Quick Ratios
Quarterly Results
Profit & Loss
Balance Sheet
Cash Flow
Ratios
Mkt Cap
Market Capitalization
₹14,104Cr
Infra - Engineering - General
Rev Gr TTM
Revenue Growth TTM
39.19%
Peer Comparison
Compare up to 10 companies side by side across valuation, profitability, and growth.

ENGINERSIN
VS
| Quarter | Mar 2023 | Jun 2023 | Sep 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Mar 2025 | Jun 2025 | Sep 2025 |
|---|
|
Growth YoY Revenue Growth YoY% | 7.6 | 0.4 | -0.4 | 3.0 | -8.5 | -23.8 | -12.8 | -11.9 | 25.5 | 39.5 | 33.7 | 58.3 |
| 713 | 747 | 691 | 818 | 728 | 573 | 627 | 667 | 709 | 798 | 802 | 858 |
Operating Profit Operating ProfitCr |
| 19.0 | 8.7 | 12.5 | 5.8 | 9.6 | 8.2 | 9.1 | 12.8 | 29.8 | 8.3 | 13.0 | 29.1 |
Other Income Other IncomeCr | 45 | 94 | 44 | 31 | 51 | 39 | 47 | 38 | 36 | 36 | 37 | 59 |
Interest Expense Interest ExpenseCr | 0 | 1 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
Depreciation DepreciationCr | 7 | 8 | 8 | 8 | 11 | 10 | 10 | 10 | 11 | 11 | 10 | 10 |
| 204 | 156 | 134 | 71 | 117 | 79 | 99 | 126 | 326 | 97 | 146 | 401 |
| 47 | 40 | 32 | 19 | 27 | 20 | 22 | 32 | 84 | 25 | 37 | 95 |
|
Growth YoY PAT Growth YoY% | 28.3 | 126.0 | 18.9 | 4.3 | -42.9 | -49.4 | -24.2 | 77.8 | 170.4 | 23.5 | 41.8 | 225.9 |
| 17.8 | 14.2 | 12.8 | 6.1 | 11.1 | 9.4 | 11.2 | 12.3 | 24.0 | 8.4 | 11.8 | 25.3 |
| 3.4 | 2.5 | 2.3 | 1.1 | 2.0 | 1.6 | 1.8 | 1.9 | 5.0 | 1.2 | 1.5 | 6.2 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|
|
| -5.7 | -11.5 | -4.0 | 23.3 | 35.7 | 30.7 | -2.9 | -7.4 | 14.3 | -1.5 | -5.9 | 29.9 |
| 1,509 | 1,332 | 1,165 | 1,397 | 2,100 | 2,783 | 2,794 | 2,569 | 3,022 | 2,984 | 2,575 | 3,167 |
Operating Profit Operating ProfitCr |
| 13.3 | 13.5 | 21.2 | 23.4 | 15.2 | 14.0 | 11.1 | 11.8 | 9.3 | 9.1 | 16.6 | 21.1 |
Other Income Other IncomeCr | 273 | 247 | 222 | 176 | 222 | 256 | 34 | 130 | 164 | 219 | 160 | 169 |
Interest Expense Interest ExpenseCr | 0 | 0 | 3 | 1 | 1 | 2 | 4 | 1 | 2 | 3 | 3 | 2 |
Depreciation DepreciationCr | 20 | 25 | 23 | 24 | 22 | 24 | 24 | 24 | 26 | 35 | 40 | 42 |
| 477 | 430 | 511 | 579 | 574 | 683 | 356 | 449 | 446 | 478 | 630 | 970 |
| 164 | 149 | 181 | 196 | 201 | 249 | 95 | 107 | 101 | 118 | 158 | 240 |
|
| -35.2 | -10.0 | 17.3 | 16.1 | -2.7 | 16.3 | -39.7 | 31.1 | 0.4 | 4.6 | 31.0 | 54.6 |
| 18.0 | 18.3 | 22.3 | 21.0 | 15.1 | 13.4 | 8.3 | 11.8 | 10.3 | 11.0 | 15.3 | 18.2 |
| 4.6 | 2.1 | 4.9 | 5.9 | 5.8 | 6.7 | 4.0 | 2.5 | 6.2 | 7.9 | 10.3 | 13.8 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 |
|---|
Equity Capital Equity CapitalCr | 168 | 168 | 337 | 316 | 316 | 316 | 281 | 281 | 281 | 281 | 281 | 281 |
| 2,463 | 2,653 | 2,508 | 2,025 | 2,029 | 2,090 | 1,470 | 1,489 | 1,681 | 1,974 | 2,388 | 2,424 |
Current Liabilities Current LiabilitiesCr | 1,334 | 1,315 | 1,526 | 2,145 | 2,403 | 2,670 | 2,675 | 2,394 | 2,398 | 2,441 | 2,566 | 2,722 |
