ENGINERSIN Q2 FY27 Earnings Call: Order Book Hits Record Rs. 20,421 Cr, Inflows Surpass FY27 Guidance

ENGINERSIN held its Q2 FY27 earnings call on October 30, 2026. Here's a quick read of what management said — performance, strategy, and the outlook ahead.

Profit Outpaces Revenue as Mix Shifts to Consultancy

• Q2 FY 2026-2027 standalone turnover of Rs.802 Cr — broadly flat vs Rs.800 Cr in Q1 FY 2026-2027; consultancy & engineering contributed Rs.594 Cr and turnkey Rs.208 Cr.
• PAT of Rs.180 Cr, up 65% QoQ — vs Rs.109 Cr in Q1 FY 2026-2027; PBT of Rs.229 Cr rose 58% QoQ; Q2 EPS at Rs.3.20 vs Rs.1.93 (face value Rs.5).
• Operating margin expanded to 19% (Rs.152 Cr) — from 14% (Rs.108 Cr) in Q1 FY 2026-2027; EBITDA including other income at ~Rs.240 Cr (27% margin) vs Rs.155 Cr (19%) in Q1.
• H1 FY 2026-2027 turnover of Rs.1,603 Cr — down from Rs.1,758 Cr in H1 FY 2025-2026, even as H1 PBT rose 54% to Rs.375 Cr and PAT rose 56% to Rs.288 Cr.
• Revenue mix shifted to 68% consultancy / 32% turnkey in H1 FY 2026-2027 — from 47% / 53% in H1 FY 2025-2026; management noted consultancy carries higher margins than turnkey.
• Q2 other income higher at Rs.60 Cr — including a Rs.21 Cr dividend from NRL and Rs.11 Cr from CRL, with the balance from surplus funds, rental and miscellaneous income; management said NRL and CRL dividends are received on a continuous basis.
• Ramagundam (RFC) profit of Rs.20 Cr in Q2 — vs Rs.42 Cr in Q1 FY 2026-2027, taking H1 FY 2026-2027 cumulative profit to Rs.63 Cr.

All-Time-High Book; FY27 Inflow Guidance Already Surpassed

• Order book at an all-time high of Rs.20,421 Cr as of 30 Sep 2026 — up from Rs.14,424 Cr as of 30 Jun 2026; ~60% overseas / ~40% domestic, with 75% from the higher-margin consultancy segment.
• Order inflows of Rs.8,100 Cr as of the call date (30 Oct 2026) — vs the FY 2026-2027 guidance of Rs.7,400-7,800 Cr reiterated earlier on the call; management said the guidance is achieved and set to be easily surpassed, and could exceed the target by 15-20% "if everything goes fine."
• H1 FY 2026-2027 inflow of Rs.7,428 Cr split Rs.5,762 Cr consultancy / Rs.1,666 Cr LSTK — with incremental inflow of Rs.670 Cr and the mix "typically more of consultancy" versus turnkey.
• Order book slated for delivery over the next 3-4 years — per management, covering the Rs.20,000 Cr book.
• Middle East contribution limited to roughly Rs.500-600 Cr of FY 2026-2027 YTD inflows — only smaller Middle East orders received in Q2 FY 2026-2027, similar to Q1; the regional situation remains abnormal with attacks ongoing in Saudi Arabia and normalization expected to take "some more months."
• Counterparty risk managed via due diligence — management said most Middle East clients are known, reputed brands, and in Africa it works only with long-standing clients of verified paying capability.

30% Consultancy Print Not Guided to Persist; LSTK Early-Stage Drag

• Q2 FY 2026-2027 consultancy margin printed at ~30% — versus the usual 23-24% run rate; Director-Finance Sanjay Jindal confirmed the figure and attributed it to business mix with no one-time items booked; H1 FY 2026-2027 consultancy margin stood at 27.7%.
• Management expects FY 2026-2027 consultancy margin above 25% — the conservative "traditional margin" floor, but it cannot commit to 30%; upside depends on cost progress of overseas orders under execution; 24-25% consultancy segment profit is to be maintained on an overall yearly basis (period unspecified).
• Turnkey (LSTK) margin at 4.3% in Q2 FY 2026-2027 — below the normal 6-7% range, attributed to new projects being in early stages; margins expected to improve as execution gains momentum.
• LSTK share expected to rise to at least ~40% for FY 2026-2027 — from 32% in H1, as execution ramps in H2; for FY 2027-2028, management expects the consultancy-turnkey ratio in the usual 60-40 range, fluctuating with big-ticket turnkey wins.
• EBITDA margin of ~15-16% reaffirmed (period unspecified) — management cited increasing execution of consultancy work where margins are protected; no EBITDA margin guidance was provided for FY 2026-2027 or FY 2027-2028 despite the analyst's request.
• Depository (LSTK-like) segment margin around 7% — categorized separately since only fees flow through consultancy's top line while depository includes plant & machinery and material costs.
• Overseas vs domestic consultancy margins "generally remain the same" — per management, profitability is almost the same across segments, though some projects earn better; no numeric differential was provided.

