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Engineers India Q2 FY27 results: net profit up 135.6% to ₹196.68 crore, revenue down 10.5%
Engineers India Limited reported consolidated revenue of ₹824.20 crore for Q2 FY27, down 10.5% from Q2 FY26, while EBITDA rose 44.3% to ₹172.84 crore and net profit rose 135.6% to ₹196.68 crore. The September 2026 quarter also saw basic EPS of ₹3.50, compared with ₹1.49 a year earlier.
Key points
- Consolidated revenue was ₹824.20 crore in Q2 FY27, down 10.5% from ₹921.29 crore in Q2 FY26 and up 0.5% from ₹819.84 crore in Q1 FY27.
- EBITDA rose to ₹172.84 crore from ₹119.74 crore a year earlier, lifting the margin to 21.0% from 13.0%.
- Net profit rose to ₹196.68 crore from ₹83.49 crore in Q2 FY26, while basic EPS increased to ₹3.50 from ₹1.49.
- Consultancy and Engineering Projects revenue grew 42.6% to ₹616.23 crore, while Turnkey Projects revenue fell 57.5% to ₹207.97 crore.
- For H1 FY27, consolidated net profit rose to ₹354.61 crore from ₹148.89 crore, while revenue fell 8.2% to ₹1,644.04 crore.
How did Engineers India perform in Q2 FY27?
Engineers India reported consolidated revenue of ₹824.20 crore for Q2 FY27, down ₹97.09 crore or 10.5% from ₹921.29 crore in Q2 FY26. Revenue was up ₹4.36 crore or 0.5% from ₹819.84 crore in Q1 FY27. Total income was ₹889.95 crore, down 7.1% from a year earlier and up 3.7% from the previous quarter.
Consolidated EBITDA was ₹172.84 crore, up ₹53.10 crore or 44.3% from ₹119.74 crore in Q2 FY26 and up ₹46.40 crore or 36.7% from Q1 FY27. The EBITDA margin rose to 21.0%, from 13.0% a year earlier and 15.4% in the previous quarter, an increase of 8.0 percentage points and 5.6 percentage points, respectively.
Profit before tax rose to ₹227.94 crore from ₹145.93 crore a year earlier and ₹154.32 crore in Q1 FY27. Net profit increased to ₹196.68 crore from ₹83.49 crore in Q2 FY26 and ₹157.94 crore in Q1 FY27, while basic EPS was ₹3.50 compared with ₹1.49 and ₹2.81, respectively. On the standalone basis, revenue was ₹802.36 crore and profit after tax was ₹179.75 crore.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 824.20 | 819.84 | 921.29 | −10.5% | +0.5% |
| Other income | 65.75 | 38.18 | 36.87 | +78.3% | +72.2% |
| Total expenses | 662 | 703.70 | 812.23 | −18.5% | −5.9% |
| EBITDA | 172.84 | 126.44 | 119.74 | +44.3% | +36.7% |
| EBITDA margin | 21.0% | 15.4% | 13.0% | +8.0 pp | +5.6 pp |
| Profit before tax | 227.94 | 154.32 | 145.93 | +56.2% | +47.7% |
| Tax | 52.19 | 38.89 | 36.87 | +41.6% | +34.2% |
| Net profit | 196.68 | 157.94 | 83.49 | +135.6% | +24.5% |
| EPS (₹) | 3.50 | 2.81 | 1.49 | +134.9% | +24.6% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Engineers India's costs and profit?
Total expenses fell to ₹662 crore in Q2 FY27 from ₹812.23 crore in Q2 FY26, a decrease of ₹150.23 crore or 18.5%. Other expenses declined by ₹164.38 crore or 30.7% to ₹370.65 crore, while employee cost rose by ₹14.18 crore or 5.3% to ₹280.70 crore. Finance costs fell by ₹0.30 crore or 54.5% to ₹0.25 crore, and depreciation increased by ₹0.26 crore or 2.6% to ₹10.39 crore. There was no exceptional item.
