Monarch Surveyors & Engineering Consultants Ltd

BSE: 544453

₹ 231-0.99%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 327 crWebsite: www.monarchconsultants.inUpdated: 24 Oct 2026

About

Monarch Surveyors & Engineering Consultants is a Pune-headquartered civil infrastructure consultancy that provides engineering surveys, feasibility studies, detailed project reports, GIS, digital twin configuration and project management across India and abroad. Its revenue was Rs 171.69 cr in FY26, and it had a team of over 710 engineers, surveyors, planners and geospatial specialists. The company says that with 130+ active assignments and 800+ completed projects, it sits near the top of the mid-tier cohort.^[1][2]

Services

Services include engineering surveys, techno-economic feasibility studies, detailed project reports, GIS, digital twin configuration and project management (FY26 annual report).^[1]
The company adopted Trimble GEDO CE 2.0 trolley systems for railway track geometry audits (FY26).^[1]
In Q2 FY26, management said geospatial and digital twin work would drive growth over the next three years, alongside road and railway work.^[3]
In Q2 FY26 it had 4 water-related projects with about Rs 13-14 cr of orders.^[3]

Order book

Order book was about ₹61,500 lakh across 130+ projects as of FY26, about 3.5 years of revenue visibility at current run-rates. It was Rs 500+ cr at 30 Sep 2025.^[1][3]
Order inflow was ₹387.7 cr in FY26, versus Rs 186 cr in H1 FY26. The new orders are to be executed over 24-36 months.^[4][3]
Transportation (railways and highways) made up about 48% of the active order book in FY26.^[1]
The bid pipeline was Rs 150-160 cr at the Q2 FY26 call.^[3]

People and offices

Headcount was about 710 in FY26, versus 630+ at Sep-25 and 500+ at Mar-25.^[4][3]
Pan-India presence through 5 regional hubs and 20+ sites (FY26).^[1]
In Q2 FY26 the company had offices in Delhi and Guwahati and was opening offices in Ahmedabad and Nashik.^[3]
Management said most work is now done in-house; before 2023, work was outsourced (Q2 FY26 call).^[3]
Certifications include ISO 9001, ISO 14001 and ISO 27001, with MoRTH and MoR empanelments and Dun & Bradstreet accreditation (FY26).^[1]

Customers and concentration

About 90% of revenue came from Maharashtra (FY26).^[1]
80% of work is repeat work from clients including Railways, MSRDC, NHAI and Metros (FY26). Recurring clients gave 60-65% of revenue at the Q2 FY26 call.^[1][3]
Trade receivables are mainly government departments, PSUs and municipal bodies, where 90-120 day payment lags are common (FY26).^[1]
The company has done survey and design consultancy for rail corridors in Afghanistan and Sri Lanka.^[1]

Major contracts

₹13,000 lakh rate contract with Northern Railway for engineering surveys and land acquisition management over 36 months (FY26).^[1]
Three Somnath Dwarka Expressway land acquisition consultancy packages in Gujarat, worth about Rs 101 cr in total (FY26).^[4]
Project management for the upgrade of the Ghorpadi (Pune) and Wadi Bunder (Mumbai) Vande Bharat depots (FY26).^[1]

Expansion

The first international project or expansion is expected in FY27. In Q2 FY26 the company was evaluating 2-3 overseas countries.^[4][3]
The unused IPO proceeds of ₹6,643 lakh are expected to be fully deployed in H1 FY27.^[1]
Management plans to keep pursuing selective acquisitions that add skills and new markets (Q4 FY26 call).^[4]

Recent developments

After 31 Mar 2026, the company bought GMR Engineering Services (GM & FE Ryan Pty Ltd), Australia, for AUD 1.81 mn; it is now a wholly owned subsidiary.^[1]
GMR holds 7 Australian government panel pre-qualifications, including VicRoads, Parks Victoria, CFA and the Department of Transport & Planning. Its client base has about 80% retention.^[1][4]
The FY26 secretarial audit noted non-compliances, including trading window and Reg 30(5) lapses, a Rs 22,420 fine for late filing, and MGT-14 not filed.^[1]
H2 FY26 income fell by about 11-14% YoY because of project timing.^[1]

Market Cap

₹327 Cr

High / Low

₹331 / 165

Stock P/E

8.8

Price / Book

1.4

Book Value

₹163

EPS

₹26.3

No. of Shares

1.42 Cr

ROCE

21.5%

ROE

16.1%

OPM

29.6%

Debt / Equity

0.05

Sales

₹172 Cr

Net Profit

₹37 Cr

Promoter holding

72.3%

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