Sanghvi Movers Limited (NSE: SANGHVIMOV) Q1 2026 Earnings Call dated Aug. 08, 2025
Corporate Participants:
Unidentified Speaker
Pradeep Mehta — Chief Financial Officer
Gaurang Desai — Chief Executive Officer
Rishi Sanghvi — Managing Director
Analysts:
Unidentified Participant
Deepan Sankara Narayanan — Analyst
Sunil Jain — Analyst
Jay Bharat Trivedi — Analyst
Sonia Keswani — Analyst
Mohit Chugh — Analyst
Himanshu Mali — Analyst
Richa Agarwal — Analyst
Abhay Mal Lodha — Analyst
Hemant Shah — Analyst
Sahil Kishore Jain — Analyst
Digant Prashant Bamb — Analyst
Akshay Satija — Analyst
Muhammad Farooq Abbasi — Analyst
Bhagwat Nayak — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to the Sanghvi Movers Limited Q1 FY 2025-2026 earnings conference call. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing Star then zero on a touchstone phone. Please note that this call is being recorded with this. I now hand the conference over to Mr. Pradeep Mehta, CFO of Sanghi Movers Limited. Thank you. And over to you sir.
Pradeep Mehta — Chief Financial Officer
Thank you Samya for the introduction and good afternoon ladies and gentlemen. Thank you for attending Q1FY26 Investor Call Conference Call of Sanghvi Movers Ltd. This is Pradeep Mehta, Chief Financial Officer of company along with me Mr. Rishi Sangvi, the managing director and Mr. Gorang Desai, the Chief Executive Officer of our company. I will quickly run through the financial highlight of the company. Four quarter ended June 2025. First of all I will talk about the income from operation and EBITDA margin for this quarter. So our company on concrete basis has achieved a total income from operation of rupees 273 crore in Q1FY26VIS with rupees 267 crore in Q4FY25 and rupees 151 crore in Q1FY25.
The segment wise revenue breakup and the respective EBITDA margin are as and up from crane business. We have achieved total income from operation of rupees159 crore and our EBITDA margin was 56%. And from our wind EPC this is a renewal business for Total income from operations from Sungreen Future Renewable Private Limited is rupees 106 crore and our EBITDA margin was 11%. For the project EPC business vertical our revenue was around 7 crore and our EBITDA margin Was 13%. So total income from operation for this quarter one FY26 was of rupees 273 crore and our blended EBITDA margin was at 38%.
Year on year basis the company has achieved top line growth of 65%. With respect to average capacity utilization for the Q1FY26 was 80% vis a vis 79% in the last quarter for FY25 and 77% in Q1FY25. With respect to average blended yield, our average blended Yield for the Q1FY26 was 2.11%. Visay with 2.03% in Q4FY25 and 2.04% in Q1FY25. Our overall EBITDA percentage for the quarter ended June 2025 was 38%. Visa is 41% in Q4FY25 and 49% in Q1FY25. There is a reduction in EBITDA percent is primarily on account of change in revenue mix. So there is an increase in revenue in EPC Business renewal business plus Project EPC which is volume driven and low EBITDA margin business.
For the quarter ended June 2025 our net profit after tax was 50 crore. We reached 54 crore in Q4FY25 and rupees 41 crore in Q1FY25. There is a breakup of other income we have achieved. Total other income is 7.4 crore in the first quarter primarily on account of two regions. We generated profit of 2.25 crore from the sale of crane and there is investment in mutual fund and FD which has generated a interest on FD and gain from mutual fund to the tune of 5.15 crore in this quarter. Now I’ll talk about the capex that company has done in this quarter June 2025.
Company has done capex of 114 crore in Q1FY26 and we have added 21 various capacity cranes aggregating to rupees 94 crore and we have done a capex of 20 crore towards the purchase of other equipments as on 30 June 2025. The company has a fleet around 380 plus cranes aggregating to the gross block of 2,766 crore. This excludes some 30 plus cranes which are shown under the asset Sale for sale. Now I will talk about the proposed CapEx plan for FY2526. The Board of Director in the earlier meeting held on 20th May 2025 have approved a capex plan of 246 crore for purchase of cranes, trailers, prime movers and multi axle lines.
