BSE: 544544
TELGE PROJECTS LIMITED
Provides outsourced engineering-design and Building Information Modeling (BIM) services to construction industry clients, primarily EPC firms, structural fabricators, and contractors in the US, UK, Europe, and Australia. Engineering work is delivered from India using tools such as SDS2 and Revit, with billing rates currently in the $25–35/hour range and a stated target to push rates up to $45–60/hour. In March 2026, the company acquired Edward Farr Architects Inc. (US), adding architectural and interior design services; two further US targets in architecture/MEP and structural design/stamping were under evaluation. FY26 consolidated revenue was Rs 40.2 crore, of which roughly 80% came from US clients, with an active order book of Rs 25 crore plus a Rs 6 crore RFQ pipeline. The cost base is dominated by people — employees are the largest single line item at 45.1% of revenue, with other operating expenses at 32.5%, no material inputs and negligible capex — making this an asset-light, people-driven services business. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. BIM and structural engineering design services, Architectural and interior design services, Other US engineering services (MEP / structural stamping). Asset-light, people-driven outsourced engineering and BIM services; majority of revenue USD-denominated with no stated FOREX hedging policy.
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY26 |
|---|---|
| Revenue | 40 |
| EBITDA (ex other income) | — |
| margin % | — |
| Owners' profit | — |
| EPS, as reported (₹) | 7.00 |
| ROE % · ROCE % | — · 17.9 |
| Debt / equity (x) | — |
| Cash from operations | 1 |
| Capex | 0 |
Exhibit 2: Quarterly performance, last 3 quarters
| ₹ crore | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|
| Revenue | 17 | 9 | 14 |
| Profit before tax | 2 | 1 | 4 |
| Net profit | — | — | — |
| EPS (₹) | 4.52 | 0.84 | 3.36 |
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. % |
|---|---|---|---|---|---|---|---|---|
| LARSEN & TOUBRO LTD. | 4,98,723 | 30.1 | 3.88 | 18.2 | 14.7 | 11.9 | 16.0 | 12.5 |
| RAIL VIKAS NIGAM LIMITED | 39,032 | 43.4 | 3.98 | 28.1 | 8.9 | 7.5 | 5.8 | 7.5 |
| KALPATARU PROJECT INT LTD | 23,895 | 21.0 | 3.09 | 10.8 | 13.3 | 15.0 | 16.0 | 10.0 |
| IRB INFRA DEV LTD. | 21,100 | 16.2 | 1.01 | 9.8 | 4.1 | 2.5 | 7.6 | 55.6 |
| NBCC (INDIA) LIMITED | 19,980 | 27.0 | 6.21 | 16.4 | 23.1 | 29.7 | 13.5 | 9.6 |
| CEMINDIA PROJECTS LIMITED | 19,499 | 32.4 | 8.13 | 16.6 | 24.9 | 31.7 | 29.8 | 10.5 |
| ENGINEERS INDIA LTD | 16,254 | 20.7 | 5.17 | 18.1 | 22.0 | 26.5 | 4.6 | 20.1 |
| TECHNO ELEC & ENG CO. LTD | 10,966 | 25.4 | 2.64 | 18.0 | 11.4 | 12.4 | 29.6 | 20.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 27.8 | 14.6 | 75 of 101 | 26% |
| ROCE | 16.3 | 10.0 | 30 of 107 | 73% |
| Market cap | 237 | 468 | 64 of 107 | 41% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 7 Oct 2026 · Reg 74(5) certificate for quarter ended Sep 30 2026 | compliance | minimal | — | — |
| 1 Oct 2026 · EGM on Oct 23, 2026 for capital hike and promoter warrants issue | board shareholder meetings | medium | — | — |
| 1 Oct 2026 · Newspaper notice for EGM on October 23, 2026 | compliance | minimal | — | — |
| 28 Sept 2026 · Telge Projects to raise authorised share capital to Rs 15 crore | corporate actions | medium | — | — |
| 28 Sept 2026 · Preferential issue of warrants to promoter group at about ₹229 each | fund raising | high | — | — |
| 28 Sept 2026 · Board approves issue of 5.67 lakh convertible warrants to promoter group | fund raising | high | — | — |
| 28 Sept 2026 · Board approves Rs 13 Cr preferential warrants to promoter group | corporate actions | medium | — | — |
| 27 Sept 2026 · Trading window closure ahead of Q2 and half year FY26 results | compliance | minimal | — | — |
| 23 Sept 2026 · Board meeting on Sept 28 to consider fund raising proposal | fund raising | medium | — | — |
| 22 Sept 2026 · Telge Projects to participate in Arihant Capital's Bharat Connect Conference | 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.