Non Current Liabilities Non Current LiabilitiesCr | 23 | 28 | 25 | 27 | 13 | 21 | 16 | 14 | 28 | 46 | 31 | 29 |
Total Liabilities Total LiabilitiesCr |
Current Assets Current AssetsCr | 3,399 | 3,498 | 3,601 | 3,634 | 3,825 | 4,043 | 2,602 | 2,431 | 2,501 | 2,695 | 3,041 | 3,183 |
Non Current Assets Non Current AssetsCr | 589 | 667 | 795 | 880 | 936 | 1,054 | 1,840 | 1,746 | 1,887 | 2,047 | 2,225 | 2,274 |
Total Assets Total AssetsCr |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Operating Cash Flow Operating Cash FlowCr | 65 | 88 | 236 | 599 | 549 | 376 | 171 | 48 | -113 | 222 | 109 |
Investing Cash Flow Investing Cash FlowCr | 174 | 70 | 197 | 165 | -4 | -229 | 776 | 61 | 322 | 145 | -36 |
Financing Cash Flow Financing Cash FlowCr | -240 | -162 | -284 | -892 | -362 | -334 | -904 | -149 | -176 | -180 | -185 |
|
Free Cash Flow Free Cash FlowCr | 2 | 88 | 237 | 570 | 517 | 358 | 160 | 23 | -147 | 188 | 68 |
| 20.7 | 31.3 | 71.6 | 156.2 | 147.2 | 86.6 | 65.6 | 14.1 | -32.8 | 61.6 | 23.1 |
CFO To EBITDA CFO To EBITDA% | 27.8 | 42.3 | 75.2 | 140.1 | 146.2 | 82.9 | 49.0 | 14.0 | -36.6 | 74.7 | 21.3 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Valuation Ratios Valuation Ratios |
Market Cap Market CapitalizationCr | 6,545 | 5,736 | 9,727 | 9,991 | 7,393 | 3,795 | 4,331 | 3,597 | 4,182 | 11,350 | 9,021 |
Price To Earnings Price To Earnings | 23.5 | 20.6 | 29.5 | 26.1 | 20.1 | 8.9 | 17.4 | 25.8 | 12.1 | 25.5 | 15.6 |
Price To Sales Price To Sales | 3.8 | 3.7 | 6.6 | 5.5 | 3.0 | 1.2 | 1.4 | 1.2 | 1.3 | 3.5 | 2.9 |
Price To Book Price To Book | 2.5 | 2.0 | 3.4 | 4.3 | 3.1 | 1.6 | 2.5 | 2.0 | 2.1 | 5.0 | 3.4 |
| 17.8 | 14.8 | 23.4 | 17.4 | 12.4 | 2.3 | 8.6 | 6.5 | 10.1 | 34.2 | 15.1 |
Profitability Ratios Profitability Ratios |
| 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 |
| 13.3 | 13.5 | 21.2 | 23.4 | 15.2 | 14.0 | 11.1 | 11.8 | 9.3 | 9.1 | 16.6 |
| 18.0 | 18.3 | 22.3 | 21.0 | 15.1 | 13.4 | 8.3 | 11.8 | 10.3 | 11.0 | 15.3 |
| 18.1 | 15.3 | 18.1 | 24.8 | 24.5 | 28.4 | 20.5 | 25.4 | 22.6 | 21.0 | 23.5 |
| 11.9 | 10.0 | 11.6 | 16.4 | 15.9 | 18.0 | 14.9 | 19.4 | 17.6 | 16.0 | 17.7 |
| 7.8 | 6.8 | 7.5 | 8.5 | 7.8 | 8.5 | 5.9 | 8.2 | 7.8 | 7.6 | 9.0 |
Operational Ratios Operational Ratios |
Solvency Ratios Solvency Ratios |
Liquidity Ratios Liquidity Ratios |
### **Overview**
**Engineers India Limited (EIL)**, incorporated in 1965 under the Ministry of Petroleum and Natural Gas, Government of India, is a *Navratna* Central Public Sector Enterprise (CPSE) and a leading global engineering consultancy and EPC (Engineering, Procurement, and Construction) service provider. With over six decades of experience, EIL has established itself as a key player in delivering integrated “Total Energy Solutions for a Sustainable Future,” aligning with India’s energy transition, *Atmanirbhar Bharat*, and net-zero goals.
