Trasncript of Post Earning Call-Q4-FY 2025-26
ENGINERSIN · price
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On the reaction day the stock moved 0.6 pts less than Nifty Smallcap 250 and 0.4 pts more than its Civil Construction peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Engineers India reported its highest-ever annual results for FY26 with revenue of Rs.3,849 crores (up 27% YoY), PAT of Rs.638 crores (up 37% YoY), and operating margins improving to 16.22% from 14.76% last year. The order book reached an all-time high of Rs.15,109 crores as of March 2026, driven by strong consultancy inflows including a landmark $360 million Dangote refinery order and a $70 million fertilizer order from Africa. Management guided for order inflow of ~Rs.8,000 crores in FY27 and expects 10-15% revenue growth for the year. Consultancy EBIT margin is guided at 20-25% while LSTK segment margin is guided at 5-7%, consistent with historical levels. Middle East accounts for 10-15% of current order book with some slowdown noted due to geopolitical tensions, while Africa is emerging as an alternative growth market. The company flagged that coal gasification projects are now gaining momentum with government support and represent a sizable opportunity for the consultancy business.
Strong execution year with record order book provides revenue visibility for the next 2-3 years. The company expects FY27 revenue to grow 10-15% and targets order inflows of ~Rs.8,000 crores. Margin guidance for both segments remains stable, signalling sustained profitability. Middle East uncertainty is a watch item but manageable given the large domestic order book.