Engineers India
Engineers India
ConstructionKey Fundamentals
SmallcapCivil ConstructionConstructionTapetide Score
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Key Insights
Strengths
3- Company has reduced debt.
- Company is almost debt free.
- Company has been maintaining a healthy dividend payout of 39.1%
Weaknesses
2- The company has delivered a poor sales growth of 4.55% over past five years.
- Earnings include an other income of Rs.320 Cr.
Growth Rate
AI Analysis — Bull vs Bear
Engineers India Ltd has a market capitalisation of about Rs 16,903 Cr and trades at a P/E of 21.3 and a P/B of 5.3. Profit has grown much faster than sales: TTM profit is up 42% and 3-year profit CAGR is 26%, while 5-year sales CAGR is only 5% (4.55%). ROE was 23% last year and averaged 23% over 3 years, the balance sheet is almost debt-free, and a large share of earnings comes from Rs 320 Cr of other income.
- Profits are rising quickly. TTM profit is up 42% and the 3-year profit CAGR is 26%, well above the 10-year profit CAGR of 9%.
- Returns on capital have improved. ROE was 23% last year and averaged 23% over 3 years, compared with 19% over 5 years and 17% over 10 years.
- The company is almost debt-free and has reduced debt, which lowers financial risk in a working-capital-heavy construction and engineering business.
- Revenue growth is picking up. TTM sales grew 16%, compared with a 3-year CAGR of 6% and a 5-year CAGR of 5%.
- Shareholders get a steady cash return. The dividend payout ratio is 39.1% and the dividend yield is 1.69%.
- The P/E of 21.3 is below the 26% 3-year profit CAGR, so the valuation is roughly in line with recent earnings growth.
- The stock has performed well recently, with CAGRs of 61% over 1 year, 30% over 3 years and 34% over 5 years, showing that the market has noticed the earnings improvement.
- Long-term sales growth is weak, at 4.55% over 5 years and 6% over 3 years. That raises the question of how long profit growth can outpace revenue.
- Other income is a large part of earnings. At a P/E of 21.3 on a Rs 16,903 Cr market cap, implied earnings are about Rs 790 Cr, so Rs 320 Cr of other income is roughly 40% of profit.
- Profit grew at a 26% CAGR over 3 years while sales grew only 6%. This depends on margin expansion or non-operating income, which may not be repeatable.
- The P/B of 5.3 is high for a construction and engineering services company. The valuation relies on ROE staying near the recent 23% rather than the 10-year average of 17%.
- Over the long term, performance has been modest. Both stock CAGR and profit CAGR are 9% over 10 years, which suggests the business is cyclical.
- After a 61% gain in 1 year, the stock price already reflects a lot of the recent 42% TTM profit growth. That leaves less room for error if earnings slow.
- Data gaps: debt-to-equity, EPS, ROCE and 52-week high/low were not provided, which makes it harder to verify operating efficiency and where the stock sits in its price range.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Q1 revenue slips 6.6% YoY Sep 8
Revenue from operations fell 6.6% YoY to ₹800.9 crore in Q1 FY27 from ₹857.1 crore, even as profit grew. Profit growth is outpacing revenue, which raises questions about how durable it is.
- Gulf order awards delayed Sep 18
Management said new Middle East awards are slipping by 'a couple of months' as clients prioritise security and repairs to war-damaged facilities. Repairs to Gulf infrastructure are estimated at $25 billion.
- War-zone execution risk Sep 18
Hormuz traffic has dropped more than 95% since the Iran war began, and Qatar's Ras Laffan lost 17% of its capacity, with repairs expected to take 3-5 years. Security and access limits could slow project mobilisation in the region.
- Turnkey mix caps margins Sep 18
Turnkey work makes up 38% of the latest quarterly mix and typically earns only 5-8% margins, compared with 20-30% for consultancy. Overall net margin is about 9.0%.
- Uptrend showing fatigue Sep 8
Technical analysis says the uptrend is 'showing signs of weakening', with ₹267.81 as key support. The stock is about 4% below its 52-week high of ₹289.60.
- Dangote Kenya refinery PMC win Sep 22
EIL won a ₹450 crore project management contract for Dangote's refinery and petrochemical project in Kenya, which is valued at over $450 million. The order equals about 43% of EIL's average quarterly revenue.
- Record order book ₹17,000 cr Sep 18
The order book reached ₹170 billion (₹17,000 crore), up from ₹14,424 crore as of Jun 30, 2026. This gives an estimated 3-4 years of revenue visibility, and management expects further growth from the Middle East.
- Record FY26, ₹5 dividend Sep 18
At the 61st AGM, EIL reported record FY26 revenue of ₹3,849 crore and PAT of ₹638 crore. The board declared a dividend of ₹5 per share.
