IL&FS Engineering & Construction Co Ltd

Price story A share price tends to move through four phases: moving sideways (stage 1), rising (stage 2), stalling near a high (stage 3) and falling (stage 4). Today IL&FS Engineering & Construction Co Ltd is in stage 2. The phase helps read everything below.

IL&FS Engineering & Construction Co Ltd's share price was ₹38.5 at the close on 9 October 2026. It has been rising for 15 weeks. That is 19.9% above its average price over the last 200 trading days. In the last 52 weeks it traded between ₹35 and ₹41, and today it sits 60% of the way up from that low.

There is not enough history yet to compare it with the NIFTY 500.

Over the last 2 months the share price moved +5% while the NIFTY 500 moved −7%, so it is ahead of the index over that whole period. The chart below shows the 13-week comparison for every week.

This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row.

Valuation P/E is the share price divided by a year's profit per share: how many rupees the market pays for each rupee of yearly profit.

IL&FS Engineering & Construction Co Ltd's P/E is 38.6×, near the high end of its own history: higher than 93% of past readings. Its usual P/E (the middle reading) is 10.7×, over 8.1 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth.

In short: the multiple is high against its own past, so the earnings trend underneath matters more than the multiple.

Business trend Every business is somewhere on a path of getting better or worse, and this section names where. The last 12 quarters of growth in revenue, profit and earnings per share, plus the return the business earns on its capital, are read as lines. Getting worse: the lines are falling. Turning around: a low point has just formed and the last few quarters are rising from it. Getting better: the rise from the low has lasted. Growing steadily: steady growth with healthy returns. Slowing from a peak: still high, but slowing. When the lines disagree the result is mixed; too little history means no reading. CAGR (compound annual growth rate) is the steady yearly rate that would turn the starting value into the latest one. It is the fairest way to compare growth over different periods. If the 1-year figure is much bigger than the 10-year one, recent growth is running faster than the long-run trend. A dash means there is no figure for that period, or the starting year was a loss, where a growth rate means nothing.

IL&FS Engineering & Construction Co Ltd's business trend cannot be read yet. There are fewer than eight usable quarters of growth figures, so there is not enough history to read the trend. This is based on 9 quarters of 1 measure, with some gaps.

Why it matters: with too little history, we say so rather than guess a direction.

The return-on-capital line is not shown: net worth is negative, so a return on capital means nothing. The balance sheet is in distress, and this reading uses the growth lines alone.

One or more growth lines have an extreme jump caused by comparing with a near-zero or loss-making quarter. Those jumps are capped before reading and drawn at the edge of the chart, so one odd quarter does not decide the result.

There are fewer than eight usable quarters, so this page does not guess a direction from so little history.

4-Factor Sector Score

36.7 out of 100, rank 12 of 15 in Construction - Civil/Turnkey, with 52% of the evidence available.

IL&FS Engineering & Construction Co Ltd scores 36.7 out of 100 against the 15 companies it is compared with in Construction - Civil/Turnkey, ranking 12. Some evidence is missing, so the score is pulled toward the middle on purpose.

The four parts add up to the total exactly: 12 + 3.3 + 9.4 + 12 = 36.7. This is the same number shown on the industry page; it is worked out once for the whole group and read here.

What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector.

Revenue Revenue is everything the company billed its customers in the period.

IL&FS Engineering & Construction Co Ltd reported ₹37.6 Cr of revenue in the Jun 26 quarter, −8.8% on the same quarter a year earlier. Over 10 years it has grown −21.6% a year on average. The last full year, FY26, came in at ₹188 Cr. The last four reported quarters add to ₹184 Cr.

FY26 revenue was ₹188 Cr, −41.4% on the year before.

Recent pace: the last four quarters grew −26.2% on average, against −21.6% a year over the longer run, so this year is growing slower than its own long-run rate.

Is growth speeding up? Revenue over the last 12 months grew −33.5%, against −20.2% a year over the last 8 quarters (rolling over).

Operating margin Operating margin is what is left from every ₹100 of sales after the costs of running the business, before interest and tax. It shows pricing power and cost control.

IL&FS Engineering & Construction Co Ltd's operating margin was −24.9% in the Jun 26 quarter, 40.3 percentage points higher than the same quarter a year ago. Across 12 years it has been between −71.0% and 8.0%. The latest quarter is within that range.

Why the margin moved: operating margin changed +40.3 percentage points on the year while gross margin changed −0.4 points. So the gain came mostly from costs below the gross margin, such as staff and overheads, measured against sales.

Net profit Net profit is what is left after every cost, interest and tax. Earnings per share, dividends and book value all grow from it.

