Konstelec Engineers Ltd(KONSTELEC)

NSE: KONSTELEC

₹ 48.15-1.93%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 73 crUpdated: 24 Oct 2026

About

Konstelec Engineers Ltd is an India-based Electrical EPC contractor with over 30 years of experience, executing electrical, instrumentation, automation and operations & maintenance contracts primarily for refineries, steel plants and defence clients. The company reported FY26 revenue of ₹210.39 crore and carries an order book of over ₹550 crore as of May 2026, providing 18 - 24 months of execution visibility. It has executed more than 200 projects for over 900 clients and maintains international project presence in Nigeria, Central Africa and the Middle East, including a joint venture in Saudi Arabia.^[1][2][3]

Business segments

Konstelec operates across three principal business segments: Electrical EPC, Instrumentation & Automation, and Operations & Maintenance (O&M). The company reports a single statutory segment - Electrical and EPC Contracts - so no separate segment revenue disclosure is made.^[1]
O&M services contribute approximately 10% of total revenue in FY26, providing a recurring, asset-light layer on top of project EPC work.^[3][1]

Order book and execution pipeline

Order book stood at over ₹550 crore as of 22 May 2026, with an execution timeline of 18 - 24 months. This compares with ₹650 crore reported at Q2 FY26 and an unexecuted portion of ₹389 crore at Q4 FY25.^[3][4][5]
Order book mix as of May 2026: refineries 53%, defence 15%, transmission & distribution 12.5%, steel 6.8%, mining 6.7%.^[3]
Project value executed over the last five years exceeded ₹850 crore.^[1]
FY25 order inflows were ₹231 crore; Q1 FY26 order inflows of ₹35 crore were already secured as of the Q4 FY25 call. Domestic bid pipeline at that time stood at ₹1,000 crore.^[5]

Key operating numbers

EBITDA margin in H2 FY26 was 11.76%, up 706 bps year-on-year from 4.70% in H2 FY25. Full-year FY26 EBITDA margin was 9.35%, up 256 bps year-on-year.^[3]
Working capital days were 163 days in FY26, identified by management as requiring focused improvement.^[3][1]
Debt/equity ratio was 0.85 in FY26. Finance costs rose from ₹7.31 crore in FY25 to ₹9.95 crore in FY26 due to higher working-capital borrowings.^[3][1]
Revenue grew at a 13.5% CAGR over the three years to FY25. FY26 full-year revenue grew 8.61% year-on-year to ₹210.38 crore.^[4][3]
Debtor days were 126 days in FY25, up from 118 days in FY24.^[5]

Customers and distribution

Konstelec has served over 900 clients across 30+ years of industry experience. Named clients include Reliance Industries (Jamnagar, from 1997), JSW (Bellary, from 2002), HPCL, ArcelorMittal Nippon Steel (Hazira), NALCO, Talcher Fertilizers and MECON Limited.^[1]
Significant ongoing contract: Electrical Works for the Numaligarh Refinery Expansion Project (NRL), contract value approximately ₹80.85 crore.^[1][4]
HRRL Rajasthan Refinery packages and two AVVNL RDSS distribution contracts in Rajasthan (Pratapgarh Circle ₹46.50 crore; Rajsamand Circle ₹25 crore) are among other large ongoing assignments.^[4]
Revenue concentration in FY25: refinery ~60%, steel ~13.7%, other industries ~25%. Domestic revenue accounted for 95% of the total.^[5][4]
HPCL's electrical construction programme was executed across 27 locations under the M.B. Lal Committee recommendations.^[1]

Operations and manpower

Manpower strength exceeded 900 personnel deployed across project locations during FY26.^[1]
Pre-qualification now allows bidding for single-project values of ₹150 - 200 crore in refineries, a segment with relatively lesser competition.^[5]
Capital commitments outstanding as at 31 March 2026 were ₹310 lakhs (net of capital advances), with total consideration of ₹365 lakhs.^[1]

International presence

International operations are active in Nigeria (through an association with the Dangote Group) and Saudi Arabia; prior project experience also covers Central Africa and the Middle East. International revenue is approximately 5% of the total.^[1][4]

New verticals and expansion

Company entered the Transmission & Distribution segment via a government RDSS contract worth approximately ₹25 crore, expanding beyond industrial EPC into public power infrastructure.^[1][5]
Defence is now 15% of the ₹550-crore order book as of May 2026. The company is L1 (lowest bidder) on a ~₹74 - 75 crore defence project at an ordnance factory in Kanpur, with the final order expected imminently.^[3]
Strategic pivot targets data centres, railways, water treatment (STP/WTP), renewable energy and exports as higher-margin segments alongside the traditional oil & gas and industrial base.^[3][1]
Received a ~₹5 crore electrification order from Reliance Industries for their solar PV factory and secured an international EPC order in Cameroon, marking entry into Central Africa.^[5]

Ownership and leadership

Konstelec was promoted by a first-generation technopreneur with over 50 years of experience; the business is now supported by second-generation leadership, with Amish Shah as Managing Director and Jigar Shah as CEO & Director.^[4]
Konstelec has a subsidiary named Konstelec Sastra Automation Private Limited, in which Mr. Biharilal Ravilal Shah holds a directorship.^[1]

Market Cap

₹73 Cr

High / Low

₹75 / 28

Stock P/E

10.0

Price / Book

0.7

Book Value

₹70

EPS

₹4.8

No. of Shares

1.51 Cr

ROCE

11.0%

ROE

7.1%

OPM

9.4%

Debt / Equity

0.85

Sales

₹210 Cr

Net Profit

₹7 Cr

Promoter holding

63.2%

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