Larsen & Toubro Ltd.
NSE: LT
Industrials · Engineering & Construction
₹3,627.10 last close on 16 Oct 2026 −0.13%
Research updated
Techno Electric & Engineering Co. Ltd.
NSE: TECHNOEIndustrialsEngineering & Construction
- Last close
- ₹946.60
- Day change
- +₹1.40 (+0.15%)vs
- Market cap
- ₹11,009 crIndian rupees
- Research updated
- 1 report
About Techno Electric & Engineering Co.
Techno Electric & Engineering Co. Ltd. is a leading company specializing in engineering, procurement, and construction (EPC) services, with a focus on the power sector. The company's primary function is to provide project management, consultancy, and execution of projects in power generation, transmission, and distribution. Techno Electric is noted for its expertise in implementing emission control systems and captive power plants, contributing significantly to sectors such as renewable energy, particularly wind power. This company plays a crucial role in India's infrastructure development, enhancing the efficiency and sustainability of the power sector. With a commitment to innovation and quality service delivery, Techno Electric has carved out a niche in green energy solutions and smart city projects. Its market significance is underscored by its contribution to the nation's energy security and sustainable development goals, making it a key player in India's evolving energy landscape.
- Sector
- Industrials
- Industry
- Engineering & Construction
- Listing
- NSE: TECHNOE
- Chief executive
- Mr. Ankit Saraiya
- Employees
- 703
- Headquarters
- Kolkata, India
- ISIN
- INE285K01026
- Website
- techno.co.in
Public research · Report of
Business model & financial foundation
Techno Electric (NSE: TECHNOE), Power transmission and distribution EPC; AMI and digital infrastructure: revenue of ₹3,252 crore in FY26 (+43.3% on FY25), an EBITDA margin of 14.2%, net profit of ₹473.9 crore and net cash of ₹1,425 crore.
- Revenue, FY26 (₹ crore)
- 3,252
- consolidated
- Revenue growth, FY26
- +43.3%
- on FY25
- EBITDA margin, FY26
- 14.2%
- EBITDA (Operating EBITDA - continuing excluding other income) / revenue
- Net profit, FY26 (₹ crore)
- 473.9
- to owners
- Return on equity, FY26
- 12.0%
- on average equity
- Net debt, FY26 (₹ crore)
- -1,425
- Net debt after cash and liquid mutual funds
- Market capitalisation (₹ crore)
- 11,293
- at the close of 17 Oct 2026
Company profile
The group engineers, procures and constructs power generation, transmission and distribution infrastructure, including EHV substations and FGD systems. It extends EPC capabilities into DBFOOT smart-metering concessions, TBCB transmission assets and owned hyperscale/edge data centres. Consolidation captures subsidiary execution, financing, treasury investments and intercompany eliminations. Registered office:415/2 Mehrauli-Gurgaon Road, Sector14, Gurugram122001; corporate office:1B Park Plaza, South Block,71 Park Street,Kolkata700016.
| Item | Value |
|---|---|
| Legal name | Techno Electric & Engineering Company Limited |
| Exchange and ticker | NSE: TECHNOE; BSE: 542141 |
| ISIN | INE285K01026 |
| CIN | L40108HR2005PLC142826 |
| Sector | Industrials |
| Industry | Power transmission and distribution EPC; AMI and digital infrastructure |
| Headquarters | Kolkata, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Walker Chandiok & Co LLP (since 2022-09-26) |
| Market capitalisation | ₹11,293 crore (17 Oct 2026) |
| Shares outstanding | 11.63 crore shares (FY26) |
| Price | ₹946.6 (close, 17 Oct 2026) |
| 52-week range | ₹870.0 - ₹1,384 (to 17 Oct 2026) |
| Website | https://www.techno.co.in |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Techno Infra Developers Private Limited | 100% | IT enabled services |
| Techno Digital Infra Private Limited | 100% | IT enabled services; formerly Techno Clean Energy |
| Techno Digital Infra 1 Private Limited | 100% | IT enabled services |
| Techno Digital Infra 2 Private Limited | 100% | IT enabled services; formerly Techno Wind Power |