- Q1 profit jumps 55% Sep 8
Standalone net profit rose 55% YoY to ₹108.6 crore in Q1 FY27, up from ₹70.1 crore. This points to better margin quality despite lower revenue.
- Hormuz bypass pipeline opportunity Sep 18
Gulf states may need an extra 10-12 million bpd of bypass pipeline capacity. EIL has ADNOC and Aramco agreements and new offices in Saudi Arabia and Abu Dhabi, and its Abu Dhabi business grew from ₹30 crore to ₹1,000 crore in 3-4 years.
- Oman-Gujarat pipeline feasibility mandate Sep 18
The Petroleum Ministry directed EIL to prepare a detailed feasibility report for the proposed ₹40,000 crore Oman-Gujarat undersea pipeline. The mandate makes EIL a lead player in complex marine infrastructure.
- Stock breakout, 39% annual gain Sep 8
The stock is up 39% over one year, 36% over six months and 15% over one month, and closed at ₹279.20 on Sep 8. It trades above its 20, 50, 100 and 200-day moving averages.
- AGM passes all resolutions Sep 18
All 8 resolutions passed at the 61st AGM on Sep 18, 2026. These included Atul Gupta's appointment as CMD and the appointment of two independent directors.
- Atul Gupta's commercial charge extended Sep 3
The government extended Atul Gupta's additional charge as Director (Commercial) for three months from Sep 30, 2026. A permanent appointment to the post is still pending.
- SCV & Co appointed auditor Sep 9
The CAG appointed S C V & CO LLP as statutory auditor for FY27 by letter dated Sep 8, 2026. This is a routine appointment for a CPSE.
- Order book figures don't match Sep 18
The AGM coverage cites an order book of ₹15,109 crore, while management commentary cites ₹17,000 crore. The difference likely comes from different reporting dates and is worth checking against the next filing.
TL;DR: EIL's fundamentals are strong: record FY26 results (PAT ₹638 crore), a 55% jump in Q1 profit, an order book near ₹17,000 crore, and a fresh ₹450 crore Dangote win that adds geographic diversity. The main risks are falling revenue (Q1 down 6.6%), Gulf award delays and war-zone execution risk, and a stock rally that technical signals say is losing momentum near its 52-week high. The trend is improving. The next re-rating likely depends on whether Hormuz-bypass pipeline and storage mandates turn into actual consultancy-heavy orders over the coming quarters.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 818 | 790 | 868 | 805 | 624 | 689 | 765 | 1,010 | 870 | 921 | 1,210 | 926 | 820 |
| Expenses | 747 | 691 | 818 | 728 | 573 | 627 | 667 | 709 | 798 | 802 | 858 | 774 | 693 |
| Operating Profit | 71 | 99 | 50 | 77 | 51 | 62 | 98 | 301 | 72 | 120 | 352 | 152 | 126 |
| OPM % | 9% | 12% | 6% | 10% | 8% | 9% | 13% | 30% | 8% | 13% | 29% | 16% | 15% |
| Other Income | 94 | 44 | 30 | 51 | 39 | 47 | 38 | 74 | 36 | 37 | 101 | 101 | 81 |
| Interest | 1 | 0 | 1 | 1 | 1 | 1 | 1 | 0 | 1 | 1 | 1 | 0 | 1 |
| Depreciation | 8 | 8 | 8 | 11 | 10 | 10 | 10 | 11 | 11 | 10 | 10 | 11 | 10 |
| PBT | 156 | 134 | 71 | 117 | 79 | 99 | 126 | 364 | 97 | 146 | 442 | 242 | 197 |
| Tax % | 25% | 24% | 26% | 23% | 26% | 22% | 25% | 23% | 25% | 25% | 21% | 19% | 20% |
| Net Profit | 139 | 127 | 63 | 116 | 92 | 100 | 109 | 280 | 65 | 83 | 347 | 196 | 158 |
| EPS in Rs | 2.47 | 2.27 | 1.13 | 2.06 | 1.63 | 1.77 | 1.93 | 4.98 | 1.16 | 1.49 | 6.18 | 3.48 | 2.81 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,741 | 1,541 | 1,480 | 1,824 | 2,476 | 3,237 | 3,144 | 2,913 | 3,330 | 3,281 | 3,088 | 3,928 | 3,878 |
