{"id":180313,"date":"2026-02-10T12:12:08","date_gmt":"2026-02-10T17:12:08","guid":{"rendered":"https:\/\/alphastreet.com\/india\/sanghvi-movers-limited-sanghvimov-q3-2026-earnings-call-transcript\/"},"modified":"2026-02-10T12:12:08","modified_gmt":"2026-02-10T17:12:08","slug":"sanghvi-movers-limited-sanghvimov-q3-2026-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/sanghvi-movers-limited-sanghvimov-q3-2026-earnings-call-transcript\/","title":{"rendered":"Sanghvi Movers Limited (SANGHVIMOV) Q3 2026 Earnings Call Transcript"},"content":{"rendered":"

Sanghvi Movers Limited (NSE: SANGHVIMOV) Q3 2026 Earnings Call dated Feb. 09, 2026<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Unidentified Speaker<\/strong><\/p>\n

Pradeep Mehta<\/strong> \u2014 Chief Financial Officer<\/em><\/p>\n

Pradeep Mehta<\/strong> \u2014 Chief Financial Officer<\/em><\/p>\n

Gaurang Desai<\/strong> \u2014 Chief Executive Officer<\/em><\/p>\n

Analysts:<\/h2>\n

Unidentified Participant<\/strong><\/p>\n

Deepan Sankara Narayana<\/strong> \u2014 Analyst<\/em><\/p>\n

Krupa Desai<\/strong> \u2014 Analyst<\/em><\/p>\n

Sunil Jain<\/strong> \u2014 Analyst<\/em><\/p>\n

Krishna Agarwal<\/strong> \u2014 Analyst<\/em><\/p>\n

Aashish Upganlawar<\/strong> \u2014 Analyst<\/em><\/p>\n

Pranav Pal<\/strong> \u2014 Analyst<\/em><\/p>\n

Bhagwat Nayak<\/strong> \u2014 Analyst<\/em><\/p>\n

Richa Agarwal<\/strong> \u2014 Analyst<\/em><\/p>\n

Presentation:<\/h2>\n

operator<\/strong><\/p>\n

Good evening and a warm welcome everyone to Q3 and 9 months FY26 earnings conference call of Sangri Movers Ltd. 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 your touchstone phone. Please note the investor presentation and the financial results are available on the Company website and the Stock Exchange. Also, anything said on this call which reflect our outlook for the future or which could be construed as a forward looking statement must be reviewed in conjunction with the risk that the Company faces.<\/p>\n

The conference call is being recorded and the transcript along which audio of the same will be made available on the website of the Company as well as on the Exchanges. Please also note that the audio of the conference call is the copyright material of Sanghi Movers limited And cannot be copied, rebroadcasted or attributed in the press or media without specific and written consent of the Company from the management. We have with us Mr. Gaurang Desai, Chief Executive Officer Mr. Pradeep Mehta, Chief Financial Officer Mr. Prajwal Kumar, Chief Business Officer and Mr. Akshay Pore, Chief Strategy Officer.<\/p>\n

Now I request Mr. Pradeep MehtA, Chief Financial Officer of of Sanghvi Movers Limited. To provide you with the updates for. The quarter and nine months ended 31st December 2025. Thank you and over to you sir.<\/p>\n

Pradeep Mehta<\/strong> \u2014 Chief Financial Officer<\/em><\/p>\n

Good afternoon everyone and thank you for joining us today. Let me begin by briefly covering our financial performance and then I will address some of the key areas that were discussed in prior interaction with the investors so we can provide better clarity on our operating model, seasonality, capital allocation and growth trajectory on business performance Overview this quarter reflects the continued strength of demand across infrastructure renewable metal, cement, hydrocarbon core, industrial segment. Our top line performance remains aligned with the annual trajectory we had outlined at the start of the year and execution momentum remains healthy across both domestic and Middle east operations.<\/p>\n

While quarterly moment may show volatility, our focus remains on annual performance, operating stability and disciplined capital deployment. On utilization and seasonability framework One of the most important operating metrics for our business is a crane utilization. Our business has well established season seasonal pattern. The second quarter of every financial year typically reflect software utilization due to monsoon linked site mobilization schedule. What is important is not quarter to quarter movement but the annual utilization ban. We continue to operate within a long term stable utilization range of approximately 75% to 80% as we move into third quarter. The utilization level has already normalized in line with historical trend and we remain confident of existing the year within our targeted annual band.<\/p>\n

Our Middle east operations will also help smooth signal fluctuation over time as geographic diversification increases on margin. This is the year of investment phase, not structural pressure. During the current year, the margin reflect deliberate investments into capability building rather than the structural cost pressure. We have expanded our operating base, strengthened safety and training infrastructure and build local capability in Saudi operations and enhance system to support a larger and more sophisticated fleet. These investments are necessary to capture the next multi year growth cycle so as new assets are deployed and utilized, utilization improves, operating leverage extends.<\/p>\n

We therefore expect margin normalization as we progress through the second half with further improvement as we enter FY27. Over order. Book quality and revenue visibility. The demand visibility remains strong. A substantial portion of current year revenue is already secured through confirm order and repeat plan relationships across wind, steel, cement, hydrocarbon and large infrastructure projects. Our order book is characterized by long standing customer relationships and staggered execution schedules that support predictable fleet deployment timing. Difference between quarter may occur but demand fundamentals remain robust on Middle east operations or Middle east platform continue to scale steadily. The first year of operation in any new geography is always mobilization led and we are seeing strong inquiry pipelines and encouraging client engagement.<\/p>\n

The pricing dynamics in the region are favorable while operating costs are higher than India. The yield profile remains healthy and assets level economics are broadly aligned with our return framework. As scale build through FY26 and 27, operating efficiency improve and contribution become more meaningful on capital allocation and return discipline. So our capital allocation remain disciplined throughout the year and every CAPEX decision is evaluated under a return framework focus on utilization yield and long term return on capital employed. Our medium term operating anchor remains utilized in the range of 75 to 80% band. EBITDA margins are structurally healthy with operating leverage benefit at fleet scales.<\/p>\n

