Sanghvi Movers Ltd (SANGHVIMOV)
🎯 Key Takeaways
- Sanghvi Movers Ltd is in a strong growth phase, transitioning from domestic infrastructure services toward international expansion with visible traction in MENA markets. Management is actively investing in capacity and global presence, supported by robust order book growth and consistent profitability.
- Revenue grew 8% QoQ to ₹380 in Q1FY27.
- ⚠️ Margin pressure from international expansion: While OPM held in Q1 FY27, scaling operations in new markets like KSA and Botswana may continue to press
- Market Cap
- ₹3,847
- P/E Ratio
- 19.3
- P/B Ratio
- 2.94
- ROE
- 15.2%
- ROCE
- 15.8%
- Debt/Equity
- 0.51
- Div Yield
- 0.45%
- Promoter
- 47.3%
📖 The Story
Sanghvi Movers Ltd is in a strong growth phase, transitioning from domestic infrastructure services toward international expansion with visible traction in MENA markets. Management is actively investing in capacity and global presence, supported by robust order book growth and consistent profitability. The company maintains a healthy balance sheet with moderate leverage and strong shareholder returns, positioning it as a structurally improving mid-cap with scalable operations.
📰 What's Happening
In Q1 FY27, Sanghvi Movers delivered 39% YoY revenue growth to ₹380 crores and 30% PAT growth to ₹65 crores, driven by a 19% rise in order book to ₹1,253 crores and expanding international demand in Botswana and KSA. Management highlighted ₹92 crores of capex deployment from a ₹652 crore FY27 plan across India and Saudi Arabia to accelerate MENA growth. The 37th AGM on August 24, 2026, approved FY26 audited financials with ₹1,070 crore revenue and ₹184 crore PAT, alongside a Rs 2 per share final dividend. Shareholders also ratified the Managing Director’s remuneration of ₹6.46 crores, though this exceeds SEBI limits and may attract scrutiny.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|
| Revenue | 210 | 236 | 351 | 380 |
| Operating Profit | 50 | 52 | 99 | 87 |
| OPM % | 23.6% | 22.1% | 28.0% | 22.9% |
| Net Profit | 36 | 29 | 69 | 65 |
| EPS | ₹4.19 | ₹3.35 | ₹7.95 | ₹7.54 |
Revenue has grown sequentially from ₹210 crores in Sep 2025 to ₹380 crores in Jun 2026, with OPM holding steady around 22-28% despite margin pressure from scaling international operations. PAT rose from ₹36 crores to ₹65 crores over the same period, reflecting improved operational efficiency and scale. The consistent growth in revenue and profitability, coupled with a rising order book, indicates that management’s expansion strategy is translating into tangible top-line and bottom-line gains.
🔮 Management Outlook & What's Next
Management is confident in sustaining growth momentum, targeting deployment of ₹92 crores in capex across India and Saudi Arabia to strengthen MENA market presence. The company views its ₹1,250 crore order book as providing 'revenue visibility' for future earnings, signaling expectations of continued international order inflow. There is no formal long-term guidance provided, but management’s actions suggest a strategic focus on scaling global operations while maintaining financial discipline.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2025 | Mar 2025 | Mar 2026 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | 9 | 9 | 9 | 9 |
| Reserves | 1,134 | 1,047 | 1,302 | 1,203 |
| Borrowings | 438 | 341 | 674 | 493 |
| Total Liabilities | 1,765 | 1,513 | 2,343 | 1,942 |
| Fixed Assets | 1,111 | 1,027 | 1,426 | 1,183 |
| Investments | 150 | 157 | 89 | 192 |
| Total Assets | 1,765 | 1,513 | 2,343 | 1,942 |
The balance sheet shows a steady increase in total assets from ₹1,765 crores in Mar 2025 to ₹2,343 crores in Mar 2026, driven by growth in reserves and borrowings. Borrowings rose to ₹674 crores from ₹438 crores, while equity remained flat at ₹9 crores, indicating capital-intensive expansion funded largely through debt. Reserves grew from ₹1,134 to ₹1,302 crores, reflecting retained earnings. This suggests aggressive reinvestment in capacity and international markets, with debt capacity remaining sustainable given current leverage of 0.51.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2026 |
|---|---|
| Operating | +278 |
| Investing | -418 |
| Financing | +182 |
| Net Cash Flow | +42 |
👥 Shareholding Pattern
| Category | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoters | 47.3% | 47.3% | 47.3% | 47.3% |
| FII | 1.7% | 1.5% | 1.5% | 1.8% |
| DII | 1.4% | 1.4% | 1.3% | 1.4% |
| Public | 39.6% | 39.5% | 39.7% | 39.3% |
| # Shareholders | 66,754 | 63,907 | 60,472 | 57,904 |
Promoter holding remains stable at 47.25% over the last four quarters, indicating no dilution or stake sale. FII and DII holdings have slightly declined from 1.71% and 1.39% in Q2FY26 to 1.81% and 1.4% in Q1FY27, respectively, while public shareholding has marginally increased. The number of shareholders has decreased slightly from 66,754 to 57,904, suggesting consolidation. No significant institutional buying or selling is evident, but the stable promoter stake and consistent retail interest support continuity.
