Engineers India Limited (ENGINERSIN) AI Stock Analysis

• Market Cap: ₹124.55B
• Dividend Yield: 2.51%
• Average Volume (3M): 166.04K
• Price to Earnings (P/E): 16.1
• Beta (1Y): 1.65
• Revenue Growth: 19.46%
• EPS Growth: 45.22%
• Country: IN
• Employees: 2,658
• Sector: Industrials
• Sector Strength: 72
• Industry: Engineering & Construction
• EPS (TTM): 2.40
• Shares Outstanding: 562,042,360
• 10 Day Avg. Volume: 90,069
• 30 Day Avg. Volume: 166,041
• PEG Ratio: 0.52
• Price to Book (P/B): 3.42
• Price to Sales (P/S): 2.96
• P/FCF Ratio: 56.66
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: ₹260.00
• Price Target Upside: 26.31% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): 10.3
• Revenue Forecast (FY): ₹38.88B

• Rating: 71 Outperform
• Price Target: ₹223.00 ▲(8.33% Upside)
• Action: Upgraded Date: 02/14/26
• Date: Action: Upgraded 02/14/26

The score is primarily supported by strong financial stability (low leverage, strong equity base) and improved profitability, partially offset by weaker/volatile cash flow and inconsistent revenue growth. Technical signals are mixed (RSI/Stoch strength but negative MACD), while valuation is reasonable with a moderate P/E and dividend yield.

Positive Factors

Strong balance sheet / low leverage

A high equity ratio and very low leverage give EIL durable financial flexibility: it can bid on large projects, absorb execution timing shocks, and avoid refinancing risk. Strong equity and ROE support steady access to capital and resilience through multi-month project cycles.

Improving profitability margins

Rising net margin reflects better project mix, pricing or cost control, enhancing long-term cash generation per contract. Higher margins provide a durable earnings buffer against project overruns and allow reinvestment into engineering capabilities and talent retention.

End-to-end engineering services and revenue diversity

A full-service engineering and PMC model across FEED, detailed engineering, procurement support, EPC and commissioning creates multiple fee streams and after-project service opportunities. That structural diversity reduces reliance on single revenue sources and supports repeat client work.

Negative Factors

Declining and volatile free cash flow

Weak cash conversion and falling free cash flow signal persistent working-capital or timing stress from project billing and payments. Over months this constrains ability to self-fund growth, raises reliance on client advance/payment terms, and limits buffer for unexpected project costs.

Lumpy, inconsistent revenue growth

Revenue tied to discrete project awards leads to uneven recognition and makes medium-term top-line forecasting difficult. This lumpy nature affects capacity planning, utilization of engineering staff, and consistent margin expansion over a 2–6 month horizon.

Cyclicality tied to client capex cycles

Heavy exposure to oil, refining and national client capex makes demand sensitive to commodity cycles and government investment timing. Structural cyclicality can depress awards for several months, reducing visibility and causing prolonged slow periods in project intake and revenue.

Engineers India Limited Business Overview & Revenue Model

Company Description

Engineers India Limited, an engineering consultancy company, provides design, engineering, procurement, construction, and integrated project management services primarily for oil and gas, and petrochemical industries in India and internationally. The company operates in two segments, Consultancy & Engineering Projects, and Turnkey Projects. It also offers supply chain management services, such as supplier/contractor registration and revalidation, contracting and purchasing of goods/services/works, expediting, inspection, logistics, supplier/contractor performance review, etc.; and develops various process technologies for petroleum refining, oil and gas processing, and aromatics industries. In addition, the company provides construction services comprising pre-construction activities, including bid management process, plot plan review/heavy lift study, etc.; and construction services comprising site construction management, liaison with statutory authorities, construction quality and warehouse management, HSE management, contracts administration, pre commissioning and commissioning assistance, and contract and site closing services. Further, it provides heat and mass transfer equipment design, environment engineering, specialist materials and maintenance, and plant operations and safety services; and pre-feed and feed engineering services for a range of processes in the hydrocarbon processing industry. Additionally, the company offers project management, third party inspection, quality assurance, independent engineer and lender's engineer services, and project appraisal and project execution services. Engineers India Limited was incorporated in 1965 and is headquartered in New Delhi, India.

