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.
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.
Weak fundamentals, while price trend supports entry. This looks more like momentum/speculation than a clean fundamental investment setup.
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 31 Mar 2026
Bad · 0/100Rev -13% YoY · PAT 0% YoY · margin expansion · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹106 Cr | -13.1% | +0.9% |
| EBITDA | ₹12 Cr | +140.0% | +71.4% |
| Operating margin | 12.0% | +730 bps | +500 bps |
| PAT | ₹6 Cr | +0.0% | +200.0% |
| PAT margin | 5.7% | +474 bps | +376 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
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.
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.
Manpower Base
Manpower base stands at 900+ people across various projects.
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.
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.
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
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.
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.
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.
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.
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.
Trend score and candlestick chart
65Bullishfull bull SMA stack · SMA20 -3.6% / mo · MACD + · sector +2.3pp vs Nifty (3M)
Technical chart
KONSTELECdaily · 1Y · AUTO+60.1%Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 53. Wait for confirmation.
- Price > SMA20 > SMA50 > SMA200 — full bullish stack.
- SMA20 falling (~3.8% over last month) — short-term momentum negative.
- RSI(14) at 53 — sideways, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 18% off 52W high · 122% 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.
Valuation & score drivers
U-Score 44 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 44 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Fair-value margin of safety is positive at 49.3%.
- Valuation contributes 24/30 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.
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: +0 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.
Mixed Trust: Claim history is still being built. It ranks around the 16th percentile of the scored universe and 23rd percentile within Infra. Main check: cash conversion is weak at 28/100.
Mixed Trust Lite: Promoter holding is 66.8%. Key concern: Operating cash flow is negative at ₹-10 Cr.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Infra: 23rd pctile, median 64 · SME: 16th pctile, median 64
5 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
Mixed 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 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.
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
- 12.80
- P/B
- 0.88
- EV/EBITDA
- 8.35
- Market Cap
- 93.70Cr
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
- 2.01
- Book Value
- 70.20
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- -10.00 Cr
- EPS TTM
- 4.83
Shareholding
- Promoter Hold
- 66.81%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 71%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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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.