Telge Projects Limited is a specialized **structural engineering and Building Information Modeling (BIM)** services provider. The company operates through an integrated global delivery model, leveraging high-end Indian engineering talent to serve international markets. Following its successful listing on the **BSE SME Platform** in **October 2025**, the company is transitioning into a high-growth phase characterized by technological automation and strategic international acquisitions. --- ### **Core Service Offerings & Technological Moat** Telge Projects provides high-precision engineering solutions for the **Architecture, Engineering, and Construction (AEC)** sector. Its service suite is designed to handle complex infrastructure projects with reduced turnaround times. * **Structural Steel Detailing:** Comprehensive 3D modeling and shop drawings for industrial, commercial, and infrastructure sectors. * **Connection Design:** Engineering services focused on structural integrity and compliance with international building codes. * **BIM Services:** End-to-end implementation, including architectural, structural, and **MEP (Mechanical, Electrical, and Plumbing)** coordination. * **Proprietary R&D & Automation:** The company maintains a dedicated internal R&D team focused on creating **Proprietary IP** to drive operational efficiency. * **Tekla & SDS2 Automation:** Custom-built plugins and scripts to accelerate the modeling process and reduce manual error. * **AI-driven BIM Dashboards:** Real-time data visualization for project monitoring and enhanced client transparency. * **BIM Intelligence Systems:** Proprietary systems ensuring consistency across large-scale, complex datasets. --- ### **Global-Local Operational Structure** The company utilizes a "Global-Local" approach, maintaining client-facing leadership and legal presence in key markets while centralizing execution in India to optimize costs. | Entity | Relationship | Location | | :--- | :--- | :--- | | **Telge Projects Limited** | Parent Company | India (Mumbai/Nashik) | | **Telge Global Inc.** | Material Subsidiary | USA (Texas) | | **Midwest Detailing LLC** | Step-down Subsidiary | USA | | **Draftco Inc.** | Step-down Subsidiary | USA | | **Edward Farr Architects (EFA Inc)** | Recent Acquisition (March 2026) | USA | --- ### **Strategic Growth & Capacity Expansion** To meet a surge in global **Request for Quotations (RFQs)**, Telge is aggressively scaling its physical and human infrastructure. * **Infrastructure Scaling:** In **February 2026**, the company inaugurated a new branch in **Nashik, Maharashtra**, with a **70-professional seating capacity**. Operating on a **two-shift model**, this facility increases operational bandwidth by **~40%**. * **Execution Capacity:** Current capacity stands at **₹4.5 crore to ₹5 crore per month**. * **Human Capital Management:** The company implemented the **TPL-ESOP 2026** plan, earmarking **1,00,000 options (1.02% of share capital)** to retain top-tier talent. * **Inorganic Expansion:** Shareholders recently approved a reallocation of **₹5 crore** from IPO proceeds toward **"Acquisitions and Strategic Initiatives."** This funded the **USD 1,90,000** acquisition of **EFA Inc**, providing the company with local architectural and stamping capabilities in the U.S. --- ### **Financial Performance & Order Pipeline** The company has demonstrated robust year-on-year growth, supported by a strong portfolio of **~80 active clients**. **Comparative Financial Highlights:** | Metric | Q3 FY26 (Dec '25) | YoY Growth | H1 FY26 (Sept '25) | YoY Growth | | :--- | :--- | :--- | :--- | :--- | | **Revenue** | **₹5.16 crore** | **32.25%** | **₹16.74 crore** | **118.82%** | | **Net Profit (PAT)** | **₹52.00 Lakhs** | **50.51%** | **₹1.93 crore** | **82.08%** | | **EBITDA** | - | - | **₹3.03 crore** | **104.73%** | **Forward-Looking Pipeline (as of late 2025):** * **Confirmed Orders:** **₹10.4 crore** * **High Probability Orders:** **₹8 crore – ₹10 crore** * **Active RFQs:** **₹15 crore – ₹18 crore** * **FY26 Revenue Projection:** Minimum **₹37 - ₹38 Crore**, targeting **70-80% YoY** organic growth. --- ### **Risk Management & Resilience** Telge Projects actively manages risks associated with its heavy reliance on international revenue streams. * **Currency Risk:** As of September 2025, the company held **₹3.94 crore** in foreign currency assets against **₹8.79 crore** in liabilities. These are managed through **natural hedges** and periodic management reviews. * **Geopolitical Resilience:** Despite a **45-day U.S. Government shutdown** and policy transitions in early 2025, management reported that projects were merely delayed ("on hold") rather than cancelled. * **Regulatory Standing:** The company maintains that U.S. tariffs or H-1B visa changes have **no material impact** due to their established domestic U.S. subsidiaries and on-ground presence. * **Scalability Moat:** By expensing hiring and training costs immediately (rather than capitalizing them), the company has built a "ready-to-execute" workforce for **FY27** without further impacting future margins. --- ### **Investment Thesis Summary** Telge Projects represents a high-growth play on the **global AEC outsourcing trend**. By combining **proprietary AI automation** with a strategic **U.S. acquisition strategy**, the company is moving up the value chain from a pure-play detailing firm to a comprehensive engineering partner. The transition toward **Main Board readiness** and quarterly reporting signals a commitment to institutional-grade corporate governance.