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IL&FS Engineering & Construction Co Ltd

IL&FSENGG

NSE

₹39.29+0.74%19 Oct 2026 at 3:31 PM

Reports

Construction Civil and Turnkey

IL&FS Engineering & Construction Co Ltd

IL&FSENGG

NSE

₹39.29

+0.74%

19 Oct 2026 at 3:31 PM

SOICxStockScans Reports

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Construction Civil and Turnkey

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

IL&FS Engineering and Construction Company Limited (IECCL) is an Indian infrastructure builder that was once a multi-sector EPC (Engineering, Procurement, and Construction) contractor but is now a company in survival mode, fighting to finish its last projects and restart its business while trapped inside the unresolved collapse of its parent, IL&FS. Born as Maytas Infra and later absorbed into the IL&FS group, its world was upended overnight in 2018 when the group’s defaults led the government to take control, freezing its bank guarantees, halting its projects, and cutting it off from new work for over six years. Everything the company does now-executing a handful of legacy contracts, pursuing claims in arbitration, and grasping at subcontracting work-is shaped by a single recurring approach: it is a contractor with the skills but without the financial standing to bid, so it survives by completing what it started and partnering with others who can carry the balance sheet.

Business segments

A single engine running on residual momentum-one construction business with a dwindling order book, kept alive by subcontracting arrangements and the slow grind of arbitration.

1. Construction and Infrastructure Development: the last contracts on the books

The company is an EPC contractor that builds roads, railways, pipelines, and power lines for government and private clients, but it has not won a new project on its own balance sheet in over six years-every rupee of its remaining order book comes from work secured before the crisis or from subcontracts where a stronger partner holds the main contract.

Builds to order, not for stock - it earns revenue by constructing assets for clients under fixed-scope EPC and item-rate contracts, recognising income over time using the percentage-of-completion method, which means it books revenue as costs are incurred rather than when the client pays.
The order book has shrunk to near zero - as of March 2026, the total unexecuted order book stood at just Rs. 12.89 Crore, split between a small road contract and an oil-and-gas contract, down from Rs. 1,370 Crore in March 2020, because the company cannot bid for new work without the bank guarantees that its negative net worth makes impossible to obtain.
Subcontracting is the only door left open - unable to win contracts directly, the company now takes on back-to-back subcontracts from main contractors who have the financial credentials it lacks, such as the Rs. 414 Crore assignment to design and build an elevated viaduct and ten stations for the Jaipur Metro, where it holds 49% of the work under a consortium lead.
Arbitration is a second, uncertain revenue stream - with many of its pre-crisis projects terminated by clients, the company has turned to legal claims to recover costs, winning awards against GAIL for two pipeline projects where the termination was ruled illegal, and securing a favourable award in a road-project joint venture that is now under appeal in the Delhi High Court.
Projects run on subcontractors and joint ventures - the company relies on a network of back-to-back subcontractors and unincorporated joint-venture partners to execute work, with a dedicated contracts department managing claims and arbitration alongside the legal team, while its own plant and machinery consists mainly of construction equipment and shuttering material depreciated over six years.

Group structure and partners

The company is a subsidiary of the government-controlled IL&FS, with a web of dormant subsidiaries and joint ventures that are mostly legacies of its pre-crisis past, and its fate is tied to a resolution plan that has been approved by lenders but is still awaiting court clearance.

Controlled by IL&FS, which has a board appointed under NCLT supervision - the holding company, Infrastructure Leasing & Financial Services Limited, retains control over the composition of IECCL’s board, and since October 2018 the IL&FS board itself has been superseded by a new board with members nominated by the Government of India under NCLT supervision.
A resolution plan is stuck in court - secured lenders have approved a resolution plan with an overwhelming majority, but it remains under consideration by the NCLT in Mumbai, and until it is finalised the company is not settling any liabilities that existed before the October 15, 2018 cut-off date.
Seven subsidiaries, mostly inactive - the company owns six wholly-owned domestic subsidiaries with names like Angeerasa Greenfields and Maytas Metro, plus a 55% stake in Maytas Infra Saudi Arabia Company, which has been non-operational since the Mecca tragedy and whose financial information the company cannot access; it has applied to the RBI to write off that investment.
A thicket of joint ventures from another era - the company is a partner in over twenty unincorporated joint ventures and associations of persons, most of them formed for specific projects, with names like NCC-Maytas, MEIL Maytas KBL, and L&T KBL Maytas reflecting the consortium structures that were once its normal way of working.
A recent stake sale bought some breathing room - in 2023, the company completed the sale of its preference shares and debentures in Bangalore Elevated Tollway Private Limited, receiving Rs. 64.54 Crore that has been set aside and can only be used once the NCLT approves the resolution process.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

