Some businesses grow quietly.
Others survive loud crashes.
Sanghvi Movers? It’s doing both — and nobody’s watching.
It started with a question.
“Why is Sanghvi Movers down 60%?”
I wasn’t even tracking it seriously. Just one of those stocks sitting quietly at the bottom of a watchlist- industrial, boring, forgotten.
And then I looked.
And I read.
And 36 tabs, 3 investor calls, 2 investor presentations, 1 annual report, and 7 hours later… I had to admit it:
This is not the business I thought it was.
Sanghvi isn’t dead. It’s evolving. And the market hasn’t caught on yet.
Here’s what I found.
The Business Everyone Underestimated
Sanghvi rents cranes.
Big, serious, 20 to 1,000-ton cranes. The kind of stuff that builds wind farms and nuclear plants and 500-ton reactors.
They’re the largest crane rental company in Asia and 4th globally. And for years, it was a simple model:
• Buy cranes
• Lease cranes
• Keep utilization high
• Print money
But as I peeled back FY25, the old narrative cracked.
FY25 So Far- Flatline on the Surface
Here’s what the numbers look like across the last 3 quarters:
Revenue grew- from ₹151 Cr to ₹208 Cr- but that’s the surface. The engine behind that growth changed completely.
The Old vs The New
Crane rentals, the company’s core, basically flatlined. The growth? It came from something else:
The EPC + Renewables segment- once a side bet- has now become the revenue driver.
That’s a shift. And it changes how you evaluate everything from margins to scalability.
Operational Headwinds
The trouble is: the core started slipping.
Utilization dropped from 77% to 70%. That’s bad. It means cranes are idle.
Even worse?
Yields dipped below 2% in Q3- the lowest in a while. In this business, yield compression hits like margin erosion in SaaS.
But Financials Still Hold Up
Despite all this, the P&L didn’t fall apart:
Net profit stayed steady at ₹33–₹37 Cr/quarter. And the balance sheet?
- Net debt: ₹325 Cr
- Debt/equity: 0.30
- ₹178 Cr in investments
- Order book? This part blew my mind…
Orders Aren’t the Problem
You want visibility? They’ve got it:
₹995 Cr in total orders. ₹514 Cr already executed. ₹300 Cr to go in Q4. Another ₹181 Cr spills into FY26.
This isn’t a company struggling to sell. It’s a company in the middle of reallocating its revenue model.
And They’re Managing the Transition Smartly
Here’s where I gained respect: they’re not blindly buying cranes anymore.
They’re rotating the fleet, selling old cranes, and only adding where there’s visibility.
In 9 months, they bought 25 cranes… and sold 23. That’s not growth- that’s discipline.
So What’s the Catch?
There are two.
1. EPC margins are lower — this pivot dilutes profitability unless scaled smartly.
2. Execution risk in Saudi Arabia — they’ve set up a wholly-owned subsidiary in KSA to chase Giga projects. High potential, high stakes.
They’ve brought in Bain & Company to craft “Engine 2”. They’ve carved out Sangreen Renewables. And they’re building a strategy that the market hasn’t priced in.
What Most People Miss
Here’s the kind of thing that caught me off guard:
Some of Sanghvi’s cranes last 35 to 40 years.
And after a decade, they resell them for 50–70% of original cost.
You know how rare that is?
That’s not depreciation. That’s asset durability most businesses would kill for.
The downside?
It’s still a capital-heavy, slow-moving, execution-sensitive business.
But if you’re a patient investor who understands infra cycles… this might just be your flavor.
The Bottom Line
This isn’t a rocketship. This isn’t a fraud either.
It’s a quiet compounding machine that’s taking hits, adapting, and laying bricks for the next phase.
The market doesn’t like transitions.
It likes certainty.
But that’s where value often hides.
Sanghvi Movers is between chapters.
And if they can scale EPC sensibly, stabilize yields and execute in Saudi Arabia, this might be one of those businesses that just keeps lifting when no one’s watching.
Sources & References
- Q2 FY25 Concall Transcript (November 2024)
- Q3 FY25 Concall Transcript (February 2025)
- Investor Presentations: Q2 FY25, Q3 FY25
- FY24 Annual Report
- ICRA Ratings Report (July 2024)
- Screener.in: Financial data cross-verification
- Company Website: sanghvicranes.com
- Industry context via International Cranes & Specialized Transport (ranking data)
Visuals & Charts: Created In-house using above sources
Content & Visuals: Shikshan Nivesh (In-house)
Disclaimer: This article is for informational purposes only. It is not investment advice. Please do your own research or speak with a financial advisor before making any investment decisions.
For more insights, follow Shikshan Nivesh:
🔗Visit us on: Shikshan Nivesh
🔗 X : @ShikshanNivesh
🔗 LinkedIn: Shikshan Nivesh
🔗 threads: @shikshan_nivesh
👉 If you found this helpful, share it with someone who’s tracking India’s growth story or looking for simple, research-backed investing insights.