Broker research reports for stocks which have been upgraded by brokers. Both recommendation upgrades,
as well as share price target upgrades are available for companies in Industry - Consulting Services.
Broker Research reports: latest Upgrades
for Industry - Consulting Services
Q1FY26 order intake was Rs14.3bn with domestic consultancy/overseas consultancy/turnkey mix of 9%/33%/57%. YTD order intake stood at ~Rs27bn. We cut our FY26/27E EPS estimates by -4.4%/-1.4%, factoring in temporary disruption from the Ramagundam Fertilizer shutdown. Engineers India (EIL) reported a strong quarter with 39.5% YoY growth in revenue and EBITDA margin remaining flattish YoY to 8.3% due to unfavorable revenue mix. margins). Temporary Q1 drag from the Ramagundam Fertilizer maintenance shutdown has been resolved, with operations normalized at ~90% utilization...
FY25 order intake was Rs82.1bn with domestic consultancy/overseas consultancy/turnkey mix of 43%/13%/44%. We cut our FY26/27E EPS estimates by -7.0%/-5.5%, factoring in lower dividends from equity investments leading to lower other income and downgrade our rating from Buy' to Accumulate' due to sharp run up in the stock price. Engineers India (EIL) reported a strong quarter with 25.5% YoY...
Engineers India (EIL) reported a rather subdued quarter with a 25% decline in revenues; and decline in EBITDA margin (aided by decline in consultancy margins) – resulting in a 52% decline in profit (PAT).
Engineers India reported a good set of numbers for Q1FY24. Revenue came in at INR 8.1bn (flat YoY) while EBITDA improved 49% YoY to INR 685mn primarily aided by overall margin expansion of 276bps, which can be attributed primarily to 836bps margin expansion YoY in consultancy segment.
Engineers India (EIL) reported a strong set of numbers with Q4FY23 EBITDA up 51% YoY to Rs1.6bn (I-Sec: Rs1.4bn) led mainly by 540bps YoY margin expansion to 18.8%. PAT grew 26% YoY to Rs1.6bn (I-Sec: Rs1.4bn).
Engineers India’s (EIL) Q3FY23 revenue grew ~22% YoY to Rs8.3bn led by strong execution in turnkey segment. This is the third consecutive quarter where turnkey witnessed strong performance. However, due to higher revenue share from turnkey, (58% in Q3FY23 vs 47% in Q3FY22), coupled with weak margin in consultancy business (-410bps YoY), EBTIDA margin contracted 360bps YoY to 5.6%.
ENGR's 2QFY22 revenue was 12% below our estimate, with the miss led by lower than expected revenue in the Consultancy segment. Operating profit came in line with our estimate, with a favorable revenue mix (54% share of Consultancy segment revenue) leading to higher than estimated EBITDA margin at 9.3% (est. 8.2%). Lower than expected other income led to adjusted PAT 15% below our estimates. Order inflows in 2Q/1HFY22 stood at INR11.7b/INR14.5b (+96%/+115% YoY), and ~30% higher v/s 1HFY20 levels, thereby indicating a revival in ordering...
Engineers India’s (EIL) Q2FY22 performance was muted due to weak execution in both consultancy and turnkey segments. During the quarter, the company booked two large orders from Chennai Petroleum Corporation Limited (CPCL), Nagapattinam, leading to a total order inflow of Rs11.7bn.
Going forward, we expect revenue, EBITDA to grow at CAGR of 4.9%, 19% CAGR, respectively, in FY20-23E with gradually increasing contribution from the consultancy segment over the next two to three years. EIL's balance sheet continues to remain healthy with zero debt and cash balance of ~| 1500 crore despite investment of ~| 700 crore in NRL and ~ | 650 crore towards share buyback. We value core business at 10x P/E on FY23E EPS of | 8.0 and investments at book value multiple with revised target price of...
includes Petrochemcial expansion of BPCL and HMEL, MRPL refinery Bina refinery expansion to be awarded in FY22. In the short term, we expect second wave of Covid 19 to impact the performance of company. However, given EIL's healthy order book, lean balance sheet, strong project pipeline and good growth visibility augurs well in the long run. Given healthy FY21 performance primarily led by turnkey segment, we have revised our earnings estimate by 11.3%/11.9% for FY22E/23E. The stock is currently trading at 10.2x/7.8x FY22E/23E. We...
