Engineers India Shares Get 'Buy' Upgrade From PL Capital Post Q1 Results

The brokerage believes Engineers India’s long-term growth prospects remain intact given strong order book prospects in non-oil and gas and oil and gas projects, strong traction in overseas consultancy business from Middel East, Africa region, opportunities in energy transition and infrastructure, and lean balance sheet..NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy. .PL Capital Report.We cut our FY26/27E EPS estimates by -4.4%/-1.4%, factoring in temporary disruption from the Ramagundam Fertilizer shutdown. Engineers India Ltd. reported a strong quarter with 39.5% YoY growth in revenue and Ebitda margin remaining flattish YoY to 8.3% due to unfavorable revenue mix. Management reiterating FY26 revenue growth of ~20%, driven by its highmargin Consultancy business (~22% margins) and steady LSTK execution (~6% margins). Temporary Q1 drag from the Ramagundam Fertilizer maintenance shutdown has been resolved, with operations normalized at ~90% utilization and full-year profitability intact. Diversification momentum remains strong with non-oil and gas verticals scaling to 30–35% of the book and guided to 40–45% in future inflows, driven by key infra projects from data center and institutional infra etc. International consultancy traction is accelerating, with Rs 9.6 billion YTD intake and a visible Petrochem pipeline across Abu Dhabi, Saudi, UAE, and Kuwait. EIL’s maiden ~Rs300mn MoU with NPCIL for the BSMR project marks a strategic entry into nuclear engineering, strengthening credentials and unlocking long-term opportunities in India’s energy transition. The stock is trading at a P/E of 18.7x/15.2x on FY26/27E core EPS. We upgrade our rating from ‘Accumulate’ to ‘Buy’ given recent sharp correction in stock price and value the Consultancy/Turnkey segments at a PE of 22x/10x Mar’27E (same as earlier) arriving at a revised SoTP-derived target price of Rs 245 (Rs 250 earlier)..Click on the attachment to read the full report:.JSW Cement Gets 'Neutral' Rating As Motilal Oswal Initiates Coverage.DISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Engineers India Shares Get 'Buy' Upgrade From PL Capital Post Q1 Results

PL Capital upgrades rating from ‘Accumulate’ to ‘Buy’ given recent sharp correction in stock price and value the Consultancy/Turnkey segments at a PE of 22x/10x Mar’27E.

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