Larsen & Toubro Ltd.
NSE: LT
Industrials · Engineering & Construction
₹3,647.00 last close on 23 Oct 2026 +0.24%
Research updated
Engineers India Ltd.
NSE: ENGINERSINIndustrialsEngineering & Construction
- Last close
- ₹242.50
- Day change
- −₹8.80 (−3.50%)vs
- Market cap
- ₹15,369 crIndian rupees
- Research updated
- 1 report
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About Engineers India
Engineers India Ltd. is a leading engineering consultancy company, offering a diverse array of services primarily in the hydrocarbons sector, which includes oil and gas processing, petrochemicals, and pipelines. Established in 1965, the company provides end-to-end solutions encompassing project management consultancy (PMC), engineering, procurement, and construction management (EPCM). With a significant footprint across the oil, gas, and petrochemical industries, Engineers India Ltd. plays a pivotal role in developing complex infrastructure projects both in India and internationally. In addition to hydrocarbons, the company extends its expertise to sectors such as power and water, aiming to enhance sustainability and efficiency. As a prominent player in its field, Engineers India Ltd. collaborates closely with government organizations and private enterprises, ensuring compliance with stringent safety and environmental standards. The company's comprehensive approach to project execution and its emphasis on innovation and technological advancement underscore its importance in the infrastructure development domain, both domestically and abroad.
- Sector
- Industrials
- Industry
- Engineering & Construction
- Listing
- NSE: ENGINERSIN
- Next results
- Employees
- 2,747
- Headquarters
- New Delhi, India
- ISIN
- INE510A01028
- Website
- engineersindia.com
Public research · Report of
Business model & financial foundation
Engineers India (EIL) (NSE: ENGINERSIN), Engineering consultancy and EPC (hydrocarbons, petrochemicals, fertilisers, infrastructure): revenue of ₹3,928 crore in FY26 (+27.2% on FY25), an EBITDA margin of 17.7%, net profit of ₹691.6 crore and net cash of ₹1,431 crore.
- Revenue, FY26 (₹ crore)
- 3,928
- consolidated
- Revenue growth, FY26
- +27.2%
- on FY25
- EBITDA margin, FY26
- 17.7%
- EBITDA (revenue less operating costs, excl. other income) / revenue
- Net profit, FY26 (₹ crore)
- 691.6
- to owners
- Return on equity, FY26
- 23.8%
- on average equity
- Net debt, FY26 (₹ crore)
- -1,431
- Financial net debt including liquid funds (negative = net cash)
- Market capitalisation (₹ crore)
- 14,650
- at the close of 17 Oct 2026
Company profile
Engineers India is a Navratna PSU under the Ministry of Petroleum & Natural Gas that provides engineering consultancy (PMC, EPCM, FEED, detailed engineering) and lump-sum turnkey (LSTK/OBE) execution for refineries, petrochemicals, pipelines, fertilisers and infrastructure, in India and overseas (Dangote in Nigeria and Kenya, Middle East). Consultancy earns 20-28% segment margins on a fee base; turnkey earns 5-8% on pass-through project costs. The company is debt-free with roughly INR 2,900 crore of cash and investments and also earns its share of the RFCL urea JV profit.
| Item | Value |
|---|---|
| Legal name | Engineers India Limited |
| Exchange and ticker | NSE: ENGINERSIN; BSE: 532178 |
| ISIN | INE510A01028 |
| Sector | Industrials |
| Industry | Engineering consultancy and EPC (hydrocarbons, petrochemicals, fertilisers, infrastructure) |
| Headquarters | New Delhi, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Datta Singla & Co. (statutory); C&AG supplementary audit |
| Market capitalisation | ₹14,650 crore (17 Oct 2026) |
| Shares outstanding | 56.20 crore shares (FY26) |
| Price | ₹273.5 (close, 17 Oct 2026) |
| 52-week range | ₹163.6 - ₹321.4 (to 17 Oct 2026) |
| Website | https://engineersindia.com |
Corporate structure and shareholding
Parent: President of India (Government of India, 51.32%), administrative ministry: Ministry of Petroleum & Natural Gas.