ROC is targeted mid teens range on deployed capital. These anchors guide our growth strategy and ensure balance sheet strength remain intact on working capital. The receivable movement during the previous quarter largely reflects billing and milestone timing across multiple sites. Collection have accelerated during the current quarter and we are we expect working capital metrics to normalize in line with historical level. There is no structural stress on working capital so SML today is transitioning from domestic equipment rental leader into a multi country infrastructure service platform with deeper client relationships, higher visibility and diversify growth engine. FY26 is a year of investment, fleet valuation and geographic scaling.<\/p>\n

FY27 and FY28 are positioned to benefit from operating leverages as these assets and capability reach full productivity. So we remain committed to stable utilization, disciplined margin, strong cash generation and long term value creations. Thank you. And we trust that all the investors have reviewed the financial results available on the stock exchange and the investor presentation published on our website to optimize time for Q and A. I will avoid repeating information already in the public domain, however we can address any financial details during the Q and A session if required. So I will now hand over to my colleague Mr.<\/p>\n

Gaurav Desai to share the business outlook over to you, Gorak. After that we will open the floor for question and answer.<\/p>\n

Gaurang Desai<\/strong> \u2014 Chief Executive Officer<\/em><\/p>\n

Thank you Pradeep so much and once. Again good afternoon everybody and thank you. For joining us today. On behalf of the Board and the entire team of our company, I would like to begin by sincerely thanking all our investors for your continued trust, confidence and long term partnership. Your belief in our journey enables us to keep building stronger, more resilient and a future ready organization before we kind of get into the business. You know, in the last call there was mention about what is Elevate 2030. So I said, you know, let me take this opportunity and brief on the vision of Elevate 2030. So Elevate 2030 is a multi year transformation agenda designed to be the high performance, globally competitive and it anchored around six core pillars, number one, geographical expansion.<\/p>\n

So we have already seen, you know, successful entry into the KSA market and you know we are particularly excited that we have secured our first order outside of KSA in Botswana, making an entry into a new region and opening the door to long term opportunities across Africa. This milestone reflects global trust in our capability, execution, strength and reliability. People in culture first so we believe in developing leadership and culture in the organization. Here I would like to say that we’ve been consciously sensing not just assets and market presence but our culture because we truly believe empowered people who take ownership on the ground are central to our vision of Elevate 2030.<\/p>\n

Customer centric approach. Our solution led engagement and deeper customer partnership are driving sustained confidence and repeat business, strengthening our position in key market technology and digitalization digitizing process for scalability, transparency. Better decision making remains core to elevate 2030 enable faster response times and improved operational control financial growth. So Elevate 2030 is enabling us to build a stronger leadership bench, more resilient system, a growing international footprint, disciplined and profitable growth. Elevate 2030 is not a fixed financial target or a rigid business plan. It is a long term transformation framework designed to consistently Evolve a company into stronger, more scalable, globally competitive organization.<\/p>\n

At its core is building the engines that sustainably drive growth rather than chasing short term numbers. Together this pillars are shaping of how we operate, how we win the business and how we scale. I will now share a brief overview of business outlook so your company continues to demonstrate strong momentum and exhibition resilience. As on December 26th our consolidated order book stood at around 1800 crores out of which around 1200 crores are executable in this financial year. This robust order book provides strong revenue visibility for the financial year. Further reinforcing this momentum, our inquiry pipeline has expanded to almost 23,000 crores reflecting sustained demand and high customer confidence across all our core markets.<\/p>\n

You know, let me give a quick. Overview of the markets as well. India’s growth we believe is driven by on ground execution rather than the policy intent alone. Infrastructure, renewables, energy, industrial are translating to real projects. The Union budget announced a record capital expenditure of 12.2 lakhs crores. That’s an 11% year on year increase. This also reinforced government multi year commitment to roads, railway, port, logistics, etc. Renewable capacity continues at a scale with almost 5 1\/2 gigawatt added in 2025. Core industries such as steel, cement, refineries, thermal continue to see healthy activity driven by capacity expansion, groundfield expansion and this diversification also reduces cyclicity and provides stability across markets.<\/p>\n

So you know, now I open the floor to the Q and A. Thank you so much Once again,<\/p>\n

Questions and Answers:<\/h2>\n

operator<\/strong><\/p>\n

thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press STAR and one on your touchstone 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 will wait for a moment while the question queue assembles. The first question is from the line of Deepan Shankara Narayan from Trustline Holdings Private Limited. Please go ahead.<\/p>\n

Deepan Sankara Narayana<\/strong><\/p>\n

Good afternoon everyone and thanks a lot for the opportunity and congratulations for strong crane hiring revenue growth during this quarter. So firstly from my side though, we have very strong capex plans for FY26 but this revenue execution has slowed down during Q3. So is management actually witnessing CAPEX spend slowing down on the ground and do we expect this execution picking up in the upcoming quarters?<\/p>\n

Gaurang Desai<\/strong><\/p>\n

Thank you, thank you for the question. And you know we have a capex plan of 629 out of which substantial portion has already been delivered, mostly more so in the last quarter. And you know we are expecting further deliveries from OEM for around 102.121crores of capex is pending in India and 147 balance in Saudi India. So we anticipate that this will be fulfilled over Q4 and we’re able to see the benefits of it going in the next financial year.<\/p>\n

Deepan Sankara Narayana<\/strong><\/p>\n

Okay, that. I got it sir. But. Are we seeing capex spends slowing. Down in the ground? That. That’s what I wanted to get from you<\/p>\n

Gaurang Desai<\/strong><\/p>\n

sir. As I mentioned that you know, we don’t see a slowdown happening in the market because as I mentioned that you know our employee pipeline has increased to almost 2,900 crores and we are seeing traction in all the core industries. I hope I have answered your question.<\/p>\n

Deepan Sankara Narayana<\/strong><\/p>\n

Okay, okay, got it. And so last year, from the last year numbers we have increased the CAPEX substantially. So what is the CapEx kind of CapEx spends? Are we planning or anticipating for FY27 are this kind of run rate will. Sustain next year also<\/p>\n

Gaurang Desai<\/strong><\/p>\n

sir, we are running that budgeting process in this big company. And once this budget is approved by the board of directors we will reveal about the CapEx for the next financial year, sir.<\/p>\n

Deepan Sankara Narayana<\/strong><\/p>\n

Okay, okay. And one last question from my side specific to this Wind EPC segment. So we have seen sharp degrowth in revenues and also margins also come lower as compared to year on year and Q on Q. So what are the key reasons for that?<\/p>\n

