Engineers India Limited (ENGINERSIN)
Large CapInfra stocks · Large cap · NSE
Engineers India Limited is a global engineering consultancy, project management, and total solutions company, a Government of India undertaking under the Ministry of Petroleum and Natural Gas. It has executed over 8000 assignments, developed 40+ process technologies, and has an international presence. The company is diversified across oil & gas, infrastructure, strategic crude oil storage, fertilizer, ports, LNG, water, coal gasification, renewables, and clean energy.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is supportive, price trend supports entry, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Average · 40/100Rev -6% YoY · PAT +143% YoY · margin expansion · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹820 Cr | -5.8% | -11.4% |
| EBITDA | ₹126 Cr | +75.0% | -17.1% |
| Operating margin | 15.0% | +700 bps | -100 bps |
| PAT | ₹158 Cr | +143.1% | -19.4% |
| PAT margin | 19.3% | +1180 bps | -190 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
EIL reports robust FY25-26 performance with consolidated total income up 27% YoY to INR 41,232 mn and PAT up 19% YoY to INR 6,916 mn. Order book surged 29% YoY to INR 151,093 mn, driven by a significant increase in overseas consultancy orders.
The company delivered strong financial results, primarily driven by a substantial increase in Turnkey revenue and a significant boost in overseas consultancy order intake. While the overall order book growth is positive, the sustainability of the Turnkey segment's improved margins and the concentration of large overseas consultancy orders warrant close monitoring for execution risks and future profitability.
Revenue Segmentation (Consolidated FY25-26)
Latest issuer-disclosed distribution across 2 reported categories.
Refinery & Petrochemical Expansion
Indian OMCs and private refiners are investing over INR 2 lakh crore in refinery expansion, petrochemical integration, and cleaner fuel projects.
Chemical & Petrochemical Industry Growth
Indian chemical industry estimated to reach ~US$ 1 trillion by 2040, with petrochemical demand growing at ~7-8% CAGR.
Energy Transition & Green Hydrogen
National Green Hydrogen Mission targets 5 MMTPA production by 2030, driving investments in green energy sectors.
National Infrastructure Pipeline
Envisages investments exceeding INR 143 lakh crore, with Union Budget capex above INR 11 lakh crore, creating EPC opportunities.
Numaligarh Refinery Ltd. (NRL) Expansion
EIL invested INR 34.58 Crore in FY25-26 for a minority stake in NRL, which is undergoing expansion from 3 MMTPA to 9 MMTPA.
Rising Oil Demand in India
India's oil demand projected to rise from ~5.5 mb/d in 2024 to ~6.7 mb/d by 2030, making it a key contributor to global demand growth.
Increased Refining Capacity Targets
India's refining capacity is targeted to increase from ~258 MMTPA to ~310–320 MMTPA by 2030.
Natural Gas Share in Energy Mix
India targets increasing natural gas share in the energy mix from ~6% to 15% by 2030, with demand projected to increase by nearly 60%.
Government Infrastructure Push
Union Budget 2026–27 infrastructure capex expected to remain above INR 11 lakh crore, supporting various projects.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The presentation focuses on 'Annual Results: FY 25-26' and provides comprehensive year-on-year comparisons for key financial metrics and order book, which are crucial for assessing the overall performance and growth trajectory of an infrastructure company.
Total Income (Consolidated)
FY25-26: INR 41,232 mn, up from INR 32,478 mn in FY24-25 (+27% YoY).
Profit After Tax (Consolidated)
FY25-26: INR 6,916 mn, up from INR 5,798 mn in FY24-25 (+19% YoY).
Total Order Book (Standalone)
March 2026: INR 151,093 mn, up from INR 117,173 mn in March 2025 (+29% YoY).
Order Book Revenue Cover
Order book of INR 151,093 mn covers FY25-26 total income of INR 41,232 mn by approximately 3.66x.
Consolidate Core Hydrocarbon & Petrochemical Sector
Management aims to maintain leadership by offering value-added solutions in its core sectors.
Expand International Operations
Focus on expanding in the Middle East, Africa, Central Asia, and new geographies, targeting Line of Credit (LoC) projects.
Focused Diversification
Selectively diversify into Biofuels, Urban Infrastructure, Ports & Harbours, Coal Gasification, and Decarbonisation.
Innovative Technologies & Alliances
Pursue collaborative technology development, especially in Net Zero Green technologies (SAF), and form alliances to breach entry barriers.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Overseas Consultancy Order Inflow | INR 49,297 mn (FY25-26) | Sustained high growth in overseas orders and diversification of client base beyond current large projects. |
| Turnkey Segment Profitability | 17% (Standalone FY25-26) | Stability or further improvement in Turnkey segment margins, given its significant contribution to revenue. |
| Order Book Growth & Diversification | INR 151,093 mn (March 2026) | Continued growth in the overall order book and a balanced mix across domestic/overseas and consultancy/turnkey segments. |
| Execution of Major Projects | Ongoing large projects in Nigeria, Mongolia, and India. | Timely completion and revenue recognition from key ongoing projects, particularly the large overseas assignments. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
76Bullishfull bull SMA stack · SMA20 +10.3% / mo · MACD + · near 52W high · sector +2.3pp vs Nifty (3M)
Technical chart
ENGINERSINdaily · 1Y · AUTO+36.4%Daily technical trend read
Bullish setupTrend is constructive — long-term uptrend intact. RSI 70.
- Price > SMA20 > SMA50 > SMA200 — full bullish stack.
- SMA20 rising (~9.4% over last month) — short-term momentum positive.
- RSI(14) at 70 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 4% off 52W high · 71% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Relative Strength & Trend Stage
- Price is 22.0% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +4.5%.
- Both 3-month and 6-month returns are positive.
Valuation & score drivers
U-Score 59 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 59 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 21.0%.
- Quality contributes 18/20 to the score.
Main drags
- Penalty bucket subtracts 1 points.
- Valuation is weaker at 4/30; verify the latest quarterly trend.
- Growth is weaker at 15/25; verify the latest quarterly trend.
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: -8 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 86th percentile of the scored universe and 87th percentile within Infra. Main check: results consistency is weak at 38/100.
High Trust Lite: Promoter pledge is zero. Key concern: 1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Infra: 87th pctile, median 64 · Large: 70th pctile, median 73
105 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.4%.
- ▸12 years of positive FCF.
- ▸Debt/equity is 0.01.
Trust risks
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
- ▸OPM spread across recent quarters is 22%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 20.00
- P/B
- 4.98
- EV/EBITDA
- 19.88
- Market Cap
- 15706.00Cr
Profitability
- ROE
- 23.40%
- ROCE
- 30.40%
- ROA
- 13.36%
- Dividend Y
- 1.79%
Growth (CAGR)
- Revenue 5Y
- 5.00%
- EPS 5Y
- 15.00%
- Revenue 3Y
- 6.00%
- EPS 3Y
- 26.00%
Balance Sheet
- Debt/Equity
- 0.01
- Interest Coverage
- 375.00×
- Altman Z
- 5.42
- Book Value
- 56.00
Cash Flow
- FCF Yield
- 1.39%
- FCF Positive Y
- 12/5
- OCF
- 319.00 Cr
- EPS TTM
- 13.96
Shareholding
- Promoter Hold
- 51.32%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 91%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Infra, ranked by similarity
Peers
Business-comparable names in Infra, ranked by similarity
Peers
Business-comparable peers in Infra — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.