EIL operates as a full-service engineering solutions provider, offering end-to-end services from concept to commissioning across the hydrocarbon value chain and diversified infrastructure sectors. The company is recognized for its technological innovation, in-house R&D, and successful execution of landmark national and international projects.
---
### **Key Highlights (as of Nov 2025)**
#### **1. Strategic Global Expansion & International Footprint**
EIL has significantly scaled its international operations, solidifying its presence in high-growth regions:
- **Africa**: Played a pivotal role in the **Dangote Oil Refinery & Petrochemical Complex (Nigeria)** — the world’s largest single-train refinery (650,000 BPSD), now in commissioning and product delivery phase.
- **Middle East & Africa**: Engaged with ADNOC (UAE), Sonatrach (Algeria), Bapco Refining (Bahrain), KPC (Kuwait), and Duqm Refinery (Oman) on engineering, PMC, FEED, and TSS contracts.
- **Mongolia**: Executing a **1.5 MMTPA greenfield refinery project** under a Government of India Line of Credit (LoC), demonstrating EIL’s capability in extreme geographies.
- **Guyana**: Providing consultancy for an integrated **NGL and 300 MW CCGT power plant**, marking strategic entry into Latin America.
- **Saudi Arabia**: In advanced stages of setting up a **new office in Riyadh** to pursue opportunities with Saudi Aramco and SABIC, aiming to deepen regional footprint.
- **Abu Dhabi**: EIL’s regional office has expanded and achieved higher ADNOC categorization, enabling direct bidding for **projects exceeding USD 200 million**.
International order inflow in FY2024–25 reached **₹1,077 crore**, the highest in a decade.
---
#### **2. Diversification & New Growth Sectors**
EIL has successfully transitioned beyond traditional hydrocarbons into high-potential sunrise sectors:
- **Energy Transition**:
- Active in **green hydrogen**, **green ammonia**, **2G ethanol**, **sustainable aviation fuel (SAF)**, **carbon capture (CCUS)**, and **biomass-to-chemicals**.
- Developing an indigenous **4 MW PEM electrolyser-based green H₂ project** in Neyveli, Tamil Nadu.
- Executing India’s first bamboo-based **2G bioethanol refinery** in Assam (186 kLPD).
- Collaborating with **NTPC, MRPL, and CSIR-IIP** on SAF using HEFA technology from used cooking oil.
- **Defence & Steel**:
- Signed MoU with **Munitions India Ltd (MIL)** to enter the defence sector, focusing on modernization of ordnance factories.
- Entered **steel sector** with projects for JSPL and Vulcan Green Steel.
- **Nuclear Energy**:
- Re-entered the sector with a **detailed engineering project for a nuclear fuel complex** in Rawatbhata, Rajasthan.
- **Urban & Strategic Infrastructure**:
- Expanding into **data centers**, **airports**, **smart cities**, **ports & harbours**, **ferrous/non-ferrous metallurgy**, **strategic crude oil storage**, and **cold storage**.
- Providing **PMC services** for Leh Airport terminal, Noida International Airport (Jewar), and the RBI’s greenfield data center in Bhubaneswar.
---
#### **3. Strong Project Portfolio & Revenue Stream**
- **FY2024–25 Revenue**:
- **₹3,028.35 crore** (standalone)
- **Consultancy & Engineering**: ₹1,454.29 crore (high-margin, growing)
- **Turnkey (LSTK) Contracts**: ₹1,349.59 crore
- Strategic shift toward **asset-light, high-margin consultancy** services to enhance profitability and reduce risk.
