Engineers India
Engineers India
ConstructionKey Fundamentals
SmallcapCivil ConstructionConstructionTapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
3- Company has reduced debt.
- Company is almost debt free.
- Company has been maintaining a healthy dividend payout of 39.1%
Weaknesses
2- The company has delivered a poor sales growth of 4.55% over past five years.
- Earnings include an other income of Rs.320 Cr.
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2d agoEngineers India Ltd, a PSU consultancy and engineering firm, trades at a market cap of ₹15,094 Cr with a PE of 19.5x and PB of 4.86x. The company is virtually debt-free, has delivered 42% TTM profit growth, and maintains a 23% ROE, but its 5-year sales CAGR of just 5% and significant other income of ₹320 Cr in earnings raise questions about the sustainability of core operating performance.
- Company is almost debt-free, providing significant financial flexibility and low balance sheet risk in a capital-intensive construction/engineering sector
- ROE of 23% in the last year (and 23% over 3 years) indicates consistently efficient capital deployment well above cost of equity
- TTM profit growth of 42% signals a sharp earnings acceleration, significantly outpacing the 10-year compounded profit CAGR of 9%
- Healthy dividend payout of 39.1% with a dividend yield of 1.84%, offering tangible shareholder returns — attractive for a PSU engineering company
- TTM sales growth of 16% marks a notable improvement over the 5-year sales CAGR of 5%, suggesting a possible inflection in order execution and revenue recognition
- Stock CAGR of 31% over 5 years and 23% over 3 years reflects sustained re-rating, likely driven by India's capex-led infrastructure push benefiting EPC consultancies
- 3-year compounded profit CAGR of 26% substantially exceeds the 3-year sales CAGR of 6%, indicating meaningful operating leverage and margin expansion
- As a Navratna PSU with deep expertise in hydrocarbon and infrastructure consulting, the company is positioned to benefit from government capex spending and energy transition projects
- 5-year compounded sales growth of just 4.55-5% is notably weak, suggesting the company has struggled to meaningfully scale its revenue base over a full business cycle
- Other income of ₹320 Cr forms a significant portion of earnings, meaning core operating profit growth may be considerably lower than the headline 42% TTM figure
- PB ratio of 4.86x is elevated for a consulting/engineering PSU, implying the market is pricing in substantial future growth that must be delivered
- 10-year stock CAGR of only 8% despite recent re-rating shows prolonged periods of underperformance, highlighting the cyclical and lumpy nature of order flows
- 10-year compounded profit CAGR of 9% is modest, indicating that the recent 42% TTM spike may be a cyclical peak rather than a structural shift
- PE of 19.5x for a company with a 5-year sales CAGR of 5% implies a PEG ratio well above 1x on a sales-adjusted basis, suggesting limited margin of safety
- 5-year ROE average of 19% versus the last year's 23% indicates that current return levels are above the long-term trend and may mean-revert
- As a PSU, the company is subject to government directive on dividend payouts, project allocation, and strategic decisions, which can limit shareholder value maximization
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 2h ago- Revenue decline in Q1 FY27 Sep 1
Consolidated revenue fell 6% YoY to ₹820 crore in Q1 FY27, with standalone revenue down 6.6% to ₹800.9 crore from ₹857.1 crore, signaling top-line pressure even as profits surged.
- Weak broader market sentiment Sep 1
Sensex dropped 307 points (0.40%) to 76,957 on Aug 31 and Asian markets traded lower, with GIFT Nifty at 24,183 indicating a weaker opening on Sep 1.
- Uptrend showing weakening signs Sep 8
AI forecasting from MunafaSutra indicates the stock's uptrend is showing signs of weakening, with ₹267.81 identified as a critical support level to hold.
- Profit surges 141% on margin shift Sep 1
Consolidated PAT jumped 141% YoY to ₹157.94 crore in Q1 FY27 as consultancy rose to 62% of turnover from 48%, lifting EBITDA margin to 19.35% from 12.13% and consultancy segment margins to 24% from 17%.
- Stock hits 52-week high at ₹289.65 Sep 1
Shares surged 10.6% on Sep 1 to a 52-week high of ₹289.65, capping a 17.3% three-day rally with 3 crore+ shares traded at 11.33x average volume. Stock is up 41% in 2026.
- ₹14,424 crore order book intact Sep 1
Company entered FY27 with ₹14,424 crore order book (₹10,498 crore consultancy, ₹3,926 crore turnkey) and management expects to exceed ₹7,000-8,000 crore FY27 order inflow guidance.