| Techno Data Center Limited | 100% | Service industry; formerly Techno Power Grid Company |
| Rajgarh Agro Products Limited | 96.14% | Agro industry; not commenced operations per AOC-1. Group-note ownership preferred over conflicting BRSR/AOC-1. |
| Techno AMI Solutions Private Limited | 100% | Smart metering DBFOOT; formerly Jhajjar Power Transmission |
| Techno AMI Solutions 1 Private Limited | 100% | Smart metering DBFOOT |
| Techno AMI Solutions 2 Private Limited | 100% | Smart metering DBFOOT |
| Techno AMI Solutions 3 Private Limited | 100% | Smart metering DBFOOT |
| Techno AMI Solutions 4 Private Limited | 100% | Smart metering DBFOOT |
| NERES XVI Power Transmission Limited | 100% | Transmission SPV |
| NERGS-I Power Transmission Limited | 100% | Transmission SPV |
| Techno Electric Overseas Pte. Ltd. | 100% | Investment; Singapore incorporated and operated |
FY26 group scope; no material subsidiary under issuer definition, no associates/JVs. Varanasi Commercial has significant influence, not designated parent. CIN 142628 on p122 conflicts with142826 pp96/130/285. Rajgarh ownership conflicts:96.14% group note,96.24% BRSR,96.10% AOC1; gaps recorded.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 56.92% | 56.92% | 56.92% | 56.92% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 8.53% | 8.65% | 8.08% | 8.09% |
| Domestic institutions | 23.06% | 22.72% | 21.60% | 21.33% |
| of which mutual funds | 21.64% | 21.28% | 19.98% | 19.80% |
| Retail | 8.36% | 8.97% | 10.76% | 10.86% |
| Other | 3.12% | 2.74% | 2.63% | 2.80% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Techno Electric & Engineering Company Ltd (NSE:TECHNOE) is an electrical EPC franchise building EHV substations up to765kV, STATCOM, generation/FGD systems and distribution digitisation. PGCIL, state utilities and transmission asset developers are the buyers. Procurement/supply and customer land turnover constrain execution; technical credentials and balance-sheet guarantee capacity support bidding discipline. The group now also funds AMI DBFOOT concessions (27-month install,93-month O&M), TBCB transmission assets for monetisation, and Chennai/Noida/Kolkata plus RailTel edge data centres. Consolidated revenue eliminates own-SPV EPC; standalone guidance therefore cannot be mixed with consolidated actuals. Subsidiaries are mainly wholly owned; Rajgarh Agro96.14% has an internal report holding-percentage conflict.
| Segment | revenue, FY25 (₹ crore) | Share | segment result ebit, FY25 (₹ crore) | Share | segment assets, FY25 (₹ crore) | Share |
|---|---|---|---|---|---|---|
| EPC (Construction) | 2,258 | 93.0% | 330.2 | 67.2% | 1,561 | 31.0% |
| Others (sale of power continuing) | 10.8 | 0.4% | 0.96 | 0.2% | 33.5 | 0.7% |
| Corporate (Unallocable) | 160.0 | 6.6% | 160.0 | 32.6% | 3,444 | 68.4% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| KEC International (KEC) | Analyst judgment: closest transmission EPC project execution and working-capital comparator; broader rail/civil exposure. |
| Kalpataru Projects International (KPIL) | Analyst judgment: transmission EPC and large order-book execution; wider civil/geographic mix. |
| GE Vernova T&D India (GVT&D) | Analyst judgment: high-voltage grid/substation equipment and turnkey execution; OEM rather than pure EPC. |
| Hitachi Energy India (POWERINDIA) | Analyst judgment: advanced grid/substation and transmission technology; premium OEM economics limit direct comparability. |
| Bharat Heavy Electricals (BHEL) | Analyst judgment: power EPC/FGD and generation balance-of-plant tender exposure; larger manufacturing mix. |
| Larsen & Toubro (LT) | Analyst judgment: power transmission/distribution EPC and complex infrastructure execution; diversified scale comparator. |
| Genus Power Infrastructures (GENUSPOWER) | Analyst judgment: smart-meter deployment/concession execution and working-capital comparator; meter OEM not pure EPC. |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations - continuing | 989.7 | 827.4 | 1,502 | 2,269 | 3,252 |
