Sanghvi Movers Ltd (SANGHVIMOV) Q2FY27 Concall Summary - Sep-2026 Qtr
Key Takeaways
- Management reaffirmed full-year FY27 guidance of INR 1400-1500 crore income, despite acknowledging a potential 8-10% spillover of the renewable E&C order book into next year.
- The revenue mix outlook for FY27 has shifted to 60% crane rental and 40% renewable E&C, reflecting a faster-than-expected scale-up of the asset-light E&C business.
- Approximately INR 80-90 crores of the planned Saudi Arabian capex is being deferred to FY28 due to logistical disruptions, though management sees this as a timing, not demand, issue.
Performance Overview
- Sanghvi Movers Ltd delivered a strong performance in Q2 FY27, with a 32% year-over-year revenue growth, driven by the scale-up of its renewable energy E&C business and steady contribution from crane rentals.
- The company's group order book grew by 26% since July 2026, reaching INR 1,582 crores and providing strong revenue visibility for the remainder of the fiscal year.
- Operational efficiency improved significantly, with group DSO reducing to 81 days, reflecting focused collection efforts, particularly in the GCC business.
- Strategic capital expenditure is progressing, with INR 182 crores capitalized in H1 FY27, although some CapEx for the Middle East has been rephased to FY28 due to logistical challenges.
- The company has reaffirmed its full-year FY27 guidance of total income between INR 1,400 to 1,500 crores and EBITDA of INR 525 to 575 crores, citing a healthy demand pipeline across all segments.
Financial Metrics
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Operating Performance / Business Segments
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Key Discussions & Insights
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Outlook and Guidance
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Challenges / Concerns
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Industry / Competitive Landscape
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Overall Summary
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Tone & Disclosure
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