- Diversification into nuclear and gas Sep 1
Engineers India is working on environmental studies for four nuclear projects and bidding for coal gasification projects backed by ₹34,000 crore government viability-gap funding.
- ₹2.50 final dividend for FY26 Aug 26
Board declared ₹2.50/share final dividend (50% of face value) for FY26, on top of ₹1.00/share interim dividend for FY27. AGM approval scheduled for Sep 18.
- 5.7% GHG emissions reduction Aug 26
FY26 BRSR report shows a 5.7% reduction in combined Scope 1 and Scope 2 greenhouse gas emissions, strengthening ESG credentials.
- Govt highway quality check contract Aug 28
Government plans to hire Engineers India for third-party quality assurance on 5,000 km of highways and expressways, adding a new revenue stream outside oil and gas.
- New statutory auditor appointed Sep 9
CAG appointed M/s S C V & CO LLP as statutory auditors for FY27 vide letter dated September 8, 2026.
- Director's additional charge extended Sep 3
Government approved extending Atul Gupta's additional charge as Director (Commercial) for three months from September 30, 2026.
- AGM set for September 18 Aug 19
61st AGM scheduled for Sep 18, 2026 via video conference, with Sep 24 as the record date for FY26 final dividend and e-voting from Sep 14-17.
TL;DR: Engineers India is executing a compelling transformation from turnkey contractor to high-margin consultancy, with consultancy now at 62% of turnover and driving a 141% profit surge despite a 6% revenue decline. The stock reflects this with a 41% YTD gain and a fresh 52-week high at ₹289.65, supported by a ₹14,424 crore order book and diversification into nuclear, coal gasification, and highways. Key risks are sustained top-line contraction and technical signs of the rally weakening near resistance. If management delivers on its FY27 order inflow and margin guidance at the Sep 18 AGM, the re-rating story has room to continue.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 818 | 790 | 868 | 805 | 624 | 689 | 765 | 1,010 | 870 | 921 | 1,210 | 926 | 820 |
| Expenses | 747 | 691 | 818 | 728 | 573 | 627 | 667 | 709 | 798 | 802 | 858 | 774 | 693 |
| Operating Profit | 71 | 99 | 50 | 77 | 51 | 62 | 98 | 301 | 72 | 120 | 352 | 152 | 126 |
| OPM % | 9% | 12% | 6% | 10% | 8% | 9% | 13% | 30% | 8% | 13% | 29% | 16% | 15% |
| Other Income | 94 | 44 | 30 | 51 | 39 | 47 | 38 | 74 | 36 | 37 | 101 | 101 | 81 |
| Interest | 1 | 0 | 1 | 1 | 1 | 1 | 1 | 0 | 1 | 1 | 1 | 0 | 1 |
| Depreciation | 8 | 8 | 8 | 11 | 10 | 10 | 10 | 11 | 11 | 10 | 10 | 11 | 10 |
| PBT | 156 | 134 | 71 | 117 | 79 | 99 | 126 | 364 | 97 | 146 | 442 | 242 | 197 |
| Tax % | 25% | 24% | 26% | 23% | 26% | 22% | 25% | 23% | 25% | 25% | 21% | 19% | 20% |
| Net Profit | 139 | 127 | 63 | 116 | 92 | 100 | 109 | 280 | 65 | 83 | 347 | 196 | 158 |
| EPS in Rs | 2.47 | 2.27 | 1.13 | 2.06 | 1.63 | 1.77 | 1.93 | 4.98 | 1.16 | 1.49 | 6.18 | 3.48 | 2.81 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,741 | 1,541 | 1,480 | 1,824 | 2,476 | 3,237 | 3,144 | 2,913 | 3,330 | 3,281 | 3,088 | 3,928 | 3,878 |
| Expenses | 1,507 | 1,331 | 1,163 | 1,395 | 2,099 | 2,781 | 2,792 | 2,567 | 3,020 | 2,982 | 2,573 | 3,229 | 3,127 |
| Operating Profit | 234 | 210 | 316 | 429 | 377 | 455 | 352 | 346 | 310 | 299 | 514 | 699 | 750 |