Additionally capex plan of 75 crore has been approved by the Board of Directors in their meeting held on 6th August 2025 and taking revised capex plan to 321crore. As per the revised proposed capex plan we propose to buy around 75 to 80 grains out of this capex and out of which 21 crane already has been purchased in Q1FY26. Now I will talk about our investment in mutual fund. So out of surplus cash generated the company has invested 131cr in various debt fund and various mutual and short term corporate bonds, arbitrage fund and commercial paper which has generated average ROI between 7.73% to 8.48% per annum.
This investment will be utilized as a growth capital for our engine to grow business opportunity including diversification. With this I will now hand over the floor to Mr. Gorang Desai. Over to you, over to you.
Gaurang Desai — Chief Executive Officer
Thank you Pradeep and once again you know, welcome. Thank you for attending this call. You know I’ll talk about the order book position. The company has an order book position of 767 crores, you know as of 28th of July out of which we have booked revenue of 273 till June. Therefore around 500 crores will be executed in this current financial year. And we are confident that going further we will able to secure additional orders above this order book position. We are also strategically aligned with India’s growth engines. Specifically in renewables infrastructure and epc, grain leasing and wind. EPC are consistently winning high quality projects. We continue to strengthen our market position across high opportunity verticals. And strategically we also maintain a healthy presence across sectors be it thermal, be it steel, cement refineries or highways and metros.
Let me touch on the macro picture. So you know India has added nearly 22 gigawatt of solar and wind capacity in H1. That’s 56% increase over year on year. Cement also grew 9.2% you know in May, June and plans to add another 43 to 45 million mega metric ton capacity in FY26. Crude steel production stood approximately 40 million tons registering 11% in growth on quarter to quarter basis. India is entering major infrastructure build out phase and you know we are well positioned as a company to take advantage of that. If I had to put some numbers, you know, 3.4 lakh crores worth of road and expressways tenders are planned in FY26.
Expansion of metro road in 26 cities and airport modernization in tier 2 hubs. And then a strong push on rail logistics, green, hydrogen, etc. These initiatives are high volume equipment needs especially in lifting, transport and EPC areas where we have tremendous strength as a company with a strong growing order, pipeline, sectoral tailwinds, we are very confident to deliver sustained performance in FY26 and even beyond. With this I would like to thank you once again and hand over to Our Managing Director Mrs. Rishi Sanghvi. Over to you sir.
Rishi Sanghvi — Managing Director
Good Afternoon everyone. Thank you for taking the time to join us and we really appreciate the opportunity to speak with you. At Sanvi Movers we are truly moving towards the concept of a group of companies today. Our step down subsidiary, Sangreen Future Renewable Private Limited accounts for nearly 20% of the bottom line. In this quarter your company has achieved go to market in Saudi Arabia and we have backed our first order in a wholly owned subsidiary, Sanghvi Movers Middle East. So truly your company is transforming itself from a pure play crane rental company to a group of companies operating businesses in new verticals and new geographies.
As we look towards the future, we believe that there will be tremendous shareholder value unlocking as we build each of these business units to their full potential. The Indian growth story is one that still continues to drive a very strong and positive outlook for cranes. With every single sector of the economy firing on all cylinders, we see the demand from cranes coming across all sectors. As Gaurang has mentioned today, we are focused on creating a group vision which puts customer centricity, a people first and a performance based culture at the forefront. We believe that the opportunities available to us combined with a judicious and prudent capital allocation, our core competencies in the lifting industry, our foray into the renewable sector will take your company to the next level.
As the next quarters pan out. I can only look to the future with excitement to say that this company will grow from strength to strength. Thank you once again everyone for joining this call. And I now hand over the floor to the moderator to take the first question.
Questions and Answers:
operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question you may press STAR and one on your touchtone telephone. If you wish to remove yourself from the question queue you may press star and two participants are requested to use handsets while asking a question. Ladies and gentlemen, we’ll wait for a moment while the question queue assembles. The first question comes from the line of Deepan Sankaran Narayan from Trustline Holdings Private Limited. Please go ahead.
Deepan Sankara Narayanan
Good evening everyone and thanks a lot for the opportunity. And congratulations for delivering strong improvement in crane business order book. So how do we see the outlook for crane’s order book improving from here on? And what kind of wind energy industry installations are we expecting over the current y ear and next year?
Gaurang Desai
So you know we are, I think Rishore mentioned we have built a robust structure following around sales and we see a lot of traction. You know we have a substantial inquiry both in terms of wind as well as non wind. I Will not be able to share the exact numbers to you. But you know, we are confident of sustaining the growth story.