⚖️ Peer Comparison — Miscellaneous
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| GMRAIRPORT | 99,782 | 205.4 | 12.1% | — | -13.08 |
| NBCC | 21,681 | 29.3 | 41.3% | — | 0.00 |
| CMPDI | 14,612 | 26.4 | 32.4% | — | 0.00 |
| IGIL | 13,970 | 22.9 | 56.1% | — | 0.00 |
| HORIZONIND | 12,681 | — | — | — | 1.22 |
| RITES | 9,427 | 22.6 | 23.1% | — | 0.00 |
| RAIN | 7,260 | 13.5 | 12.0% | — | 1.21 |
| INOXGREEN | 6,827 | 54.7 | 9.4% | — | 0.10 |
| SIS | 5,567 | 38.0 | 8.0% | — | 0.56 |
| CMRGREEN | 4,859 | 21.8 | 18.4% | — | 0.65 |
🔗 Peer Stock Analyses
⚠️ Risk Factors
1. Margin pressure from international expansion: While OPM held in Q1 FY27, scaling operations in new markets like KSA and Botswana may continue to pressure profitability in the near term. 2. SEBI scrutiny on MD remuneration: The ₹6.46 crores remuneration package exceeds SEBI limits and was approved by only 97.25% of shareholders, raising governance concerns. 3. Capex funding risk: High debt levels (₹674 crores) are being used to fund ₹652 crores of FY27 capex, which could strain cash flows if order execution slows. 4. Auditor continuity: Long-term auditor appointment may reduce oversight independence over time, though currently compliant with regulations.
📋 Recent Filings
- Announcement2026-09-25Sanghvi Movers Ltd announced that its trading window will close on October 1, 2026, and remain shut for 48 hours after the unaudited September 30 quar…
- 🔴 Announcement2026-09-17Sanghvi Movers announced an analyst/investor meet scheduled for September 22, 2026, to discuss its business outlook. The company emphasized that no un…
- 🔴 Insider Trading2026-09-16Mr. Rishi Sanghvi, a promoter group member, acquired 1,05,53,614 shares representing 28.82% of Sanghvi Movers' total voting capital through an off-mar…
- 🔴 Announcement2026-09-15Sanghvi Movers announced an investor meet on September 18, 2026, with Amin Family Office via virtual 1x1 meeting, focusing on general business outlook…
- 🟡 Board Meeting2026-09-08Sanghvi Movers announced the resignation of Independent Director Amitabha Mukhopadhyay effective September 7, 2026, due to other professional commitme…
- 🟡 Board Meeting2026-09-07Sanghvi Movers announced the resignation of Independent Director Amitabha Mukhopadhyay effective September 07, 2026, due to personal reasons and profe…
- 🔴 Insider Trading2026-09-02Sanghvi Movers Ltd disclosed that promoter Mr. Rishi Sanghvi will transfer 1,05,53,614 shares (12.19% of total) to his spouse Mrs. Maithili Sanghvi vi…
- 🟡 Board Meeting2026-08-26Sanghvi Movers held its 37th AGM on 24 August 2026 via video conferencing, where shareholders approved all six resolutions including adoption of audit…
- 🟡 Board Meeting2026-08-26Sanghvi Movers Limited announced the re-appointment of M/s M S K A & Associates LLP as statutory auditors for a second five-year term starting after t…
- 🟡 Board Meeting2026-08-24Sanghvi Movers held its 37th AGM on August 24, 2026 via video conference, approving the audited FY2025-26 financials showing Rs. 1,070 crore revenue (…
🧠 Analyst's Read
Sanghvi Movers is executing a clear expansion strategy with strong order book momentum and improving profitability, but investors should monitor margin trends and governance developments closely. The next catalyst will be execution of MENA projects and clarity on international order inflows.
Based on filing content and financial data. Not a recommendation.
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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-29.
Editorial & Data Transparency Notice
This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
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