Concall transcriptJun 2026
Jun 2026 · Transcript
Source: Nse
TechEra Engineering (India) Ltd. (TECHERA)
SME CapIndustrials stocks · SME cap · NSE
TechEra Engineering (India) Ltd. is an engineering company focused on defense and aerospace manufacturing, indigenization programs, and advanced automation. It specializes in manufacturing infrastructure, machinery, software capabilities, and workforce development to participate in complex opportunities.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals06 Oct 2026 · screener
Latest result01 Jun, 07:59 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
31Bearishfull bear SMA stack · SMA20 -5.3% / mo · MACD − · near 52W low
Stock trend: 18
Sector RS: 50
Sector 3M: -6.3% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
TECHERAD candles · FIT view-26.2%Latest close ₹145.55 on 2026-10-19
Bar
-1.8%
RSI
39
MACD hist
-0.97
52W pos
9%
2026-10-19O ₹148.15H ₹148.15L ₹145.00C ₹145.55Vol 32,800 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
TECHERANifty India ManufacturingNifty 500
- TECHERA
- -5.7%
- Nifty 500
- -5.6%
- Nifty India Manufacturing
- -5.8%
- Vs Nifty 500
- -0.1 pp
Chart stats
19 Oct 2026- From 52W high
- -55.3%
- 52W range position
- 9%
- ATR (14)
- 5.0%
- Volume vs 20D
- 0.21x
- Avg traded value
- ₹2.5 Cr
- 20D price channel
- ₹143 - ₹182
₹325.7
₹127.6 - ₹325.7
₹7.3
Latest completed session
20-session average
52.1% annualized volatility
Research snapshot
What the evidence says now
Weak 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 · OVERVALUED13
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue -0.9% · PAT -71.0% YoY
Technical
Bearish31
Price trend and sector-relative-strength timing.
Valuation
Legacy model-1159.3%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence53
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 -1% YoY · PAT -71% YoY · margin compression
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹24.2 Cr | -0.9% | -0.4% |
| EBITDA | ₹3.6 Cr | NDF | -23.9% |
| Operating margin | 14.8% | NDF | -459 bps |
| PAT | ₹1.5 Cr | -71.0% | +11.4% |
| PAT margin | 6.0% | NDF | +64 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 136.00
- P/B
- 5.00
- EV/EBITDA
- 25.69
- Market Cap
- 263.00Cr
Profitability
- ROE
- 3.77%
- ROCE
- 7.86%
- ROA
- 2.73%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 11.79%
- EPS 5Y
- -0.89%
- Revenue 3Y
- 8.00%
- EPS 3Y
- 8.00%
Balance Sheet
- Debt/Equity
- 0.61
- Interest Coverage
- 2.70×
- Altman Z
- 4.67
- Book Value
- 31.80
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 1/5
- OCF
- 5.87 Cr
- EPS TTM
- 1.68
Shareholding
- Promoter Hold
- 36.89%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 16%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 48.5-2.0% vs prev
Net Profit
₹ CrLatest: 2.8-17.6% vs prev
Return on Equity
%Latest: 5.3-21.8% 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
Bearish setupTrend is weak — long-term trend down. RSI 39.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~5.6% over last month) — short-term momentum negative.
- RSI(14) at 39 — falling, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 55% off 52W high · 14% 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
9
RS percentile
Stage 4 Downtrend
1M return
-8.5%
3M return
-5.7%
6M return
-24.9%
1Y return
-53.1%
RS 1D
-1
RS 20D
-1
Sector rank
#2
Industry rank
#19
Stage evidence
- Price is 15.5% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -2.3%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
leading
Industry
leading
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 61.51-0.73%
RS vs Nifty 50062
Valuation & peers
U-Score 13 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 13 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation0/30
Growth5/25
Quality0/20
Balance Sheet4/15
Cash Flow1/10
Piotroski
7/9 (+5)
Penalties
-2
Raw sum
13
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
13/100 · legacy band OVERVALUED
Positive drivers
- Piotroski is strong at 7/9.
- Balance sheet contributes 4/15 to the score.
- Growth contributes 5/25 to the score.
Main drags
- Penalty bucket subtracts 2 points.
- Fair-value margin of safety is negative at -1159.3%.
- Valuation is weaker at 0/30; 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
136.0
PB
5.0
EV/EBITDA
25.7
ROE
3.8%
ROCE
7.9%
FCF Yield
—
Debt/Equity
0.6
MoS
-1159.3%
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
13
Previous: 13
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-1159.3%
Previous: -1159.3%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
13
13
13
13
13
13
13
13
13
13
13
13
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
₹34.67
-319.8% MoS
Growth-justified P/E
6.9
Growth-justified Value
₹11.56
-1159.3% MoS
PEG
—
Comparable companies
Peers
Business-comparable peers in Industrials — 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
HOLMARC
SME
Holmarc Opto-Mechatronics Ltd.
Industrial Machinery
match 56
26
38.1
19.4%
-569%
OVERVALUED
EEPL
SME
Eppeltone Engineers Ltd.
Industrial Machinery
match 56
53
15.1
18.8%
+64%
FAIR VALUE
UHTL
SME
United Heat Transfer Ltd.
Industrial Machinery
match 55
31
80.4
8.2%
-121%
OVERVALUED
MAHEPC
Small
Mahindra EPC Irrigation Limited
Industrial Machinery
match 54
19
23.2
7.9%
-441%
OVERVALUED
AMEYA
SME
Ameya Precision Engineers Ltd.
Industrial Machinery
match 54
50
24.3
18.0%
+40%
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 under stressReviewed 2026-10-02T07:48:39.615Z
Management commentary snapshot
FY26 Revenue Stagnates Amidst Geopolitical Contract Loss; Management Cites Strategic Investments and Capacity Building for Future Growth.