Gaurang Desai<\/strong><\/p>\n

So for Project Wind, EPC and all this business normally the timing difference between the quarter may occur but fundamental demand remains robust and as we go ahead it will convert it. So we have to look from the annual basis because the quarter on quarter it may move some some volatility but our focus remain on annual performance and then operational stability and we are receiving capital is deployed. So also you know, if you see the numbers last, last year in, in nine months of this financial year we are almost equal to the last financial year. So we are seeing a good traction. In terms of revenues there as well.<\/p>\n

Deepan Sankara Narayana<\/strong><\/p>\n

Okay. Okay. Thanks a lot and all the best.<\/p>\n

operator<\/strong><\/p>\n

Thank you. Ladies and gentlemen, to ask a question please press star and one now participants who wish to ask questions may please press star and one at this time. Ladies and gentlemen, in order to ensure that management is able to address questions from all the participants in the conference call, please limit your question to two per participant. The next question is from the line of Krupa Desai from Electrum Capital. Please go ahead.<\/p>\n

Krupa Desai<\/strong><\/p>\n

Hello. Am I audible?<\/p>\n

operator<\/strong><\/p>\n

Yes ma’. Am. Please go ahead.<\/p>\n

Krupa Desai<\/strong><\/p>\n

Yeah, so firstly I wanted to know what is our gross debt right now?<\/p>\n

Gaurang Desai<\/strong><\/p>\n

Gross debt date is around. Gross. It will be around 650 plus number.<\/p>\n

Krupa Desai<\/strong><\/p>\n

Okay. And so going ahead, how do we see the finance cost and the depreciation? Does this number continue? Yeah.<\/p>\n

Gaurang Desai<\/strong><\/p>\n

So the depreciation is basically as new assets are capitalized. Depression will increase in line with the fleet expansion. But this is a part of growth rate. So over time what will happen? The higher utilization and the revenue scale up will support operating leverages against this itself.<\/p>\n

Krupa Desai<\/strong><\/p>\n

And so in this quarter wind EBITDA margins was as per our guidance 10 to 12%. Because you haven’t given the margins in the presentation.<\/p>\n

Gaurang Desai<\/strong><\/p>\n

So ma’, am, you have to take on YTD basis which is we already guided in past also the margin in this business is between the range of 10 to 12% and the quarterly variations happen. But you have to look from the long term angle.<\/p>\n

Krupa Desai<\/strong><\/p>\n

Okay. So and for the next year in the presentation, for the next quarter in the presentation you had mentioned that 500 crores of order execution is pending. So can we expect 500 crores of revenue in the next quarter? And of the order book, how much is from the cranin, how much is from the EPC business? Can you guide that?<\/p>\n

Gaurang Desai<\/strong><\/p>\n

Yeah. About the order achievement in this quarter 4 there is a 10 to 15% variation is possible because of a lot of reason from the client side and other side. So variation is possible. We are targeting our best to get the number of thousand plus CR reno. We are targeting for the current conservative.<\/p>\n

Krupa Desai<\/strong><\/p>\n

Okay, answer of the order book. How much is a crane rental and how much is. Etc.<\/p>\n

Pradeep Mehta<\/strong><\/p>\n

You know also in past we have never given forward guidance. And this also you know we would like to request you to avoid it. Because it’s also competitive in nature. Competitive retire in nature.<\/p>\n

Gaurang Desai<\/strong><\/p>\n

What happened? While we do not provide this granule backup what you are asking. But the overall structure of the book remain consistent. And with your historical model we are dominating by crane rental, land work and then stagger execution schedule and repeated customer. So demand fundamental remains healthy. And also this sfrl, this wind project epc they feed the SML train requirements.<\/p>\n

Krupa Desai<\/strong><\/p>\n

Okay sir. Okay. That were all my questions.<\/p>\n

Gaurang Desai<\/strong><\/p>\n

Thank you.<\/p>\n

Pradeep Mehta<\/strong><\/p>\n

Thank you ma’. Am.<\/p>\n

operator<\/strong><\/p>\n

The next question is from the line of Sunil Jain from Nirimal Bank Securities. Please go ahead.<\/p>\n

Sunil Jain<\/strong><\/p>\n

Yeah, thanks for taking my question sir. So if I see your segmental information. The grain hiring a bit is around 49 crore as against last quarter 50 crores. Whereas our revenue are substantially higher and. As compared to last year. And also our utilization in yield Are also higher than last year. So was there any one off expenses. Because of that has declined quarter on quarter?<\/p>\n

Gaurang Desai<\/strong><\/p>\n

Yeah, very good questions and thank you Mr. Sunil. There are some one of the excess item. Is there labor code and certain dentist. Am I audible?<\/p>\n

Sunil Jain<\/strong><\/p>\n

Yeah, there is some breakdown in the voice.<\/p>\n

Gaurang Desai<\/strong><\/p>\n

So I’m saying. There are certain exceptional items are also there which is given on the PNL statement. Exceptional item basically on the labor board impact we have built in. We have provided provided in the books of account and there is some assets with it. So we have put up in the pre and l. Conservatively the insurance claim is under process.<\/p>\n

Sunil Jain<\/strong><\/p>\n

So can you quantify how much is the total amount for that<\/p>\n

Gaurang Desai<\/strong><\/p>\n

on group level it is 8 crore. Total amount is 8 crore which is charged in this quarter for the current year. It’s already given in the results.<\/p>\n

Sunil Jain<\/strong><\/p>\n

Fine, fine. That exceptional item was 8.4 crore which. You are talking about.<\/p>\n

Gaurang Desai<\/strong><\/p>\n

Yes, yes.<\/p>\n

Sunil Jain<\/strong><\/p>\n

Okay. Okay. Adjusted to that the things will get normalized.<\/p>\n

Gaurang Desai<\/strong><\/p>\n

Yeah.<\/p>\n

Sunil Jain<\/strong><\/p>\n

And yeah, that’s all from me. Thank you.<\/p>\n

Gaurang Desai<\/strong><\/p>\n

Thank you. Thank you.<\/p>\n

operator<\/strong><\/p>\n

Thank you sir. Ladies and gentlemen, to ask a question please press star and one now Participants who wish to ask questions may please press star and one at this time. The next question is from the line of Krishna Agarwal from Mangal Kesha Financial Services. Please go ahead.<\/p>\n

