### **Overview** ISGEC Heavy Engineering Limited, originally established in 1933 as *Saraswati Sugar Syndicate Limited*, has evolved from a sugar manufacturer into a diversified, globally recognized heavy engineering conglomerate. Headquartered in India, the company operates across **8 manufacturing facilities in India and abroad**, serving clients in **92 countries**. With a turnover exceeding **₹6,000 crores**, ISGEC is a leader in Engineering, Procurement, and Construction (EPC), as well as precision manufacturing. The company is strategically transitioning its revenue base, with over **87–90% of consolidated revenue now derived from engineering and industrial projects**, signaling a deep commitment to industrial and energy infrastructure. --- ### **Business Segments & Core Verticals** ISGEC operates through two primary business segments: 1. **Manufacturing** (29% of revenue) 2. **Engineering, Procurement & Construction (EPC)** (58% of revenue) #### **Key Product & Service Offerings:** - **Process Plant Equipment**: Reactors, pressure vessels, heat exchangers, distillation columns, high-pressure systems. - **Boilers & Power Systems**: CFB, AFBC, traveling grate, biomass, waste-to-energy, and flue gas desulfurization (FGD) systems. - **Presses**: Hydraulic, mechanical, and servo presses used in automotive, defense, aerospace, and white goods. - **Castings**: Iron and steel castings for industrial machinery, including defense, mining, and railways. - **Liquefied Gas Containers**: Global leader in chlorine and high-pressure gas containers (ASME 'T' stamp holder). - **EPC Turnkey Projects**: Sugar & ethanol plants, distilleries, power plants, air pollution control systems, bulk material handling, and civil infrastructure. - **Environmental Solutions**: Bag filters, electrostatic precipitators (ESPs), wet/semi-dry/dry FGD systems under JV **Isgec Redecam Enviro Solutions**. - **Green & Renewable Energy**: Equipment for green hydrogen, green ammonia, polysilicon, and waste-to-energy projects. --- ### **Strategic Diversification & Subsidiaries** ISGEC has expanded through joint ventures and strategic global partnerships: - **Isgec SFW Boilers Pvt. Ltd. (51%)**: JV with Sumitomo SHI FW (Finland) for CFBC boiler solutions. - **Isgec Redecam Enviro Solutions Pvt. Ltd. (51%)**: JV with Redecam, Italy for emission control systems. - **Isgec Titan Metal Fabricators Pvt. Ltd. (51%)**: JV with Titan Metal Fabricators, USA for corrosion-resistant equipment. - **Isgec Hitachi Zosen Ltd.**: Manufactures critical process equipment; generated INR 19 crore profit (PBT) in 9M FY25. - **Eagle Press & Equipment Co. Ltd. (100%)**: Canadian subsidiary manufacturing high-end presses. - **Isgec Investments Pte Ltd**: Singapore-based holding entity with stepdown subsidiaries in the Philippines, Netherlands, and Cayman Islands. - **Cavite Biofuel Producers Inc. (CBPI)**: Bioethanol plant under construction in the Philippines. - **Saraswati Sugar Mills Ltd.**: Legacy sugar business; now also supports ethanol production with 100 KLPD unit. > 📌 **Disposal Strategy**: The company is actively working to **sell Bioeq**, a subsidiary with INR 1,076 crore in assets held for sale. It is expected to generate **INR 470–480 crore revenues** and **INR 30–40 crore profits** in FY25–26, helping offset long-term debt burden prior to potential sale. --- ### **Recent Developments (November 2025)** - **Margins in EPC Projects**: Typically range **5–7%**, rising in export or niche markets (e.g., boiler systems). - **Exports**: Represent **~26% of consolidated order book** with improving momentum post-COVID, especially in Central & Eastern Europe, South Africa, Mexico, and Southeast Asia. - **New Manufacturing Expansion**: - Approved **INR 87 crore investment** for a new **skids and modules facility** at **Dahej SEZ, Gujarat**. - **Phase I (INR 65 cr)**: Expected to generate **INR 160 crore/year** revenue. - **Full completion (INR 87 cr)**: To deliver **INR 275 crore/year** revenue. - The company is evaluating further capex across product lines to meet rising demand. --- ### **Recent Milestones (2023–2025)** - **Record Orders**: - **Largest domestic boiler order book (FY23)**. - **Highest production & sales** in piping spools, castings, gas containers, and skids. - World’s **largest waste heat recovery boiler** and **cement W-HRB** commissioned. - **EPC Projects**: - 100th AFBC boiler supplied; **first pith-fired & 100% biomass AFBC boiler** commissioned. - First **wet & semi-dry FGD units** commissioned (800 MW and 150 MW plants). - **Major 175 KLPD multi-feed distillery** project for Dwarikesh Sugar with ZLD and cogeneration. - **Global Awards & Recognition**: - **Excellence Award at ICUMSA-2025** for refined sugar with high purity and industrial acceptance. - **Joint Venture Performance**: - **Isgec Redecam** reported **₹56.69 crore revenue** and **₹3.86 crore PBT** in FY24–25 (up from ₹47.75 cr, ₹1.67 cr). - Landed world’s **largest baghouse (2.8 million m³/hr)** for a steel plant. --- ### **Operational Highlights** - **Manufacturing Plants**: - **India**: Yamunanagar, Rattangarh, Bawal (Haryana), Muzaffarnagar (UP), Dahej (Gujarat), Pune. - **Overseas**: Windsor (Canada), Cavite (Philippines). - **Covered Area**: Over **200,000 sqm** across **six core facilities**. - **Capabilities**: - **Heavy fabrication, precision machining, high-integrity welding, automated foundry operations**. - **End-to-end design, engineering, fabrication, and O&M**. - **After-Sales & Services**: - Offers **O&M services for 800+ MW power capacity**, boiler R&M, spares, and retrofitting. - Remote Monitoring System (RMS) and AI-based analytics for plant optimization.