| Entity | Holding | Business |
|---|---|---|
| Certification Engineers International Ltd (CEIL) | 100% | Third-party inspection and certification |
| Ramagundam Fertilizers and Chemicals Ltd (RFCL) | 26% | Joint venture: 1.27 MMTPA gas-based urea plant, Telangana; equity-accounted |
| LLC Bharat Energy Office, Russia | 20% | Associate: joint office of Indian oil PSUs in Moscow |
| Numaligarh Refinery Ltd (investment, not associate) | 4.37% |
EIL also holds participating interests in two NELP-IX upstream blocks (CB-ONN-2010/8 and /11). Two unincorporated joint operations are consolidated proportionately (immaterial).
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 51.32% | 51.32% | 51.32% | 51.32% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 7.74% | 9.66% | 9.17% | 8.09% |
| Domestic institutions | 13.38% | 12.19% | 14.22% | 16.61% |
| of which mutual funds | 11.41% | 10.57% | 12.55% | 14.72% |
| Retail | 27.52% | 26.79% | 25.24% | 23.94% |
| Other | 0.04% | 0.04% | 0.04% | 0.04% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Engineers India Ltd (NSE ENGINERSIN, ISIN INE510A01028) is a government-controlled engineering consultant and turnkey contractor, not a refinery owner. Consultancy covers feasibility, process engineering, PMC/EPCM and project execution management; turnkey revenue contains much larger construction/procurement pass-through and lower recurring margins. Cost-progress recognition links revenue to work done rather than the announcement of an order. CEIL inspection/certification is consolidated, RFCL fertilizer earnings equity accounted, and the NRL minority holding carried as a strategic investment. Primary basis consolidated Ind AS; the published two segment packs/order book are standalone and reconciled through a CEIL/elimination bridge. Fiscal years end31March, money INR crore, shares crore.
| Segment | revenue, FY26 (₹ crore) | Share | ebit, FY26 (₹ crore) | Share |
|---|---|---|---|---|
| Consultancy & Engineering Projects | 1,782 | 46.3% | 423.7 | 54.3% |
| Turnkey Projects | 2,068 | 53.7% | 356.1 | 45.7% |
Segments as the company reports them (standalone); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Larsen & Toubro (LT) | Largest Indian hydrocarbon EPC (L&T Energy Hydrocarbon) competing for refinery/petchem LSTK packages |
| Thermax (THERMAX) | Process-industry engineering and EPC serving refineries, chemicals and energy transition |
| KEC International (KEC) | |
| Kalpataru Projects International (KPIL) | EPC contractor with oil & gas pipelines business; turnkey-margin comparator |
| RITES (RITES) | Government-owned engineering consultancy PSU with similar asset-light, cash-rich, high-payout profile |
| NBCC (India) (NBCC) | Government PMC/consultancy PSU on a fee and project-management model |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 2,922 | 3,330 | 3,281 | 3,088 | 3,928 |
| Cost of revenue (vendor classification) * | 1,375 | 1,836 | 1,696 | 1,316 | 1,815 |
| Other operating costs (vendor classification) * | 255.6 | 258.1 | 302.0 | 211.4 | 331.5 |
| EBITDA (vendor classification) * | 471.9 | 472.7 | 516.2 | 665.1 | 929.0 |
| EBIT * | 450.4 | 447.0 | 481.2 | 633.0 | 896.6 |
| Finance costs | 0.96 | 1.50 | 3.05 | 2.66 | 2.12 |
| Profit before tax (after JV/associate share) | 449.5 | 445.5 | 563.3 | 738.2 | 894.5 |