Krishna Agarwal<\/strong><\/p>\n

Hello.<\/p>\n

Unidentified Speaker<\/strong><\/p>\n

Hello sir.<\/p>\n

Krishna Agarwal<\/strong><\/p>\n

Yeah sir, so I have two questions to ask. So the first one is Sir, I had question regarding our expansion strategy. So sir, recently we are. We have expanded into Saudi Arabia. Now we see SML expanding simultaneously into Botswana, South Africa and now in Qatar. So sir, what gives you the confidence of the reason to diversify across multiple geographies at the same time Instead of like first scaling up in one market and then expanding gradually to others. And say what is the strategic rational behind this back to back international expansion in such a short span of time? And say more importantly what are the key execution risk or potential down downsides.<\/p>\n

That we might see going forward.<\/p>\n

Pradeep Mehta<\/strong><\/p>\n

So firstly thank you. Thank you for asking this question. So the basic rationale behind the KSA expansion. If you look at our vision which will talk about delighting the world by providing sustainable and scalable engineering solutions. So with this thought when we come up with the very executable framework which allows us to deliver on this vision. Very agree. We started thinking of how we can. How we can grow beyond India as a market after 35 years. And Saudi was an obvious choice because of the kind of growth room it is offering for next five to 10 years.<\/p>\n

And that’s where we decided to Grow into Saudi. So to give you some outlook on the Saudi Saudi is going to grow and Saudi train rental market we are expecting to grow at 1.7 times in coming five years and which is backed by multiple agendas starting with the Vision 2030 of Saudi Arabia and they wanting to avoid their over dependence from oil and gas where they are trying to invest heavily into transport and tourism, construction, chemicals and energy projects. So which is allowing, which allows Sangvi to take this expansion and were very agreed. When we started deploying our manpower and assets into the market we realized that we have developed a repeatable capability and we wanted to capitalize on this capability.<\/p>\n

So especially talking about Qatar, we are not looking at each of the country in GCC market very separately. For us it is a one engine growth and we are looking at that because there are a lot of options to cross synergize the benefits by expanding into GCC region. In fact it is one of the agenda. The question you ask is about what are the risk you are exposing yourself to. And we do not want to expose all our capital investment to one country in the new region. And that’s where the idea of Qatar is coming in.<\/p>\n

And we are not going in different countries with the different tracks. We are following our customers. So whatever customer connects we have established with Saudi market we have a leadership team which is very very capable to transfer this capabilities and get business into different countries. So we are following our customers. We have got our first inquiries from Qatar and we are serving those inquiries with the common leadership from smm. At the same time, Botswana again as I said, it was a very very interesting opportunity. By the same logic of following the customer and when customer offered us to work with them in the global territory of Botswana, we evaluated multiple options to serve our customer.<\/p>\n

And when it was win win for both of us, we agreed to take this order. And we are very very clear that while delivering or we are interested excited about this order, we are not giving up on our strategic framework or our singulars which Gagam talked about earlier in the 11th. We are keeping our eyes on the financial framework. We are keeping eyes on what kind of benefits returns we are getting. We are, we are having our eyes on the risk and how we can cover all these risks.<\/p>\n

Krishna Agarwal<\/strong><\/p>\n

Okay. Yeah, answer. My second question was regarding tower cranes. So sir, since Sangri Movements operates a large fleet of over 485 trains across major category. So sir, why does Angry movers currently. Does not offer tower cranes on rental. Basis Given the rising construction demand for tall buildings as well as redevelopment and restructuring of existing small buildings into taller ones. So sir, tower claims appears to be to present a significant opportunity in the long term and the near term too. And also sir, as you know, these claims typically generate long term sticky rental revenue as they remain deployed for the full construction cycle of a building. That is until a building is fully constructed. So sir, thereby providing revenue, visibility and stability for the long term for family movers if they diversify into this crane rental segment.<\/p>\n

So sir, what’s your opinion on this?<\/p>\n

Pradeep Mehta<\/strong><\/p>\n

So thank you very much for the question again. But if you, if you look at when I when we earlier spoke about elevate pillars of product portfolio expansion, this exactly means that we remain interested in exploring the opportunities about diversifying our products from Crowler and Tire Mountain Crane. But at the same time it is very important to realize that there are five key framework which we follow. And basically it talks about customer competencies, cost channel and competition. So as long as there is an overlap when we are expanding into any new product category, if it allows us to work with any of these files, then we are very, very eager and we are very excited to take a leap into this new business.<\/p>\n

And we have done that with couple of other products and maybe just a program.<\/p>\n

Gaurang Desai<\/strong><\/p>\n

So we have already done that. So for example, you know, last year we have understanding with a company called MTNT where you know we have got into gone into spiders so we lease out spider cranes to them. You must have also seen your news articles on you know, association with ACE. So as a company in our journey for Element 2030, we are evaluating all these options but with a framework or a perspective in mind.<\/p>\n

Pradeep Mehta<\/strong><\/p>\n

And just to give you a complete closure specifically about your question on tower cranes, we believe that the tower cranes require different competencies. The kind of competencies we have with our cranes are completely different than the tower crane operations. So yes, we can explore that capacity only if we believe that there is a competency with which we can differentiate from the existing sets.<\/p>\n

Krishna Agarwal<\/strong><\/p>\n

Okay sir, okay. Thank you.<\/p>\n

operator<\/strong><\/p>\n

Thank you sir. The next question is from the line of Ashish from Invest Q pms. Please go ahead.<\/p>\n

Aashish Upganlawar<\/strong><\/p>\n

Yes, I thank you for the opportunity. Just wanted some details on the domestic market. How do you see the. The utilization for your drains plan, the yields shaping up? Some, some details on this would help. What are you seeing on the ground and also the competitive intensity there on the ground and stuff. Second is on the Saudi and EPC businesses that we have. So is there, is it possible to give us some framework as to what kind of scale are we looking at? In what time frame? Years. Because what you understand is the logic is to expand our skill set into newer geographies so that we have better scale in the overall operations.<\/p>\n

So if you could help us with this maybe what are you looking at maybe one or two years down the line on these newer geographies that will help us to visualize where something is moving.<\/p>\n

Gaurang Desai<\/strong><\/p>\n

So. So it’s a very interesting question as compared to domestic market. You know I did touch upon that we are looking at growth and there’s growth in all the sectors and you know elevate is especially being, you know, kind of derived or you know, dreamt of us so that we are able to you know, kind of set the direction of where we want to go, you know, Saudi and Wind dpc. So it will tantamount to kind of we give you a forward guidance which we avoid. However, the growth momentum, what you know, your company is able to achieve, I think that that would be sustainable in times to come.<\/p>\n

