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View Promises →Deepak Builders & Engineers India Limited — Q2 FY26
Engineers India delivered a strong Q2 FY26 with revenue of ₹900 crore (+33% YoY) and PAT of ₹115 crore (+46% YoY), driven by robust execution in both consultancy (₹411 cr) and turnkey (₹489 cr) segments.
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Engineers India delivered a strong Q2 FY26 with revenue of ₹900 crore (+33% YoY) and PAT of ₹115 crore (+46% YoY), driven by robust execution in both consultancy (₹411 cr) and turnkey (₹489 cr) segments. EBITDA margin expanded to 17.8% (+280 bps YoY) aided by a ₹35 crore provision write-back. Order book hit an all-time high of ₹13,131 crore with H1 order inflow of ₹3,765 crore, and management guided for FY26 revenue growth of 25%+ and order inflow exceeding ₹8,000 crore. Key risks include potential drag from associate losses (Ramagundam fertilizer plant) and execution challenges in overseas consultancy revenue conversion.
इंजीनियर्स इंडिया ने दूसरी तिमाही में शानदार प्रदर्शन किया। कंपनी की कमाई 900 करोड़ रुपये रही, जो पिछले साल से 33% ज्यादा है। मुनाफा 115 करोड़ रुपये रहा, जो 46% बढ़ा। यह सलाहकारी काम (411 करोड़) और टर्नकी प्रोजेक्ट (489 करोड़) दोनों में अच्छे काम की वजह से हुआ। कंपनी की कमाई पर खर्च का अनुपात 17.8% रहा, जो पिछले साल से बेहतर है। ऑर्डर बुक 13,131 करोड़ रुपये का रिकॉर्ड स्तर पर पहुंच गया। कंपनी को इस साल 25% से ज्यादा कमाई बढ़ने और 8,000 करोड़ से ज्यादा के नए ऑर्डर मिलने की उम्मीद है। लेकिन, रामागुंडम फर्टिलाइजर प्लांट जैसे साझेदारी वाले कामों में घाटा और विदेशी सलाहकारी कामों से पैसे वसूलने में देरी जोखिम हो सकती है।
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Ramagundam fertilizer plant losses
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Read Transcript →Quarter Snapshot
Order Book
₹13,131 cr
+8.1% QoQ
All-time high order book as of Sep 30, 2025, up from ₹12,145 cr as of Jun 30, 2025.
Order Inflow (H1 FY26)
₹3,765 cr
+47% YoY
H1 order inflow of ₹3,765 cr, with management targeting full-year inflow of ₹8,000 cr+.
Consultancy Segment Profit Margin
28%
+300 bps YoY
Consultancy segment profit margin improved to 28% in Q2, above the guided 25% for the full year.
EPS (Q2 FY26)
₹2.04
+45% YoY
Earnings per share for Q2 FY26 stood at ₹2.04, up from ₹1.41 in Q2 FY25.
What Changed vs Last Quarter
NEW
Order inflow to exceed ₹8,000 crore in FY26
Management targets order inflow of more than ₹8,000 crore for the full year, with H1 already at ₹3,765 crore.
UPDATED
FY26 revenue growth of 25%+
Management expects full-year revenue growth of 25% or more, implying turnover of ~₹3,800-3,900 crore.
UPDATED
Consultancy segment profit margin of ~25%
Management expects to maintain consultancy segment profit margin around 25% on an overall basis for FY26.
UPDATED
LSTK segment profit margin of 6-7%
Management guided for LSTK (turnkey) segment profit margin to be maintained at 6-7%.
DROPPED
Revenue target of ₹5,000 crore by FY28
Management reiterated a medium-term revenue target of ₹5,000 crore by FY28, driven by order book growth and diversification.
NEW RISK
Ramagundam fertilizer plant losses
Associate Ramagundam fertilizer plant incurred losses of ~₹25 crore in Q2 due to a 45-day shutdown, impacting consolidated PAT.
NEW RISK
Overseas consultancy revenue conversion
Despite a large overseas order book, overseas consultancy revenue declined to ₹70-75 cr quarterly run rate from ₹85-100 cr last year, raising execution concerns.
NEW RISK
Provision write-back volatility
Q2 EBITDA was boosted by a ₹35 cr provision write-back; net provision impact was negative ₹12 cr, indicating potential volatility in margins.
RISK GONE
RFCL JV shutdown impact
The RFCL JV was under planned shutdown for 45 days in Q1, leading to losses. While management expects recovery, any further shutdowns could impact profitability.
RISK GONE
Change order finalization delays
Change orders worth ₹195 crore were recognized last year; management expects more this year but timing is uncertain. Delays could affect revenue and margin recognition.
RISK GONE
MD superannuation in Feb 2026
CMD Vartika Shukla is due to superannuate in February 2026. Leadership transition risk could impact strategic continuity.
RISK GONE
Guidance discrepancy between MD and CFO
MD had earlier guided 30-35% revenue growth, while CFO guided 15-20% on this call, creating confusion. This may indicate internal divergence on execution pace.
Fast read
Guidance and risk preview
Management expects full-year revenue growth of 25% or more, implying turnover of ~₹3,800-3,900 crore.
Associate Ramagundam fertilizer plant incurred losses of ~₹25 crore in Q2 due to a 45-day shutdown, impacting consolidated PAT.
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