NSE: ENGINERSIN · BSE: 532178
ENGINEERS INDIA LTD
Provides engineering consultancy and turnkey (LSTK/EPCC) project execution services to hydrocarbon, fertilizer, infrastructure, and critical minerals clients, both in India and overseas. Revenue is split between Consultancy & Engineering Projects at 46.3% of FY26 segment revenue (Rs 1,782 crore) and Turnkey Projects at 53.7% (Rs 2,068 crore). The order book reached Rs 15,109 crore as of 31 March 2026, up from Rs 11,717 crore a year earlier, with FY26 order inflow of Rs 7,979 crore. Major contract wins include a $360 million Dangote refinery project and a $70 million Dangote fertilizer project in Nigeria, both underway since January 2026. A long-term agreement was signed with Saudi Aramco and a Memorandum of Agreement with Hinduston Copper for consultancy on copper, critical minerals and rare earth elements, expanding the scope beyond traditional hydrocarbons. It is a Government of India PSU under the Ministry of Petroleum and Natural Gas. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Turnkey Projects (54%), Consultancy & Engineering Projects (46%). Cyclical, project-based engineering consultancy and EPC services
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2,913 | 3,330 | 3,281 | 3,088 | 3,928 |
| EBITDA (ex other income) | 344 | 308 | 297 | 512 | 696 |
| margin % | 11.8 | 9.3 | 9.1 | 16.6 | 17.7 |
| Owners' profit | 140 | 346 | 445 | 580 | 692 |
| EPS, as reported (₹) | 2.48 | 6.16 | 7.92 | 10.32 | 12.30 |
| ROE % · ROCE % | 7.9 · 25.2 | 17.7 · 22.5 | 19.7 · 20.9 | 21.7 · 23.4 | 22.0 · 26.6 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 48 | (113) | 222 | 109 | 319 |
| Capex | (26) | (35) | (34) | (42) | (69) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 689 | 765 | 1,010 | 870 | 921 | 1,210 | 926 | 820 |
| Profit before tax | 99 | 126 | 326 | 97 | 146 | 401 | 203 | 154 |
| Net profit | 100 | 109 | 280 | 65 | 83 | 347 | 196 | 158 |
| EPS (₹) | 1.77 | 1.94 | 4.98 | 1.16 | 1.49 | 6.18 | 3.47 | 2.81 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Consultancy & Engineering Projects | 1,860 | 47.4 |
| Turnkey Projects | 2,068 | 52.6 |
| Total, before eliminations | 3,928 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| LARSEN & TOUBRO LTD. | 5,22,964 | 31.5 | 4.07 | 19.0 | 14.7 | 11.9 | 16.0 | 12.5 |
| RAIL VIKAS NIGAM LIMITED | 38,385 | 42.7 | 3.91 | 27.6 | 8.9 | 7.5 | 5.8 | 7.5 |
| KALPATARU PROJECT INT LTD | 22,786 | 20.1 | 2.95 | 10.3 | 13.3 | 15.0 | 16.0 | 10.0 |
| CEMINDIA PROJECTS LIMITED | 21,114 | 35.1 | 8.80 | 17.9 | 24.9 | 31.7 | 29.8 | 10.5 |
| IRB INFRA DEV LTD. | 19,421 | 14.9 | 0.93 | 9.4 | 4.1 | 2.5 | 7.6 | 55.6 |
| NBCC (INDIA) LIMITED | 18,857 | 25.5 | 5.86 | 15.3 | 23.1 | 29.7 | 13.5 | 9.6 |
| ENGINEERS INDIA LTD ◆ | 14,470 | 18.5 | 4.60 | 16.1 | 22.0 | 26.5 | 4.6 | 20.1 |
| TECHNO ELEC & ENG CO. LTD | 9,873 | 22.9 | 2.38 | 16.2 | 11.4 | 12.4 | 29.6 | 20.4 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 18.5 | 13.5 | 62 of 101 | 39% |
| P/B | 4.6 | 1.3 | 78 of 85 | 8% |
| ROCE | 26.5 | 10.0 | 15 of 107 | 87% |
| ROE | 22.0 | 9.1 | 11 of 87 | 88% |
| Debt / Equity | 0.0 | 0.4 | 1 of 87 | 92% |
| EBITDA margin | 20.1 | 12.4 | 18 of 88 | 81% |
| Revenue growth | (5.8) | 6.2 | 60 of 86 | 31% |
| Profit growth | 141.5 | 2.7 | 8 of 84 | 92% |
| Market cap | 14470 | 456 | 7 of 107 | 94% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · First interim dividend for FY 2026-27 proposed; record date fixed | compliance | minimal | — | — |
| 28 Oct 2026 · NSE and BSE fine Engineers India Rs 10.74 lakh over board composition | regulatory legal | medium | — | — |
| 28 Oct 2026 · Engineers India to consider interim dividend; record date 5 Nov 2026 | compliance | minimal | — | — |
| 28 Oct 2026 · Exchanges fine company over independent director requirement | regulatory legal | medium | — | — |
| 27 Oct 2026 · Q2 FY 2026-27 earnings call scheduled for 30 October 2026 | board shareholder meetings | low | — | — |
| 22 Oct 2026 · Q2 FY27 earnings call scheduled for 30 October 2026 | board shareholder meetings | low | — | — |
| 22 Oct 2026 · First interim dividend for FY 2026-27 to be considered on 30 October 2026 | corporate actions | medium | — | — |
| 22 Oct 2026 · Board to consider first interim dividend for FY 2026-27 | corporate actions | medium | — | — |
| 22 Oct 2026 · Board to consider first interim dividend for FY2026-27 | corporate actions | high | — | — |
| 16 Oct 2026 · Board meeting on 30 Oct to approve Q2 and H1 results; trading window closed | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.