| Expenses | 1,507 | 1,331 | 1,163 | 1,395 | 2,099 | 2,781 | 2,792 | 2,567 | 3,020 | 2,982 | 2,573 | 3,229 | 3,127 |
| Operating Profit | 234 | 210 | 316 | 429 | 377 | 455 | 352 | 346 | 310 | 299 | 514 | 699 | 750 |
| OPM % | 13% | 14% | 21% | 24% | 15% | 14% | 11% | 12% | 9% | 9% | 17% | 18% | 19% |
| Other Income | 265 | 247 | 222 | 176 | 222 | 255 | 34 | 130 | 164 | 219 | 268 | 242 | 320 |
| Interest | 2 | 2 | 5 | 2 | 3 | 4 | 6 | 3 | 3 | 5 | 5 | 5 | 2 |
| Depreciation | 20 | 25 | 23 | 24 | 22 | 24 | 24 | 24 | 26 | 35 | 40 | 42 | 41 |
| PBT | 477 | 430 | 511 | 579 | 574 | 683 | 356 | 449 | 446 | 478 | 738 | 894 | 1,027 |
| Tax % | 34% | 35% | 35% | 34% | 35% | 36% | 27% | 24% | 23% | 25% | 21% | 23% | — |
| Net Profit | 313 | 278 | 330 | 383 | 368 | 424 | 249 | 140 | 346 | 445 | 580 | 692 | 784 |
| EPS in Rs | 4.64 | 4.13 | 4.9 | 6.07 | 5.83 | 6.71 | 4.43 | 2.48 | 6.16 | 7.92 | 10.32 | 12.3 | 13.96 |
| Div. Payout % | 54% | 48% | 61% | 66% | 69% | 77% | 45% | 121% | 49% | 38% | 39% | 41% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 168 | 168 | 337 | 316 | 316 | 316 | 281 | 281 | 281 | 281 | 281 | 281 |
| Reserves | 2,463 | 2,653 | 2,508 | 2,025 | 2,029 | 2,090 | 1,470 | 1,489 | 1,680 | 1,965 | 2,388 | 2,865 |
| Borrowings | 0 | 0 | 0 | 0 | 0 | 5 | 4 | 4 | 19 | 33 | 22 | 17 |
| Other Liabilities | 1,356 | 1,342 | 1,551 | 2,173 | 2,416 | 2,685 | 2,687 | 2,404 | 2,408 | 2,454 | 2,574 | 2,707 |
| Total Liabilities | 3,988 | 4,164 | 4,396 | 4,514 | 4,761 | 5,096 | 4,441 | 4,177 | 4,388 | 4,733 | 5,265 | 5,869 |
| Fixed Assets | 272 | 242 | 272 | 257 | 248 | 274 | 263 | 263 | 279 | 298 | 295 | 338 |
| CWIP | 19 | 24 | 56 | 52 | 52 | 3 | 1 | 7 | 26 | 36 | 46 | 31 |
| Investments | 138 | 75 | 533 | 242 | 315 | 461 | 1,324 | 1,088 | 1,179 | 1,380 | 1,395 | 1,606 |
| Other Assets | 3,559 | 3,822 | 3,535 | 3,963 | 4,146 | 4,359 | 2,853 | 2,821 | 2,905 | 3,020 | 3,530 | 3,895 |
| Total Assets | 3,988 | 4,164 | 4,396 | 4,514 | 4,761 | 5,096 | 4,441 | 4,177 | 4,388 | 4,733 | 5,265 | 5,869 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 65 | 88 | 236 | 599 | 549 | 376 | 171 | 48 | -113 | 222 | 117 | 319 |
| Investing | 174 | 70 | 197 | 165 | -4 | -229 | 776 | 61 | 322 | 145 | -44 | -101 |
| Financing | -240 | -162 | -284 | -892 | -362 | -334 | -904 | -149 | -176 | -180 | -185 | -269 |
| Net Cash Flow | -1 | -4 | 150 | -129 | 183 | -188 | 43 | -39 | 34 | 187 | -112 | -51 |
| Free Cash Flow | 2 | 88 | 237 | 570 | 517 | 358 | 160 | 23 | -147 | 188 | 76 | 252 |
| CFO/OP | 96 | 115 | 127 | 205 | 204 | 132 | 95 | 54 | 7 | 93 | 48 | 70 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 92 | 89 | 98 | 112 | 63 | 77 | 62 | 48 | 40 | 37 | 53 | 45 |
| Cash Conversion Cycle | 92 | 89 | 98 | 112 | 63 | 77 | 62 | 48 | 40 | 37 | 53 | 45 |
| Working Capital Days | -100 | -117 | -164 | -215 | -198 | -164 | -186 | -179 | -125 | -124 | -101 | -60 |
| ROCE % | 16% | 16% | 18% | 22% | 25% | 29% | 25% | 25% | 24% | 22% | 29% | 30% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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Documents
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Company Information
EIL is a CPSU with majority ownership of the GoI operating under the administrative control of MoPNG. The Co. provides consultancy and engineering services and undertakes turnkey contracts. [1]
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