Engineers India (ENGINERSIN) Q2 26/27 earnings summary

Executive summary

• Sep. 30 order book reached a record ₹204,205 Mn, up from ₹144,242 Mn at Jun. 30; H1 order inflow was ₹74,283 Mn and had reached ₹8,100 crore by the call.

• Q2 standalone PAT was ₹17,975.03 lakh, up YoY; consolidated Q2 PAT rose to ₹19,667.66 lakh from ₹8,348.66 lakh despite lower revenue.

• The board approved unaudited Q2 and H1 results and declared a FY27 interim dividend of ₹1.50 per share.

Financial highlights

• Q2 standalone turnover was ₹8,023.61 Mn: Consultancy ₹5,943.89 Mn and Turnkey ₹2,079.72 Mn; total income was ₹8,793.47 Mn.

• Q2 standalone PBT was ₹2,294.56 Mn and PAT ₹17,975.03 lakh; H1 PAT was ₹28,834.51 lakh versus ₹18,498.81 lakh.

• H1 standalone revenue was ₹1,60,322.87 lakh versus ₹1,75,755.10 lakh; H1 PBT rose 54% to ₹375 crore.

• Consolidated Q2 revenue was ₹82,419.76 lakh versus ₹92,128.91 lakh; Q2 PBT was ₹24,886.58 lakh versus ₹12,035.51 lakh.

• Consolidated H1 revenue was ₹1,64,403.98 lakh versus ₹1,79,164.84 lakh; H1 PAT was ₹35,461.24 lakh versus ₹14,888.75 lakh.

Outlook and guidance

• FY27 revenue guidance is ₹4,200–4,300 crore; management described the outlook as conservative and indicated ~10% revenue growth going forward.

• FY27 order inflow is expected to exceed ₹8,000 crore; FY28 guidance is at least ₹8,000–8,100 crore.

• Consultancy is expected to contribute ~60% of FY27 turnover; Turnkey/LSTK execution is expected to rise from 32% of H1 turnover to at least ~40% in H2.

• Consultancy segment profit margin guidance is at least 25% for the year; management expects the result to exceed 25% but did not commit to 30%.

• Management expects EBITDA margin to be maintained, citing higher Consultancy mix and protected segment margins.