Concall transcriptJun 2026
Jun 2026 · Transcript
Source: Nse
Konstelec Engineers Ltd. (KONSTELEC)
SME CapInfra stocks · SME cap · NSE
Konstelec Engineers is an integrated EPC player specializing in electrical EPC, instrumentation, automation, and O&M services across industrial and infrastructure sectors. It delivers end-to-end solutions from engineering to commissioning and long-term maintenance support, with 30+ years of experience and 200+ projects executed PAN India.
₹47.85
-0.15 · -0.31%
Market cap ₹72.9 Cr
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:14 pm ISTDetails
Quote21 Oct, 03:14 pm IST
Base fundamentals18 Oct 2026 · screener
Latest result01 Jun, 07:55 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Infra P/E 15.4 (n=87)
Technical timing lens
Trend score and candlestick chart
32BearishSMA20 -12.5% / mo · MACD − · sector -2.7pp vs Nifty 500 (3M)
Stock trend: 30
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
KONSTELECD candles · FIT view+7.9%TODAY · PROVISIONALLatest price ₹47.85 on 2026-10-21
Today's candle is provisional from the latest intraday quote; completed-candle scans remain unchanged.
Bar
+2.5%
RSI
35
MACD hist
-0.30
52W pos
42%
2026-10-21O ₹46.70H ₹47.85L ₹45.60C ₹47.85Vol 18,000 shIntraday candle
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
KONSTELECNifty InfraNifty 500
- KONSTELEC
- -23.5%
- Nifty 500
- -5.6%
- Nifty Infra
- -8.2%
- Vs Nifty 500
- -17.9 pp
Chart stats
19 Oct 2026- From 52W high
- -36.5%
- 52W range position
- 42%
- ATR (14)
- 5.9%
- Volume vs 20D
- 0.61x
- Avg traded value
- ₹0.1 Cr
- 20D price channel
- ₹45.7 - ₹62
₹75.7
₹28 - ₹75.7
₹2.8
Latest completed session
20-session average
51.9% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, 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 · WATCHLIST45
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue -13.1% · PAT +0.0% YoY
Technical
Bearish32
Price trend and sector-relative-strength timing.
Valuation
Legacy model+57.1%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence55
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 31 Mar 2026
Bad · 0/100Rev -13% YoY · PAT 0% YoY · margin expansion · operating leverage
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹106 Cr | -13.1% | +0.9% |
| EBITDA | ₹12 Cr | NDF | +71.4% |
| Operating margin | 12.0% | NDF | +500 bps |
| PAT | ₹6 Cr | +0.0% | +200.0% |
| PAT margin | 5.7% | NDF | +376 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 9.98
- P/B
- 0.69
- EV/EBITDA
- 7.40
- Market Cap
- 72.90Cr
Profitability
- ROE
- 7.13%
- ROCE
- 11.30%
- ROA
- 2.63%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 15.00%
- EPS 5Y
- 31.00%
- Revenue 3Y
- 11.00%
- EPS 3Y
- 1.00%
Balance Sheet
- Debt/Equity
- 0.85
- Interest Coverage
- 2.00×
- Altman Z
- 1.93
- Book Value
- 70.20
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- -10.00 Cr
- EPS TTM
- 4.83
Shareholding
- Promoter Hold
- 63.18%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 42%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 210+8.2% vs prev
Net Profit
₹ CrLatest: 7.0+40.0% vs prev
Return on Equity
%Latest: 6.6+30.7% 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 trend down. RSI 35. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~16.1% over last month) — short-term momentum negative.
- RSI(14) at 35 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 36% 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.
Nifty 500 leadership
Relative Strength & Trend Stage
51
RS percentile
Stage 1 Base / Transition
1M return
-18.7%
3M return
-25.6%
6M return
+24.0%
1Y return
-20.0%
RS 1D
+3
RS 20D
-28
Sector rank
#16
Industry rank
#70
Stage evidence
- Price is within 2.5% of the 30-week proxy.
- The 30-week proxy changed +3.9% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price above
Sector
lagging
Industry
lagging
Relative-strength line vs Nifty 500 (base 100)
248 observations
19 Oct 2026Value 78.29+0.51%
RS vs Nifty 50078
Valuation & peers
U-Score 45 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 45 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Deep Value
Fundamental score breakdown
U band · WATCHLISTValuation26/30
Growth18/25
Quality0/20
Balance Sheet6/15
Cash Flow0/10
Piotroski
5/9 (+3)
Penalties
-8
Raw sum
45
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
45/100 · legacy band WATCHLIST
Positive drivers
- Fair-value margin of safety is positive at 57.1%.
- Valuation contributes 26/30 to the score.
- Growth contributes 18/25 to the score.
Main drags
- Penalty bucket subtracts 8 points.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Cash flow is weaker at 0/10; 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
10.0
PB
0.7
EV/EBITDA
7.4
ROE
7.1%
ROCE
11.3%
FCF Yield
—
Debt/Equity
0.8
MoS
+57.1%
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: 21 Oct 2026
v4.3-runtime-valuation
Final score
45
Previous: 45
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
+57.1%
Previous: +57.0%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
46
46
46
48
46
48
46
46
45
45
45
45
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
₹87.34
+45.2% MoS
Growth-justified P/E
23.1
Growth-justified Value
₹111.57
+57.1% MoS
PEG
0.53
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
SAMAY
SME
Samay Project Services Ltd.
