Engineers India Q2 PAT Jumps 65% to ₹180 Crore

Q2 FY27 (Quarter Ended September 2026):

Turnover: ₹802 crores (Q1 FY27: ₹800 crores)
Turnover Breakdown: Consultancy & Engineering ₹594 crores; Turnkey (LSTK) ₹208 crores
Profit Before Tax (PBT): ₹229 crores (58% increase from Q1 FY27 PBT of ₹145 crores)
Profit After Tax (PAT): ₹180 crores (65% increase from Q1 FY27 PAT of ₹109 crores)
Earnings Per Share (EPS): ₹3.20 (face value ₹5 per share)
Operating Margin: ₹152 crores (19% of turnover) vs. Q1 FY27: ₹108 crores (14%)
EBITDA (including other income): ₹240 crores (27% margin) vs. Q1 FY27: ₹155 crores (19% margin)

H1 FY27 (Half Year Ended September 2026):

Turnover: ₹1,603 crores (H1 FY26: ₹1,758 crores)
Turnover Mix: Consultancy 68% (₹1,093 crores); Turnkey 32% (₹510 crores)
PBT: ₹375 crores (54% increase from H1 FY26 PBT of ₹243 crores)
PAT: ₹288 crores (56% increase from H1 FY26 PAT of ₹185 crores)
Operating Margin: 16% (H1 FY26: 9%)
EBITDA: ₹395 crores (23% margin) vs. H1 FY26: ₹265 crores (14% margin)
EPS: ₹5.13 (H1 FY26: ₹3.29)

Consolidated Performance:

Order Book (as of 30 September 2026): ₹20,421 crores (all-time high; up from ₹14,424 crores as of 30 June 2026)
H1 FY27 Order Inflow: ₹7,428 crores (as of letter date); updated during call to ₹8,100 crores (as of 30 October 2026)
Order Inflow Breakdown: Consultancy ₹5,762 crores; LSTK ₹1,666 crores
Order Book Composition: 75% consultancy segment; 25% LSTK segment
Geographical Mix: ~60% overseas; ~40% domestic

Consultancy Segment Margin: Q2 FY27 at 30% (no one-off items); H1 FY27 at 27.7%
Turnkey (LSTK) Segment Margin: Q2 FY27 at ~4.3% (lower due to new project momentum)
Management expects to maintain consultancy margins around 25% going forward (conservative guidance)
Revenue mix shift from FY26 (47% consultancy, 53% turnkey) to FY27 (expected >60% consultancy)

Q2 FY27 Other Income: ₹65 crores
Breakdown: Dividend from NRL ₹21 crores; Dividend from CEIL ₹11 crores; balance from surplus funds, rental income
Ramagundam Fertilizer Complex (RFC) Performance: Q2 profit ₹20 crores; H1 profit ₹63 crores

FY27 Revenue Guidance: ~₹4,200-₹4,300 crores
FY28 Revenue Growth Expectation: ~10%
Order Inflow Guidance: Originally ~₹8,000 crores for FY27 (already achieved ₹8,100 crores by October); FY28 expectation of at least ₹8,000-₹8,100 crores
Maintains 60-40 consultancy to turnkey business mix target
Expects turnkey execution to ramp up in H2 FY27 (from 32% in H1 to ~40%)

Dangote Project (₹4,200 crores): Work ongoing on engineering; legal issues in Kenya being handled by client; execution timeline 4-5 years
Middle East: Geopolitical situation affecting opportunities; limited orders (~₹500-600 crores in inflow); awaiting stabilization
Nuclear Projects: Opportunities in initial study phases; expecting orders in FY28; scope includes balance of plant engineering and supervision
Coal Gasification: Bidding for projects following government's ₹34,000 crore VGF initiative; studies ongoing
Strategic Storages: ISPRL planning new storages (MP Bina and other locations); EIL well-positioned to bid
Refinery Projects: IOCL Paradip Phase 2 awaiting land allocation; BPCL Andhra refinery in study phase

Expanding into infrastructure (20-25% of order inflow), fertilizers, non-ferrous metals, data centers
Creating verticals for new sectors like nuclear; training manpower
Not solely dependent on hydrocarbons

Change Orders: Negotiating multiple change orders with clients; expecting settlements in FY27
CPSE Pay Revision: No commission formed yet; impact timing uncertain
Competitive Position: Leadership position in mega projects; international competition exists
Payment Terms: Progress-linked for international projects; due diligence performed on clients