Engineers India (ENGR IN) – Q1FY27 Result Update – Strong Q1; Higher Consultancy share to drive profit – BUY
Published on 14 Aug 2026
Coal gasification, maritime, nuclear, green hydrogen, biorefinery/CBG and specialised infrastructure, including data centres, are emerging as key diversification avenues, supporting longer-term growth beyond traditional hydrocarbons. We maintain our ‘Buy’ rating valuing the Consultancy/Turnkey segments at a PE of 24x/10x Mar’28E (22x/10x Mar’28E earlier) factoring in healthy execution in the high-margin consultancy business, alongside the management’s focus on increasing the consultancy segment’s contribution to ~55%+ of overall revenue. We thus arrive at a SoTP-derived TP of Rs294 (Rs271 earlier).