| OPM % | 13% | 14% | 21% | 24% | 15% | 14% | 11% | 12% | 9% | 9% | 17% | 18% | 19% |
| Other Income | 265 | 247 | 222 | 176 | 222 | 255 | 34 | 130 | 164 | 219 | 268 | 242 | 320 |
| Interest | 2 | 2 | 5 | 2 | 3 | 4 | 6 | 3 | 3 | 5 | 5 | 5 | 2 |
| Depreciation | 20 | 25 | 23 | 24 | 22 | 24 | 24 | 24 | 26 | 35 | 40 | 42 | 41 |
| PBT | 477 | 430 | 511 | 579 | 574 | 683 | 356 | 449 | 446 | 478 | 738 | 894 | 1,027 |
| Tax % | 34% | 35% | 35% | 34% | 35% | 36% | 27% | 24% | 23% | 25% | 21% | 23% | — |
| Net Profit | 313 | 278 | 330 | 383 | 368 | 424 | 249 | 140 | 346 | 445 | 580 | 692 | 784 |
| EPS in Rs | 4.64 | 4.13 | 4.9 | 6.07 | 5.83 | 6.71 | 4.43 | 2.48 | 6.16 | 7.92 | 10.32 | 12.3 | 13.96 |
| Div. Payout % | 54% | 48% | 61% | 66% | 69% | 77% | 45% | 121% | 49% | 38% | 39% | 41% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 168 | 168 | 337 | 316 | 316 | 316 | 281 | 281 | 281 | 281 | 281 | 281 |
| Reserves | 2,463 | 2,653 | 2,508 | 2,025 | 2,029 | 2,090 | 1,470 | 1,489 | 1,680 | 1,965 | 2,388 | 2,865 |
| Borrowings | 0 | 0 | 0 | 0 | 0 | 5 | 4 | 4 | 19 | 33 | 22 | 17 |
| Other Liabilities | 1,356 | 1,342 | 1,551 | 2,173 | 2,416 | 2,685 | 2,687 | 2,404 | 2,408 | 2,454 | 2,574 | 2,707 |
| Total Liabilities | 3,988 | 4,164 | 4,396 | 4,514 | 4,761 | 5,096 | 4,441 | 4,177 | 4,388 | 4,733 | 5,265 | 5,869 |
| Fixed Assets | 272 | 242 | 272 | 257 | 248 | 274 | 263 | 263 | 279 | 298 | 295 | 338 |
| CWIP | 19 | 24 | 56 | 52 | 52 | 3 | 1 | 7 | 26 | 36 | 46 | 31 |
| Investments | 138 | 75 | 533 | 242 | 315 | 461 | 1,324 | 1,088 | 1,179 | 1,380 | 1,395 | 1,606 |
| Other Assets | 3,559 | 3,822 | 3,535 | 3,963 | 4,146 | 4,359 | 2,853 | 2,821 | 2,905 | 3,020 | 3,530 | 3,895 |
| Total Assets | 3,988 | 4,164 | 4,396 | 4,514 | 4,761 | 5,096 | 4,441 | 4,177 | 4,388 | 4,733 | 5,265 | 5,869 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 65 | 88 | 236 | 599 | 549 | 376 | 171 | 48 | -113 | 222 | 117 | 319 |
| Investing | 174 | 70 | 197 | 165 | -4 | -229 | 776 | 61 | 322 | 145 | -44 | -101 |
| Financing | -240 | -162 | -284 | -892 | -362 | -334 | -904 | -149 | -176 | -180 | -185 | -269 |
| Net Cash Flow | -1 | -4 | 150 | -129 | 183 | -188 | 43 | -39 | 34 | 187 | -112 | -51 |
| Free Cash Flow | 2 | 88 | 237 | 570 | 517 | 358 | 160 | 23 | -147 | 188 | 76 | 252 |
| CFO/OP | 96 | 115 | 127 | 205 | 204 | 132 | 95 | 54 | 7 | 93 | 48 | 70 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 92 | 89 | 98 | 112 | 63 | 77 | 62 | 48 | 40 | 37 | 53 | 45 |
| Cash Conversion Cycle | 92 | 89 | 98 | 112 | 63 | 77 | 62 | 48 | 40 | 37 | 53 | 45 |
| Working Capital Days | -100 | -117 | -164 | -215 | -198 | -164 | -186 | -179 | -125 | -124 | -101 | -60 |
| ROCE % | 16% | 16% | 18% | 22% | 25% | 29% | 25% | 25% | 24% | 22% | 29% | 30% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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Documents
Frequently Asked Questions about Engineers India
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Company Information
EIL is a CPSU with majority ownership of the GoI operating under the administrative control of MoPNG. The Co. provides consultancy and engineering services and undertakes turnkey contracts. [1]
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