Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 22 Sep - EIL signed PMC/EPCM contract over US$450 million for Dangote’s 700,000 BPD Kenya refinery project.
Source: Bse
Engineers India Limited (ENGINERSIN)
Large CapInfra stocks · Large cap · NSE
Engineers India Limited (EIL) is an engineering consultancy and EPC company primarily serving the hydrocarbon sector. It is expanding its focus into infrastructure, nuclear, and coal gasification, providing project management and engineering services.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals17 Oct 2026 · screener
Latest result13 Aug, 08:00 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Infra P/E 15.4 (n=87)
Technical timing lens
Trend score and candlestick chart
49NeutralSMA20 +12.3% / mo · MACD − · sector -2.7pp vs Nifty 500 (3M)
Stock trend: 59
Sector RS: 35
Sector 3M: -8.3% vs Nifty 500 -5.6%
Infra FPI tailwindFlow only
FPI equity flow was positive in both fortnights, but the sector index is below its 100-session average. View sector evidence
Technical chart
ENGINERSIND candles · FIT view+11.1%Latest close ₹269.85 on 2026-10-19
Bar
-0.6%
RSI
40
MACD hist
-5.64
52W pos
67%
2026-10-19O ₹271.50H ₹274.05L ₹266.90C ₹269.85Vol 23.0L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
ENGINERSINNifty InfraNifty 500
- ENGINERSIN
- +17.4%
- Nifty 500
- -5.6%
- Nifty Infra
- -8.2%
- Vs Nifty 500
- +23.0 pp
Chart stats
19 Oct 2026- From 52W high
- -16.0%
- 52W range position
- 67%
- ATR (14)
- 4.5%
- Volume vs 20D
- 0.32x
- Avg traded value
- ₹218 Cr
- 20D price channel
- ₹266.9 - ₹321.4
₹321.4
₹163.6 - ₹321.4
₹12.1
Latest completed session
20-session average
53.9% annualized volatility
Research snapshot
What the evidence says now
Investable fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is weak.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · UNDERVALUED60
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Average40
Revenue -5.8% · PAT +143.1% YoY
Technical
Neutral49
Price trend and sector-relative-strength timing.
Valuation
Legacy model+16.3%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence78
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Average · 40/100Rev -6% YoY · PAT +143% YoY · margin expansion · operating leverage
Filed 13 Aug 2026
Open results browser →| 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.
Fundamentals
Valuation
- P/E
- 19.60
- P/B
- 4.88
- EV/EBITDA
- 19.45
- Market Cap
- 15369.00Cr
Profitability
- ROE
- 23.40%
- ROCE
- 30.40%
- ROA
- 13.36%
- Dividend Y
- 1.83%
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
- 5.35
- Book Value
- 56.00
Cash Flow
- FCF Yield
- 1.42%
- FCF Positive Y
- 12/5
- OCF
- 319.00 Cr
- EPS TTM
- 13.96
Shareholding
- Promoter Hold
- 51.32%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 69%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 3,928+27.2% vs prev
Net Profit
₹ CrLatest: 692+19.3% vs prev
Return on Equity
%Latest: 246+19.3% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 40. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 rising (~11.0% over last month) — short-term momentum positive.
- RSI(14) at 40 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 16% off 52W high · 65% 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.
Nifty 500 leadership
Relative Strength & Trend Stage
89
RS percentile
Stage 2 UptrendEstablished S2
1M return
+1.3%
3M return
+17.4%
6M return
+9.9%
1Y return
+36.4%
RS 1D
0
RS 20D
+5
Sector rank
#14
Industry rank
-
Stage evidence
- Price is 9.9% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +5.3%.
- Both 3-month and 6-month returns are positive.
50-DMA
price below
200-DMA
price above
S2 entered
03 Aug 2026
S2 age
54 trading sessions
Sector
lagging
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 141.97-0.29%
RS vs Nifty 500142
Valuation & peers
U-Score 60 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 60 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Premium Compounder
Fundamental score breakdown
U band · UNDERVALUEDValuation4/30
Growth15/25
Quality18/20
Balance Sheet11/15
Cash Flow7/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
60
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
60/100 · legacy band UNDERVALUED
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 16.3%.