Other income increased by ₹28.88 crore or 78.3% to ₹65.75 crore from ₹36.87 crore in Q2 FY26. Profit before tax consequently rose by ₹82.01 crore or 56.2% to ₹227.94 crore. Tax expense increased by ₹15.32 crore or 41.6% to ₹52.19 crore, while net profit rose by ₹113.19 crore or 135.6% to ₹196.68 crore.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 0 | 0 | 0 | |
| Employee cost | 280.70 | 266.52 | +14.18 | +5.3% |
| Finance costs | 0.25 | 0.55 | −0.30 | −54.5% |
| Depreciation | 10.39 | 10.13 | +0.26 | +2.6% |
| Other expenses | 370.65 | 535.03 | −164.38 | −30.7% |
| Total expenses | 662 | 812.23 | −150.23 | −18.5% |
| Other income | 65.75 | 36.87 | +28.88 | +78.3% |
| Tax | 52.19 | 36.87 | +15.32 | +41.6% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
For H1 FY27, Engineers India reported consolidated revenue of ₹1,644.04 crore, down ₹147.61 crore or 8.2% from ₹1,791.65 crore in H1 FY26. Total income fell to ₹1,747.97 crore from ₹1,864.88 crore, a decrease of ₹116.91 crore or 6.3%.
Profit before tax rose by ₹139.05 crore or 57.2% to ₹382.26 crore, and net profit increased by ₹205.72 crore or 138.2% to ₹354.61 crore. Basic EPS rose by ₹3.66 or 138.1% to ₹6.31, compared with ₹2.65 in H1 FY26.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 1,644 | 1,792 | −8.2% |
| Profit before tax | 382.26 | 243.21 | +57.2% |
| Net profit | 354.61 | 148.89 | +138.2% |
| EPS (₹) | 6.31 | 2.65 | +138.1% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
As of 30 September 2026, total assets were ₹6,645.37 crore, compared with ₹5,869.44 crore at 31 March 2026. Total equity rose to ₹3,341.04 crore from ₹3,145.73 crore, while cash increased to ₹118.76 crore from ₹87.79 crore. The company reported no borrowings at either balance-sheet date.
Trade receivables were ₹526.34 crore at 30 September 2026, compared with ₹479.28 crore at 31 March 2026, while trade payables were ₹621.85 crore and ₹586.56 crore, respectively. Inventories were ₹0.89 crore at the quarter end, compared with ₹0.52 crore at the previous balance-sheet date.
H1 FY27 operating cash flow was ₹624.32 crore, compared with ₹57.66 crore in H1 FY26. Investing cash flow was negative ₹450.41 crore against negative ₹3.82 crore, while financing cash flow was negative ₹142.95 crore against negative ₹118.25 crore. Capital expenditure was ₹24.54 crore, compared with ₹33.50 crore a year earlier.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 6,645 | 5,869 |
| Total equity | 3,341 | 3,146 |
| Borrowings | 0 | 0 |
| Cash and equivalents | 118.76 | 87.79 |
| Inventories | 0.89 | 0.52 |
| Trade receivables | 526.34 | 479.28 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 624.32 | 57.66 |
| Cash from investing | −450.41 | −3.82 |
| Cash from financing | −142.95 | −118.25 |
| Capital expenditure | 24.54 | 33.50 |
Source: Company's results filing (XBRL).
How has Engineers India done over the last 8 quarters?
Revenue reached its highest level in Q3 FY26 at ₹1,210.24 crore and its lowest in Q3 FY25 at ₹764.59 crore. It fell to ₹819.84 crore in Q1 FY27 before rising to ₹824.20 crore in Q2 FY27, with profit having risen year on year in each of the last two quarters.
Net profit peaked at ₹347.17 crore in Q3 FY26 and bottomed at ₹65.40 crore in Q1 FY26. It subsequently fell to ₹195.53 crore in Q4 FY26 before rising to ₹157.94 crore in Q1 FY27 and ₹196.68 crore in Q2 FY27. The EBITDA margin followed a similar pattern, reaching a high of 29.8% in Q4 FY25 and a low of 8.3% in Q1 FY26, before recovering to 21.0% in Q2 FY27.
Which businesses drove the quarter?
Consultancy and Engineering Projects reported revenue of ₹616.23 crore in Q2 FY27, up 42.6% from ₹432.18 crore in the year-ago quarter. Segment EBIT was ₹194.60 crore, compared with ₹124.78 crore a year earlier, and the reported EBIT margin was 31.6%.
