Cranex bags ₹10.87 cr BHEL order for hydro cranes
The nano-cap's order for the Sunni Dam project is a 19.6% revenue shot and diversifies from thermal to hydro within the BHEL ecosystem.
— 2 earlier stories on Cranex Ltd. →What's new
- Won ₹10.87 cr contract from BHEL for hydroelectric cranes at Sunni Dam.
- Order covers double-girder EOT cranes with lifting capacity above 100 tonnes.
- First hydro-sector order; expands beyond earlier thermal-power crane contracts.
Why this matters
For a nano-cap with ₹76 cr market cap, a single order worth nearly 20% of annual revenue is a material boost. It also opens a new revenue stream in hydro infrastructure, reducing reliance on thermal power cycles and diversifying within the BHEL relationship.
What we're watching
- Execution timeline to April 2027 — any delays could impact cash flows.
- Whether Cranex can sustain the order momentum after crossing ₹100 cr book.
- Potential for follow-on hydro orders from BHEL or other PSUs.
The full read
Cranex just locked in a ₹10.87 cr contract from BHEL for the Sunni Dam hydro project. For a company with a market cap of ₹76 cr and trailing annual revenue of ₹55.4 cr, that's 19.6% of last year's top line. A single-order shot of this size is rare for a nano-cap. What makes this different: it's a hydro crane, not thermal, which widens Cranex's territory inside BHEL's sprawling PSU network. The order book, which crossed ₹100 cr in June, gets another leg. Delivery is April 2027, so cash flows are back-ended. The headline is diversification and scale: a nano-cap that can land ₹10.87 cr from a counterparty as creditworthy as BHEL signals that its crane-making capability is gaining institutional traction. The risk is execution concentrated in one project. The reward: a new revenue vertical that could repeat.
Questions answered
- How large is this order compared to Cranex's size?
- The ₹10.87 cr contract equals about 19.6% of Cranex's last reported annual revenue of ₹55.4 cr and roughly 16% of its current market cap of ₹76 cr.
- Who is the counterparty and what is the project?
- The order comes from BHEL for the Sunni Dam Hydro Electric Project. It involves supplying double-girder EOT cranes with lifting capacity above 100 tonnes.
- What does this mean for Cranex's order book?
- The cumulative order book had already crossed ₹100 cr in June 2025. This new order, entirely incremental, further strengthens that backlog and adds revenue visibility into FY27.
- When will the order be delivered?
- Delivery must be completed by 12 April 2027, about 33 months from the Letter of Award received on 18 July 2025.
- Is there any conflict of interest with this order?
- Cranex stated the transaction is at arm's length and has no promoter interest. It is a domestic order with no related-party connections.
- How does this order compare to Cranex's prior wins?
- Previous orders from BHEL were for thermal-power cranes. This is the first hydro-sector order, marking a diversification within the BHEL ecosystem. At ₹10.87 cr, it is smaller than the ₹18.5 cr order won in June 2025 but still material for the company's scale.
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All notes on CRANEX →- 18 Jul 2026 · 4:40 PM IST Cranex bags ₹10.87 cr BHEL order for hydro cranes
- 28d ago Cranex lands ₹18.5 cr crane orders; order book tops ₹100 cr
- 58d ago Cranex lends ₹3 cr—almost 5% of its market cap—to a non-group entity