- Quality contributes 18/20 to the score.
Main drags
- Valuation is weaker at 4/30; verify the latest quarterly trend.
- Growth is weaker at 15/25; verify the latest quarterly trend.
- Cash flow is weaker at 7/10; verify the latest quarterly trend.
Sector valuation model
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Primary lens
EV/EBITDA and PE against execution quality and margin stability.
Secondary checks
Order book, receivables, working capital, debt, operating cash flow.
Main risk check
Order wins matter only if they convert into cash and margins.
PE
19.6
PB
4.9
EV/EBITDA
19.4
ROE
23.4%
ROCE
30.4%
FCF Yield
1.4%
Debt/Equity
0.0
MoS
+16.3%
Score movement
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.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
60
Previous: 60
Legacy U-Score band
UNDERVALUED
Previous: UNDERVALUED
Margin of safety
+16.3%
Previous: +20.9%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
59
60
60
60
60
60
60
60
60
60
60
60
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹132.63
-103.5% MoS
Growth-justified P/E
23.1
Growth-justified Value
₹322.48
+16.3% MoS
PEG
1.01
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
CADSYS
SME
Cadsys (India) Ltd.
Engineering Services
match 29
24
—
-35.9%
—
OVERVALUED
DHRUV
Small
Dhruv Consultancy Services Limited
Engineering Services
match 28
7
—
-32.5%
—
OVERVALUED
CEMPRO
Large
Cemindia Projects Limited
Construction & Engineering
match 21
56
32.7
27.8%
-36%
FAIR VALUE
RITES
Large
RITES Limited
Construction & Engineering
match 19
41
23.1
15.4%
-245%
WATCHLIST
NCC
Large
NCC Limited
Construction & Engineering
match 19
53
10.9
9.2%
+53%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-10-13T07:15:41.102Z
Management commentary snapshot
EIL reports strong Q1 FY26-27 profit growth with PBT up 55% YoY to INR145 crores and PAT up 55% YoY to INR109 crores, driven by higher operating margins (14% vs 7% YoY) and increased consultancy segment turnover, despite a 6.5% decline in overall turnover.
EIL demonstrated robust Q1 FY26-27 profitability, with PBT and PAT up 55% YoY, largely due to a higher-margin consultancy mix and improved operating margins. While overall turnover declined, the consultancy segment grew 22%. A healthy order book of INR14,424 crores and management's confidence in meeting the INR8,000 crore order inflow target for FY27 support the thesis.
Current business mix
Revenue by Segment (Q1 FY26-27)
Latest issuer-disclosed distribution across 2 reported categories.
Consultancy & Engineering62.3%
Turnkey37.7%
Growth engines
Hydrocarbon Sector
Hydrocarbon is definitely there. Hydrocarbon primarily the petchem projects, which are going to come, those are there.
Nuclear Segment
Government has started pushing on the nuclear, and a lot of impetus has come. We are doing various environmental studies and engineering consultancy assignments.
Coal Gasification
Many inquiries are there with respect to putting up the feasibility study. We are doing one project for NTPC and bidding for others.
Infrastructure
Infrastructure is a very good segment for us. We have just got a major assignment in the data center from PowerTel. Similar kind of projects we are targeting.
Tailwinds
Government Push on Nuclear Energy
This government has started pushing on the nuclear and a lot of impetus has come after this Hormuz crisis and all. So we have seen a lot of inquiries coming from the nuclear side.
Coal Gasification Policy Support
Government has revised this policy and they have said that they will be giving gap funding of INR34,000 crores, many inquiries are there with respect to putting up the feasibility study.
OMC Capex Investments
The capex investments of the -- all the OMCs are in place and going ahead. All the mega projects which we are having are on progress path.
Headwinds
Middle East Market Situation
In the Middle East, the market situation is still very grim. Nothing is stabilized. Still there's not much is happening on the new project side.
Slowdown in New Mega Projects (Middle East)
New mega projects are under hold. The new tenders and new projects are not coming very fast.