Rishi Sanghvi
In addition to that we have a historical order booking and we are seeing demand coming from all sectors. So our order book position today as we mentioned is approximately 750 crores. You know I always tell my investors you can track the order book that was there in the first quarter and then understand where we will end the year at. So having a historical order book really gives a very positive outlook for the future.
Deepan Sankara Narayanan
Okay. Okay. And also can you provide revenues and margin guidance for all divisions for current year?
Rishi Sanghvi
Sorry, we don’t give forward looking guidance.
Deepan Sankara Narayanan
Okay, okay, sure. I’ll join back together. Thank you.
Rishi Sanghvi
You had a. You had another question? Question on capacity addition. So last year see renewable wind. Hello. Last year the renewable wind Energy added 4.2 gigawatts of new capacity addition. This year we believe the country will add anywhere in and around 5 gigawatts.
Deepan Sankara Narayanan
Okay. Okay, thank you. Thanks a lot.
operator
Thank you. The next question comes from the line of Digant from Svip Capital. Please go ahead.
Digant Prashant Bamb
Hi sir. Thank you for the opportunity. Just had a couple of questions about the. I’m on the consolidated financial results for the year. For the quarter the employee expenses have gone up from 10 crores in June last year to 30 crores the previous quarter and 18 crore is now. So are we going to see a rise in this or it’ll be the same level or is it a one off or something? And the second question that I had was regarding our project EPC business and the wind EPC business are. The margins have been quite volatile.
So I just wanted to understand what kind of margins should we expect going ahead.
Rishi Sanghvi
Yes. So you know your company is in a growth phase and we are building multiple business units across Saudi Arabia as well as the renewable business in Sangreen. Future Renewables Private Limited. So we are investing in our people developing people first culture and we are hiring talent that will help us fuel these growth engines in Saudi Arabia as well as in Sangreen. Future renewables as well as our core business in India. As I’m really proud and glad to say we have two of our C suite members, Mr. Pradeep Mehta as our CFO and Mr. Gaurang Desai as our CEO.
You know they have joined the team and so has many, many other strong leaders within the organization to add to that. Also the annual increments would have been reflected in the employee expenses for this year. So that is on your question regarding employee expenses. You know the wind EPC business, which is the renewable business as well as the project EPC in hydrocarbon. These are, as we have consistently communicated to the investor community, are in their nascent stages. We are constantly evolving the business model in Sangreen Future Renewables Private Limited. And in the next few quarters we will be in a position to announce how we will be adding further services within the renewable business, specifically for the wind industry.
So as we scale these businesses, as we look at the business model, there will be fluctuations in revenue. The other point that must be clarified. In the crane business, the revenue recognition is very simple. You build a client and you earn your revenue. However, in the EPC business, we use the POCM methodology which is a percentage of completion method. So revenue recognition will be skewed based on the level of project delivery as per the INDAS accounting standards. And as we scale up these businesses, as we achieve a certain size and scale, we will see the lumpiness in the revenue recognition also smoothen out.
But these are the various factors that we can talk about with respect to both the revenue as well as the margins in both of the renewables business as well as the project EPC business.
Digant Prashant Bamb
Sure, sir, thank you so much. Just wanted to understand, you mentioned that we’re investing in people to grow our business. So just wanted to understand by when can we see these numbers reflecting in the revenue of the investments that we’re doing?
Rishi Sanghvi
We are already seeing the revenue numbers this these incremental cost reflecting in the revenue. Because for example we have hit a historical Q1 revenue number which your company has not never achieved till date.
Digant Prashant Bamb
Because I think last quarter was 267 crores and now it’s 273 crores while the employee, employee expenses have gone up by about 30, 40% more.
Rishi Sanghvi
We are comparing Q4 to Q1. So we must compare a Q1 quarter one to quarter one. Thank you.
Digant Prashant Bamb
Thank you.
operator
Thank you. The next question comes from the line of Sunil Jain from Nirmal Bank Securities. Please go ahead.
Sunil Jain
Yeah, thank you very much and congratulations on good numbers and making the business more stable and sustainable. Sir, my question relate to Saudi. You are doing aggressive investment over there. So are these investment backed by confirmed order as the history you always do that way. So are they the same thing.
