Engineers India (ENGR IN) – Q2FY27 Result Update – Strong Q2; Consultancy mix underpins margin resilience – BUY
Published on 31 Oct 2026
Engineers India (EIL) reported a strong operating performance supported by robust order inflows (+196% YoY inc. Dangote order of INR44bn) and a favourable consultancy mix (~75%). YTD order intake stood at ~INR81bn, surpassing the annual guidance of INR80bn, while the order book stood at ~INR204bn, with ~75% contribution from consultancy and ~55% from overseas projects. Management expects FY27 revenue of INR42-43bn, followed by ~10% growth in FY28. Consultancy margins stood at ~30% in Q2FY27 (27.7% in H1FY27), with management guiding for ~25% for FY27 and potential upside from overseas projects, including the INR44bn Dangote project, where engineering work is underway. We roll forward to Sep’28E and maintain our ‘Buy’ rating valuing the Consultancy/Turnkey segments at a PE of 24x/10x Sep’28E (24x/10x Mar’28E earlier) with a revised SoTP-derived TP of INR328 (INR297 earlier).