Dangote Ramp Underway; Profit Reflection Expected in H2 FY27 and FY28

• Dangote order of Rs.4,200 Cr awarded January 2026 is "progressing well" — the client is placing substantial ordering and EIL teams are on exhaustive engineering activities, with work described as going "in full blast" (Vivek Mitha).
• Execution progress not quantified — management said the percentage progress figure was not available "at this point" and would have to be seen, possibly during FY 2026-2027.
• Kenya court case around the proposed refinery project downplayed — management cautioned against going by news reports, saying the owner is managing the matter and will handle the legal issues; no execution risk or change to EIL's scope was flagged.
• Dangote margin uplift expected in H2 FY 2026-2027 and FY 2027-2028 — management said margins will move up with the project but it is still picking up momentum, so full profit reflection comes later.
• Multiple change orders under negotiation — management expects all of them to be settled in FY 2026-2027.
• Recently won Rs.4,000 Cr greenfield project carries a 3-4 year execution timeline — with some projects remaining in execution for 4-5 years, per management on the Q2 FY 2026-2027 call.

Domestic Refinery, Storage and Nuclear Options Build Beyond Hydrocarbons

• Domestic consultancy pipeline targeted for FY 2027-2028 — the upcoming AP refinery, Paradip phase two ("if the phase two comes"), minor revamp projects at BPCL and other refineries, strategic storage, and infrastructure, where management noted "there's a lot of investment out there."
• BPCL AP refinery still in license selection and study phase — a tender is expected towards the end of FY 2026-2027, with BPCL to come up with the final implementation plan; IOCL Paradip Phase 2 decision remains pending with the government/client, which is sourcing land.
• Coal gasification bids following the Government of India's additional Rs.34,000 Cr funding initiative — EIL is bidding for a couple of major projects and carrying out a study for NTPC; studies under the scheme are expected to be completed and awarded towards end of FY 2026-2027.
• Nuclear orders not expected in FY 2026-2027; good inflow expected in FY 2027-2028 — opportunities are at initial stages (environmental impact assessment studies, early tendering); EIL has created in-house nuclear verticals, is training manpower, and bidding for assignments spanning balance of plant engineering, construction supervision and owner's engineer roles.
• ISPRL is considering more strategic storage facilities across MP, Bina and two-three more locations — EIL, which has executed most strategic storage projects to date, intends to bid for these tenders.
• Infrastructure currently contributes ~20-25% of FY 2026-2027 order inflow — down from ~40% during an earlier phase; the company has added ferrous/non-ferrous, strategic storage and fertilizer segments, and is targeting non-ferrous, citing unnamed third-party companies that are "thinking of putting up a new smelter" (industry-driven, not a committed order).
• Recently secured a data center project for client PowerGrid — an actual win, not guidance.

FY27 Revenue Rs.4,000-4,300 Cr; FY28 Inflow Guided at Rs.8,000 Cr+

• Revenue guidance of ~Rs.4,200 Cr reiterated for FY 2026-2027 — management also guided a range of Rs.4,000-4,300 Cr, with consultancy expected at ~60% of FY 2026-2027 revenue as most big-ticket LSTK projects are complete and new LSTK projects take time to reach full run-rate.
• ~10% further revenue growth guided (period unspecified) — stated in response to a question on FY 2027-2028; management said the 10%+ growth guidance for FY 2027-2028 is currently conservative and may be improved depending on how the situation evolves over the next couple of months.
• FY 2027-2028 order inflows guided at a minimum of Rs.8,000-8,100 Cr or more — consistent with the company's general annual aim of Rs.8,000 Cr; at ~Rs.8,000 Cr total inflow, ~30-40% would be turnkey.
• MD cited (at the AGM) an opportunity of nearly $1 billion in the Middle East over the next 2-3 years — spanning strategic storage and pipeline projects; EIL is bidding for a number of tenders with various EPC contractors, with outcomes dependent on market stabilization given long bidding and decision cycles.
• Geopolitics a near-term drag on Middle East capex — management said industry participants are focused on securing crude and managing internal resources rather than new capex; the reduced Middle East opportunity is viewed as a temporary phase, while Africa-related business has increased and India has seen no major project impact.
• CPSE pay revision timing uncertain — Company Secretary Suvendu Padhi said no commission has been constituted yet as of the Q2 FY 2026-2027 call; management could not confirm whether the revision comes by FY28 or later, stating the timing is up to the government.
• Bottom line expected to be "healthier" in the coming years — supported by an order book of more than Rs.20,000 Cr, with Dangote peaking and higher revenue run-rate in H1 FY 2027-2028 per the analyst's framing.