Sanghvi Movers Ka KSA Mein Dhamaka! FY27 Mein Margin Recovery ka Plan?

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AuthorAarav Shah|Published at:
Sanghvi Movers Ka KSA Mein Dhamaka! FY27 Mein Margin Recovery ka Plan?
Overview

Sanghvi Movers ne Q3 FY26 mein lagbhag **₹720 Crore** ka revenue dikhaya hai, jismein KSA aur Botswana mein aggressive expansion ka bada haath hai. Company ne FY26 ke liye **₹629 Crore** ka bada capex plan bhi bataya hai aur fleet utilization **75-80%** rakhne ka target hai. Lekin, Wind EPC segment mein girawat aur kuch exceptional items ne results par asar dala hai. Management ko FY27 se margins normalize hone aur improve hone ki ummeed hai.

Q3 FY26 Results: Aisa Kya Hua?

Sanghvi Movers Limited ne Q3 FY26 ke liye apna consolidated revenue ₹720 Crore ke aas-paas report kiya hai. Unke Crane Hiring business ka EBIT ₹49 Crore raha, jo pichle quarter (Q2 FY26) ke ₹50 Crore se thoda kam hai. Lekin, yahan ek chiz ne net profitability ko thoda affect kiya - woh hai ₹8.4 Crore ke exceptional items, jo mainly Labour Code aur damaged assets ki wajah se aaye hain.

Wind EPC Segment: Thoda Down, Thoda Slow

Jahan crane hiring chal raha hai, wahin Wind EPC segment mein kaafi girawat dekhne ko mili hai. Is segment mein revenues kam hue hain aur margins bhi pichle saal aur pichle quarter dono se kam hain. Agar FY26 ke pehle 9 mahine dekhein toh performance lagbhag pichle saal ke same period ke barabar hi rahi hai.

Management Ka Vision: 'Elevate 2030'

Company ka 'Elevate 2030' vision pura zor shor se chal raha hai. Strategy mein sabse badi bat hai geographical expansion. Ab Saudi Arabia (KSA) market mein entry ho gayi hai aur Botswana mein bhi pehla order mil gaya hai. Qatar aur South Africa mein bhi opportunities dekhi ja rahi hain, GCC region ko ek bada growth engine mana ja raha hai.

Fleet utilization ko year end tak target 75% se 80% mein rakhne ki ummeed hai. Infrastructure aur capabilities par investment se FY26 ke second half mein margins normalize hone aur FY27 mein aur improve hone ki poori aash hai, kyunki naye assets kaam karna shuru kar denge.

Capex Aur ROCE Ka Game

FY26 ke liye ₹629 Crore ka capex plan hai, aur Q4 mein aur bhi deliveries hone wali hain. Company mid-teen ROCE ka target rakhe hue hai aur capital allocation mein disciplined approach follow kar rahi hai. Saudi Arabia mein business se estimated 3.5%+ per month ki yields mil rahi hain aur 10 se 14 mahine mein breakeven ki ummeed hai.

Management ko lagta hai ki Chinese cranes par jo anti-dumping duty lagi hai, woh unke margins ko boost kar sakti hai. FY26 revenue ke liye order book execution target ₹1,000+ Crore ka hai.

Aage Ka Outlook Aur Risks

Government spending ke support se infrastructure, renewables, aur industrial segments mein demand mazboot hai, toh outlook positive lag raha hai. Par, Wind EPC segment ka underperformance aur exceptional items ka impact kuch risks hain. Company apni global expansion strategy ko sustained profitability mein kaise badalti hai aur FY27 mein margin improvement kaise laati hai, yeh investors ke liye dekhaney wali baat hogi. Gross debt lagbhag ₹650+ Crore hai, aur naye assets ki wajah se finance costs badh sakte hain, lekin scale-up aur higher utilization se yeh manage ho jayega.

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