ISGEC Heavy Engineering Share Price Hits 20% Upper Circuit: Why Q3 Profits Surged 92%

On February 10, 2026, shares of ISGEC Heavy Engineering Ltd witnessed a massive breakout, locking at the 20% upper circuit to trade at ₹946.25 on the NSE. This aggressive buying follows a stellar Q3 FY26 earnings report where the diversified engineering giant posted a 92.5% YoY jump in consolidated Net Profit, reaching ₹112.17 Crore.

The rally has effectively wiped out recent losses, as the market reacted to the company’s aggressive capacity expansion plans and its robust ₹8,709 Crore order book. Investors are particularly bullish on the “Manufacturing of Machinery” segment, which saw high-margin growth this quarter.

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Why is ISGEC stock rising today?

The primary driver behind today’s Upper Circuit is the massive expansion in profitability margins. While the total income grew by a healthy 17.1% YoY to ₹1,756.3 Crore, the company managed to optimize operational costs significantly. The PAT Margin expanded from 3.9% to 6.4% in just one year, signaling a major shift in execution efficiency.

Additionally, the Board approved a fresh capital expenditure (Capex) of ₹350.6 Crore. This includes ₹218 Crore for expanding the machine building division and ₹110 Crore for a high-demand process skids and modules facility.

Q3 FY26 Financial Snapshot (Consolidated)

Financial Metric	Q3 FY26 (Current)	Q3 FY25 (Previous)	Growth (YoY)
Total Revenue	₹1,756.3 Cr	₹1,496.6 Cr	17.1% ↑
Net Profit (PAT)	₹112.2 Cr	₹58.3 Cr	92.5% ↑
Order Book	₹8,709 Cr	₹7,980 Cr	9.1% ↑

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The “Analyst Consensus” on ISGEC

Industry experts and top brokerage houses are closely monitoring ISGEC’s shift toward high-margin private sector orders.

• Segment Strength: The Industrial Projects segment now accounts for 67% of the order book, providing long-term revenue visibility.
• Export Potential: With 28% of the order book coming from international markets, analysts see a hedge against domestic slowdowns.
• Execution Momentum: Analysts at leading firms suggest that the successful sale of the Philippines ethanol plant (currently under “discontinued operations”) could further de-leverage the balance sheet.

Also Read: Why Pfizer Shares Hit a 52-Week High Today and How the 35% Margin Expansion is Blueprinting a Pharma Rally

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The Bottom Line

ISGEC’s 20% surge is a direct result of “margin-led growth” and a massive ₹8,700 Cr+ order backlog. For investors, the focus remains on the upcoming ₹350 Crore expansion which is expected to boost annual turnover by ₹375 Crore upon completion.