Rishi Sanghvi
The business in the Saudi Arabia? So you know, first I want to talk about why we looked at Saudi Arabia as our new growth market. There is more than $500 billion of construction projects that have been announced in Saudi Arabia starting with the PIF projects. The fact that the country has won The FIFA World cup, the fact that the World Expo is there, the fact that the Asian Games are also being held in Saudi Arabia and the fact that there is a Vision 2030 which was announced in 2017 which is now panning out. Saudi Arabia has become the world’s construction backyard.
Now on top of this, if you add to that what Aramco is going to do which Is spend another 200 to $300 billion in the next five years, the scope of activities in Saudi Arabia, the size of the market, the acute shortage of crane services in the country to support this growth creates a very lucrative business opportunity for us too bring our expertise to. So we are the fifth largest crane rental company in the world with and we have a lot of ip, lot of technology, lot of processes, lot of best practices that allow us to operate and ensure that we are able to secure and scale up a sizable business in Saudi Arabia.
We have a plan, a Capex plan in Saudi Arabia which will aid us to achieve our go to market. And currently there is a business plan which we are not communicating to our investors. But as of today, whatever assets are on the ground have been directly deployed from port to site. And as we move forward we will continue to try and implement the same practices whereby whatever Capex is being put to use in Saudi, they will move directly from port to site.
Sunil Jain
Yeah, thanks. So can you talk about the yield also over there? Whether they are better than India and also the margins which you make in India are the better from here.
Rishi Sanghvi
The yield profile is similar. The margin. The margin, sorry, the yield is better in Saudi Arabia as compared to India. However the cost of operations is higher and therefore because there are several regulations, several South Asian requirements as well as a higher cost of operating. So the margin will be slightly lower. However the yields are higher.
Sunil Jain
Will it be substantial or marginal?
Rishi Sanghvi
You know we are in the go to market phase so it is too early to comment.
Sunil Jain
And sir, second question relate to wind and non wind. So Q can someone tell me the contribution of revenue from wind and non wind are similar or is there any change in crane hiring businesses specifically not the epc?
Rishi Sanghvi
No, the revenue mix is similar to the previous quarters.
Sunil Jain
Okay, I got more question, I’ll come back in the queue.
operator
Thank you. The next question comes from the line of Akshay Satija from Alpha Infesco. Please go ahead.
Akshay Satija
Hi, congratulations on great set of numbers and thank you for the opportunity. The first question I wanted to ask w as we’ve recently seen CFO and our company secretary resigning with company going to do so well in upcoming futures with such significant plans could you quote help us understand what was reason behind the resignation?
Rishi Sanghvi
So you know Mr. Has been a dear supporter of the family and has operated for 30 years. However, we have very proud and happy to say that Mr. Pradeep Mehta who’s a qualified chartered accountant and has brings more than 30 years of experience to the table has joined us. So as we look to our future plans across Saudi Arabia in the renewables and in our core business we feel that we are now currently optimizing our team to better serve the needs of your company. The same situation with our company secretary. He has resigned due to personal reasons.
And we have a very good talent in Mr. Vina Bhagarwad. So as far as the compliance, corporate governance and these functions are concerned we only believe that going forward these positions will only strengthen and add to the requirements of the company’s growth vision and future business plan.
Akshay Satija
Okay. Okay. Earlier you mentioned revenue mixes. Could you quantify like we used to do earlier in our presentation that what was the contribution of wind and all the other sectors. Oil and gas and cement, steel.
Rishi Sanghvi
So going forward we will not be giving sectorial split of revenue. Because it is the management call now to that this is now become a issue with respect to our customers, competition, all other players. However, we can currently say that 50% of our revenue comes from wind and 50% of it comes from the remaining sectors.
Akshay Satija
Okay sir. Thank you.
operator
Thank you. The next question comes from the line of Mohammad Farooq from Paul Capital. Please go ahead.
Muhammad Farooq Abbasi
Good afternoon and congratulations for the good set of numbers. The company has recorded 80% year on year increasing top line revenues in Q1. With contribution from Saudi operation expected in Q2 onwards. Would it be reasonable to expect a full year revenue growth in similar numbers or more?
Rishi Sanghvi
Thank you for appreciating the efforts of the management in delivering good Q1 numbers for the order book. As we have mentioned, our order book right now is 767 crore. And that will form the basis of how we can look at the outlook for the next 3/4 of 767 crores. We have revenue of approximately 273 crores in the first quarter. So again I would request you to look at these numbers and extrapolate what would be the entire year’s revenue. As a management practice we do not give forward guidance.