Aashish Upganlawar<\/strong><\/p>\n

Okay, any details on this thing? Because being shareholders we would be interested in understanding what the management’s thought process is business for us.<\/p>\n

Gaurang Desai<\/strong><\/p>\n

So specifically when we spoke about Saudi business earlier, we are expecting the market to kind of double its capacity especially on the crane rental side in the next five years. And we have entered last year and the initial idea was to get our MVP right which is a minimum value proposition by entering and following your key clients and entering with the products which are in demand. So I think very early we have tested a success and now we remain very bullish on our investment with the very high quality leadership team we have got and we are looking at gaining a market share of almost 5% in next three to five years which may request.<\/p>\n

Which may ask us to keep very relevant. Keep very relevant capital investment into the business. But yes, we are trying to explore our ways into the more stable market which is more towards oil and gas. So we are trying to crack that market. As of today our exposure is mainly towards infrastructure market which is very easier market to crack. But going forward we will focus on oil and gas also. And to just to say that we we are eyeing 5% market share in next three to five years.<\/p>\n

Aashish Upganlawar<\/strong><\/p>\n

Okay, so just a small request. Is it possible to share some email ID contact number so that we can get in touch with your investor relations team? Because not been able to get in touch till now. It’s been pretty difficult getting through. So could you share with investors?<\/p>\n

Gaurang Desai<\/strong><\/p>\n

Yes, definitely. ENY is our investor relationships. We have engaged them and we’ll ask them to connect you.<\/p>\n

Aashish Upganlawar<\/strong><\/p>\n

Please because last quarter also I tried but it was difficult to get through. Thank you.<\/p>\n

Gaurang Desai<\/strong><\/p>\n

Yeah. Even you can write to company secretary. Also email ID is given and ENY is also available. So there are two channels available to connect with us.<\/p>\n

Aashish Upganlawar<\/strong><\/p>\n

Okay. Would like to have a maybe a. Detailed conversation one on one. It will help us to understand. Thank you.<\/p>\n

Gaurang Desai<\/strong><\/p>\n

Sure. Definitely sure. You are welcome.<\/p>\n

operator<\/strong><\/p>\n

Thank you sir. The next question is from the line of Pranav from Prudent equity. Please go ahead.<\/p>\n

Pranav Pal<\/strong><\/p>\n

Hi. Am I audible?<\/p>\n

operator<\/strong><\/p>\n

Yes sir.<\/p>\n

Unidentified Speaker<\/strong><\/p>\n

Yes. Yes.<\/p>\n

Pranav Pal<\/strong><\/p>\n

Yeah. So my question was like majority of our revenues come from the wind sector, right? So how do you foresee the demand. In this wind and wind renewable sector?<\/p>\n

Gaurang Desai<\/strong><\/p>\n

So see as of as of now we have a strong order book position on the. In terms of the orders also what Gaurang has already informed we have 1800 crores of order book to be executed out of which 700 has executed. And we are hoping to reach thousand by end of this year. And further we have remaining already secured for the upcoming year. And we are seeing lot of momentum in this segment this year country has installed record number of turbines and turbines got getting commissioned also.<\/p>\n

Pranav Pal<\/strong><\/p>\n

Right. So like and the other question was when do you expect the Saudi business to break even?<\/p>\n

Gaurang Desai<\/strong><\/p>\n

So as we have repeatedly told in our last meetings also we are expecting 12 to 14 months. We are expecting for breakeven time for Saudi.<\/p>\n

Pranav Pal<\/strong><\/p>\n

Oh okay. Yeah, that’s it. Thank you.<\/p>\n

operator<\/strong><\/p>\n

Thank you. The next question is from the line of Bhagwat from Prosperity Wealth Management Private limited. Please go ahead.<\/p>\n

Bhagwat Nayak<\/strong><\/p>\n

Thank you for the opportunity. My question is regarding the balance revenue. To be booked for the year. So that’s approximately 500 code is what mentioned in the presentation. So you mentioned that around 15% of. The order book may spill over to the next year. Just wanted to know is this 15%. Estimated on the total executable order for order of 1200 crore for the year. Or on the pending revenue of 500 crore.<\/p>\n

Gaurang Desai<\/strong><\/p>\n

So just to reiterate and thank you for asking, you know we have a total order book of 1860 crores. And executable order in this year is around 1200 crores. And yes, you know our revenue guidance always has been that we will you know touch thousand plus crores. So that leaves almost 600 crores of order to be spilled to the next year. I hope I answered your question.<\/p>\n

Bhagwat Nayak<\/strong><\/p>\n

My question was on the remaining 500. Crore that we expect to execute for during the year. So I’m 15%. Is this calculated on the 1200 crore or 500 crore? Just so wanted to understand that point. Some clarity on that,<\/p>\n

Gaurang Desai<\/strong><\/p>\n

you can consider conservatively on 1200.<\/p>\n

Bhagwat Nayak<\/strong><\/p>\n

1200. Okay. Okay. Okay. So my second question with regards to the anti dumping duty on import of certain cranes from China. So when do we expect this final notification for implementation and what would be the impact on Sangri’s business? If you could comment on this, please.<\/p>\n

Gaurang Desai<\/strong><\/p>\n

So, you know, there was a notification. But after that I think things have. Been quiet and you know, we are. We are also not in a position to gain any inside information on the same. So, you know, it’s a status quo as of now.<\/p>\n

Bhagwat Nayak<\/strong><\/p>\n

Okay. Whenever it happens. So what would be the impact on our business?<\/p>\n

Gaurang Desai<\/strong><\/p>\n

So it’s a very good question and also very, you know, difficult to comprehend because, you know, industry as a whole will get affected below particular capacities. You know, we hope that, you know, this can also lead to, you know, margins improving.<\/p>\n

Bhagwat Nayak<\/strong><\/p>\n

Okay. We can expect increase in margin whenever it happens, right?<\/p>\n

Gaurang Desai<\/strong><\/p>\n

Yes.<\/p>\n

Bhagwat Nayak<\/strong><\/p>\n

Okay. Okay. Thank you so much for answering.<\/p>\n

operator<\/strong><\/p>\n

Thank you, sir. The next question is from the line of Reacher from Equity Master. Please go ahead.<\/p>\n

