Construction · NSE: ENGINERSIN
Engineers India
Q2 FY27 earnings call · Guided by management
Call held 30 Oct 2026 · Read the filing on NSEFiling
- M.Cap
- ₹17,286Cr
- P/E
- 19.3×
- 1Y return
- +58.63%
- From 52W high
- −5.0%
Highlights are read by AI from the company's filing and can contain mistakes. Check the source page linked to each line.
Share price
Results Q2 FY27, as filed · consolidated · ₹ Cr
| Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ | |
|---|---|---|---|---|---|
| Revenue | 824 | 921 | -10.5% | 820 | +0.5% |
| EBITDA | 173 | 120 | +44.3% | 126 | +36.7% |
| EBITDA margin | 21.0% | 13.0% | +797 bps | 15.4% | +555 bps |
| PBTProfit before tax | 228 | 146 | +56.2% | 154 | +47.7% |
| Net profit | 197 | 83 | +135.6% | 158 | +24.5% |
| EPS (₹) | 3.50 | 1.49 | +134.9% | 2.81 | +24.6% |
From the company's own results filing on NSE. Net profit is the owners' share. Growth and the dotted lines are worked out from the filed figures.
Guidance
Next year revenue guidance may be improved, depending on situation
Vivek Midha · Chief General Manager · Q&A · p. 10
Next year revenue guidance may be improved, depending on situation
“We improved that. We are going to -- maybe we'll improve it. It depends on the situation, a couple of months.”
EBITDA margin to be maintained as consultancy share rises
Sanjay Jindal · Director · Q&A · p. 13
EBITDA margin to be maintained as consultancy share rises
“Yes, we are sure to maintain our EBITDA margin because we are executing more and more consultancy segment and margins are protected there.”
More figures from the call
“So in the current year, we expect that consultancy segment will be more. It will be around more than 60% on an overall basis in the.”
“Next financial year, it will be at least minimum INR8,100 crores, INR8,000 crores or more.”
“INR4,200 crores, INR4,300 crores.”
“And on the half yearly basis, it is 27.7%. And on overall basis, we are expecting that it will be settled around 25%.”
In short
- 01Order book stood at Rs 20,421 crore on 30 September 2026, up from Rs 14,424 crore on 30 June 2026.
- 02Order inflow had reached Rs 8,100 crore as of the call date; Rs 7,428 crore was booked in H1 FY27.
- 03FY28 order inflow guided at a minimum of Rs 8,000-8,100 crore.
- 04FY27 revenue guided at about Rs 4,200 crore, with about 10% revenue growth going forward.
- 05Consultancy segment margin was 30% in Q2 with no one-time item; at least 25% guided for the year.
- 06Q2 standalone PAT was Rs 180 crore against Rs 109 crore in Q1 FY27.
- 07Middle East orders are held back by instability; Africa business has increased.
Capex
CBG: Building one CBG plant with own investment; considering a second
Vivek Midha · Chief General Manager · p. 11
CBG: Building one CBG plant with own investment; considering a second
“However, we are implementing one CBG plant for our own. We are implementing it with our own investment. We're also thinking of having another CBG plant wherein we are investing on our own in line with the government guidance.”
Order book
Order book at Rs 20,421 crore on 30 Sep 2026, vs Rs 14,424 crore on 30 Jun 2026
Sanjay Jindal · Director · p. 3
Order book at Rs 20,421 crore on 30 Sep 2026, vs Rs 14,424 crore on 30 Jun 2026
“Company's order book position has reached its all-time high and stands at INR20,421 crores as on 30th September 2026 as compared to INR14,424 crores as on 30th June 2026.”
Order inflow in H1 FY27 at Rs 7,428 crore
Sanjay Jindal · Director · p. 3
Order inflow in H1 FY27 at Rs 7,428 crore
“Order inflow in EIL up to second quarter of financial year '26-'27 stands at INR7,428 crores.”
Consultancy; LSTK: H1 inflow Rs 7,428 crore: Rs 5,762 crore consultancy, Rs 1,666 crore LSTK
Sanjay Jindal · Director · Q&A · p. 5
Consultancy; LSTK: H1 inflow Rs 7,428 crore: Rs 5,762 crore consultancy, Rs 1,666 crore LSTK
“Our order inflow for the current first half is INR7,428 crores and out of which INR5,762 crores is from consultancy segment and balance INR1,666 crores is from LSTK segment.”
Order inflow stands at Rs 8,100 crore as of the call date
Vivek Midha · Chief General Manager · p. 6
Order inflow stands at Rs 8,100 crore as of the call date
“We have, in fact, certain more orders have been received. As of today, we stand at INR8,100 crores.”
Consultancy: 75% of order book is consultancy
Sanjay Jindal · Director · p. 12
Consultancy: 75% of order book is consultancy
“As on date, on the order book portion, we have 75% from the consultancy segment. This is good on the part of EIL because we are higher margin in the consultancy segment.”