Muhammad Farooq Abbasi
Okay sir. And the Korean rental segment has historically been strong but has recently faced headwinds and increased due to increase in competition with the wind EPC and project epc. Now contributing meaningful to the crane rental revenue and how the expansion again, you know. So can we expect more in crane rental revenues compared to last year? Because before you had a lot of head.
Rishi Sanghvi
Yes, we can expect further revenue. That is why your company is investing approximately 321 crores in the core crane rental business in India. So all of these caps will add to incremental revenue.
Muhammad Farooq Abbasi
Okay, so the last question in the prior quarters investor presentation contained more detailed operation and financial information which was very valuable to shareholders considering the company’s expansion across subsidiaries and geographies. Would the management consider restoring the level of detail in future presentation to provide greater visibility to the, you know, into performance?
Rishi Sanghvi
We’ll take it under advisement from our board of directors.
Muhammad Farooq Abbasi
Okay, sir. Thank you. Thank you and good luck.
operator
Thank you. The next question comes from the line of Bhagwat N from Prosperity Wealth Management Private Limited. Please go ahead.
Bhagwat Nayak
Thank you for the opportunity and congratulations on the strong quarterly performance. My question is on the current order book which is really relatively modest in the context of execution over the remaining three quarters, could you help us understand how this aligns with the full year revenue growth guidance of 25 to 30% that has been provided during the last quarter? Concur. Are there any significant other inflows? We are expecting to support this also.
Rishi Sanghvi
Moderator, the the participant is not audible at all. Can you put him back in the queue?
operator
Okay, sir, you. Hello. Come back in the queue.
Bhagwat Nayak
Am I audible? I’m audible now.
operator
Yes, please go ahead. Okay, you can ask the question.
Bhagwat Nayak
Am I audible now? Better.
operator
Yes. Yes you are.
Rishi Sanghvi
Yes. Yes please.
Bhagwat Nayak
Okay, so thank you for the opportunity and congratulations on the strong quarterly performance. My question is on the current order book which seems relatively modest in the context of execution over the remaining three quarters, could you help us understand how this aligns with the full year revenue growth guidance of 25 to 30% provided during the last quarter? Concur. Are there any significant order inflows that we are expecting to support this outlook?
Rishi Sanghvi
So the order book is as of 29th July 2025. Please bear in mind we are in the first quarter of the financial year and we have already registered an order book of 767 currents. We definitely expect to book further orders through the course of the year and we believe that. Again, I would ask you to look at the order book closing position in the first quarter with respect to the overall revenue in last year and do a similar comparison for this year. Okay?
Bhagwat Nayak
Okay, Understood. Thank you.
operator
Thank you. The next questions come from the line of the DHRUV Archekar from Tiger Assets. Please go ahead.
Unidentified Participant
Hello, am I audible?
operator
Yes sir, you’re audible. Please go ahead.
Unidentified Participant
Yeah, so good evening to everyone and congratulations to the management for a good set of number. So my question is regarding the average blended yield. So I can see that it’s a 2.11% of average blended win. And as you answer to the previous participant question that the yield is better in Saudi Arabia than India. So my question is that was the yield in Saudi Arabia and in India and how do you calculate the yield on a specific screen crane.
Rishi Sanghvi
Sorry, what is your first question?
Unidentified Participant
So my question was how do you calculate the yield on the cranes? And my second question was that was the what is the yield in Saudi Arabia and as well as in India.
Rishi Sanghvi
Yield is nothing but a function of your monthly rental rate divided by your histor historical cost of purchase.
Unidentified Participant
Okay.
Rishi Sanghvi
Today we are saying that our yield is better in Saudi Arabia than India. So if India is at 2.11% I yield in Saudi Arabia is better than India.
Unidentified Participant
Okay. Okay. And so my next question .
Rishi Sanghvi
Please excuse me. Please bear in mind that our cost of operations is higher in Saudi Arabia. Therefore our margins will be low.
operator
Thank you. The next question comes from the line of Jai Bharat Trivedi from Incred amc. Please go ahead.
Jay Bharat Trivedi
Hello, am I audible?
operator
Yes sir, you’re audible. Please go ahead.
Jay Bharat Trivedi
Yeah, thank you for the opportunity and congratulations to the team on great setups. Number first question to understand what would be the cash flow from operations in human.