| Total tax expense | 106.6 | 101.3 | 118.0 | 158.4 | 202.9 |
| Profit for the period | 139.5 | 346.3 | 445.3 | 579.8 | 691.6 |
| Diluted EPS (₹) | 2.48 | 6.16 | 7.92 | 10.32 | 12.30 |
| Other income | 219.2 | 160.3 | 195.1 | ||
| Technical assistance/sub-contracts | 1,213 | 1,008 | 1,389 | ||
| Construction materials and equipments | 483.0 | 307.8 | 426.1 | ||
| Employee benefits expenses | 985.4 | 1,024 | 1,060 | ||
| Other expenses | 302.0 | 236.0 | 357.0 | ||
| EBITDA (revenue less operating costs, excl. other income) | 297.1 | 512.3 | 695.9 | ||
| Depreciation and amortisation | 35.0 | 39.6 | 41.7 | ||
| Exceptional items | 0.00 | 0.00 | 0.00 | ||
| Share of profit/(loss) of JVs/associates | 85.1 | 107.9 | 47.4 | ||
| Non-controlling interest | 0.00 | 0.00 | 0.00 | ||
| Profit attributable to owners | 445.3 | 579.8 | 691.6 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity | 1,770 | 1,962 | 2,246 | 2,669 | 3,146 |
| Borrowings (lease liabilities only; no bank debt) | 3.72 | 18.9 | 33.0 | 22.1 | 16.8 |
| Cash and cash equivalents | 29.8 | 63.5 | 250.7 | 138.6 | 87.8 |
| Trade receivables | 386.1 | 367.8 | 335.6 | 444.4 | 479.3 |
| Inventories | 5.19 | 5.91 | 0.62 | 0.70 | 0.52 |
| Trade payables | 320.5 | 346.6 | 443.7 | 475.9 | 586.6 |
| Net property, plant and equipment | 31.3 | 33.2 | 262.1 | 227.3 | 275.8 |
| Capital work in progress | 6.46 | 25.9 | 35.9 | 45.7 | 30.8 |
| Total assets | 4,177 | 4,388 | 4,742 | 5,265 | 5,869 |
| Other bank balances | 968.1 | 1,188 | 1,276 | ||
| Current investments | 152.6 | 5.79 | 83.5 | ||
| Non-current financial investments (excl. equity-method JV investments) | 884.0 | 938.3 | 1,024 | ||
| Investments accounted using equity method | 450.8 | 498.3 | |||
| Contract assets - unbilled revenue (net) | 804.1 | 1,103 | |||
| Contract liabilities - income received in advance | 849.0 | 662.5 | |||
| Advances received from clients (current and non-current) | 77.4 | 157.0 | |||
| Financial net debt including liquid funds (negative = net cash) | -1,338 | -1,311 | -1,431 | ||
| Bank borrowings (excluding leases) | 0.00 | 0.00 | |||
| Billed trade receivables before ECL | 567.1 | 662.2 | |||
| Allowance for expected credit loss on trade receivables | 122.7 | 182.9 | |||
| Non-current bank margin/security deposits (excluded from liquidity) | 0.11 | 0.12 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash flow from operating activities | 499.4 | 48.0 | 222.0 | 117.0 | 319.0 |
| Free cash flow (vendor definition) * | 16.9 | -147.4 | 188.0 | 67.3 | 250.1 |
| Dividends paid (the provider's sign: an outflow is negative) | -146.1 | -168.6 | -168.6 | -168.6 | -252.9 |
| Purchase of PPE, investment property, intangibles (incl. CWIP) | -25.4 | -34.5 | -34.0 | -41.9 | -69.0 |
| Lease cash payments (principal and interest) | -11.2 | -16.5 | -16.1 | ||
| Cash paid for other unquoted equity investments (NRL rights) | -69.2 | -34.6 | -34.6 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding | 56.20 | 56.21 | 56.22 | 56.20 | 56.20 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 688.9 | 764.6 | 1,010 | 870.4 | 921.3 | 1,210 | 926.3 | 819.8 |
| Cost of revenue (vendor classification) * | 290.4 | 340.0 | 423.4 | 445.5 | 480.6 | 475.9 | 412.9 | 328.4 |
| Other operating costs (vendor classification) * | 84.2 | 72.4 | -55.8 | 102.2 | 54.4 | 99.9 | 100.5 | 100.8 |