| Cost of revenue (vendor classification) * | 746.3 | 625.8 | 1,160 | 1,765 | 2,559 |
| Other operating costs (vendor classification) * | 50.0 | 63.8 | 81.3 | 89.8 | 121.4 |
| EBITDA (vendor classification) * | 255.3 | 152.9 | 296.8 | 405.8 | 557.6 |
| Operating EBIT excluding treasury income | 299.5 | 148.3 | 201.6 | 331.2 | 444.9 |
| Finance costs including bank guarantee charges | 0.89 | 5.25 | 16.4 | 10.5 | 19.3 |
| Profit before tax, continuing operations | 298.6 | 143.1 | 321.3 | 480.6 | 575.1 |
| Tax expense, continuing operations | 59.2 | 46.5 | 50.2 | 102.5 | 126.5 |
| PAT before attribution - all operations | 263.9 | 186.9 | 268.5 | 422.9 | 473.9 |
| Diluted EPS - all operations (₹) | 23.99 | 17.10 | 24.94 | 37.19 | 40.74 |
| Materials/direct costs plus inventory change | 1,160 | 1,765 | 2,559 | ||
| Employee benefits expense | 46.2 | 67.0 | 100.0 | ||
| Other operating expenses | 86.4 | 97.2 | 130.8 | ||
| Operating EBITDA - continuing excluding other income | 209.4 | 339.3 | 461.8 | ||
| Other income - continuing | 136.1 | 160.0 | 149.5 | ||
| Depreciation and amortisation - continuing | 7.84 | 8.05 | 17.0 | ||
| Exceptional items signed gain positive | 0.80 | 0.00 | 0.00 | ||
| NCI profit signed profit positive loss negative | -0.00 | -0.00 | -0.00 | ||
| Share of associate/JV profit signed | 0.00 | 0.00 | 0.00 | ||
| PAT attributable to owners - all operations | 268.5 | 422.9 | 473.9 | ||
| Discontinued pre-exceptional pre-tax contribution signed | -4.26 | 59.9 | 33.6 | ||
| Discontinued tax expense signed benefit negative | -0.89 | 15.1 | 8.46 | ||
| Profit after tax from discontinued operations, signed | -2.57 | 44.8 | 25.2 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity including NCI | 1,837 | 1,930 | 2,163 | 3,740 | 4,157 |
| Current and noncurrent borrowings | 0.00 | 0.00 | 39.1 | 72.5 | |
| Cash and cash equivalents only | 45.5 | 48.4 | 34.4 | 32.3 | 53.3 |
| Trade receivables including retention | 584.0 | 641.3 | 741.1 | 672.9 | 1,217 |
| Trade payables | 418.7 | 520.2 | 549.8 | 864.3 | 1,189 |
| PPE excluding ROU assets | 458.1 | 81.2 | 42.9 | 37.7 | 458.1 |
| CWIP excluding capital advances | 0.00 | 94.6 | 275.7 | 441.7 | 71.9 |
| Total assets * | 2,516 | 2,769 | 2,834 | 5,056 | 5,939 |
| Inventories | 27.1 | 101.1 | 25.9 | 0.00 | 0.00 |
| Liquid and ultra-short mutual funds | 885.1 | 2,313 | 1,444 | ||
| All current investments incl debt instruments | 1,141 | 2,801 | 2,201 | ||
| Other bank balances including restricted deposits | 102.8 | 97.0 | 77.0 | ||
| Net debt after cash and liquid mutual funds | -919.5 | -2,306 | -1,425 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| CFO after tax signed | 362.3 | 118.9 | -198.2 | 453.0 | -590.0 |
| Free cash flow (vendor definition) * | 225.6 | 27.8 | -378.7 | 284.6 | -657.1 |
| Dividends paid signed outflow negative | -49.5 | -22.0 | -64.6 | -81.4 | -104.7 |
| PPE CWIP capital advances CF signed | -33.7 | -65.1 | -180.4 | -168.4 | -67.1 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Year-end issued shares not weighted average | 11.00 | 10.92 | 10.76 | 11.63 | 11.63 |
| Diluted weighted-average shares for EPS | 10.76 | 11.37 | 11.63 | ||
| CWIP aged more than two years | 94.6 | 0.00 | |||
| Capital commitments net of advances | 21.1 | 2.93 | 11.8 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 441.4 | 636.1 | 815.8 | 526.0 | 843.4 | 872.2 | 1,010 | 630.3 |
| Cost of revenue (vendor classification) * | 345.7 | 499.3 | 638.4 | 387.4 | 679.2 | 680.6 | 811.8 | 466.9 |
| Other operating costs (vendor classification) * | 10.1 | 30.0 | -0.05 | 24.9 | 28.9 | 39.5 | 37.5 | 35.6 |
| EBITDA (vendor classification) * | 109.4 | 134.1 | 170.5 | 140.7 | 148.8 | 157.8 | 164.1 | 128.6 |
| EBIT * | 107.4 | 131.8 | 168.7 | 138.7 | 146.4 | 148.4 | 161.0 | 122.3 |
