BSE: 544453
Monarch Surveyors and Engineer
Provides engineering consultancy and surveying services to Indian government and public-sector clients, earning fees from project-based contracts across railways, roads, urban development, geospatial mapping and maritime infrastructure. Work scopes include Detailed Project Reports (DPRs) for bridges, flyovers and bypasses; Authority Engineer services for railway lines; track geometry measurement using portable trolley systems; Town Planning Schemes for Greenfield satellite townships; GIS-based urban spatial data and base map preparation; licensed land surveying; and maritime/port engineering. FY26 revenue was ₹171.7 crore (+11.4% YoY) with EBITDA of ₹51 crore (29.7% margin) and PAT of ₹37.2 crore. The order book stood at ₹615+ crore as of March 2026, with ₹750+ crore of new orders booked during FY26 and an additional ₹130 crore Northern Railway order lifting the total to ₹740-750 crore. Materials and subcontracted field execution form the biggest cost at 42.8% of revenue, followed by employees at 20.3%. The firm operates with ~740 staff across 20+ states and holds a zero-debt balance sheet after its July 2025 BSE-SME listing; it has agreed to acquire GMR Engineering Services in Australia for AUD 1.8 million, expected to add 8-10% revenue from FY27. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Railway infrastructure consultancy, Road and highway infrastructure consultancy, Town planning and urban development, Geospatial and GIS services, Land surveying services, Maritime and port infrastructure. Asset-light, project-based engineering consultancy with multi-year order book visibility from government clients.
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY26 |
|---|---|
| Revenue | 172 |
| EBITDA (ex other income) | — |
| margin % | — |
| Owners' profit | — |
| EPS, as reported (₹) | 26.30 |
| ROE % · ROCE % | — · 21.6 |
| Debt / equity (x) | — |
| Cash from operations | (38) |
| Capex | (11) |
Exhibit 2: Quarterly performance, last 2 quarters
| ₹ crore | Q2 FY26 | Q4 FY26 |
|---|---|---|
| Revenue | 73 | 98 |
| Profit before tax | 20 | 50 |
| Net profit | — | — |
| EPS (₹) | 10.11 | 24.61 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| CENTRAL MINE P N D INST L | 13,202 | 43.4 | 5.78 | — | 26.9 | 34.6 | — | 34.9 |
| IIRM HOLDINGS INDIA LTD | 720 | 29.4 | 4.57 | 12.2 | 15.5 | 14.4 | — | 24.9 |
| Qualitek Labs Limited | 576 | 36.9 | — | — | — | 8.5 | — | — |
| Monarch Surveyors and Engineer ◆ | 359 | 7.3 | — | — | — | 20.9 | — | — |
| LIKHAMI CONSULTING LIMITED | 307 | 965.6 | 8.75 | — | 0.7 | 0.9 | — | 67.2 |
| Ekansh Concepts Limited | 247 | 78.6 | 5.44 | 149.2 | (6.7) | (6.8) | (12.2) | 48.8 |
| EKI ENERGY SERVICES LTD | 216 | — | 0.56 | 21.9 | (4.3) | (3.0) | — | (6.1) |
| AAA TECHNOLOGIES LIMITED | 148 | 69.4 | 4.77 | — | 6.7 | 8.9 | — | 31.8 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 7.3 | 8.1 | 11 of 23 | 55% |
| ROCE | 20.9 | 8.2 | 3 of 26 | 92% |
| Market cap | 359 | 35 | 4 of 26 | 88% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 21 Oct 2026 · Monarch Surveyors bags Rs 48.10 crore West Central Railway survey mandate | business updates | high | — | — |
| 19 Oct 2026 · Order from West Central Railway worth Rs 48.10 Crore | business updates | high | — | — |
| 17 Oct 2026 · Monarch Surveyors wins Rs 51.20 Cr Southern Railway order | business updates | high | — | — |
| 16 Oct 2026 · Monarch Surveyors wins Rs 51.20 crore Southern Railway survey order | business updates | medium | — | — |
| 13 Oct 2026 · Routine compliance filing under SEBI Reg 74(5) for Sep 2026 quarter | compliance | minimal | — | — |
| 28 Sept 2026 · Trading Window Closure Ahead of Half-Year Results | compliance | minimal | — | — |
| 23 Sept 2026 · Management to attend Rising Stars 2026 investor conference on 30 Sep | board shareholder meetings | low | — | — |
| 17 Sept 2026 · Monarch Surveyors wins Rs 2.98 cr road EPC order in Tripura under JICA funding | business updates | high | — | — |
| 17 Sept 2026 · Monarch Surveyors 27th AGM: All 6 resolutions passed, Rs 1.60 dividend declared | board shareholder meetings | low | — | — |
| 16 Sept 2026 · Monarch Surveyors AGM: Rs 1.60 dividend, FY26 results approved | board shareholder meetings | low | — | — |
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.