| EBITDA (vendor classification) * | 109.3 | 136.0 | 329.9 | 108.5 | 156.6 | 411.4 | 253.2 | 164.6 |
| EBIT * | 99.8 | 126.5 | 326.6 | 97.9 | 146.5 | 401.2 | 242.4 | 154.8 |
| Finance costs | 0.74 | 0.64 | 0.50 | 0.62 | 0.55 | 0.60 | 0.35 | 0.51 |
| Profit before tax (after JV/associate share) | 121.8 | 140.8 | 363.6 | 89.9 | 120.4 | 442.2 | 242.0 | 196.8 |
| Total tax expense | 22.2 | 32.1 | 83.8 | 24.5 | 36.9 | 95.0 | 46.5 | 38.9 |
| Profit for the period | 99.6 | 108.7 | 279.8 | 65.4 | 83.5 | 347.2 | 195.5 | 157.9 |
| Diluted EPS (₹) | 1.77 | 1.94 | 4.98 | 1.16 | 1.49 | 6.18 | 3.47 | 2.81 |
| Other income | 47.0 | 38.1 | 36.4 | 36.4 | 36.9 | 59.2 | 62.6 | 38.2 |
| Technical assistance/sub-contracts | 227.8 | 229.8 | 343.2 | 367.4 | 333.0 | 398.0 | 290.3 | 244.5 |
| Construction materials and equipments | 62.6 | 110.1 | 80.2 | 78.2 | 147.6 | 77.9 | 122.5 | 83.9 |
| Employee benefits expenses | 251.9 | 254.3 | 275.6 | 250.6 | 266.5 | 282.2 | 261.1 | 264.3 |
| Other expenses | 84.2 | 72.4 | 10.3 | 102.2 | 54.4 | 99.9 | 100.5 | 100.8 |
| EBITDA (revenue less operating costs, excl. other income) | 62.4 | 97.9 | 301.0 | 72.1 | 119.7 | 352.2 | 151.8 | 126.4 |
| Depreciation and amortisation | 9.53 | 9.50 | 10.7 | 10.6 | 10.1 | 10.2 | 10.8 | 9.79 |
| Exceptional items | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Share of profit/(loss) of JVs/associates | 22.7 | 15.0 | 37.5 | -7.37 | -25.6 | 41.6 | 38.7 | 42.5 |
| Non-controlling interest | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Profit attributable to owners | 99.6 | 108.7 | 279.8 | 65.4 | 83.5 | 347.2 | 195.5 | 157.9 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | -7.1% | 14.0% | -1.5% | -5.9% | 27.2% |
| EBITDA margin | 9.1% | 16.6% | 17.7% | ||
| Net margin | 13.6% | 18.8% | 17.6% | ||
| Return on equity | 21.2% | 23.6% | 23.8% | ||
| Return on capital employed | 25.5% | 23.8% | 22.6% | 25.5% | 30.6% |
| Return on assets | 9.8% | 11.6% | 12.4% | ||
| Net debt (₹ crore) | -1,338 | -1,311 | -1,431 | ||
| Net debt / EBITDA | -4.50x | -2.56x | -2.06x | ||
| Interest cover | 469.2x | 298.0x | 157.8x | 238.0x | 422.9x |
| Asset turnover | 0.68x | 0.78x | 0.72x | 0.62x | 0.71x |
| Receivable days | 48 | 40 | 37 | 53 | 45 |
| Inventory days (on revenue) | 1 | 1 | 0 | 0 | 0 |
| Payable days (on revenue) | 40 | 38 | 49 | 56 | 55 |
| Cash conversion | 0.50x | 0.20x | 0.46x | ||
| Capex intensity | 0.9% | 1.0% | 1.0% | 1.4% | 1.8% |
| Free cash flow (₹ crore) | 474.0 | 13.5 | 188.0 | 75.1 | 250.1 |
| Dividend payout | 37.9% | 29.1% | 36.6% | ||
| EPS, diluted (₹) | 2.48 | 6.16 | 7.92 | 10.32 | 12.30 |
| Book value per share (₹) | 31.49 | 34.89 | 39.96 | 47.49 | 55.97 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (revenue less operating costs, excl. other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Financial net debt including liquid funds (negative = net cash).
- Net debt / EBITDA: net debt / EBITDA (revenue less operating costs, excl. other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 17 Oct 2026); market data at the close of 17 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Engineers India includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 17 Oct 2026; page updated 26 Oct 2026.
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