Segments
Consultancy and Engineering; Turnkey: Q2 turnover: Consultancy Rs 594 crore, Turnkey Rs 208 crore
Sanjay Jindal · Director · p. 3
Consultancy and Engineering; Turnkey: Q2 turnover: Consultancy Rs 594 crore, Turnkey Rs 208 crore
“Turnover from Consultancy and Engineering segment stood at INR594 crores and from the Turnkey segment at INR208 crores.”
Consultancy; Turnkey: H1 revenue mix moved to 68% Consultancy, 32% Turnkey from 47%/53%
Sanjay Jindal · Director · p. 4
Consultancy; Turnkey: H1 revenue mix moved to 68% Consultancy, 32% Turnkey from 47%/53%
“our revenue mix has been changed from 47% in Consultancy segment and 53% in Turnkey segment in the first half year of financial year '25-'26 to 68% in Consultancy segment and 32% in Turnkey segment. The Consultancy segment has higher margin as compared to Turnkey segment.”
Nuclear: Nuclear orders significant but not this year; may come in about a year
1yearVivek Midha · Chief General Manager · p. 8
Nuclear: Nuclear orders significant but not this year; may come in about a year
1year“So it will be a good -- it will not -- it will be a significant amount, but it will not be in this financial year. It will take some time, probably a year or so.”
Nuclear: Nuclear scope: balance of plant engineering, construction supervision, owner's engineer
Vivek Midha · Chief General Manager · p. 8
Nuclear: Nuclear scope: balance of plant engineering, construction supervision, owner's engineer
“EIL will be doing the engineering services, which will be balance of plant engineering consultancy and something related to construction supervision also kind of engineering and supervision, owner's engineers.”
Consultancy; LSTK: Company targets 60-65% consultancy, rest LSTK; not leaving LSTK
Sanjay Jindal · Director · p. 9
Consultancy; LSTK: Company targets 60-65% consultancy, rest LSTK; not leaving LSTK
“In the consultancy segment, we are focusing about 60% to 65% and balance from the LSTK segment. So it is a balancing game. We are not leaving LSTK business totally.”
Demand
Coal gasification: Bidding for coal gasification projects after Rs 34,000 crore government VGF support
Vivek Midha · Chief General Manager · p. 11
Coal gasification: Bidding for coal gasification projects after Rs 34,000 crore government VGF support
“Sir, with respect to the coal gasification, after this Government of India's initiative of additional INR34,000 crores, this funding for the VGF Gap Funding, there are studies which are on this. And we are bidding for a couple of projects, the major projects also.”
Strategic storage: Will bid for published ISPRL strategic storage projects
Vivek Midha · Chief General Manager · p. 12
Strategic storage: Will bid for published ISPRL strategic storage projects
“But as far as the strategic storages, this is ISPRL projects around, which are published, so we'll be bidding for those.”
IOCL Paradip Phase 2 awaits land; client yet to decide
Vivek Midha · Chief General Manager · p. 13
IOCL Paradip Phase 2 awaits land; client yet to decide
“IOCL Paradip Phase 2 is still to be decided by the government, by the client, because I think they are looking for the land.”
AP refinery tender or implementation plan expected towards year end
Vivek Midha · Chief General Manager · p. 13
AP refinery tender or implementation plan expected towards year end
“So let's see towards the end of this year, some tender or something they should come up with the final implementation plan for this.”
Africa; Middle East: Africa business up as alternative markets form; Middle East capex reduced
Vivek Midha · Chief General Manager · p. 15
Africa; Middle East: Africa business up as alternative markets form; Middle East capex reduced
“So the impact of the market is -- the impact of the business in the Africa has increased just because of this because there's an alternative market created and alternative opportunities available to some other manufacturers to producers.”
Margins and costs
Q2 operating margin Rs 152 crore (19%) vs Rs 108 crore (14%) in Q1
Sanjay Jindal · Director · p. 3
Q2 operating margin Rs 152 crore (19%) vs Rs 108 crore (14%) in Q1
“Operating margin during the second quarter of financial year '26-'27 stood at INR152 crores, that is 19% vis-a-vis INR108 crores, that is 14% during the first quarter of '26-'27.”
Q2 EBITDA including other income about Rs 240 crore, margin 27%
Sanjay Jindal · Director · p. 3
Q2 EBITDA including other income about Rs 240 crore, margin 27%
“EBITDA, including other income of company during second quarter 2026, stood at around INR240 crores, that is EBITDA margin 27%”
H1 EBITDA incl. other income about Rs 395 crore vs Rs 265 crore; margin 14% to 23%
Sanjay Jindal · Director · p. 4
H1 EBITDA incl. other income about Rs 395 crore vs Rs 265 crore; margin 14% to 23%
“EBITDA including other income of the company for the first half year ended 30th September 2026 stood at around INR395 crores vis-a-vis INR265 crores for the first half year ended 30th September 2025. Our EBITDA margin has increased from 14% to 23% in the same period.”
H1 FY27 operating margin about 16% vs 9% in H1 FY26
Sanjay Jindal · Director · p. 4
H1 FY27 operating margin about 16% vs 9% in H1 FY26
“Operating margin for the first half year of '26-'27 stood at around 16% in comparison to 9% in the first half year of '25-'26.”
