Sanghvi Movers LtdQ2 FY25Commercial Services & Supplies

Sanghvi Movers Ltd

Q2 FY25 Earnings Call Analysis

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

Yes

Order

Yes

Capex

Yes

3 of 5 growth signals are positive.

Revenue guidance

Category 2

→Sanghvi Movers has a strong order book of ₹767 crores as of July 2025, with ₹273 crores revenue in Q1 FY '26, indicating a robust pipeline.
→Management expects to secure additional orders throughout the year, supporting sustained revenue growth.
→The company is investing ₹321 crores in crane rental business in India and ₹100-150 crores in Saudi Arabia, signifying confidence in incremental revenue growth from both markets.
→Expansion in Saudi Arabia is targeted to position within the top five crane rental players by 2030, with ongoing deployment of cranes already in place.
→Renewable business (Sangreen Future Renewables) accounts for 20% of the bottom line, with significant future growth potential.
→Year-on-year growth in Q1 revenue was 65%, showing momentum in sales volumes and revenues.
→Estimated steady demand from infrastructure, renewables, oil & gas, and EPC sectors.
→No formal forward guidance but optimistic about revenue growth due to diversified sector demand and CAPEX investments.

Category 3

→The company is optimistic and aligned with India and Saudi Arabia's growth stories, targeting high-growth sectors like hydrocarbons, renewables, cement, metros, railways, thermal power, oil and gas.
→Sangreen Future Renewables now accounts for 20% of the bottom line, with strong growth potential.
→The company is investing aggressively, including a ₹321 crore CAPEX plan for crane rental business in India, funded by a mix of internal accruals and long-term debt (debt-to-equity capped at 0.35).
→Expansion in Saudi Arabia targets becoming a top-five crane rental player by 2030, tapping into $500 billion of regional construction projects.
→Revenue grew 65% YoY in Q1 FY26; management expects continued incremental revenue from investments and expansions, though no specific forward guidance on exact numbers is provided.
→Renewables and EPC businesses are nascent but expected to scale and smooth revenue recognition over time.

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Yes

→The company has planned a CAPEX of ₹ 321 crores for FY '26 for crane rental business in India.
→Funding for CAPEX will be through a mix of internal accruals and long-term debt borrowings.
→Debt-to-equity ratio is guided to be maintained below 0.35; funding typically involves 10% to 30% internal accruals, rest through debt.
→No specific mention of new equity fundraising in the current call.
→The net debt as of now is ₹ 395 crores.
→In Saudi Arabia, CAPEX of around ₹ 100-150 crores is planned; confidence in business plan exists but not all backed by firm orders yet.
→Management has not disclosed detailed breakup of term loan vs working capital debt currently.

Yes

→As of July 20, 2025, Sanghvi Movers Limited reported an order book of ₹767 crores.
→Out of this, ₹273 crores were billed (revenue recognized) in Q1 FY 2025-26.
→Approximately ₹500 crores of the order book is pending execution over the remaining three quarters of the financial year.
→The company is confident of securing additional orders beyond this current order book within the financial year.
→The order book includes a mix of traditional crane rental business and new EPC business, though exact splits are not disclosed.
→The order book is considered robust and provides a positive outlook for revenue growth.
→Management compares current order book levels with past years to indicate future revenue potential but does not provide formal forward guidance.

Yes

→Total CAPEX planned for core crane rental business in India for FY '26 is ₹321 crores (revised from earlier ₹246 crores).
→In Q1 FY '26, ₹114 crores CAPEX incurred in India, adding 21 cranes directly from port to site.
→Additional ₹200 crores CAPEX planned for India during the year, adding around 55 cranes.
→CAPEX of ₹100-150 crores planned for Saudi Arabia to support go-to-market and scale operations; 12 cranes already deployed there.
→CAPEX funded through a mix of internal accruals (10-30%) and long-term bank debt. Debt-to-equity ratio expected to remain below 0.35.
→Strategic investment in Sangreen Future Renewables Private Limited, which accounts for 20% of bottom line; this renewable business is a future growth engine.
→₹131 crores invested in mutual funds and debt instruments as growth capital for diversification and expansion.

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