ENGINERSIN Q2 FY27 Results Analysis: PAT Jumps 136%, Revenue Slips 11%

Cofacto Research Published October 30, 2026 3 min read

Positive

ENGINERSIN's Q2 FY27 numbers came in strong, with revenue of Rs. 824.20 Cr (-10.54% YoY) and PAT growth of +135.58% YoY. Here's a quick read of what worked, what to watch, and what management said.

Quick Details

Results date	October 30, 2026
Revenue (Q2)	Rs. 824.20 Cr (-10.54% YoY)
PAT (Q2)	Rs. 196.68 Cr (+135.58% YoY)
EBITDA margin	31.49% (+1727 bps YoY)
EPS (Q2)	Rs. 3.50 (+134.90% YoY)

Quarter Snapshot

Consolidated PAT more than doubled (+135.58% YoY to Rs.196.68 Cr) on a mix shift to high-margin consultancy (74.77% of revenue at 31.58% margin, above the guided 24-25% band), while revenue fell 10.54% YoY on turnkey execution wind-down. H1 operating margin of 16.26% already exceeds the 16% FY27 target, and cash conversion was strong at 1.76x CFO/PAT with zero debt. The open question is the FY27 revenue growth guidance of ≥10%, which requires H2 to grow 25.78% versus H2 FY26.

Q2 FY27 Expectations vs Results

Driver	Expected before results	What happened	Verdict
Revenue "in-line to behind YoY"	Behind, on a reversal-flattered base	Consolidated −10.54% YoY	Played out
"Operating margin flat to expanding"	Mix + FX levers	19.00% vs 11.30% YoY	Played out
JV line "~Rs.42 Cr/qtr supporting swing"	Supporting	Rs.20.92 Cr (H1 Rs.63.43 Cr) — below run-rate	Partially
"Rs.35 Cr reversal won't recur per guidance"	No flattering write-back	Correct — and a net charge of Rs.41.74 Cr (H1) instead	Played out
Dangote Kenya in the 30-Sep order book	Should appear	Filing silent on order book	Not observable
Interim dividend vs "range of 100%"	Test the commitment	Rs.1.50/sh declared (first interim)	Partially / Too Early
Consultancy mix 50–60%	Swing variable	74.77% — above band	Played out

Read our full results preview.

Management Guidance vs Delivery

What management said	Where	What happened	Verdict
FY27 revenue growth ≥10% (10–15% band)	Q1 FY27 earnings call, 13-Aug-2026	H1 standalone Rs.1,603.23 Cr, −8.78% YoY; H2 must deliver Rs.2,631.61 Cr (+25.78% vs H2 FY26) — H1 run-rate); Stretch for FY	Missed
Operating margin 16% FY27	Q1 FY27 earnings call	Q2 standalone 19.00%; H1 16.26% (mgmt basis)	On Track
Consultancy segment margin 24–25%	Q1 FY27 earnings call	Q2 31.58% consolidated / 30.89% standalone	Above band
LSTK margin 7.5% (5–7% band)	Q1 FY27 earnings call	Q2 4.33%; H1 6.21%	Below in Q2; H1 within band
Dividend "in the range of 100%" FY27	Director (Finance), Q1 FY27 call	Rs.1.50/share first interim (30% of face)	Too Early
No exceptionals/write-backs in FY27	Q1 FY27 earnings call	Exceptional items nil; but H1 net provision charge Rs.41.74 Cr — no exceptionals declared	On Track

Key Investment Insights

Key Positives

Consolidated PAT grew 135.58% YoY to Rs.196.68 Cr; EPS rose to Rs.3.50 from Rs.1.49
Consultancy & Engineering revenue grew 42.58% YoY to Rs.616.23 Cr at a 31.58% segment margin, above the guided 24-25% band
Standalone operating margin of 19.00% vs 11.30% YoY; H1 at 16.26% already above the 16% FY27 target
H1 CFO of Rs.624.32 Cr was 1.76x PAT; FCF of Rs.599.78 Cr
Zero borrowings with cash and liquid investments of ~Rs.2,119 Cr
JV/associates swung from a −Rs.25.57 Cr loss to +Rs.20.92 Cr profit, a Rs.46.50 Cr YoY swing
First interim dividend of Rs.1.50/share declared (record date 5-Nov-2026)

Risk Factors

Consolidated revenue declined 10.54% YoY; turnkey revenue fell 57.48% YoY to Rs.207.97 Cr
H1 revenue run-rate requires H2 growth of 25.78% to meet the FY27 ≥10% revenue growth guidance
Turnkey segment margin of 4.33% in Q2 was below the guided 7.5% current level and 5-7% band
H1 net provision charge on contractual obligations of Rs.41.74 Cr plus ECL allowance of Rs.19.19 Cr
Other expenses rose 92.60% YoY
Contractor claim of Rs.40,960.75 lakh pending in the Supreme Court, specifically drawn attention to in both review reports