Cranex lands ₹18.5 cr crane orders; order book tops ₹100 cr
Nano-cap crane maker Cranex secures orders from BHEL and Indian Railways, pushing total order book to over 1.6 times annual revenue.
— 1 earlier story on Cranex Ltd. →What's new
- Fresh orders worth ₹18.52 cr from BHEL and Indian Railways for EOT cranes.
- Total order book crosses ₹100 cr, over 1.6 times annual revenue of ~₹55 cr.
- Orders include 100-tonne cranes for thermal projects and 5-tonne cranes for railways.
Why this matters
For a nano-cap with a market cap of just ₹61 cr, an order book worth ₹100 cr provides exceptional revenue visibility. The orders from PSUs like BHEL and Indian Railways also enhance credit quality, reducing counterparty risk.
What we're watching
- Execution progress on the 100-tonne cranes for BHEL thermal projects.
- Whether Cranex can sustain order momentum beyond the current batch.
- Impact on margins given the competitive nature of PSU contracts.
The full read
Cranex has secured fresh orders worth ₹18.52 crores from BHEL and Indian Railways for EOT cranes, catapulting its total order book past ₹100 crores. That is over 1.6 times the nano-cap's annual revenue of roughly ₹55 crores and represents about 30% of its ₹61 crore market cap. The contracts include two 100-tonne cranes for BHEL's thermal projects and four 5-tonne cranes for the railways, all from blue-chip PSU counterparties. Delivery is due by mid-2027, giving Cranex a multi-year production pipeline. For a company that just reported a breakeven quarter on ₹11 crore revenue, this order book is a step change in visibility. The open question is execution, but the scale alone shifts the narrative.
Questions answered
- How large is the new order relative to Cranex's market cap?
- The ₹18.52 cr order is roughly 30% of Cranex's ₹61 cr market cap, well above the 1% materiality threshold for nano-caps, making it a transformative inflow.
- Who are the counterparties for these orders?
- The orders come from BHEL (for thermal projects at Yamuna Nagar and Koradi) and Indian Railways (for Eastern Railway and Banaras Locomotive Works).
- What is the delivery timeline for these orders?
- The orders are scheduled for delivery by mid-2027, providing a multi-year revenue runway.
- How does the current order book compare to Cranex's annual revenue?
- The total order book of ₹100 cr is over 1.6 times the company's annual revenue of approximately ₹55 cr, indicating strong revenue visibility.
- What other orders does Cranex have?
- Cranex also has existing orders from BEML for railway projects including the Vande Bharat programme and defence sector contracts.
- What is Cranex's current financial health?
- Cranex has a trailing P/E of 25.1, ROE of 8.1%, and debt/equity of 0.82. Latest quarterly sales were ₹11 cr with net profit of ₹0 cr.
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All notes on CRANEX →- 20 Jun 2026 · 3:18 PM IST Cranex lands ₹18.5 cr crane orders; order book tops ₹100 cr
- 30d ago Cranex lends ₹3 cr—almost 5% of its market cap—to a non-group entity