IL&FS Engineering & Construction Co Ltd earned ₹0.0 Cr of net profit in the Jun 26 quarter. Full-year FY26 profit was ₹1.0 Cr. That is 0.0% of the quarter's revenue. The same quarter a year earlier lost ₹9.3 Cr. 5 of the last 12 reported quarters were loss-making.

Cash flow The profit and loss account shows what was earned. The cash-flow statement shows the cash that actually came in. Comparing operating cash flow with profit is one of the best checks that a profit is real.

Over the last 2 years IL&FS Engineering & Construction Co Ltd's operations used more cash than they brought in, so cash conversion was −1,431%, a gap worth watching. In FY26 its operations used ₹112 Cr of cash, against ₹1.0 Cr of profit.

After ₹3.0 Cr of spending on assets, free cash was ₹−115 Cr: it spent more than its operations brought in.

Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year.

🚨 Why −1,431% of profit came in as cash: the cash cycle got 1,418 days shorter between FY21 and FY26, so cash that used to wait in the business now arrives sooner. When less than 70% of profit comes in as cash, it is the thing to watch on this page.

What to look at next: no single use of cash stands out. The next section checks both the cash tied up in daily operations and the spending on assets.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid. Debtor days: how long customers take to pay. Inventory days: how long stock sits. The cash cycle: the whole loop, in days of sales.

IL&FS Engineering & Construction Co Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was −4,083 days in FY26, down from −2,665 days in FY21. It spent ₹3.0 Cr on assets over the last 3 years. Customers take 112 days to pay, and stock sits for 221 days on average.

At FY26 sales of ₹188 Cr, each day of that cycle ties up about ₹0.5 Cr, so roughly ₹−2,103 Cr is tied up in the business at any time.

FY26: customers took 112 days to pay and stock sat for 221 days, about 7.3 months of sales sitting as stock, for a full cycle of −4,083 days, shorter than FY21's −2,665.

The full loop: cash goes out to suppliers and production on day 0. Stock sits for 221 days. Customers pay about 112 days after that. Suppliers are paid at 4,415 days. Together that makes the −4,083-day cycle.

Spending on assets: ₹3.0 Cr over the last 3 years, against ₹20.0 Cr of depreciation (the yearly wear and tear on existing assets). So it is spending about what it takes to replace what wears out, or less. Work still in progress is ₹0.0 Cr (FY26): assets paid for that are not earning yet.

In short: neither the daily cycle nor new spending is soaking up the cash, so the picture is fairly clean.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it, from shareholders and lenders together. It is the best single test of whether growth adds value or just size.

IL&FS Engineering & Construction Co Ltd earned a ROCE of −90% in FY21. We cannot compare its return on capital used with its cost of capital from the data we have. It comes from a 0.5% net margin and 0.11× asset turnover (sales divided by assets).

Why the return is what it is (FY26): a 0.5% net margin × 0.11× asset turnover × −0.52× leverage (assets divided by equity) ≈ 0.0% on equity. The margin does its share; borrowing plays a small part, so this return is earned, not borrowed.

Debt Debt-to-equity shows how much of the business is paid for with borrowed money. Interest cover shows how many times operating profit pays the interest bill. Low debt and high cover are the safe combination.

IL&FS Engineering & Construction Co Ltd's net worth is negative: it owes more than it owns, so a debt-to-equity ratio means nothing here. Its operating profit is −19 times its interest bill. Over 5 years borrowings went from ₹2,669 Cr to ₹2,672 Cr. Over the last 3 of those years it spent ₹3.0 Cr on assets.

FY26: borrowings of ₹2,672 Cr against equity of ₹−3,190 Cr. Net worth is negative: the company owes more than it owns, so the balance sheet is under water. Part of the spending on assets is being paid for with borrowed money.

Ownership Who owns the company each quarter: promoters (the founders or controlling owners), foreign institutions, domestic institutions such as mutual funds, and the public. When people close to the business steadily raise their stake, that is worth noticing; a quiet list is also an answer.

No group of IL&FS Engineering & Construction Co Ltd's owners changed its stake by a full percentage point over the last two years. Promoters moved +0.0 points over the same period, to 42.3%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings.

Over the last two years: Foreign institutions: +0.2 points over 8 quarters, to 0.8%; Promoters: +0.0 points over 8 quarters, to 42.3%; Domestic institutions: +0.0 points over 8 quarters, to 0.3%.

Balance-sheet safety The Z-score estimates how far a company is from balance-sheet trouble. Above about 3 is safe; below about 1.8 is the danger zone. It was built for manufacturers, so it is not used for banks and lenders.

For IL&FS Engineering & Construction Co Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date.

Frequently asked questions