How the Company Makes Money

Engineers India Limited generates revenue through multiple streams, primarily by offering engineering consultancy and project management services to clients in the oil and gas, petrochemicals, and infrastructure sectors. The company earns money by charging fees for its consultancy services, which include feasibility studies, detailed engineering, and design services. Additionally, ENGINERSIN engages in project execution, where it earns revenue through contracts for construction and supervision work. Key revenue streams include fixed-price contracts, time and materials contracts, and consultancy fees. The company also benefits from strategic partnerships with international firms and government bodies, which enhance its project portfolio and facilitate access to a wider range of clients, contributing significantly to its earnings.

Engineers India Limited Financial Statement Overview

Summary

Overall fundamentals are solid, led by a strong balance sheet (very low leverage, high equity ratio, improving ROE). Profitability improved (net margin up in 2025), but revenue growth is inconsistent and free cash flow has weakened, which limits the score.

Income Statement

Engineers India Limited demonstrates moderate revenue growth with fluctuations in annual performance. The gross profit margin has slightly decreased, indicating slight pressure on cost management. The net profit margin improved to 18.79% in 2025 from 13.57% in 2024, showing better profitability. The EBIT and EBITDA margins are stable but reflect a need for consistent improvement. Overall, the company shows resilience in maintaining profitability but faces challenges in sustaining revenue growth.

Balance Sheet

The company maintains a strong equity position with a high equity ratio of 50.68% in 2025. The debt-to-equity ratio is very low, suggesting minimal reliance on debt financing. Return on equity improved to 21.72% in 2025, indicating effective use of equity. The balance sheet is robust, showing financial stability and low leverage, which mitigates financial risk.

Cash Flow

Free cash flow has decreased over the years, reflecting volatility in cash generation. Despite a positive operating cash flow to net income ratio of 0.35 in 2025, the decline in free cash flow indicates challenges in optimizing cash from operations. The company needs to improve its cash flow stability to strengthen financial flexibility.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	33.34B	30.88B	32.81B	33.30B	29.13B	31.44B
Gross Profit	7.41B	6.86B	5.43B	4.91B	5.61B	5.60B
EBITDA	5.45B	5.17B	3.03B	3.19B	3.56B	3.67B
Net Income	5.54B	5.80B	4.45B	3.46B	1.40B	2.49B
Balance Sheet
Total Assets	0.00	52.65B	47.42B	43.88B	41.77B	44.41B
Cash, Cash Equivalents and Short-Term Investments	13.33B	13.33B	13.71B	17.19B	14.30B	15.00B
Total Debt	0.00	221.36M	330.16M	188.82M	37.22M	40.20M
Total Liabilities	-26.69B	25.96B	24.87B	24.26B	24.07B	26.91B
Stockholders Equity	26.69B	26.69B	22.55B	19.62B	17.70B	17.51B
Cash Flow
Free Cash Flow	0.00	1.61B	3.55B	-1.47B	225.81M	1.60B
Operating Cash Flow	0.00	2.03B	3.89B	-1.13B	483.28M	1.71B
Investing Cash Flow	0.00	-1.30B	1.45B	3.22B	612.64M	7.76B
Financing Cash Flow	0.00	-1.85B	-1.80B	-1.76B	-1.49B	-9.04B

Engineers India Limited Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 205.85
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:ENGINERSIN, the sentiment is Positive. The current price of 205.85 is above the 20-day moving average (MA) of 199.29, above the 50-day MA of 194.22, and above the 200-day MA of 204.31, indicating a bullish trend. The MACD of 10.15 indicates Negative momentum. The RSI at 66.20 is Neutral, neither overbought nor oversold. The STOCH value of 57.24 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:ENGINERSIN.

Engineers India Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
VOLTAMP	73 Outperform	₹92.04B	25.98	―	1.27%	15.87%	-4.28%
ENGINERSIN	71 Outperform	₹124.55B	16.05	―	2.51%	19.46%	45.22%
PARAS	68 Neutral	₹51.44B	70.04	―	0.07%	24.92%	50.07%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
KSB	62 Neutral	₹134.20B	49.62	―	0.51%	9.50%	14.52%
BHEL	58 Neutral	₹922.22B	113.26	―	0.18%	13.30%	137.07%
ISGEC	58 Neutral	₹65.29B	27.54	―	0.59%	-4.14%	-35.66%