Rishi Sanghvi
Sorry, you are not audible. Can you please repeat your question?
Jay Bharat Trivedi
Sir, I said what would be the cash flow from operation in Q1?
Rishi Sanghvi
Our total cash accruals. Our total cash accruals for Q1 was 81.63 crores.
Jay Bharat Trivedi
Okay. And sir, for the incremental 357 crores of CapEx that we would want to do, how do we intend to fund it? Via debt or through internal accruals Only.
Rishi Sanghvi
Our capex for the core crane rental business in India has been approved by the board of directors for 321crore. This capex will be funded through a mix of internal accruals and long term debt borrowings from our bankers.
Jay Bharat Trivedi
Any debt guidance you would want to give at peak, what would it be?
Rishi Sanghvi
Sorry, what is your question? Please repeat it.
Jay Bharat Trivedi
Sir, I see from the presentation that you have already incurred 114 crores of capex in India and 26 crores of capex in Saudi Arabia. For the remaining 207 crores in India and 100 to 150 crores in Saudi Arabia. What would be the debt to equity mix of this funding and at peak level what would be our debt levels? That is my question sir.
Pradeep Mehta
So that will maintain below one third of this Resume is around 0.35%.
Rishi Sanghvi
Debt to equity ratio. A debt to equity ratio will not go up beyond 0.35. And we will do. Our funding typically is between 10 to 30% of internal accruals and the balance through debt funding from our bankers.
Jay Bharat Trivedi
Okay. Sure. Thanks. And second question. Sir, last year we had received 356 crores of orders during the year which we also executed. How confident are we to execute an order? How confident are we of getting orders more than 356 crore and also executing it.
Rishi Sanghvi
Our current order book which will be executable in this financial year FY 2025-2026-0331-2026 as of today is 767 crores of which we have already billed in Q1 273 crore. We are confident of securing further orders in this financial year as your company is. And one lead indicator of this is the fact that your company is investing 321crores in its core career rental business by purchasing additional cranes which will be put to use directly from the port.
Jay Bharat Trivedi
Okay sir, thank you so much for t he opportunity and all the best. Sir, those are my questions.
operator
Thank you. The next question comes from the line of Sonia Keswani from Cohero and Wealth. Please go ahead.
Sonia Keswani
Hello.
operator
Yes, ma’a, y ou’re audible. Please go ahead.
Sonia Keswani
Yeah. Thank you. So I had just one question on. The expansion that you’re doing in Saudi Arabia. Is it going to be more into the crane?
Rishi Sanghvi
Our step down subsidiary Sangvi Movers Middle east is purely focused on crane rental business as of today.
Sonia Keswani
Got it. Thank you so much.
operator
Thank you. The next question, the next follow up question comes from the line of Sunil Jain from the Nirmal Bank Securities. Please go ahead.
Sunil Jain
Yeah. Thanks for taking my question again. Sir, my question relate to yield. Yield has seen improvement though marginal quarter on quarter and year it year on year both. So how you see the intensity, competitive intensity in the market. Are you seeing some cool down of competitive intensity or higher business which is coming and that is supporting the yield.
Gaurang Desai
So you know as mentioned previously we have been doing lot of interventions in terms of our salesforce. We have been you know doing a lot of interventions in terms of where we sell value selling. So you know can the number be increased from here perhaps? No. But we’ll able to, you know Maintain it going forward.
Sunil Jain
Great. Sir. Sir, second question. Relate to working capital for EPC business. So if you can comment on that. How much working capital days are invested in EPC business in India?
Rishi Sanghvi
No, we don’t have that information right now. But we can get back to.
Sunil Jain
Thank you very much.
operator
Thank you. The next question comes from the line of Aditya from Alpha Enterprises. Please go ahead.
Unidentified Participant
Yeah. No, no question. Just a welcome to Dr. Mohammed, to Mr. Mehta and Mr. Desai and wish y ou all the best. And wish you all the best to the MD Rishi as well. Thank you.
Rishi Sanghvi
Thank you so much.
Gaurang Desai
Thank you sir. Thank you.
operator
Thank you. The next question comes from the line of Mohit from Soup Love Research. Please go ahead.
Mohit Chugh
Hi, am I audible?
operator
Yes sir, you’re audible. Please go ahead.
Mohit Chugh
Hi sir, I have two questions. My first question is on order book. Out of remaining 500 crore order book can you provide us a split between traditional business and a new business of EPC?