TechEra's FY26 revenue remained stable, significantly missing 40% growth expectations due to a lost INR110 crore Turkish Aerospace contract. While management highlights strategic investments and capacity building, the revenue miss, short-term profitability impact, and working capital issues put the growth thesis under stress. Future execution on new orders and improved financial discipline are critical.
Current business mix
Revenue by Vertical (FY26)
Latest issuer-disclosed distribution across 4 reported categories.
Aerospace & Defense71.0%
Precision Component Manufacturing7.0%
Automation11.0%
Other (remaining from 25%)11.0%
Growth engines
Private Aircraft OEM Tooling
Secured order for entire aircraft tooling sets; design completed, manufacturing started, expected completion by September.
Indian Air Force (IAF) Vendor Status
Certified as an authorized vendor for IAF; received RFQs for ground support equipment (GSE) indigenization project with 5-year supply potential.
HAL Insourcing & Outsourcing Projects
Assembling sub-assemblies within HAL plant; submitted tenders for two more insourcing projects and qualified for tender-based outsourcing projects (vertical fin section).
J Aerospace Customer
Substantial increase in business with J Aerospace; aiming to win twice the business done in the previous financial year.
Capacity and execution
Manufacturing Infrastructure Expansion
Significantly expanded manufacturing infrastructure, added new machinery, enhanced software capability, and strengthened workforce in FY26.
Capex Investment
Capex of approximately INR120-125 crores has been completed; no further capex required for next 1-1.5 years for revenue up to INR120-125 crores.
Tailwinds
Domestic Defense & Aerospace Growth
India is witnessing unprecedented growth in defense manufacturing, aerospace production, indigenization programs, and advanced automation.
HAL Insourcing Initiatives
HAL has huge plans on the insourcing front, providing opportunities for TechEra to expand its scope of work.
MRO Sector Growth
Huge MROs are coming to India, with Air India, Akasa, and Indigo setting up their own MRO facilities, creating new opportunities.
Headwinds
Loss of Turkish Aerospace Contract
A five-year, INR110 crore contract with Turkish Aerospace ceased communication after 'Operation Sindoor' and geopolitical situations, impacting FY26 revenue.
Delayed Order Conversions
Other submitted bids did not materialize into orders as quickly as expected, contributing to the revenue shortfall in FY26.
Risk radar
Customer Concentration Risk
Loss of a single significant contract (Turkish Aerospace) severely impacted the company's annual revenue, highlighting reliance on large orders.
Working Capital Management
Experienced a short-term working capital timing mismatch leading to an interest delay and default on March 31, paid on May 20.
High-Cost Borrowing
Carrying an NCD with a 15% interest rate, despite management stating average cost of borrowing is 8-8.5% and ability to raise funds at lower rates.
Promoter Stake Sales
Series of promoter stake sales in secondary market, despite management's stated concern about further dilution of already lower promoter stakes.
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 earnings call primarily discusses the full Financial Year 2026 performance against prior year expectations and provides guidance for Financial Year 2027, making year-on-year comparison most relevant for assessing overall business trajectory and strategic shifts.
Sector KPIs management disclosed
Order Book
Current order book is INR46-47 crores, with INR40 crores expected to be executed within the next 6-7 months.
Bidding Pipeline
INR170-180 crores in RFQ/quotations submitted and under discussion; expects another INR30-40 crores order addition in 4-5 months.
Revenue Growth (FY26)
Revenue remained largely stable in FY26, missing the expected 40% growth due to a lost INR110 crore contract.
Net Profitability (FY26)
Investments in capacity building impacted short-term profitability; managed to maintain 'a little bit of profitability' for the year.
Management forward view
FY27 Strategic Focus
Focus for FY27 and beyond will be on improving asset utilization, strengthening profitability, enhancing cash flow, and converting opportunities into sustainable growth.
Revenue Growth Outlook
Management expects 30-40% year-on-year revenue growth for the coming years.
Net Profitability Target
Net Profit (NP) will definitely be more than 10% in the coming year (FY27).
Debt Reduction Plan
The 15% interest NCD will be closed by September, and management assures it will not happen again.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Order Book & Conversion | INR46-47 crores in hand, INR170-180 crores in pipeline. | Timely conversion of pipeline into firm orders and execution of current order book to meet FY27 revenue targets. |
| Revenue Growth | FY26 stable, FY27 guidance 30-40% YoY. | Achievement of stated 30-40% YoY revenue growth in FY27, demonstrating recovery from FY26 miss. |
| Net Profit Margin | Impacted in FY26, FY27 guidance >10%. | Improvement in net profit margin to above 10% in FY27, reflecting better asset utilization and cost control. |
| Working Capital & Debt Management | Increased receivables, interest default, 15% NCD. | Reduction in receivables, no further interest defaults, and closure of the 15% NCD by September as committed. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
53Limited 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 12th percentile of the scored universe and 9th percentile within Industrials. Main check: results consistency is weak at 38/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
6 docs text-extracted · 5 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
12th percentile
overall median 67 · Industrials: 9th pctile, median 68 · SME: 13th pctile, median 64
Evidence depth
Financial-only
6 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
60
acceptable · holding, pledge, alignment
Cash flow
43
weak · profit to cash conversion
Balance sheet
73
acceptable · leverage and solvency
Discipline
52
watch · capital discipline
Results
38
weak · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
Trust risks
- ▸Promoter holding fell 5.4%.
- ▸Only 1 years of positive FCF.
- ▸ROE is low at 5.4%.
- ▸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 TechEra Engineering (India) Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
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All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.