Turnkey: New turnkey projects earn 4-5% profit early; seen rising as projects gain pace
Sanjay Jindal · Director · Q&A · p. 7
Turnkey: New turnkey projects earn 4-5% profit early; seen rising as projects gain pace
“But generally, in the new projects, cost progress are not there. Therefore, profits are a little 4% to 5%, right? But as the project gets momentum, the profit will be a bit more.”
Debt and working capital
Payment terms are progress-linked
Vivek Midha · Chief General Manager · p. 18
Payment terms are progress-linked
“Payment terms are fine. They are always progress linked with respect to the engineering progress as well as the project progress.”
Africa: Client paying capability checked before agreements; long Africa client relationship
Vivek Midha · Chief General Manager · p. 18
Africa: Client paying capability checked before agreements; long Africa client relationship
“And before entering into any of the agreement, we also do our due diligence that is paying capability we always check. We don't work with the unknown clients or verify their credentials first.”
One-offs
Consultancy: Consultancy segment profit at 30% in Q2 includes no one-time item
Sanjay Jindal · Director · Q&A · p. 13
Consultancy: Consultancy segment profit at 30% in Q2 includes no one-time item
“Our segment profit from consultancy segment is 30%, and it does not include any onetime item. It is from the regular business.”
Risks
Middle East: Saudi orders on hold due to attacks; business recovered from Africa
Vivek Midha · Chief General Manager · p. 6
Middle East: Saudi orders on hold due to attacks; business recovered from Africa
“In Saudi, we are still waiting because the situation is not good there, because the attacks are still there. So let's hope for this. But however, we have recovered this from the Africa side.”
Middle East: Middle East unstable; no major order yet, bidding continues
Vivek Midha · Chief General Manager · Q&A · p. 10
Middle East: Middle East unstable; no major order yet, bidding continues
“The situation is not stable there. We've not a major order we have anticipated, but we are bidding for various contracts out there.”
Dangote: Dangote Kenya work under way; owner handles legal issues
Vivek Midha · Chief General Manager · p. 12
Dangote: Dangote Kenya work under way; owner handles legal issues
“The work is already on. We are working on the engineering side of it. And that is contractors -- that is owner's perspective as he is managing it, and he will handle the -- all the legal issues and all.”
No pay revision commission yet; will address it when it comes
Vivek Midha · Chief General Manager · p. 14
No pay revision commission yet; will address it when it comes
“Yes. Right now, there is no commission for the pay revision. So whenever it will come, definitely, we'll take care of that.”
Middle East: Middle East update expected in a quarter or two; issues continue in Saudi
Vivek Midha · Chief General Manager · p. 10
Middle East: Middle East update expected in a quarter or two; issues continue in Saudi
“So something comes up, we'll update you towards the end of this next financial year -- sorry, end of this financial year, probably next quarter or two. By the time, hopefully, the things should stabilize or the war should stop. But as of now, there's a lot of issues there in Saudi.”
Other
Q2 FY27 turnover Rs 802 crore vs Rs 800 crore in Q1
Sanjay Jindal · Director · p. 3
Q2 FY27 turnover Rs 802 crore vs Rs 800 crore in Q1
“the company has registered a turnover of INR802 crores -- vis-a-vis to INR800 crores in the first quarter of financial year '26-'27.”
Q2 profit before tax Rs 229 crore vs Rs 145 crore in Q1, up about 58%
Sanjay Jindal · Director · p. 3
Q2 profit before tax Rs 229 crore vs Rs 145 crore in Q1, up about 58%
“the company has recorded profit before tax of INR229 crores in comparison to INR145 crores during the first quarter of financial year '26-'27, showing an increase of around 58% in profit before tax”
Q2 profit after tax Rs 180 crore vs Rs 109 crore in Q1, up 65%
Sanjay Jindal · Director · p. 3
Q2 profit after tax Rs 180 crore vs Rs 109 crore in Q1, up 65%
“profit after tax of INR180 crores in comparison to INR109 crores during the first quarter of 2026-'27, showing an increase of 65% increase in PAT.”
Q2 EPS Rs 3.20 vs Rs 1.93 in Q1
Sanjay Jindal · Director · p. 3
Q2 EPS Rs 3.20 vs Rs 1.93 in Q1
“Notably, EPS for the quarter ended September '26 stood at INR3.20 vis-a-vis June 26 at INR1.93”
H1 FY27 PBT Rs 375 crore vs Rs 243 crore; PAT Rs 288 crore vs Rs 185 crore
Sanjay Jindal · Director · p. 4
H1 FY27 PBT Rs 375 crore vs Rs 243 crore; PAT Rs 288 crore vs Rs 185 crore
“On the half yearly front up to 30th September 2026, the company recorded profit before tax of INR375 crores in comparison to INR243 crores and profit after tax of INR288 crores against the INR185 crores up to September '25”
Sources
- Earnings call transcript, Q2 FY27 Filed 4 Nov 2026 · 19 pages
Management's own statements, quoted from its NSE filings. This page was read by AI and can contain mistakes: check the source pages before relying on any figure. No forecast or opinion of ours. Not investment advice.

