Aarvi Encon Ltd(AARVI)

NSE: AARVI

₹ 131.1+1.90%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 195 crWebsite: www.aarviencon.comUpdated: 24 Oct 2026

About

Aarvi Encon, established in 1987 and headquartered in Mumbai, provides technical manpower outsourcing and engineering services to public sector undertakings, multinationals, EPC contractors and private enterprises. It reported FY26 revenue of 649.85 (Rs Cr) and a workforce of 8,272 across domestic and international client sites. The company describes itself as one of India's most trusted engineering manpower service providers.^[1][2]

Business mix

Manpower supply and consultancy revenue within India was Rs 567.84 Cr in FY26 vs Rs 510.39 Cr in FY25.^[1][3]
Manpower supply and consultancy revenue outside India was Rs 82.02 Cr in FY26 vs Rs 46.23 Cr in FY25.^[1][3]
O&M services made up 11% of the business mix in Q1 FY27 vs 14% in FY26; the rest is mainly technical manpower staffing.^[4]
International revenue share was 11% in Q1 FY27 vs 13% in FY26.^[4]
PSU customers accounted for 13% of revenue in FY26; non-PSU sales were 84% in Q3 FY26 vs 85% in Q2 FY26.^[5]
Lumpsum contracts were 55% of sales in Q3 FY26 vs 70% in Q2 FY26, the rest being cost-plus.^[6]
O&M revenue was INR 868 Mn in 9M FY26 vs INR 607 Mn in FY25.^[6]

Services

Services include technical manpower outsourcing, engineering support, O&M, pre-commissioning and commissioning, project management, procurement, inspection and permanent recruitment (FY26).^[1]
In FY26 it deployed O&M manpower at solar module and cell manufacturing projects for more than four clients.^[5]

Workforce and operating numbers

Total manpower deputation was 8,288 in Q1 FY27, vs 8,272 in FY26 and 5,458 in FY25.^[4]
FY26 workforce of 8,272 comprised 312 permanent corporate employees and 7960 contract staff.^[1]
Average billing per employee per month was INR 65,000 in Q1 FY27.^[4]
Working capital days stood at 58 days in Q1 FY27; management aims to reduce them by improving receivables.^[4]
Monthly deputation rose from 575 in October 2025 to 791 in December 2025.^[6]
The FY26 annual report states zero labour disputes or strikes.^[1]

Customers and sectors

Named customers include Reliance Industries, Larsen & Toubro, HPCL and CPCL (FY26).^[1]
Client retention was 98% in Q1 FY27 vs 97% in Q4 FY26.^[4]
Added more than 13 new clients and secured 33 new orders in Q1 FY27.^[4]
Sectors served include oil & gas, refineries, petrochemicals, LNG, power, renewables, pipelines, infrastructure, metals, fertilisers, railways, metro and ports.^[1]

International footprint

Has operations in the UAE, Oman, Qatar, Saudi Arabia, Indonesia and Malaysia (FY26).^[1]
International revenue grew 73% in FY26 and overseas PAT rose 179%.^[5]
A step-down subsidiary in Malaysia was incorporated through Aarvi Encon FZE, UAE in Q2 FY26.^[7]
Management expects Saudi Arabia and Oman to generate revenue in the coming years (Q1 FY27 call).^[4]
The FY26 annual report says demand for skilled engineering professionals remains strong across the Middle East and Southeast Asia.^[1]

Plans and targets

FY27 guidance: topline growth of 10-15% and total manpower of 8,500-9,500.^[4]
Long-term target mix of about 60% India staffing, 20% India O&M and 20% international.^[4]
New Chennai engineering office opened in FY26 is to be developed into a dedicated engineering centre over coming years.^[5]
Plans to enter new verticals including automobile, marine, airports, ports, defence and healthcare (Q3 FY26 call).^[6]

Risks named by management

The FY26 annual report names risks from geopolitical uncertainty delaying capex and hiring, AI reducing demand for routine roles, skilled talent shortages raising hiring costs, and labour-law changes adding compliance.^[1]
The FY26 annual report also cites hiring cyclicality from project delays and pricing pressure from competition.^[1]

Recent developments

5 October 2026: featured at Serial No. 119 in Dun & Bradstreet's Leading SMEs of India 2026 (Services, Maharashtra).^[8]
6 August 2026: equity shares listed on BSE, in addition to the NSE listing since 2017.^[4]
Q1 FY27: Indonesia step-down subsidiary PT Aarvi Encon Services won two manpower contracts worth about INR 159 Mn and INR 385 Mn from a multinational EPC company.^[4]
Q4 FY26: secured domestic orders aggregating more than INR 200 crore.^[5]

Market Cap

₹195 Cr

High / Low

₹168 / 116

Stock P/E

9.8

Price / Book

1.3

Book Value

₹96

EPS

₹11.9

No. of Shares

1.48 Cr

ROCE

14.0%

ROE

13.2%

OPM

3.5%

Debt / Equity

0.19

Sales

₹650 Cr

Net Profit

₹18 Cr

Promoter holding

73.4%

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