Richa Agarwal<\/strong><\/p>\n

Thank you for the opportunity, sir. So while you’re not sharing like what order book breakup is like going forward two to three years from now, do you expect the share of rental itself to come below 60%? You know, if there is any kind of. Because the margin profile is very different in your rental and EPC business. So if you could just give us a, you know, broad idea of where do you want this mix to be over three to five years.<\/p>\n

Gaurang Desai<\/strong><\/p>\n

So thank you for asking. And ideally we would like to maintain the parity what we have in terms of our grain rental and EPC business. And you know, that’s the reason we are looking at international expansions. So we hope to maintain this. Hello, can you hear.<\/p>\n

Richa Agarwal<\/strong><\/p>\n

Yeah. Yes. Yes.<\/p>\n

Gaurang Desai<\/strong><\/p>\n

Yeah. So we hope to maintain it. And that’s why, you know, you’re seeing a lot of expansions happening. We are going out of India. International clients are requesting us to know, come, come with them in their own journey of international projects.<\/p>\n

Richa Agarwal<\/strong><\/p>\n

And sir, your revenue from the wind EPC itself, like I think it, it was very high thousand plus in June in terms of execution. And after that, you know, there was a monsoon period where it got curtailed. But even in the third quarter, I think it’s in the same range. So I mean, what kind of traction or what kind of challenges are you seeing there?<\/p>\n

Gaurang Desai<\/strong><\/p>\n

So ma’, am, as I pointed out that last in nine months we have reached the last year’s number. So there’s definitely a growth. I mean, you appreciate that wind EPC. And EPC per se. You know there are a lot of uncertainties in terms of rows land acquisition so revenue, you know, quarter to quarter it may not be a right perspective to see but on a yearly basis I think things should even out.<\/p>\n

Richa Agarwal<\/strong><\/p>\n

Okay and sir, within this pipeline of you know 29 billion odd like can you just share some kind of further details like where is the demand most strong with segments are showing strong momentum and you know given this order book I mean is it a fair assumption that your capex will be higher than what it was this year?<\/p>\n

Gaurang Desai<\/strong><\/p>\n

So ma’, am, answering your first question I think, I thought, I think you’re you know kind of referring to the inquiry pipeline of 2,900 crore if I understand you correctly.<\/p>\n

Richa Agarwal<\/strong><\/p>\n

Yes, yeah.<\/p>\n

Gaurang Desai<\/strong><\/p>\n

And ma’ am you would appreciate that you know you’re a listed company and you know this is a sensitive information also it’s a competitive sense information. So you know we would not be in a position to share that. And in terms of you know, capex I think again to retrace the point that 600 capex is planned for this financial year and you know the benefits of which we will see in next year.<\/p>\n

Richa Agarwal<\/strong><\/p>\n

Okay, but I mean some kind of directional sense, you know whether it can be higher or would you like to. Maintain it at similar levels.<\/p>\n

Gaurang Desai<\/strong><\/p>\n

Ma’, am, we are in the process of making a business plan and unless we take it to our board we are not allowed to.<\/p>\n

Richa Agarwal<\/strong><\/p>\n

Okay sir,<\/p>\n

Gaurang Desai<\/strong><\/p>\n

I hope you understand ma’. Am.<\/p>\n

Richa Agarwal<\/strong><\/p>\n

Yeah, yeah sure. Thanks. All the best.<\/p>\n

operator<\/strong><\/p>\n

Thank you. Ma’, am. The next question is from the line of Rajesh Agarwal from Manior Investment Advisors. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Sir, I’m new to the company. I have some few questions. What do you mean by yields? When you tell a 2% needle, 3. And a half percent. What. What does it mean?<\/p>\n

Pradeep Mehta<\/strong><\/p>\n

So yield means the revenue, whatever we are getting on the cross, gross value of the assets. So that is the meaning of yield per month. Like if you are investing 100 rupees then you are getting 2% yield per month. So that is 2 rupees revenue per month. So that’s the yield calculation.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. And the. Okay. Basically a gross profit. No,<\/p>\n

Pradeep Mehta<\/strong><\/p>\n

no, no. It’s a gross revenue.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, understood sir. And is the yield more in Saudi business?<\/p>\n

Pradeep Mehta<\/strong><\/p>\n

Yes, yes, definitely in the range of 3.5 plus.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. Okay then the investment makes sense over there. Now for the capex.<\/p>\n

Pradeep Mehta<\/strong><\/p>\n

Yeah, yes, yes you’re right.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Right. And so the EBITDA has come down this. It is because of the mix or because There are a lot of expenses of Saudi.<\/p>\n

Pradeep Mehta<\/strong><\/p>\n

Yeah. There’s a revenue which is deciding about the EBITDA Blended ebitda.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay.<\/p>\n

Pradeep Mehta<\/strong><\/p>\n

And there are certain. Yeah, sorry please.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

So ebitda, EBITDA in EPC business are. Lower than the claim business. That’s right.<\/p>\n

Pradeep Mehta<\/strong><\/p>\n

Yeah, yeah. Yes, you’re right.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, so can you give me a separate EBIT or. No, not possible.<\/p>\n

Pradeep Mehta<\/strong><\/p>\n

So normally ebitda for wind EPC business ranging between 10 to 1215. It depends on the projects, what type of project we are executing and crane rentals business is normally around 50 plus. It goes plus or minus 5% on depends on the requirement, demand and competition.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, so now all the demands are coming from which sector? It’s coming from wind or which sector?<\/p>\n

Pradeep Mehta<\/strong><\/p>\n

The demand is very robust and it’s the. It’s coming from all infrastructure Renewables, metal, cement. Like Mr. Gorang explained, the recent budget also has improved to 12.2 lakhs total infrastructure development, even hydrocarbon. There are multiple time industries where the growth is coming.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

So then the growth and the order momentum will be maintained once because last quarter if you build, if you see the only balance order will be 600 crore. So again what is the gap for. Getting the orders another six months. How can we build the order book again?<\/p>\n

