ENGINERSIN · Construction
Engineers India Ltd. reported revenue of ₹824 cr for July to September 2026, −10.5% on the year and +0.5% on the quarter. That is slower than this quarter has grown in recent years (+10.4% on average). Over the last four quarters revenue comes to ₹3,780 cr, +6.0% on the four before.
Operating profit (EBITDA) was ₹173 cr, a margin of 21.0%, +797 bps on the year and +563 bps on the quarter. Over the last 8 quarters the margin has ranged from 8.3% to 29.8%, averaging 18.2%. Operating costs grew −18.7% against revenue growth of −10.5%, so more of each rupee of sales reached operating profit.
Net profit was ₹197 cr, +137.3% on the year and +24.7% on the quarter, with earnings per share of ₹3.50. Profit before other income, one-offs and tax grew 48.6%, so 89 points of the headline growth came from outside the core business. The tax rate of 21% is in line with its recent average. Profit over the last four quarters totals ₹898 cr, +67.2% on the four before.
Of the 45 companies in Capital goods and EPC that have reported Q2 FY27 so far, Engineers India Ltd. ranks 42nd on revenue growth; the sector median is +17.1%. Its margin moved +797 bps on the year against a sector median of +8 bps.
Capital goods and EPC revenue follows project execution, which makes quarters uneven; the order book and new orders tell more about the year than one quarter does. The quarterly statements do not carry the order book, new orders and working capital; those come with the filing read.
On earnings per share of ₹15.97 over the last four quarters, the stock at ₹299.35 trades at 18.7 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Most of the profit growth did not come from the business. What lifted the gap?
Source: Quarterly statements
Margin rose sharply on flat revenue. Which cost fell, and will it stay down?
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹868 cr | ₹805 cr | ₹624 cr | ₹689 cr | ₹765 cr | ₹1,010 cr | ₹870 cr | ₹921 cr | ₹1,210 cr | ₹926 cr | ₹820 cr | ₹824 cr |
| YoY | — | — | −24% | −13% | −12% | +25% | +39% | +34% | +58% | −8% | −6% | −11% |
| EBITDA margin | 5.8% | 9.6% | 8.2% | 9.0% | 12.8% | 29.8% | 8.3% | 13.0% | 29.1% | 16.4% | 15.4% | 21.0% |
| Other income, % of PBT | 42% | 44% | 49% | 47% | 30% | 20% | 37% | 25% | 23% | 42% | 41% | 35% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 26% | 23% | 26% | 22% | 25% | 23% | 25% | 25% | 21% | 19% | 20% | 21% |
| Net profit | ₹63.0 cr | ₹116 cr | ₹92.0 cr | ₹100 cr | ₹109 cr | ₹280 cr | ₹65.0 cr | ₹83.0 cr | ₹347 cr | ₹196 cr | ₹158 cr | ₹197 cr |
| YoY | — | — | −34% | −21% | +73% | +141% | −29% | −17% | +218% | −30% | +143% | +137% |
| Core profit YoY | — | — | −35% | −42% | +115% | +339% | +52% | +110% | +288% | −51% | +90% | +49% |
| EPS | ₹1.13 | ₹2.06 | ₹1.63 | ₹1.77 | ₹1.93 | ₹4.98 | ₹1.16 | ₹1.49 | ₹6.18 | ₹3.48 | ₹2.81 | ₹3.50 |
| Flags | 1 | 1 | ✓ | 2 | ✓ | ✓ | ✓ | ✓ | ✓ | 2 | 1 | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Engineers India Ltd. reported revenue of ₹824 cr (−10.5% on the year) and net profit of ₹197 cr (+137.3% on the year) for July to September 2026.
Profit before other income, exceptional items and tax moved +48.6% on the year, against +137.3% for reported profit.
1 check raised a question: Most of the profit growth did not come from the business. What lifted the gap?
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Numbers as filed with the exchanges, read by rules. Every flag is a question with its source, not an accusation. FinMinutes is a financial data and analytics platform; nothing here is a recommendation to buy, sell or hold any security. How each check works.