SANGHVIMOV Q3 FY26 earnings call.
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Revenue
₹236 Cr
verified against source
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EBITDA
Pending
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What the record says.
Sanghvi Movers reported Q3 FY26 revenue of approximately ₹720 crore with robust order book visibility at ₹1,860 crore (₹1,200 crore executable this year) and an expanded inquiry pipeline of ₹2,900 crore. The company reiterated its ₹1,000+ crore annual revenue guidance, targeting ₹500 crore in Q4. Crane utilization remains stable at 75-80%, with yields of 2% monthly in India and 3.5%+ in Saudi Arabia. Margins are temporarily impacted due to deliberate investments in Middle East capability building and a favorable revenue mix shift toward lower-margin EPC. Saudi operations (targeting 5% market share in 3-5 years) are expected to break even in 12-14 months. FY26 capex of ₹629 crore is on track with assets delivering into Q4 and FY27. The Elevate 2030 transformation framework positions the company as a multi-country infrastructure services platform. Key risks include wind EPC execution volatility from land/RoS issues, competitive intensity in domestic crane rental, and international execution risks from simultaneous geographic expansion into Saudi Arabia, Qatar, and Botswana.
Colored figures show movement against the previous available record.
Guidance to track
- Management maintained full-year revenue guidance of ₹1,000+ crore, implying Q4 target of ₹500 crore, with potential 10-15% order book slip to FY27.
- Saudi operations expected to achieve commercial break-even within 12-14 months, with fixed costs being absorbed as scale builds.
- Management targets gaining 5% market share in the Saudi crane vendor market, which is expected to grow 1.7x in the next five years.
- Medium-term targets of 75-80% utilization band with structurally healthy margins as fleet scales and operating leverage extends into FY27.
Risks flagged
- Analyst raised concerns about quarterly revenue execution delays in wind EPC due to land acquisition and RoS (Right of Service) challenges. Management acknowledged 15% of annual order book may slip to next year, though attributed this to normal timing differences rather than structural demand issues.
- EBITDA margins declined quarter-on-quarter due to higher proportion of lower-margin wind EPC (10-12% EBITDA) versus crane rental (50%+ EBITDA). Management framed this as timing-related but conceded the shift is temporarily impacting profitability.
- Analyst inquired about the status of anti-dumping duties on certain cranes from China and potential impact on Sanghvi's business. Management declined to comment, stating no inside information and calling it 'status quo.' They acknowledged it could benefit industry margins if implemented but offered no timeline.
- Management simultaneously expanding into Saudi Arabia, Qatar, Botswana, and South Africa. Analyst questioned whether this simultaneous multi-geography expansion creates execution risk versus scaling one market first. Management defended the strategy as following customers and cross-synergizing GCC resources, but acknowledged capital deployment risk in new markets.
Key quotes
- FY27 and FY28 are positioned to benefit from operating leverage as these assets and capabilities reach full productivity. These investments are necessary to capture the next multi-year growth cycle.
- We hope to maintain the parity we have in terms of our crane rental and EPC business, and that's why we are seeing a lot of expansions happening internationally. International clients are requesting us to come with them in their own journey of international projects.
- The company has engaged NPRA and they are supporting us in the process. We will continue quarterly basis connecting with the big investors and that's the way we are planning with the support of NPRA.
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