Isgec Heavy Engineering

What Isgec Heavy Engineering does

Isgec Heavy Engineering Ltd. is an Indian multi-product, multi-location heavy engineering manufacturer founded in 1933 and listed on the BSE (since 2008) and NSE (since 2021) under the ticker ISGEC. The company designs, manufactures and erects process equipment (high-pressure shell-and-tube heat exchangers, reactors, pressure vessels, columns, boiler drums), a wide range of boilers (PC-fired, CFBC, AFBC, biomass/bagasse, oil & gas, HRSG, slop/vinasse-fired, waste heat recovery), complete sugar plants and distillery machinery (up to 24,000 TCD and 500 KLPD), mechanical/hydraulic/servo presses, steel and iron castings, air pollution control equipment (ESPs, bag filters, FGD, DeNOx), liquefied gas containers, and turnkey EPC power and process plants.

The company runs six manufacturing locations in India — Noida (HQ), Yamunanagar, Rattangarh, Bawal, Dahej (coastal plant with Ro-Ro jetty) and Muzaffarnagar — plus a Canadian press plant (Eagle Press & Equipment Co. Ltd., Windsor, Ontario) and a US sales subsidiary. Technology moats rest on a portfolio of 17+ granted patents (with notable 2023-2024 filings in sugar processing, distillery and boiler monitoring), licensed CFBC technology from Sumitomo SHI FW, Helix Heat Exchanger technology from CB&I, ESP technology from Envirotherm, FGD from Babcock Power, and in-house FEA/HTRI/PV Elite engineering capability. Strategic JVs span Hitachi Zosen (process equipment), TITAN Metal Fabricators (corrosion-resistant alloys), Redecam (air pollution control), and historically Sumitomo SHI FW (CFBC boilers, now reduced to an associate post-June 2026).

Isgec operates a project-based, quote-driven B2B model: revenue is generated primarily through one-time equipment sales (recognised on delivery) and EPC contracts (recognised on percentage-of-completion), with longer-cycle contracts in EPC and shorter cycles in standard equipment. Customers include BP, Indian Oil Corporation, Reliance Industries, Shell, SABIC, General Motors, Valeo, Petrofac, Fluor, Technip, Toshiba, Toyo, Linde, Qatar Fertilizer, and OMIFCO across power, oil & gas, fertilisers, steel, cement, automobiles, defence, sugar and chemicals — sold direct through regional offices in Noida, Mumbai, Pune and Chennai into 92 countries. Reported Q3 FY26 revenue from operations was Rs 1,738.56 crore (up 16.26% YoY) with net profit of Rs 69.78 crore (up 247.7% YoY), against a stated Rs 3,700 crore peak-revenue target by 2027.

Name

Isgec Heavy Engineering

Legal name

Isgec Heavy Engineering Ltd.

Website

https://isgec.com

Company type

Public

Founded year

1933

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Isgec Heavy Engineering Ltd. is an Indian-listed (BSE/NSE: ISGEC) heavy engineering manufacturer established in 1933 that designs and builds process equipment, boilers, sugar plants, presses, castings and EPC power/process plants for industrial customers in 92 countries across power, oil & gas, fertilisers, sugar and automotive sectors.

Ownership category

akta.pro rank

Product category

Heavy Engineering and Industrial Equipment Manufacturing

NAICS

Mining and Oil and Gas Field Machinery Manufacturing (33313)

SIC

Special Industry Machinery (No Metalworking Machinery) (3550)

akta.pro primary industry

Balance-of-Plant (BOP) & Civil Works for Power Plants (EUAEAAAL)

akta.pro secondary industry

Power Plant Retrofit, Life Extension & Environmental Controls EPC (FGD/SCR/ESP) (EUAEAAAO)

Keywords

• Heavy engineering equipment
• Industrial boiler manufacturing
• Process equipment fabrication
• Sugar plant engineering
• EPC power plant solutions

