Engineers India (ENGR IN) – Q3FY26 Result Update – Strong Q3; growth trajectory remains intact – BUY

Published on 13 Feb 2026

We believe EIL’s long-term growth prospects remain intact given 1) strong order book prospects in non-oil & gas and oil & gas projects 2) Strong traction in overseas consultancy business from Middle East & Africa region 3) opportunities in energy transition & infrastructure, and 4) lean balance sheet. The stock is currently trading at a PE of 15.9x/13.4x on FY27/28E. We maintain our ‘Buy’ rating valuing the Consultancy/Turnkey segments at a PE of 22x/10x Sep’27E (same as earlier) arriving at a SoTP-derived TP of Rs261 (Rs255 earlier).
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