Rishi Sanghvi
So the order book as of today is 767 crores of which we have built 273. One second please. As of today we are reporting the consolidated order book for the group as per the discretion of the management. We will discuss in future if we want to split it between the groups.
Mohit Chugh
Okay sir. Thanks sir. My second portion is on EPC business. I have read somewhere in an article that in quarter one India has installed around 1.6 gigabolt of pimp. So if you can provide us a data like how much EPC we have done from the total.
Rishi Sanghvi
So just because a turbine is sold it doesn’t mean it is erected. Because oftentimes there is a lot of delays in the on site execution of renewable wind energy projects. And revenue recognition for an OEM may not actually mean that the turbine has delivered and erected on site. Today we don’t give our order book in terms of megawatts completed because we are under non disclosure agreements with our clients. And therefore we cannot break up the order book into megawatts deliver.
Mohit Chugh
Okay sir. Thank you sir. Thanks.
operator
Thank you. The next question comes from the line of Himanshu from Walford pms. Please go ahead.
Himanshu Mali
Hello sir. Thanks for the opportunity. I have two questions. First is. First is related to data days. So how much are the data days for different business segments like Crane project and WindPC?
Rishi Sanghvi
We are not disclosing that information on a quarterly basis. However it will reflect in our annual report.
Himanshu Mali
Okay. And like in previous or in previous financial year FY25, we have a debtor days of 1110 days. Is there any improvement in the current quarter from that number?
Rishi Sanghvi
Yes, there is.
Himanshu Mali
Okay. Okay, thanks.
operator
Thank you. The next question comes from the line of Richard from Equity Master. Please go ahead.
Richa Agarwal
Sir, thank you for the opportunity. I just wanted to understand within the order book if you could just highlight what was the. What is the quantum that we are getting from KSA and going forward how do you. Where do you expect to end up? You know just rough estimates or any kind of sense in the volume of the business that you expect to gain from there?
operator
Ladies and gentlemen, the line for the management has been disconnected. Please stay connected while we reconnect them.
Ladies and gentlemen, thank you for your patience. The line for the management has been reconnected. Thank you. And over to you sir. Hello sir, am I audible?
Rishi Sanghvi
Yeah, we can take the next question.
operator
Okay. Sir, the next question comes from the line of a.m. lodha from Sanmati Consultant. Please go ahead.
Abhay Mal Lodha
Hello.
operator
Yes sir, your audible please go ahead.
Abhay Mal Lodha
Congratulations. A good set of number. And I just want a breakup of the your total debt. What? How much is the term loan and h ow much is the working capital loan?
Rishi Sanghvi
Sorry, we are. I cannot hear the question. Please repeat it.
Abhay Mal Lodha
Company. What? I. I want a breakup of the low debt. How much is for working capital and. How much is four terms long?
Rishi Sanghvi
No, till date the management has not given this breakup and we don’t present this at all.
Abhay Mal Lodha
These are the normal question and we are holding the control. You should have these type of figures. Ready live in your hands. Address the investor’s query.
Rishi Sanghvi
The net debt as of today is 395 crores. And net debt to equity ratio.
Abhay Mal Lodha
That I know sir, but I wanted breakup. Whatever. How much is the term loan after. How much is for working capital loans?
Pradeep Mehta
Practically balance sheet numbers are not mandatory to disclose on quarterly basis. This will be declared on the half yearly basis or annual basis. When you can raise some questions on balance sheet.
operator
Thank you. The next question comes from the line of Heman Shah from seven island pms. Please go ahead.
Hemant Shah
Hi. Thank you for the opportunity. Really appreciate the clarity of the business. Rishi. Thank you. So I have two questions. One is with respect to the capex of 321 crore planned in India. And as you said it is backed by firm orders. The same is the case with the capex which we have planned in Saudi Arabia for 100150 crores. I mean is it backed by the firm orders? The cranes are to be shipped directly to the site from the port.
Rishi Sanghvi
So as of Today we have 12 cranes that have been deployed on ground and all 12 cranes have moved from port to site. So we are in a GTM phase. I cannot tell you whether all 100150 crores are backed by orders. But we are confident in our business plan which we have not yet disclosed to the public as of right now.
Hemant Shah
Okay, great, great. Secondly, today our crane rental business total is around 600 crore approximately in the next three years including India and Saudi. What proportion of the crane business do you expect from Saudi with respect to India? So today is almost nil. But in the next three years can it be say almost 60, 40. 60% in India and 40% in Saudi in the next three years. I mean is this the vision of your business?