Headquarters

HQ city

Noida

HQ country

India

HQ region

Asia

Offices12 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Process Equipment Manufacturing: Design and manufacture of high-pressure shell and tube heat exchangers, pressure vessels, reactors, columns, and boiler drums for refineries, petrochemicals, fertilizers, and power plants. Revenue recognized upon delivery of equipment with project timelines ranging from months to over a year.
2. Boiler Manufacturing and Sales: Manufacturing and supply of industrial boilers including CFBC, AFBC, PC-fired, bagasse/biomass-fired, oil & gas-fired, and waste heat recovery boilers. Revenue recognized upon equipment delivery and installation.
3. EPC (Engineering, Procurement, Construction) Projects: Turnkey EPC solutions for power plants, chemical process plants, and industrial facilities. Includes captive power plants, independent power plants, waste-to-energy, and waste heat recovery projects. Revenue recognized over project duration based on percentage of completion.
4. Sugar Plants & Machinery: Complete sugar plants up to 24,000 TCD, sugar refinery plants, cane mills, distillery plants, and co-generation power plants. Revenue from equipment supply and EPC contracts.
5. Presses Manufacturing: Mechanical and hydraulic presses including straight-sided presses, gap frame presses, servo presses, and transfer presses for automotive and industrial applications.
6. Steel and Iron Castings: Manufacturing of steel and iron castings for various industrial applications including power, mining, cement, and chemical sectors.
7. Contract Manufacturing: Custom manufacturing services for industrial equipment and components serving various sectors.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

Isgec Heavy Engineering designs, manufactures, and supplies heavy industrial equipment including process equipment (reactors, pressure vessels, heat exchangers, columns), industrial boilers (CFBC, AFBC, PC-fired, biomass, oil & gas, HRSG, waste heat recovery), complete sugar plants and distilleries, mechanical and hydraulic presses, steel and iron castings, air pollution control equipment, and liquefied gas containers. The company also executes turnkey EPC projects for power plants and chemical process plants, serving industrial customers in 92 countries through direct enterprise sales, technology partnerships, and wholly owned subsidiaries.

Product overview

Isgec Heavy Engineering Ltd. is a multi-product, multi-location public company offering engineering solutions through distinct business divisions and subsidiaries. The core product portfolio includes Process Equipment (reactors, pressure vessels, heat exchangers, columns, boiler drums), EPC Projects (turnkey power plants), Boilers (PC fired, CFBC, AFBC, biomass, oil & gas, HRSG, slop fired, waste heat recovery), Sugar Plants & Machinery (complete sugar plants, distilleries), Presses (mechanical/hydraulic/servo), Steel Castings, Iron Castings, Air Pollution Control Equipment (ESP, FGD, DeNOx), Contract Manufacturing, and Liquefied Gas Containers. The company operates through several joint ventures (Isgec Hitachi Zosen, Isgec SFW Boilers, Isgec TITAN Metal Fabricators, Isgec Redecam) and wholly owned subsidiaries (Eagle Press in Canada, Eagle Press America in USA, Saraswati Sugar Mills). The company has manufacturing facilities across 6 locations in India and Canada, serving customers in 92 countries across 6 continents.

Differentiator

Problem solved

Functional benefit

Brands

• Isgec John Thompson (IJT): Boilers division brand for designing, supplying, erecting and providing after sales service of boilers. Originally formed in 1965 as a joint entity with John Thompson.
• IJT Boilers

Products and services

• Process Equipment

Quantifiable outcome

• 247.7% year-on-year net profit growth in Q3 FY26
• +4 more outcomes

Named customers20 records

Segments9 records

Ideal customer profiles6 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature7 records

Partnerships

14 partnerships are on record, tiered core and strategic.