Pradeep Mehta<\/strong><\/p>\n

No see if you see our investment investor presentation we already booked the order till date is around 1860 as on 31st December and out of that? Out of that only the 1000 plus revenue will come but rest of the things you will come going to next year and before the financial year starts we already have order book in our hand between 30 to 40% order book in our hand which gives a complete confidence of putting the entire year revenue in mid of the year last part, last third quarter of the year will be having revenue certainty.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. And so does solar power require cranes for solar power? Do we require cranes for installation?<\/p>\n

Gaurang Desai<\/strong><\/p>\n

Not the very small capacity cranes are required.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, small capacity. So solar power won’t be a big. Business too for us. Will it be a big business for us?<\/p>\n

Gaurang Desai<\/strong><\/p>\n

No. For the crane rental? No,<\/p>\n

Unidentified Participant<\/strong><\/p>\n

no, no. Okay, so and what will be the. CAPEX of next year? 26 and 27 CAPEX and maintenance CAPEX.<\/p>\n

Pradeep Mehta<\/strong><\/p>\n

I think we already explained in last two, three candidate also are the same thing but we are running our annual operating plan process and we are putting up it for the board approvals once. It is approved by the board.<\/p>\n

operator<\/strong><\/p>\n

Maybe request you to the question.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yes, thank you. Thank you.<\/p>\n

operator<\/strong><\/p>\n

Thank you sir. The next question is from the line of Mohammed Farouk from Pearl Capital. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Good afternoon and thank you for the opportunity. The company has indicated a Q4 revenue target, approximately 500 crores. Which would be meaningful step up from historical quarterly performance given that around 38 days of the quarter has already elapsed. Could you help us understand the current revenue visibility for Q4 in terms of order already executed, invoicing progress and scheduled billing. And how confident is the management at this stage of achieving this 500 crore target?<\/p>\n

Gaurang Desai<\/strong><\/p>\n

So sir, just to reiterate, you know in Q3 our total revenue is around 720, 719 to be exact. And we have been always maintaining a guidance of thousand plus. So that gives a gap of 300 but. And we still would like to maintain that there may be a variation of plus minus 5%.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Your presentation say 1227 crores. There is a big gap in what. You are saying now. Thousand plus. And your presentation is saying 1227 crores. Even if there’s a slippage of out of five 10% from 500 crores it should still achieve between 425 to 450 crores.<\/p>\n

Pradeep Mehta<\/strong><\/p>\n

Yeah, you are correct, Mr. Farooq. And if you read that presentation, there is a note given below that slide that approximately 15% of the order book may get below us in the next financial year. Because there are a lot of challenges, complexity in the market.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

I agree with you. I agree with you with 500 crores. Even if you take 15 out you should be still above 400 crores for the Q4. Yeah.<\/p>\n

Pradeep Mehta<\/strong><\/p>\n

Like 15 of annual order book,<\/p>\n

Unidentified Participant<\/strong><\/p>\n

annual order,<\/p>\n

Pradeep Mehta<\/strong><\/p>\n

total order.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, okay, okay. So second question is as a company expands into new markets such as Saudi Arabia, Qatar, Botswana and along with higher capital expenditure there will be naturally be a pre opening and initial operating cost from the perspective of near term earning stability. How does the management plan to manage these costs to avoid sharp quarter to quarter fluctuation in profitability? Additionally, are any of these preopening costs eligible for amortization to help smooth reported earnings over the next few quarters?<\/p>\n

Gaurang Desai<\/strong><\/p>\n

So you know your question is very valid and let me give a perspective. So for example, if you take the example of Botswana, there is no, you know, incremental cost for me. You know, so we have done, you know, contact in a way which is cost neutral to us. Saudi is already, you know, we mentioned that we are looking at break even of around 10 to 14 months and Qatar is just a start. Yeah.<\/p>\n

Unidentified Speaker<\/strong><\/p>\n

So honestly if you look at Saudi’s performance which is given in the presentation in the Q3, the performance is Much better compared to the the way it is progressing. We are already taking care of the fixed cost or investment we had done initially when we were activating this company and very early or very soon we are looking at the commercial breakeven after that. As I mentioned earlier, we are looking at GCC as an entire region and some of the fixed costs which we are currently committed or invested in Saudi will work towards the building the business in Qatar.<\/p>\n

So we are not doing the fresh fixed cost investment into the country. There will be some incremental cost but majority of fixed costs will be supported by case.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

That’s perfect. Yeah. Because the last one. The company has demonstrated a strong long term growth potential improving scale of operation and capable management team. However, the domestic institutional participation remained relatively limited around 1%. From the management perspective, what initiatives are being taken to enhance the engagement of and communication with domestic institutional investors and strengthen the confidence in the company’s long term strategy and execution. Additionally, how does the management think about internal ownership including promoters or senior employees, increasing the stake as a signal of long term commitment and investor confidence in the business.<\/p>\n

Pradeep Mehta<\/strong><\/p>\n

So I’ll reply your first question and then on the second question I’ll request my colleague so on on account of stakeholder engagement with a financial institution which is pointing out. So you actually noticed that we have engaged E and Y. We have given a mandate to an Y and they are supporting us in the process. We will continue quarterly basis connecting with the big investors and that’s the way we are planning with the support of eny. That’s the first thing. And the second was.<\/p>\n

Gaurang Desai<\/strong><\/p>\n

Could you repeat the question? Second question.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Second is, you know, How does the management think about internal ownership including promoters and senior employees, increasing the stakes as a signal of long term commitment and investor confidence.<\/p>\n

Gaurang Desai<\/strong><\/p>\n

So sir, as we said that you know we have defined elevate vision elevate 2030 where we talk about the people centric culture first and in the process of defining going into more details of the vision. I’m sure all these things will be discussed discussed with them.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

No, no, no.<\/p>\n

Pradeep Mehta<\/strong><\/p>\n

Can I reply?<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah.<\/p>\n

Pradeep Mehta<\/strong><\/p>\n

Can I add on something?<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Please.<\/p>\n

Pradeep Mehta<\/strong><\/p>\n

There are two things. One is you are asking about the engagement of chairman or promoter. So it is completely there which Gorang was trying to explain about Elevate 23, 2030. So it’s a completely in place about the stake and enhancing. Reducing. We can’t comment on that because it’s a UPSI right now. We can’t give any guidance on that.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, thank you. Thank you. All the best.<\/p>\n

Pradeep Mehta<\/strong><\/p>\n

Thank you.<\/p>\n

operator<\/strong><\/p>\n

Ladies and gentlemen, in the interest of time, that was the last question for today. However, if you have any further questions, please feel free to connect with eye contact. I now hand the conference over to management for closing comments.<\/p>\n