Rishi Sanghvi
You know I’ll not give you a ratio of what is Saudi to India, vice versa. What I will tell you is that the Saudi market looks very attractive as I have described. There is the next 10 years up to delivering vision. 20, 30 and beyond. The market is massive in Saudi Arabia. We see a huge potential for us to explore that market. And we believe we can build a sizable business in Saudi Arabia. And our vision is that one day it should parallel what we have established in India in the last 35 years.
Hemant Shah
Wonderful. So that means going forward our capex would tint towards Saudi visa vis India going forward. Maybe from next year onwards or do. You see the opportunity?
Rishi Sanghvi
You know, even today we are investing a total of 321crores in our core crane rental business of which we have already incurred 114 crores. And we have added 21 cranes to the fleet which have moved directly from the port to site. So I would not say that is a fair assumption to make. And we still have another 200 crores of capex planned this year where we will be adding another 55 grain.
Hemant Shah
Okay, great, great. Oh thank you so much and all the best, Rishi. And thank you.
operator
Thank you. The next question comes from the line of Sahil Kishore Jain from seven island pms. Please go ahead. Sir, your audio is very low.
Sahil Kishore Jain
Am I audible now?
operator
It is better. You can go ahead.
Sahil Kishore Jain
Thank you for the opportunity. So I just have one small question. What kind of competition do you see in Saudi and what kind of market market are you looking at to capture?
Rishi Sanghvi
So the Saudi crane market is not a mature market but it’s not a developing market. There’s a sizable crane market in Saudi Arabia. In terms of competition, we believe we are well placed to enter the market with a unique offering. Because we bring 35 years of intellectual property safety, the highest safety standards operating Processes, optimized cost, structures and technologies. It is our vision or plan to become a top five crane rental player in Saudi and the entire Management and Dr. Mohammed Alman is geared up to working towards that. As far as the market, there are several markets.
There is the oil and gas market which is predominantly dominated by Aramco and Aramco affiliates like Sabic. There are the PIF projects, then there are the infrastructure projects that are being built towards the FIFA World cup, the urbanization of major metros in Saudi Arabia, the intercity connection plans and so on and so forth. Beyond this, there are the Vision 2030 and PIF projects as well. So as we enter the market, we will be entering primarily in a certain geography and then we will expand throughout the country.
Sahil Kishore Jain
Okay, just one small follow up on that. So by 2030, if you can quantify the market share maybe like you are looking for in Saudi, I would.
Rishi Sanghvi
Instead of the market share, I would talk about positioning. So we would like to be within the top five crane rental players in Saudi Arabia by 2030.
Sahil Kishore Jain
Okay. Okay. Thank you so much. All the best. Thank you. Bye.
operator
Thank you. Ladies and gentlemen, we’ll take this as the last question for today. I will now hand the conference over to Mr. Rishi C. Sanghvi for closing comments.
Rishi Sanghvi
As we look towards the future, we are optimistic. We are aligned with the country’s growth story. We are delivering services in high growth sectors such as hydrocarbons, renewables, cement, metros and railways, thermal, power, oil and gas. And your company is now moving towards becoming a group of companies. We are proud of the fact that we have established our subsidiary in Saudi Arabia and received our first order thereby delivering our proof of concept and go to market. Our renewable business is taking off and we are excited for our future plans on how we pivot and develop that business model.
Today Sangreen Future Renewable Private limited accounts for 20% of the bottom line and going forward we are excited about its potential. Today I have surrounded myself with a strong set of people in Mr. Gaurang Desai as the Chief Operating Officer, Chief Executive Officer of our core SML business. Mr. Pradeep Mehta who is a chartered, qualified Chartered Accountant with 30 years of experience and Mr. Vinav Agarwal who is our Chief Compliance officer. Along with them they are joined by Dr. Mohammad Al Manaseer who is the Managing Director for a step down 100% wholly owned subsidiary in Saudi Arabia.
With this team I am confident and excited for the future and the optimism will yield in terms of returns for our shareholders. Thank you everyone for your time today. We look forward to interacting and engaging with you in our next conference call. Good day.
operator
Thank you. On behalf of Sanghvi Movers Limited t hat concludes this conference. Thank you all for joining us. And you may now disconnect your lines.