Engineers India Ltd. share price target

Strong Order Book & Margins Signal Sustained Momentum Navratna company, primarily present into two segments - Engineering Consultancy and LSTK (Lump Sum Turnkey). EIL's business operations span the hydrocarbon value chain as well as diversified areas of Metallurgy, Infrastructure, Bio Fuels & Green Hydrogen....

About the stock: Engineers India (EIL), established in 1965, is an Indian public sector Navratna company, primarily present into two segments - Engineering Consultancy and LSTK (Lump Sum Turnkey). EIL's business operations span the hydrocarbon value chain as well as diversified areas of Metallurgy, Infrastructure, Bio Fuels & Green Hydrogen. The company is also present in international markets...

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%.

Engineers India’s (EIL) Q2FY23 revenue grew 21% YoY to Rs7.8bn led by healthy execution in the turnkey segment.

Engineers India’s (EIL) Q1FY23 revenues grew 9.5% YoY to Rs8bn led by healthy execution in the turnkey segment.