Engineers India Ltd(ENGINERSIN)

NSE: ENGINERSINBSE: 532178

₹ 242.35-3.68%refreshed 23 Oct, 03:59 pm ISTMarket cap: ₹ 13,621 crNext results: 30 Oct 2026Website: www.engineersindia.comUpdated: 24 Oct 2026

About

Engineers India Limited is a government-owned engineering consultancy and project management firm serving the hydrocarbon, fertilizer and infrastructure sectors, offering consultancy and engineering, turnkey/LSTK EPC execution and technology licensing. It reported revenue of Rs 3928.18 crore in FY26 and held an order book of INR 14,424 crore as of Q1 FY27. EIL has worked on 20 of India's 23 operating refineries, including 10 grassroot refineries, and has 150 ongoing overseas projects.^[1][2][3]

Business segments

Turnkey Projects contributed 52.6% of FY26 segment revenue (Rs 2,067.81 crore), executing lump-sum and item-rate EPC contracts with an EBIT margin of 17.2%.^[4]
Consultancy & Engineering Projects contributed 47.4% of FY26 segment revenue (Rs 1,860.37 crore), providing EPCM, PMC and design services with an EBIT margin of 24.5%.^[4]
In Q1 FY27, consultancy rose to 62% of standalone turnover (INR 499 crore) from 48% a year earlier, as major legacy turnkey projects tapered.^[3]
Infrastructure orders make up approximately 45% of business income in FY27, up from ~25% of FY26 order inflow, covering data centres, campuses and airports.^[3]
Wholly owned subsidiary Certification Engineers International Ltd provides third-party inspection, certification and HSE audit services; its FY26 order book is about ₹180 crore.^[2]

Order book and inflow

Order book stood at INR 14,424 crore in Q1 FY27, of which INR 10,498 crore (73%) was in the consultancy segment.^[3]
Order book reached an all-time high of Rs 15,109 crore at 31 March 2026, up from Rs 11,717 crore at 31 March 2025.^[5][2]
The FY26 annual report expects about 27% of the order book (unsatisfied performance obligations) to be executed within a year.^[2]
Q1 FY27 standalone order inflow was INR 514 crore; FY27 inflow target is INR 8,000 crore, with year-to-date inflow including early Q2 FY27 at INR 2,750 crore at the Q1 call.^[3]
FY25 order inflow was a record ₹8,214 crore, about 35% of it from infrastructure.^[6]

Segment margins

Consultancy segment margin rose to 24% in Q1 FY27 from 17% in Q1 FY26; management targets sustaining 24-25%.^[3]
Turnkey (LSTK) segment margin was 7.5% in Q1 FY27; full-year FY26 turnkey margin was 17% vs 8% in FY25.^[3]

Services, capacity and capabilities

EIL has 4.8 million man-hours of annual capacity across offices and sites (FY26).^[2]
Services span feasibility studies, FEED, PMC and EPCM, turnkey/LSTK EPC execution, and technology licensing with proprietary equipment.^[2]
QCI-NABET environmental accreditation covers 16 sectors (FY26).^[2]
In-house AI tool EngAIDesign is deployed across all new projects and cut instrumentation cabling by close to a fifth (FY26).^[2]

Key domestic projects and clients

PMC for HPCL's Vizag refinery modernisation, where the 3.55 MMTPA residue upgradation unit was commissioned in FY26.^[2]
EPCM/PMC for expanding IOCL's Panipat refinery from 15 MMTPA to 25 MMTPA.^[2]
EPCM services for the 1,637 km Paradip-Numaligarh crude oil pipeline.^[2]
EPCM consultant for expanding Petronet LNG's Dahej regasification terminal from 20 to 22.5 MMTPA.^[2]
Completed a 60 KTPA polypropylene plant at GAIL's Pata complex in FY26.^[2]
RFCL (Ramagundam Fertilizer & Chemicals), 26% owned, contributed a profit share of INR 42.51 crore in Q1 FY27 vs a loss of INR 7.37 crore in Q1 FY26, after a 45-day shutdown in Q2 FY26.^[7][3]

International operations

International offices in Abu Dhabi, Milan, Shanghai, London, Guyana and Saudi Arabia, with a new branch office at Al Khobar, Saudi Arabia (FY26).^[2]
Signed a 5+3 year in-kingdom services long-term agreement with Saudi Aramco in FY26.^[5]
Overseas consultancy inflow in 9M FY26 was INR 16,573 mn of total consultancy inflow of INR 23,677 mn (~70%).^[7]
Secured ~INR 500 crore of Abu Dhabi PMC business in Q1 FY27; new Middle East mega-project tenders are on hold due to the Hormuz crisis, which the FY26 report names as a key risk.^[3][2]
Executing the Guyana integrated NGL plant and 300 MW CCGT power plant for the Government of Guyana.^[2]
Progressing a 1.5 MMTPA grassroots refinery in Mongolia funded by a Government of India line of credit.^[2]

Dangote Group relationship

EPCM consultant on Nigeria's 650,000 BPSD Dangote refinery, the world's largest single-train refinery, fully commissioned in FY26.^[2]
Won the Dangote Train-2 expansion EPCM order of about $360 million (~INR 3,250 crore) in January 2026, with a 36-42 month execution cycle.^[7][2]
Won a PMC/EPCM contract of about $70 million for a four-train Dangote fertiliser project at Lekki, Lagos, in FY26.^[5][2]
In September 2026 won a contract worth over US$450 million as PMC and EPCM consultant for Dangote's 700,000 BPD greenfield refinery and petrochemical plant in Kenya.^[8]

Emerging areas and pipeline

Conducting environmental impact studies for three private and one government nuclear project, and continuing NPCIL consultancy (Q1 FY27).^[3]
Secured an INR 290 mn contract in FY26 for conceptual design of Bharat Small Modular Reactor structures and systems.^[9]
Executing one NTPC coal-to-SNG gasification project and bidding on studies after INR 34,000 crore of government coal gasification gap-funding (Q1 FY27).^[3]
Won a PowerTel data-centre assignment in Q1 FY27, targeting specialised infrastructure such as data centres, IIT/IIM campuses and airports.^[3]
A compressed bio-gas plant at Kolhapur is under construction with planned investment of INR 68.20 crore; INR 3.30 crore spent as of the Q1 FY27 call.^[3]
BPCL's Andhra Pradesh refinery-petrochemical EPCM award expected end FY27 or early FY28; IOCL Paradip Petrochemical Phase-2 EPCM award expected by end FY27.^[3][5]

Market Cap

₹13,621 Cr

High / Low

₹321 / 164

Stock P/E

17.4

Price / Book

4.3

Book Value

₹56

EPS

₹12.3

No. of Shares

56.2 Cr

ROCE

30.7%

ROE

23.8%

OPM

20.6%

Debt / Equity

0.00

Sales

₹3,928 Cr

Net Profit

₹692 Cr

Promoter holding

51.3%

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Engineers India Ltd(ENGINERSIN)

About

Business segments

Order book and inflow

Segment margins

Services, capacity and capabilities

Key domestic projects and clients

International operations

Dangote Group relationship

Emerging areas and pipeline

Signal history

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