidance was provided, but profit before tax growth was strong at consolidated level (72% YoY in Q3) (Page 3).

- Standalone order book as of December 31, 2025: INR 7,649 crores (up from INR 6,461 crores in Dec 2024). - Export orders in standalone book: INR 1,629 crores (21% of order book). - Consolidated order book as of December 31, 2025: INR 8,709 crores (up from INR 7,334 crores in Dec 2024). - Orders booked during Q3 December 2025: Standalone - INR 1,426 crores; Consolidated - INR 1,733 crores. - Isgec Hitachi Zosen order book as of Dec 31, 2025: INR 946 crores. - Order inflow for Isgec Hitachi Zosen in nine months: INR 601 crores. - Focus on export order book growth in both projects and manufacturing segments. - Export order share is increasing, nearly 28% of total orders. - Private sector orders form 85% of order book; PSU 15%. - Expectation to maintain or improve current order booking levels, but exact future numbers not disclosed.

- No explicit mention of any planned new fundraising through debt or equity in the provided transcript. - Stand-alone borrowings as of December 2025 were INR 670 crores, increased slightly from INR 598 crores in September 2025. - Capital expenditures of about INR 86 crores (stand-alone) and INR 100 crores (consolidated) during nine months were financed through internal accruals. - Net external borrowings on consolidated basis decreased to INR 317 crores from INR 656 crores in September 2025, indicating debt reduction rather than new borrowing. - No specific guidance or comments were made about upcoming equity fundraising. - The company appears to be funding expansions and operations primarily via internal accruals and existing borrowings without raising fresh external capital at this time.

- Approved INR22.6 crores for setting up a new machining facility for Iron castings to enhance quality and delivery, adding about INR20 crores value annually. - Increased investment for a new skids and modules manufacturing facility at Dahej SEZ from INR87 crores to INR110 crores to meet higher demand from domestic and export markets. - The first phase of the Dahej facility expected completion by March 2027; the second phase by March 2028. - Three capex projects in the manufacturing division targeting peak capacity revenue of around INR3,600-3,700 crores, with investments completing between July 2027 and March 2028. - These investments support expansion in automobile presses, forging presses, defense presses, and nuclear-related products. - Capital expenditure of about INR86 crores (stand-alone) and INR100 crores (consolidated) financed through internal accruals during the nine months ended December 2025.

- Standalone revenue growth guidance for FY '27 is expected at 8%–9% (Page 16). - Consolidated revenue growth guidance for the current year stands at 7%–8%, with no revision currently planned (Page 15). - Management aims to achieve at least the same or better order booking than the current year (Page 15). - Increased focus on exports with export revenue showing strong growth (28% of total revenues) and efforts to grow export order book in both project and manufacturing segments (Pages 16-17). - Manufacturing business revenue and order book growing, supported by expanded capacities and capex projects aiming for a peak manufacturing revenue of around INR 3,600-3,700 crores (Pages 6, 16). - Private sector order book now comprises 85%, implying shorter cycles and better payment terms, supporting steady revenue growth (Page 12). Overall, ISGEC expects steady single-digit to low double-digit growth driven by diversified sectors, export thrust, and improved order book quality.