Risk radar
Geopolitical Instability Impact on Project Awards
The Middle East conflict has led to a slowdown in new mega projects, with Aramco not issuing major inquiries, impacting potential order inflows.
Turnkey Segment Execution Delays
Turnkey segment turnover declined primarily attributable to tapering of certain major projects. New projects are in initial phase of execution.
Management accountability
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.
Analyst reading lens
Compare YOY
The management explicitly compares Q1 FY26-27 results with Q1 FY25-26 for all key financial metrics (PBT, PAT, Operating Margin, EBITDA, Turnover, Segment Turnover), indicating a year-on-year comparison is most relevant for this project-based business.
Sector KPIs management disclosed
Order Book (as on 30th June 2026)
Company order book position stands at INR14,424 crores as on 30th June 2026, which comprises consultancy segment of INR10,498 crores and Turnkey segment constitute of INR3,926 crores.
Order Inflow (Q1 FY26-27)
Order inflow in year during first quarter of financial year '26-'27 stands at INR514 crores.
Current Business Inflow (YTD)
As of today, we are sitting at INR2,750 crores worth of business and out of which around INR1,100 crores is from the overseas and rest is from the domestic segment.
Profit Before Tax (Q1 FY26-27 Standalone)
Company achieved profit before tax of INR145 crores in comparison to INR94 crores during the first quarter of financial year '25-'26, showing an increase of 55% approximately.
Management forward view
FY27 Order Inflow Target
We are still confident of meeting the order inflow target of INR80 billion for the fiscal. We'll in fact, try to cross that cap.
FY27 Total Turnover Growth Target
In the last year, we were having total turnover of INR3,850 crores. This time, we are targeting at least 10% growth.
FY27 Consultancy Segment Contribution
In the current financial year, we are expecting more than 50%, but definitely, around 50% to 60%, we are still expecting from the consultancy segment. 55% is at least figure.
FY27 Operating Margin Target
This year, we are targeting the operating margin of 16%, which we have achieved the last year also. There may be a possibility if we settle the order with our clients, we may achieve more.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| FY27 Order Inflow | INR2,750 crores (YTD as of call) | Progress towards the INR8,000 crores target, especially from consultancy and overseas projects. |
| Turnkey Segment Execution Momentum | Turnover declined in Q1 FY27 due to tapering projects. | Increase in turnover during Q3 and Q4 FY27 as new projects gain execution momentum. |
| Middle East New Project Awards | New mega projects are under hold; no major inquiries from Aramco yet. | Stabilization of the market and securing new significant projects from the region. |
| Consultancy Revenue Mix | 62.3% of Q1 FY27 turnover from consultancy. | Sustained mix of 50-60% from consultancy for higher profitability. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
78Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 86th percentile of the scored universe and 86th percentile within Infra. Main check: results consistency is weak at 38/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 20 Oct 2026
management-trust-v1
120 docs text-extracted · 43 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
86th percentile
overall median 67 · Infra: 86th pctile, median 64 · Large: 70th pctile, median 73
Evidence depth
Financial-only
120 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read 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.
Promoter
78
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
90
strong · capital discipline
Results
38
weak · quarterly consistency
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.
Continue researching Engineers India Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Appointment of Statutory Auditor/s 9 Sep - CAG appoints M/s S C V & Co LLP as statutory auditors for FY 2026-27.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Change in Directorate 3 Sep - Atul Gupta's additional charge as Director (Commercial) extended तीन months from 30.09.2026.
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Change in Directorate 14 Aug - Engineers India appointed Kahuli Sema and Ashish Kumar Gupta as independent directors from 14 August 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 27 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 21 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 14 Aug - Results for the Quarter ended 30.06.2026.
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Change in Management 1 Jul - Shri Venkata Rama Subramnyam Sripada ceases as Executive Director (Technical) from 1 July 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Change in Directorate 2 Jul - Atul Gupta gets additional charge as Director (Commercial) for three months from 30.06.2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 17 Jun - Newspaper Publication-Transfere of Shares to IEPF
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.