Synopsis: Engineers India Ltd is in focus after strong Q2 results, posting 28% QoQ profit growth, steady revenue expansion, and a robust Rs. 13,131 crore order book, supported by major consultancy, turnkey wins, and strategic capital investments across key energy sectors.
This company provides consultancy and engineering services and undertakes turnkey contracts, which includes a complete range of project services right from project conceptualization, planning, design, engineering, procurement, construction is now in the focus after Q2 results with 28% in profit growth and robust order book.
With market capitalization of Rs. 11,626 cr, the shares of Engineers India Ltd are currently trading at Rs. 206 per share, surging more than 5% in today’s market session making a high of Rs. 210.97, from its previous close of Rs. 200.25 per share.
QoQ Performance
Engineers India reported steady quarter-on-quarter growth in Q2 FY26. Sales rose 6% QoQ from Rs. 870 crore in Q1FY26 to Rs. 921 crore in Q2FY26, while EBITDA surged 66% QoQ from Rs. 72.1 crore to Rs. 120 crore, reflecting improved operating efficiency. Net profit increased 28% QoQ, rising from Rs. 65.4 crore to Rs. 83.5 crore. EPS also moved up 28% QoQ, from Rs. 1.16 to Rs. 1.49.
YoY Performance
On a year-on-year basis, the company delivered strong revenue and operating performance. Sales grew 34% YoY from Rs. 689 crore in Q2FY25 to Rs. 921 crore in Q2FY26, and EBITDA jumped 92% YoY, rising from Rs. 62.4 crore to Rs. 120 crore. However, net profit declined 16% YoY from Rs. 99.6 crore to Rs. 83.5 crore, and EPS similarly fell 16% YoY, from Rs. 1.77 to Rs. 1.49.
Business Secured and Order Book
In the first half of FY25-26, Engineers India secured a total of Rs. 3,764.1 crore worth of new business. Most of this came from consultancy work overseas, which alone contributed Rs. 1,585 crore, while domestic consultancy brought in Rs. 413.7 crore.
Turnkey projects where EIL handles both design and execution added another Rs. 1,765.4 crore. Compared to previous quarters of FY24-25, the company has seen strong momentum in new order inflow, especially in Q2 FY25-26 where fresh orders rose sharply to Rs. 2,334.9 crore.
As of September 2025, EIL’s total order book stands at Rs. 13,131 crore, which represents the value of ongoing and future work already awarded to the company.
Consultancy orders make up 59% of this Rs. 7,685.6 crore, while turnkey projects contribute 41% with Rs. 5,445.5 crore. This order book has grown noticeably from June 2025 at Rs. 12,144.3 crore and is significantly higher than last year’s levels.
Capital Investments
Engineers India Limited (EIL) has multiple ongoing capital investments as of 30th September 2025, spread across fertilizers, oil & gas exploration, refining, and international ventures. One of the major projects is the Ramagundam Fertilizer Project in Telangana, developed through a joint venture where EIL holds a 26% stake. The project has a production capacity of 3,850 MTPD of urea and 2,200 MTPD of ammonia, with a total project cost of Rs. 6,388 crore. EIL’s equity investment in this project amounts to Rs. 491 crore.
EIL is also part of two upstream oil and gas exploration assets under NELP-IX, located in Gujarat CB-ONN-2010/8 and CB-ONN-2010/11. These are operated by Bharat Petro Resources (BPRL) and GAIL, respectively. In both projects, EIL holds a 20% stake. The exploration blocks cover 42 sq. km and 131 sq. km, with an estimated investment of Rs. 300 crore (USD 50 million) during the bidding phase. These investments help EIL maintain a presence in India’s upstream energy sector.
Additionally, EIL holds a 4.37% minority stake in Numaligarh Refinery Ltd (NRL), which operates a 3 MMTPA refinery in Assam, currently being expanded to 9 MMTPA. EIL has invested Rs. 838.42 crore into NRL, including a recent Rs. 34.58 crore investment in FY26 against a rights issue. This aligns with India’s growing refining capacity and energy demand.
On the global front, EIL also participates in LLC-BEO (Bharat Energy Office) located in Moscow, Russia, formed with equal 20% shareholding by EIL, OIL, OVL, GAIL, and IOCL. The project required an initial investment of USD 500,000, with EIL contributing USD 100,000. This gives EIL a footprint in international energy markets and strengthens collaboration with major Indian oil companies.
About the company
Engineers India Ltd (EIL) is a leading public-sector engineering consultancy and EPC company specializing in the energy, petrochemicals, infrastructure, and industrial sectors. With decades of expertise, EIL provides end-to-end services from project planning and design to execution and management for major refineries, chemical plants, pipelines, and infrastructure projects in India and abroad.
The company reports a strong ROCE of 25.0% and ROE of 23.2%, reflecting efficient returns. With a debt-to-equity ratio of just 0.01, it is virtually debt-free. Additionally, the firm maintains a healthy dividend payout of 41.8%, highlighting consistent shareholder returns.
Written by Manideep Appana
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