- **Order Book**: Exceeded **₹8,000 crore** in FY25, with a long-term aim of **₹5,000+ crore annual order inflow**.
---
#### **4. Flagship Domestic Projects**
EIL continues to lead in India’s mega energy and infrastructure projects:
- **Refineries**:
- **9 MMTPA Rajasthan Refinery** (HRRL): PMC and EPCM, including the world’s largest Residue Upgrading Facility (RUF).
- **Panipat Refinery Expansion (15 to 25 MMTPA)**: EPCM and PMC for IOCL.
- **Vizag Refinery Modernisation (VRMP)**: PMC and engineering services.
- **Petrochemicals**:
- EPCM for **500 KTPA PDH/PP plant** (GAIL, Usar), **60 KTA PP plant** (GAIL, Pata), and **methanol projects** (Assam Petrochemicals).
- **LNG & Pipelines**:
- PMC for **Petronet LNG’s Dahej expansion**.
- Ongoing execution of **Dobhi–Durgapur–Haldia Gas Pipeline (827 km)** and **Paradip–Numaligarh Crude Oil Pipeline (PNCPL)**.
- **Green Transition**:
- EPCM for **Neyveli Lignite to Methanol via Gasification**.
- Feasibility studies and project execution for **green ammonia plants** (HMEL, GSFC).
---
#### **5. Technological Innovation & R&D**
EIL maintains a robust innovation ecosystem:
- **R&D Centre (Gurugram)**: Home to pilot plants and specialized labs, including a **Bench Scale Catalyst Screening Unit**.
- **Proprietary Technologies**:
- **Bio-ATF**, **2G ethanol tech**, **hydrogen PSA**, **SAP (Sulphur Amine Process)**, **Dividing Wall Columns (DWC)**, **HiGee deaeration**, and **ammonia recovery systems**.
- **Patents & IP**:
- Filed **27 new patents** and submitted **3 trademarks** in FY25.
- Total live patents: **47**, with **36 pending**.
- **Digital Transformation**:
- **Digital Technology Solutions (DTS)** Division leads AI/ML, IIoT, and digital twin integration.
- Developed flagship tools:
- **EngCO₂™**: Web-based tool for accurate **Scope 1 & 2 carbon emissions assessment**.
- **EngAICosting™**: AI-powered procurement and cost estimation system.
- **EngProjectView™**: Real-time digital project monitoring dashboard.
- **AI-powered HSE video analytics** (collaborated with Detect Technologies) for real-time site safety alerts.
---
#### **6. Strategic Collaborations & Alliances**
EIL leverages partnerships to accelerate innovation and market entry:
- **Global Partners**: BP, ADNOC, DEEP.KBB GmbH.
- **Academic & Research Institutions**: IIT Roorkee, IIT Kanpur, CSIR-IIP, CSIR-CSIO, DBT-ICT.
- **Joint Ventures & Equity Investments**:
- **Ramagundam Fertilizers and Chemicals Ltd (RFCL)**: 26% stake, successfully revived and operating at full capacity.
- **Numaligarh Refinery Ltd (NRL)**: 4.37% stake, currently expanding from 3 to 9 MMTPA.
- **Bharat Energy Office LLC (Russia)**: Equal stakeholder in a 5-company JV.
- Equity investment in **two upstream oil exploration blocks** in Gujarat under NELP IX.
---
#### **7. Operational & Financial Strategy**
- **Dual Business Segments**:
- **Consultancy & Engineering** (high margin)
- **Turnkey (LSTK)** (reimbursable cost, lower margin but strategic)
- **Revenue Mix Target**: ~50:50 balance to optimize margins and risk.
- **Make in India & Atmanirbhar Bharat**:
- Strengthened domestic supplier base — **154 categories** now have Indian suppliers.
- Promotes “Prototype Route” for new Indian manufacturers.
- **Sustainability Integration**:
- Offers **ZLD systems**, **wastewater recycling**, **energy-efficient HVAC**, and **circular economy solutions**.
- Designed **carbon-neutral HVAC systems for Leh Airport** using geothermal energy.
---