Sanghvi Movers: Business Overview & Financial Analysis

Sanghvi Movers is a crane rental, engineering, and heavy-lift solutions provider serving infrastructure, renewable energy and industrial projects. Established in 1989, the group operates across India, Saudi Arabia, Botswana and Qatar, with its capabilities extending from crane rental and heavy lifting to wind EPC and specialised logistics. The Q1 FY27 presentation ranks it as the world's third-largest crane rental company.

Sanghvi Movers Business Structure and Operating Network (Q1 FY27)

The group has moved beyond a standalone crane-rental model into an integrated heavy-lift and infrastructure-services platform. Its operating structure now combines the core crane fleet with renewable EPC, heavy-equipment logistics and international crane-rental subsidiaries.

• Core Crane Rental: Provides crane rental, engineering, lifting planning, mobilisation and heavy-lift execution across infrastructure and industrial projects.
• Renewables: Sangreen Future Renewables undertakes turnkey wind-energy activities from conceptualisation through commissioning.
• Logistics: Sangreen Logistics provides end-to-end logistics solutions for wind-energy assets and heavy equipment.
• Saudi Arabia: Sanghvi Movers Middle East operates the group's GCC heavy-lift crane-rental business. 
• Botswana: The group provides heavy-lift crane services for projects in Botswana and Southern Africa.
• Qatar: A separate Middle East heavy-lift platform supports infrastructure, energy and industrial projects in Qatar. 
• Indian network: The latest presentation disclosed 17 depots across India, more than 175 acres of freehold crane-parking land and exposure to more than 10 sectors. 

The expanded structure is part of the ELEVATE 2030 strategy, under which management is diversifying products, geographies and capital deployment while retaining crane rental as the core operating platform. 

Sanghvi Movers Crane Fleet and Operating KPIs (Q1 FY27)

Crane rental remains the asset-intensive earnings engine of Sanghvi Movers. Q1 FY27 operating data showed high utilisation in both domestic and GCC operations, while GCC yields remained materially higher than the India and Botswana portfolio.

• Group crane fleet: 492 cranes in the Q1 FY27 operating KPI disclosure.
• India and Botswana fleet: 443 cranes. 
• GCC fleet: 49 cranes across Saudi Arabia and Qatar. 
• Group gross block: Rs 3,300 crore.
• India and Botswana utilisation: 86% in Q1 FY27 compared with 81% in Q1 FY26. 
• India and Botswana monthly yield: 2.29%, compared with 2.06% in Q1 FY26 and 2.24% in Q4 FY26. 
• Saudi Arabia and Qatar utilisation: 86% in Q1 FY27. 
• GCC monthly yield: 4.10% in Q1 FY27.

The GCC business therefore combines a smaller fleet with higher rental yields, while the Indian operations provide the scale and established utilisation base of the group.

Sanghvi Movers Renewable Energy Business (Q1 FY27)

Sangreen Future Renewables is the group's principal asset-light diversification platform. It executes engineering and construction activities for wind projects while also supporting demand for Sanghvi Movers' core crane fleet.

• Execution track record: More than 18 GW of wind turbine generators installed. 
• Current renewable order book: More than 2 GW.
• Enquiry pipeline: Around 5 GW.
• Projects delivered: More than 140. 
• Clients served: More than 125.
• Q1 FY27 renewable E&C revenue: Around Rs 140 crore.
• Q1 FY27 revenue mix: Renewables contributed around 37% of consolidated revenue. 
• Q1 FY27 EBITDA margin: Around 14% in the renewable E&C operating KPI disclosure.

Management considers the renewable platform complementary to crane rental because it can generate asset-light EPC earnings while also securing demand for the group's heavy-lift equipment. 

Sanghvi Movers Order Book and Enquiry Pipeline (Q1 FY27)

The consolidated order book increased during the early months of FY27. As of 24 July 2026, Sanghvi Movers reported Rs 1,253 crore of secured orders against Rs 1,053 crore on 14 May 2026.

• Total order book: Rs 1,253 crore as of 24 July 2026.
• Core crane rental: Rs 539 crore.
• GCC crane rental: Rs 28 crore.
• Renewables E&C: Rs 686 crore.
• Total enquiry pipeline: Rs 5,641 crore.
• Core crane-rental enquiries: Rs 631 crore.
• GCC enquiries: Rs 354 crore. 
• Renewable enquiries: Rs 4,656 crore. 

The renewable business forms the largest portion of both the current order book and enquiry pipeline, while crane-rental orders remain important for fleet utilisation and yield visibility.

Sanghvi Movers International Operations (Q1 FY27)

International expansion is becoming a more meaningful part of the group's operating profile. Q1 FY27 included progress across Saudi Arabia, Qatar and Botswana, with Saudi operations reaching an important profitability milestone.