• Sumitomo SHI FW Energia OycoreStrategic or Co-development Partner · 25 June 2026Joint venture Isgec SFW Boilers Pvt. Ltd. (reduced to 26% stake in June 2026 from 51%) manages detailed engineering of CFBC Boilers. Technology partnership for Circulating Fluidized Bed Combustion technology up to 99.9 MWe.
• Nigeria's National Sugar Development Council (NSDC)strategicStrategic or Co-development Partner · 17 April 2026MoU signed to provide technical support for development of sugar plants in Nigeria including feasibility studies, cost estimates, asset valuation, and training for greenfield and brownfield projects. Partnership provides access to new business opportunities in Nigeria and broader African continent.
• RedecamcoreStrategic or Co-development Partner · 1 January 2016Joint venture Isgec Redecam Enviro Solutions Pvt. Ltd. (JV with Redecam, Italy) for marketing, selling, designing, manufacturing, testing and commissioning of bag filters, ESPs, gas conditioning towers, flue gas treatment applications, and DeNOx systems in India and other territories.
• TITAN Metal FabricatorscoreStrategic or Co-development Partner · 1 January 2015Joint venture Isgec TITAN Metal Fabricators Pvt. Ltd. (JV with TITAN Metal Fabricators, USA) to manufacture corrosion-resistant process equipment and provide next generation reactive alloy equipment to global customers in chemical, petrochemical, oil & gas, fertilizer, mining, power generation, pharmaceutical, and steel industries.
• Hitachi Zosen CorporationcoreStrategic or Co-development Partner · 1 January 2012Joint venture company Isgec Hitachi Zosen Ltd. (51% Isgec, 49% Hitachi Zosen) established in 2012 to cater to specialized and critical process equipment requirements of refineries, fertilizer, and petrochemical industries across the world.
• Amec Foster Wheeler EnergiacoreTechnology or IntegrationStrategic technology partnership for feedwater heaters, surface condensers, and CFBC boiler technology (now with Wood Group, UK). Licensing agreement for pulverized coal fired sub-critical and super-critical boilers for 60-1000 MWe capacities.
• AP&TcoreTechnology or IntegrationTechnology partnership with AP&T, Sweden for manufacturing, selling and supplying of Press Hardening Lines in India and other territories for forming of high strength steel automobile body parts.
• Babcock Power Environmental Inc.coreTechnology or IntegrationTechnology agreement for SOx reduction process by use of Wet Flue Gas Desulfurization (FGD) Units.
• BHI FW CorporationcoreTechnology or IntegrationTechnology partnership for Pulverized Coal Fired Sub-Critical and Super-Critical Boilers from 60 to 1000 MWe.
• CB&I Technology Inc.coreTechnology or IntegrationTechnology partnership for Helix Heat Exchangers.
• Envirotherm GmbHcoreTechnology or IntegrationTechnology partnership for Electrostatic Precipitators (ESP) up to 1000 MWe.
• Fuel Tech Inc.coreTechnology or IntegrationTechnology agreements for reduction of particulate matter emissions using ESP performance improvement technologies (especially Flue Gas Conditioning) and NOx reduction processes using urea or ammonia (SCR and SNCR).
• NEM Energy B.V.coreTechnology or IntegrationTechnology partnership for Drum type Heat Recovery Steam Generators, Flue Gas Coolers and CO Boilers.
• Thermal Engineering International (TEi)coreTechnology or IntegrationTechnology agreements for Screw Plug (Breech Lock) Heat Exchangers, Waste Heat Recovery through Process Waste Heat Boilers, Sulphur Condensers, and Solar Thermal Heat Exchangers.

Scale indicators13 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Bharat Heavy Electricals Limited (BHEL): India's largest state-owned power equipment manufacturer directly competing with Isgec in industrial boilers, power plant EPC, and process equipment. Both serve the same power, refinery, and petrochemical customers in India and emerging markets.
• Thermax Limited: Indian listed company manufacturing boilers, heat exchangers, and process equipment for power, oil & gas, and chemical industries. Direct overlap with Isgec's process equipment and boiler divisions across similar customer verticals.
• Walchandnagar Industries Limited: Indian manufacturer of sugar plant machinery, boilers, and heavy engineering equipment. Direct peer in sugar processing equipment and industrial boilers, particularly for the Indian sugar industry.
• GMM Pfaudler Limited: Global manufacturer of glass-lined reactors, process equipment, and corrosion-resistant systems serving chemical, pharmaceutical, and food industries. Directly comparable to Isgec's process equipment and Isgec TITAN Metal Fabricators JV.
• BGR Energy Systems Limited: Indian EPC company focused on power plant engineering, manufacturing, and project execution. Direct competitor in power plant EPC and turnkey power solutions, including sub-critical and super-critical boiler technology.

Broad incumbents

• Larsen & Toubro (L&T): India's largest EPC conglomerate with a heavy engineering division (L&T Heavy Engineering) manufacturing process equipment, reactors, and pressure vessels. Larger and more diversified but directly competes in process equipment and EPC project execution.
• Doosan Enerbility (formerly Doosan Heavy Industries): Korean global power and water EPC company manufacturing boilers, turbines, and process equipment. Competes with Isgec in utility-scale boiler supply and power plant EPC across emerging markets.
• Harbin Electric Company Limited: Major Chinese state-owned manufacturer of power generation equipment including boilers, turbines, and generators. Competes with Isgec in industrial boiler and steam generator markets, particularly in Asia and Africa.
• Wabtec Corporation: Global industrial equipment manufacturer with operations in presses, castings, and process equipment for rail, power, and industrial markets. Comparable to Isgec's press manufacturing (Eagle Press) and castings divisions.

Emerging players

• Triveni Engineering & Industries Limited: Indian company with sugar manufacturing and engineering divisions producing sugar machinery and co-generation power equipment. Comparable to Isgec in sugar plant machinery and co-generation boiler offerings.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/Isgec_engg
• Facebookfacebook.com/isgec.engg
• LinkedInlinkedin.com/company/isgec-heavy-engineering-ltd

Compliance8 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Subsidiaries7 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Isgec Heavy Engineering