Construction & Engineering
match 64
64
11.4
20.2%
+55%
UNDERVALUED
MAYASHEEL
SME
Mayasheel Ventures Ltd.
Construction & Engineering
match 63
78
4.4
35.4%
+73%
DEEP VALUE
INTEGRITY
SME
Integrity Infrabuild Developers Ltd.
Construction & Engineering
match 62
63
12.6
41.8%
+45%
UNDERVALUED
K2INFRA
SME
K2 Infragen Ltd.
Construction & Engineering
match 62
56
4.0
16.0%
+83%
FAIR VALUE
RILINFRA
SME
Rachana Infrastructure Ltd.
Construction & Engineering
match 62
73
5.7
10.1%
+75%
UNDERVALUED
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 under stressReviewed 2026-08-19T07:51:00.651Z
Management commentary snapshot
H2 FY26 PAT surged 465% YoY to 5.75 cr on flat revenue of 105.57 cr. FY26 revenue grew 8.61% YoY to 210 cr, with PAT up 53.5% YoY to 7.29 cr. Profitability improved significantly, but working capital absorption remains high.
While profitability metrics show strong YoY improvement, the company's persistent negative operating cash flow and high working capital absorption, driven by client payment terms, remain a significant concern. Management aims for cash flow positivity in 2-3 years, but near-term funding remains reliant on borrowings.
Growth engines
Defense Sector
Secured an LOI and is L1 bidder for a 74-75 crore project in an ordinance factory in Kanpur.
Data Centers
Exploring inquiries and participating in bids for data center projects, seeing traction in this segment.
Higher Value Projects
Focusing on higher value projects with better margins and less competition due to improved pre-qualification.
Capacity and execution
Manpower Base
Manpower base stands at 900+ people across various projects.
Tailwinds
Emerging Sector Footprint
Expanding footprint into emerging sectors like defense and data centers, which are looking favorable for new orders.
Strong Execution & Client Relationships
Strong execution capability and long-standing client relationships help secure repeat orders and maintain a strong order book.
Headwinds
Challenging Client Payment Terms
Payment terms with clients have changed, requiring more investment to execute projects, with 30-40% of value stuck until project completion.
Rising Raw Material Costs
Geopolitical scenario and global changes have led to higher costs for materials like copper, steel, and aluminum, creating pressure.
Increased Logistics Costs
Logistics costs have gone up, and petrol/diesel shortages in tier two/three cities are indirectly impacting operations.
Risk radar
Negative Operating Cash Flow
Persistent negative operating cash flow in several years despite reporting accounting profit, primarily due to client payment terms.
High Working Capital Absorption
High working capital absorption is driven by milestone payment terms, where multiple running projects can collectively appear negative.
Limited Cost Pass-Through
Ability to pass on increased costs (raw materials, logistics) depends on contract terms; some contracts lack escalation clauses or have capped limits.
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
Financial results are explicitly presented for H2 FY26 vs H2 FY25 and FY26 vs FY25, indicating a focus on annual and half-yearly performance comparisons.
Sector KPIs management disclosed
Order Book
Current order book stands at 550+ crores.
Revenue from Operations (FY26)
Revenue from operations grew 8.61% YoY to 210 crores.
PAT Margin (FY26)
PAT margin improved to 3.56% compared to 2.21% last year.
Working Capital Days
Working capital days stand at 163 days.
Management forward view
Profitability Improvement Target
Looking to double PAT margins in the next two to three years by focusing on higher-value projects with better margins.
Deleveraging and ROCE Improvement
Aiming to deleverage and improve ROCE and ROE in the coming two to three years by increasing margins and keeping debt low.
Funding Future Growth
Expects internal accruals to be sufficient to fund the working capital required for projects in the future.
Strategic Project Selection
Being very selective on projects due to raw material pricing pressure and global economic instability, especially in new segments.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| PAT Margins | 3.56% (FY26) | Doubling margins in 2-3 years. |
| Operating Cash Flow | Negative | Turning cash flow positive in 2-3 years. |
| Debt Reduction | Debt-equity 0.85 | Reduction in debt in 3-4 years. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
55Limited 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 16th percentile of the scored universe and 22nd percentile within Infra. Main check: cash conversion is weak at 28/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
5 docs text-extracted · 3 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
16th percentile
overall median 67 · Infra: 22nd pctile, median 64 · SME: 16th pctile, median 64
Evidence depth
Financial-only
5 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
Needs extra due diligence; demand valuation comfort and recent improvement.
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
86
strong · holding, pledge, alignment
Cash flow
28
weak · profit to cash conversion
Balance sheet
65
acceptable · leverage and solvency
Discipline
52
watch · capital discipline
Results
48
watch · quarterly consistency
Trust positives
- ▸Promoter holding is 66.8%.
- ▸Promoter pledge is zero.
Trust risks
- ▸Operating cash flow is negative at ₹-10 Cr.
- ▸Only 0 years of positive FCF.
- ▸ROE is low at 7.1%.
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Konstelec Engineers Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Investor presentationJun 2026
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All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.