Order inflows of ~Rs1.9bn (down 48% YoY) constitutes of consultancy segment taking total order backlog to ~Rs83bn. Engineers India (EIL) reported subdued revenues of Rs8.4bn, down 6% YoY led by covid related execution challenges. Overall weak operating performance at turnkey levels led to lower than expected profitability. Margins in turnkey projects were weak at 1.4% v/s 3% in 3QFY20 and 1.9% in 2QFY21 thereby lowering overall margins. Order inflows de-grew by 48% YoY...
Decent inflows for FY20, cautious guidance for FY21E Order inflows for Q4FY20 came in at | 146 crore (| 1617 crore for FY20). All was from consultancy segment, taking the order backlog to | 9555 crore. For FY20, within consultancy, 50% came from domestic market, 50% from overseas market mostly from hydrocarbon sector, primarily from customers like MRPL, Numaligarh Refinery Expansion, IOCL, HPCL, ADNOC, etc....
EIL may see some near term impact in Q1FY21E but execution pace for overall FY21E to be less impacted with lumpy execution in H2FY21E. As all domestic sites are seeking permission and following standard operating procedure (SOP), once approval is given, remaining projects will commence work from April 20, 2020....
Consultancy Biz Drives Healthy Performance; Maintain BUY Engineers India (ENGR) has reported a healthy performance in 1QFY20 with its PAT surging by 43% YoY to Rs1.24 bn vs. our estimate of Rs1.05 bn. Its revenue grew by 28% YoY to Rs7.3bn led by 38% YoY jump in revenue of consultancy segment to Rs4.4bn, while turnkey project's revenue grew by 16% YoY to Rs2.9bn. EBITDA increased by 62% YoY to Rs1.4bn, while EBITDA margin expanded by 390bps YoY to 19% led by 1,135bps YoY improvement in margin of consultancy business. Margin of turnkey projects fell by 310bps YoY to 2.7%. The Company has provided one-time Rs260mn in other expenses for impairment loss for oil block. As major chunk of its...
The share of LSTK recognition will be stronger in FY19. Provision write back makes comparison of LSTK/PMC margins difficult. We expect clean PMC/LSTK EBIT margins in excess of 30% and 5%. We maintain a 41% CAGR in EBITDA between FY17-FY19E. We maintain our TP at...
ICICI Securities Ltd | Retail Equity Research Engineers India (EIL) reported strong Q3FY18 numbers above our estimates. Strong numbers were mostly on account of variation in orders received (and executed) by EIL during the quarter. The same improved the revenue and operating profit by | 70 crore and | 65 crore, respectively, for the quarter Revenue increased 45.7% YoY to | 473.4 crore, above our estimate of | 405.1 crore. Consultancy and turnkey segment contributed 81.2%...
Reiterate BUY with a TP of Rs 215/sh (27x Dec 19E core EPS + cash). Engineers India (EIL) sales grew 46/10% YoY/QoQ at Rs 4.7bn vs our expectation of Rs 4.3bn, riding on a 42/64% rise in PMC/LSTK sales to Rs 3.8bn/889mn. Revenues were supported by client settlements allowing variation in orders worth Rs 700mn. The order book remains solid at Rs 83bn vs 51/88.8bn YoY/QoQ (4.8x TTM revenues), with muted order inflows at Rs 1.1bn vs Rs 2.7/16.1bn YoY/QoQ. EBITDAM stood at 28.5% (+359bps YoY).