• Saudi Arabia: The business delivered cumulative EBITDA-positive performance during Q1 FY27. 
• GCC EBITDA margin: 23% in the Q1 FY27 operating KPI disclosure. 
• Qatar: New orders were secured during Q1 FY27.
• Botswana: All cranes relating to the ongoing deployment were commissioned on schedule.
• Botswana cash repatriation: Around US$1.1 million was repatriated to India.
• Geographic strategy: ELEVATE 2030 identifies the GCC, Africa and other international markets as key expansion areas.

The international strategy is being pursued through selective fleet deployment rather than indiscriminate expansion, with utilisation, pricing and return on capital remaining key operating filters. 

Sanghvi Movers Q1 FY27 Financial Performance

Consolidated revenue and profit increased strongly in Q1 FY27. EBITDA also grew, although the margin moderated from Q4 FY26 because of provisions, foreign-exchange adjustments, employee incentives, and a change in revenue mix.

• Revenue from operations: Rs 380 crore, up 39% YoY from Rs 273 crore.
• Total income: Rs 393 crore, up 40% YoY. 
• EBITDA: Rs 139 crore, up 30% YoY. 
• EBITDA margin: 35% compared with 38% in Q1 FY26 and 40% in Q4 FY26. 
• PBT before exceptional items: Rs 88 crore, up 29% YoY. 
• PAT: Rs 65 crore, up 30% YoY. 
• PAT margin: 17% compared with 18% in Q1 FY26. 
• Cash profit: Rs 104 crore. 

Management indicated that Q1 included higher ECL provisioning, forex reinstatement and one-time incentives, while greater use of ancillary hired equipment and cross-rental also changed the revenue mix.

Sanghvi Movers Capex and Capital Deployment (Q1 FY27)

Fleet investment remains central to the FY27 growth plan, with most planned capital expenditure directed towards revenue-generating assets in India and Saudi Arabia.

• FY27 capex pool: Rs 652 crore. 
• Carried forward from FY26: Rs 164 crore.
• Fresh FY27 planned capex: Rs 487 crore. 
• Capitalised during Q1 FY27: Rs 92 crore, or 14% of the available pool. 
• Pending for the remaining FY27 period: Rs 560 crore. 
• Revenue-generating capex: Rs 632 crore, representing 97% of the total capex pool. 
• Q1 FY27 debt-to-equity: 0.54x. 

The capex programme is therefore closely tied to fleet additions and deployment opportunities, particularly where management sees sufficient order visibility and utilisation potential. 

Sanghvi Movers Management Commentary and Outlook (Q1 FY27)

Management has provided formal consolidated guidance for FY27 and FY28 under the ELEVATE 2030 framework. The strategy combines domestic crane-rental growth with renewable EPC, international expansion and tighter capital-allocation discipline.

• FY27 total income guidance: Rs 1,400-1,500 crore, representing 30-40% growth over FY26.
• FY27 EBITDA guidance: Rs 525-575 crore.
• FY27 blended ROCE guidance: 16.25-16.5%. 
• FY27 debt-to-equity ceiling: 0.72x. 
• FY28 total income target: Rs 1,800-1,900 crore.
• FY28 EBITDA target: Rs 650-700 crore.
• Strategic priorities: Global expansion, product diversification, technology-led operating efficiencies and improved capital efficiency remain central to ELEVATE 2030. 

The important metrics to track are fleet utilisation, monthly rental yields, order-book conversion, renewable EPC margins, GCC profitability, capex deployment and the ability to deliver growth while maintaining the targeted return on capital.

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Sources & References

This company fact sheet has been prepared using Sanghvi Movers' annual, quarterly and management disclosures together with financial information available on Finology Ticker.

• Sanghvi Movers Annual Report FY 2025-26
• Sanghvi Movers Q1 FY27 Investor Presentation
• Sanghvi Movers Q1 FY27 Earnings Conference Call Transcript
• Sanghvi Movers Q1 FY27 Unaudited Financial Results
• Finology Ticker - Sanghvi Movers Company Page

Disclaimer
The information presented above on Sanghvi Movers has been compiled from the company's Annual Reports, Investor Presentations, Earnings Call (Concall) Transcripts, official regulatory filings and the financial data available on Finology Ticker. Certain figures, classifications or comparisons may vary due to differences in accounting policies, reporting methodologies or subsequent restatements by the company. This content is intended solely for informational purposes and should not be considered as investment advice. Investors are advised to refer to the latest company filings and the updated financial data, ratios and disclosures available on this Finology Ticker Sanghvi Movers page before making any investment decision. Investment in securities market are subject to market risks. Read all the related documents carefully before investing.