In , Engineers India Ltd (Infra - Engineering - General) is outperforming Nifty 500 with +51.0% relative strength. Fundamentals: Strong. On a 5-week streak.
Weekly presence in the outperformers list. Green = beating Nifty 500 by 10%+ that week.
Based on Q3 FY26 earnings • Updated Apr 18, 2026
What: Order Book: ₹15,670 Cr
“Considering the above order inflow in January, the current order book stands at around INR15,670 crores. This is the highest order book position in the history of EIL.”
What: Overseas Order Inflow: ₹1,680 Cr+
“We have shifted our focus from the domestic to the international market also as a strategic outreach of the international markets.”
What: Turnkey Revenue: ₹720 Cr
“During the quarter ended December '25, turnover from Engineering and Consultancy segment stood at INR474 crores and from Turnkey segment at INR720 crores.”
What: 9M Revenue growth of 45% vs 25% guidance.
“the company achieved a turnover of INR2,951 crores in comparison to INR2,037 crores... showing an increase of around 45%”
What: ₹8,000 Cr → ₹8,000 Cr plus
“we'll be crossing this -- we already have 1 more month to go, and we are anticipating a few more orders to come.”
Earnings deceleration risks from management commentary
Trigger: Projects often face delays, requiring EIL to keep provisions until time extensions are granted by clients.
Impact: PAT impact: ₹213 Cr (reversal)
Management view: EIL applies for time extensions and reverses provisions once granted; moving to OBE model to reduce risk.
Monitor: litigation
Trigger: Wage revisions could increase the fixed cost base of the consultancy business.
Management view: Provisions are already being made in the accounts to mitigate the impact.
Monitor: labor
Trigger: Fluctuations in steel and other inputs can impact LSTK project profitability.
Management view: Shifted to Open Book Estimate (OBE) model where cost escalations are borne by the client.
Monitor: commodity
Key quotes from recent conference calls
“For the guidance purpose, in the turnover, we are giving guidance of 25% plus. [Previous Revenue Growth guidance]”
“And we will stand by our margins, segment profit of around 25% in the consultancy business. [Previous Consultancy Margin guidance]”
“We have shifted our focus from the domestic to the international market also as a strategic outreach of the international markets. [Initiative: International Market Outreach]”
“Now we have changed the business model... we are already targeting open book estimate, which is cost plus contracts only. [Initiative: Open Book Estimate (OBE) Model]”
Headline numbers from the latest earnings call
Revenue
₹1,194 Cr
Why: Growth was driven by strong execution in the Turnkey segment which contributed ₹720 crore during the quarter.
Revenue exceeded the Q2 run rate significantly due to accelerated project implementation.
EBITDA
₹406 Cr
Why: Margins were boosted by a one-time reversal of provisions for liquidity damages on a major project.
The reported EBITDA margin of 32-34% is inflated by non-recurring provision reversals.
PAT
₹302 Cr
Why: Profitability surged due to the reversal of a ₹213 crore provision on the profit side from a major project completion.
Adjusting for the ₹213 Cr one-off, PAT would be significantly lower but still showed growth.
Other Highlights
• Highest ever order book of ₹15,670 Cr reached in January 2026.
• Consultancy segment profit maintained at 20% to 25% range.
• Dividend received from Numaligarh Refinery (NRL) of ₹24 Cr.
Sub-sector-specific signals from the latest concall — each with management's stated reason for the change
Total Order Book
₹15,670 Cr
Why: Boosted by a major ₹3,250 Cr order win in January 2026.
Consultancy Order Book
₹10,700 Cr
Why: Includes the significant Dangote refinery order and other international consultancy wins.
9M Order Inflow
₹4,267 Cr
Why: Steady inflow from domestic and international markets during the first three quarters.
Turnkey Segment Revenue
₹720 Cr
Why: Accelerated execution of turnkey projects during the third quarter.
Consultancy Segment Margin
28%
Why: Maintained high profitability due to the high-margin nature of engineering services.
Overseas Order Inflow
₹1,680 Cr
Why: Driven by major consultancy wins in Nigeria and the Middle East.
Ramagundam JV Profit Contribution
₹42 Cr
Why: Plant stabilized and reached 100% capacity after previous quarter shutdowns.
One-off Provision Reversal
₹213 Cr
Why: Reversal of liquidity damage provisions upon successful project completion without penalties.
Forward-looking targets from management for FY26
OPM Guidance
22–25%
₹4,500 Cr for FY26
REAFFIRMED
Guidance Changes
Order Inflow Target: ₹8,000 Cr → ₹8,000 Cr plus
Revenue, profit and margin growth rates
| Metric | YoY | 3Y CAGR | Trend |
|---|---|---|---|
| Revenue | +58% | +2% | Stable |
| PAT (Net Profit) | +218% | +61% | Stable |
| OPM | 29.0% | +1600 bps | Volatile |
The above analysis is parsed from publicly available earnings call transcripts. This is educational research only — not investment advice. Last updated Apr 18, 2026.
Based on publicly available financial data. This is educational research, not investment advice.
Engineers India Ltd's latest quarterly results (Dec 2025) show
Engineers India Ltd's profit is growing with an stable trend.
Engineers India Ltd's revenue growth trend is stable.
Engineers India Ltd's operating margin is volatile.
Engineers India Ltd's long-term compounding rates
Engineers India Ltd's earnings growth is stable with improving on a sequential basis.
Engineers India Ltd's trailing twelve month (TTM) performance
Engineers India Ltd appears significantly undervalued based on our fair value analysis.
Engineers India Ltd's current PE ratio is 18.6x.
Engineers India Ltd's current PE is 18.6x.
Engineers India Ltd's price-to-book ratio is 5.3x.
Engineers India Ltd is rated Strong with a fundamental score of 72/100. This score is calculated from objective financial metrics
Engineers India Ltd has a debt-to-equity ratio of N/A.
Engineers India Ltd's return ratios over recent years
Engineers India Ltd's operating cash flow is positive (FY2025).
Engineers India Ltd's current dividend yield is 1.56%.
Engineers India Ltd's shareholding pattern (Mar 2026)
Engineers India Ltd's promoter holding has remained stable recently.
Engineers India Ltd has been outperforming Nifty 500 for 5 consecutive weeks, indicating building momentum.
Engineers India Ltd is an established outperformer with 5 weeks of consecutive Nifty 500 outperformance.
Engineers India Ltd has 5 key growth catalysts identified from recent earnings analysis
Engineers India Ltd has 3 key risks worth monitoring
In Q3 FY26, Engineers India Ltd's management highlighted
Engineers India Ltd's management has provided the following forward guidance for FY26
Engineers India Ltd's most important sub-sector-specific KPIs from the latest concall
Based on quantitative research signals, here is why Engineers India Ltd may be worth studying
Engineers India Ltd investment thesis summary:
Engineers India Ltd's forward outlook based on current data signals
The above FAQs are generated from publicly available earnings data and conference call transcripts. This is educational research only. Sector Alpha is not SEBI registered and does not provide investment advice.