| Finance costs | 2.03 | 2.75 | 3.61 | 2.52 | 6.79 | 4.31 | 5.65 | 3.82 |
| Profit before tax, continuing operations | 105.3 | 129.0 | 174.4 | 136.1 | 139.6 | 144.1 | 155.4 | 118.5 |
| Income tax expense, continuing operations | 11.1 | 33.0 | 39.7 | 25.2 | 35.6 | 24.8 | 40.8 | 25.1 |
| Profit after tax including discontinued operations | 94.2 | 96.0 | 134.6 | 136.1 | 104.0 | 119.3 | 114.5 | 93.3 |
| Diluted EPS, continuing and discontinued (₹) | 8.22 | 8.25 | 11.58 | 11.70 | 8.94 | 10.25 | 9.85 | 8.02 |
| Materials consumed plus inventory changes | 345.7 | 499.3 | 638.4 | 387.4 | 679.2 | 680.6 | 811.7 | 466.9 |
| Employee benefits expense | 15.5 | 16.8 | 21.5 | 21.3 | 24.1 | 26.0 | 28.7 | 28.3 |
| Other expenses | 10.0 | 30.0 | 29.2 | 24.9 | 28.9 | 39.5 | 37.5 | 35.6 |
| Operating EBITDA excluding other income | 70.2 | 90.0 | 126.7 | 92.4 | 111.3 | 126.1 | 132.1 | 99.5 |
| Other income | 39.2 | 44.1 | 53.1 | 48.3 | 37.5 | 31.7 | 32.0 | 29.1 |
| Depreciation and amortisation expense | 2.02 | 2.27 | 1.82 | 2.05 | 2.41 | 9.39 | 3.11 | 6.31 |
| Exceptional items, signed gain positive | 0.00 | 0.00 | 0.00 | n.d. | n.d. | n.d. | n.d. | n.d. |
| Non-controlling share of PAT, signed | -0.00 | -0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -0.00 |
| Share of associate or JV profit, signed | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. |
| PAT attributable to owners, including discontinued | 94.2 | 96.0 | 134.6 | 136.1 | 104.0 | 119.3 | 114.5 | 93.3 |
| Period-end shares derived from paid-up capital | 11.63 | 11.63 | 11.63 | 11.63 | 11.63 | 11.63 | 11.63 | 11.63 |
| Profit before tax from discontinued operations | 0.00 | 0.00 | 0.00 | 33.6 | 0.00 | 0.00 | 0.00 | 0.00 |
| Tax expense of discontinued operations | 0.00 | 0.00 | 0.00 | 8.46 | 0.00 | 0.00 | 0.00 | 0.00 |
| Profit after tax from discontinued operations, signed | 0.00 | 0.00 | 0.00 | 25.2 | 0.00 | 0.00 | 0.00 | 0.00 |
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 | 11.4% | -16.4% | 81.6% | 51.0% | 43.3% |
| EBITDA margin | 13.9% | 15.0% | 14.2% | ||
| Net margin | 17.9% | 18.6% | 14.6% | ||
| Return on equity | 13.1% | 14.3% | 12.0% | ||
| Return on capital employed | 17.1% | 9.3% | 11.1% | 11.1% | |
| Return on assets | 9.6% | 10.7% | 8.6% | ||
| Net debt (₹ crore) | -919.5 | -2,306 | -1,425 | ||
| Net debt / EBITDA | -4.39x | -6.80x | -3.08x | ||
| Interest cover | 336.5x | 28.2x | 12.3x | 31.4x | 23.1x |
| Asset turnover | 0.42x | 0.31x | 0.54x | 0.58x | 0.59x |
| Receivable days | 215 | 283 | 180 | 108 | 137 |
| Inventory days (on revenue) | 10 | 45 | 6 | 0 | 0 |
| Payable days (on revenue) | 154 | 230 | 134 | 139 | 134 |
| Cash conversion | -0.74x | 1.07x | -1.24x | ||
| Capex intensity | 3.4% | 7.9% | 12.0% | 7.4% | 2.1% |
| Free cash flow (₹ crore) | 328.6 | 53.8 | -378.7 | 284.6 | -657.1 |
| Dividend payout | 24.1% | 19.2% | 22.1% | ||
| EPS, diluted (₹) | 23.99 | 17.10 | 24.94 | 37.19 | 40.74 |
| Book value per share (₹) | 167.0 | 176.7 | 201.0 | 321.6 | 357.4 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating EBITDA - continuing excluding 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): Net debt after cash and liquid mutual funds; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Operating EBITDA - continuing excluding 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 - all operations).
- 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 Techno Electric & Engineering Co. 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
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- The claims the view rests on, and what would change it
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- 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
Reports on Techno Electric & Engineering Co.
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Prices are the last close on the NSE, 16 Oct 2026. Research from Mool’s report of 17 Oct 2026; page updated 17 Oct 2026.
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