Pradeep Mehta<\/strong><\/p>\n

So thank you very much for the exciting Q and A session. We really appreciate your participation and we are remaining focused on utilizing stability and the disciplined capital deployment and long term value creation rather than short term volatility. So thank you very much. See you again in the next quarter.<\/p>\n

operator<\/strong><\/p>\n

Thank you sir. On behalf of Sanghvi Movers Ltd. That concludes this conference call. Thank you for joining us and you may now disconnect your lines.<\/p>\n","protected":false},"excerpt":{"rendered":"

Sanghvi Movers Limited (NSE: SANGHVIMOV) Q3 2026 Earnings Call dated Feb. 09, 2026 Corporate Participants: Unidentified Speaker Pradeep Mehta \u2014 Chief Financial Officer Pradeep Mehta \u2014 Chief Financial Officer Gaurang Desai \u2014 Chief Executive Officer Analysts: Unidentified Participant Deepan Sankara Narayana \u2014 Analyst Krupa Desai \u2014 Analyst Sunil Jain \u2014 Analyst Krishna Agarwal \u2014 Analyst […]<\/p>\n","protected":false},"author":2377,"featured_media":147581,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6349],"tags":[10169,9175,9104,9092,14492,13842,10089],"class_list":["post-180313","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transcripts","tag-earnings","tag-earnings-call","tag-earnings-conference","tag-earnings-transcripts","tag-financial-results","tag-motherson","tag-quarterly-earnings"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":130756,"url":"https:\/\/alphastreet.com\/india\/united-spirits-limited-q4-fy22-earnings-conference-call-insights\/","url_meta":{"origin":180313,"position":0},"title":"United Spirits Limited Q4 FY22 Earnings Conference Call Insights","author":"Praveen","date":"June 23, 2022","format":false,"excerpt":"https:\/\/youtu.be\/Vvcm7ol3-Ew Key highlights from United Spirits Limited (MCDOWELL-N) Q4 FY22 Earnings Concall \u00a0 Management Update: MCDOWELL-N expects volatility, temporary import supply constraint and inflationary headwinds to remain in short term, putting pressure on its growth and margins. \u00a0 Q&A Highlights: Avi Mehta - Macquarie Group - Analyst EBITDA and working\u2026","rel":"","context":"In "Concall Highlights"","block_context":{"text":"Concall Highlights","link":"https:\/\/alphastreet.com\/india\/category\/earnings-call-highlights\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":175845,"url":"https:\/\/alphastreet.com\/india\/sanghvi-movers-limited-sanghvimov-q1-2026-earnings-call-transcript\/","url_meta":{"origin":180313,"position":1},"title":"Sanghvi Movers Limited (SANGHVIMOV) Q1 2026 Earnings Call Transcript","author":"News desk","date":"January 22, 2026","format":false,"excerpt":"Sanghvi Movers Limited (NSE: SANGHVIMOV) Q1 2026 Earnings Call dated Aug. 08, 2025 Corporate Participants: Unidentified Speaker Pradeep Mehta \u2014 Chief Financial Officer Gaurang Desai \u2014 Chief Executive Officer Rishi Sanghvi \u2014 Managing Director Analysts: Unidentified Participant Deepan Sankara Narayanan \u2014 Analyst Sunil Jain \u2014 Analyst Jay Bharat Trivedi \u2014\u2026","rel":"","context":"In "Earnings Call Transcripts"","block_context":{"text":"Earnings Call Transcripts","link":"https:\/\/alphastreet.com\/india\/category\/transcripts\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":180095,"url":"https:\/\/alphastreet.com\/india\/sanghvi-movers-q3-fy26-revenue-grows-13-as-global-expansion-into-saudi-arabia-gains-momentum\/","url_meta":{"origin":180313,"position":2},"title":"Sanghvi Movers Q3 FY26 Revenue Grows 13% as Global Expansion into Saudi Arabia Gains Momentum","author":"Staff Correspondent","date":"February 9, 2026","format":false,"excerpt":"Sanghvi Movers Limited (NSE: SANGHVIMOV), one of India\u2019s leading crane rental and heavy equipment services companies, reported its unaudited financial results for the third quarter ended December 31, 2025, displaying a mixed performance with healthy revenue growth but pressure on profitability metrics. Quarterly Financial Results For Q3 FY2026, Sanghvi Movers\u2026","rel":"","context":"In "Analysis"","block_context":{"text":"Analysis","link":"https:\/\/alphastreet.com\/india\/category\/stock-analysis\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/10\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/10\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/10\/Earnings-Coverage.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":109778,"url":"https:\/\/alphastreet.com\/india\/infosys-limited-infy-q4-2021-earnings-call\/","url_meta":{"origin":180313,"position":3},"title":"Infosys Limited (INFY) Q4 2021 Earnings Call","author":"Sahil Anand","date":"April 21, 2021","format":false,"excerpt":"Infosys Limited (NYSE: INFY) Q4 2021 earnings call dated\u00a0Apr. 14, 2021 Corporate Participants: Sandeep Mahindroo\u00a0\u2014\u00a0Vice President, Financial Controller & Head \u2013 Investor Relations Salil Parekh\u00a0\u2014\u00a0Chief Executive Officer and Managing Director Pravin Rao\u00a0\u2014\u00a0Chief Operating Officer and Whole-time Director Nilanjan Roy\u00a0\u2014\u00a0Chief Financial Officer Analysts: Ankur Rudra\u00a0\u2014\u00a0JPMorgan \u2014 Analyst Diviya Nagarajan\u00a0\u2014\u00a0UBS \u2014 Analyst\u2026","rel":"","context":"In "Earnings"","block_context":{"text":"Earnings","link":"https:\/\/alphastreet.com\/india\/category\/earnings\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":142114,"url":"https:\/\/alphastreet.com\/india\/khadim-india-limited-khadim-q3-fy23-earnings-concall-transcript\/","url_meta":{"origin":180313,"position":4},"title":"Khadim India Limited (KHADIM) Q3 FY23 Earnings Concall Transcript","author":"IRS_INDIA","date":"February 17, 2023","format":false,"excerpt":"Khadim India Limited (NSE:KHADIM) Q3 FY23 Earnings Concall dated Feb. 16, 2023. 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