Turnkey Projects revenue fell to ₹207.97 crore from ₹489.11 crore in Q2 FY26, a decrease of 57.5%. Segment EBIT declined to ₹9.00 crore from ₹24.34 crore, while the reported EBIT margin was 4.3%.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Consultancy & Engineering Projects | 616.23 | +42.6% | 194.60 | 31.6% |
| Turnkey Projects | 207.97 | −57.5% | 9 | 4.3% |
Source: Company's results filing (XBRL segment data).
What else did the company announce?
The board approved the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026, together with the limited review report. It also declared the first interim dividend for FY27 on equity shares of ₹5 face value each. The record date was 5 November 2026, and the dividend was to be paid within 30 days.
The company filed that Anurag Sinha, Executive Director (Structural), retired on attaining the age of superannuation on 31 October 2026. The change was effective from 1 November 2026. No fund-raising announcement was included in the same-day filings.
What did Engineers India's management say?
Management identified Middle East instability and attacks, which were delaying Saudi projects and capital expenditure, as the main risk to the timing of new orders and FY28 upside. It also noted lower turnkey margins on new projects, early-stage nuclear opportunities, uncertainty around CPSE pay revisions, and the timing of legal proceedings relating to Dangote's Kenya project. The earnings call did not provide analyst questions beyond the transcript’s disclosed discussion.
How did Engineers India shares react?
Engineers India’s shares rose 6.5% within five minutes, 8.3% within 15 minutes and 8.2% within 30 minutes after the filing appeared. From the previous close of ₹251.80, the stock was up 14.4% on the reaction day. By the next day’s close, it was up 14.9% from its pre-results close.
On the reaction day, the Civil Construction sector’s median move was 2.0%, while Engineers India’s move exceeded the sector median by 12.4 percentage points. By the next day’s close, the excess sector move was 13.0 percentage points. The Nifty Smallcap 250 rose 1.4% on the reaction day.
Earlier reaction-day moves were mixed: the stock fell 9.5% on 21 May 2026, rose 10.4% on 12 February 2026 and rose 6.1% on 14 November 2025. It had also fallen 5.2% on 13 August 2025 and risen 4.7% on 29 May 2025.
| After the filing | Stock | Civil Construction median |
|---|---|---|
| 5 minutes | +6.5% | |
| 15 minutes | +8.3% | |
| 30 minutes | +8.2% | |
| Reaction day | +14.4% | +2.0% |
| Next day | +14.9% | +1.9% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 21 May 2026 | −9.5% |
| 12 February 2026 | +10.4% |
| 14 November 2025 | +6.1% |
| 13 August 2025 | −5.2% |
| 29 May 2025 | +4.7% |
| 10 February 2025 | +2.0% |
| 29 October 2024 | +0.4% |
| 9 August 2024 | −3.0% |
Source: MarketPing price-reaction measurement.
How did other Civil Construction companies do?
Eighteen other Civil Construction companies filed for the quarter, with a median revenue growth of 12.6%. Sixteen peers grew revenue faster than Engineers India, while two grew more slowly. Among 19 peers whose profit was compared, 14 reported higher profit.
| Engineers India revenue growth (YoY) | −10.5% |
|---|---|
| Median of 18 other Civil Construction companies | +12.6% |
| Companies with slower revenue growth than Engineers India | 2 of 18 |
| Companies with faster revenue growth than Engineers India | 16 of 18 |
| Companies whose net profit rose | 14 of 19 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Engineers India's revenue in Q2 FY27?
Revenue from operations was ₹824.20 crore, down 10.5% from ₹921.29 crore in Q2 FY26 (consolidated).
Did Engineers India make a profit in Q2 FY27?
Yes. Net profit was ₹196.68 crore, against a net profit of ₹83.49 crore in Q2 FY26.
What was Engineers India's EPS in Q2 FY27?
Basic earnings per share were ₹3.50, against ₹1.49 in Q2 FY26.
How did Engineers India shares react to the Q2 FY27 results?
On the reaction day the stock moved +14.4% from the previous close; the median Civil Construction stock moved +2.0%.
When did Engineers India announce its Q2 FY27 results?
On 30 October 2026, in a filing to the NSE.
Sources
- Board Meeting Intimation for Notice Of Board Meeting To, Inter-Alia, Consider And Approve Unaudited Standalone And Consolidated Financial Results For The Quarter And Half Year Ended On 30Th September, 2026. (BSE, 16 October 2026) · PDF
- Outcome of Board Meeting (NSE, 30 October 2026) · PDF
- The earnings call (4 November 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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