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Documents

Edit Ratios

Mkt Cap

Market Capitalization

₹512Cr

Close Price

₹39.01

Industry

Construction Civil and Turnkey

Price To Earnings

48.16

Price To Sales

2.78

Revenue

₹184Cr

Rev Gr TTM

Revenue Growth TTM

-33.48%

PAT Gr TTM

PAT Growth TTM

187.88%

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	72	47	85	86	66	68	102	41	55	62	30	38
Growth YoY Revenue Growth YoY%	100.5	165.6	0.3	55.8	-8.5	44.5	20.6	-51.8	-17.2	-8.2	-70.8	-8.8
Expenses ExpensesCr	74	73	192	90	87	72	145	68	63	66	49	47
Operating Profit Operating ProfitCr	-2	-26	-107	-5	-21	-4	-43	-27	-9	-3	-19	-9
OPM OPM%	-3.0	-54.5	-126.8	-5.4	-31.9	-6.3	-41.8	-65.1	-16.2	-5.0	-64.5	-24.9
Other Income Other IncomeCr	36	36	13	4	12	8	55	19	10	7	31	11
Interest Expense Interest ExpenseCr	4	2	1	1	1	0	2	0	1	1	1	1
Depreciation DepreciationCr	2	2	2	1	1	1	3	1	2	2	2	2
PBT PBTCr	29	8	-98	-3	-11	2	7	-9	-2	2	10	0
Tax TaxCr	0	0	0	0	0	0	0	0	0	0	0	0
PAT PATCr	29	8	-98	-3	-11	2	7	-9	-2	2	10	0
Growth YoY PAT Growth YoY%	346.6	130.7	-23.6	80.5	-137.3	-80.0	107.5	-207.8	83.5	10.7	37.5	99.6
NPM NPM%	39.8	16.0	-115.9	-3.6	-16.3	2.2	7.2	-22.9	-3.3	2.7	33.8	-0.1
EPS EPS₹	2.2	0.6	-7.5	-0.2	-0.8	0.1	0.6	-0.7	-0.1	0.1	0.8	0.0

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	72	47	85	86	66	68	102	41	55	62	30	38
Growth YoY Revenue Growth YoY%	100.5	165.6	0.3	55.8	-8.5	44.5	20.6	-51.8	-17.2	-8.2	-70.8	-8.8
Expenses ExpensesCr	74	73	192	90	87	72	145	68	63	66	49	47
Operating Profit Operating ProfitCr	-2	-26	-107	-5	-21	-4	-43	-27	-9	-3	-19	-9
OPM OPM%	-3.0	-54.5	-126.8	-5.4	-31.9	-6.3	-41.8	-65.1	-16.2	-5.0	-64.5	-24.9
Other Income Other IncomeCr	36	36	13	4	12	8	55	19	10	7	31	11
Interest Expense Interest ExpenseCr	4	2	1	1	1	0	2	0	1	1	1	1
Depreciation DepreciationCr	2	2	2	1	1	1	3	1	2	2	2	2
PBT PBTCr	29	8	-98	-3	-11	2	7	-9	-2	2	10	0
Tax TaxCr	0	0	0	0	0	0	0	0	0	0	0	0
PAT PATCr	29	8	-98	-3	-11	2	7	-9	-2	2	10	0
Growth YoY PAT Growth YoY%	346.6	130.7	-23.6	80.5	-137.3	-80.0	107.5	-207.8	83.5	10.7	37.5	99.6
NPM NPM%	39.8	16.0	-115.9	-3.6	-16.3	2.2	7.2	-22.9	-3.3	2.7	33.8	-0.1
EPS EPS₹	2.2	0.6	-7.5	-0.2	-0.8	0.1	0.6	-0.7	-0.1	0.1	0.8	0.0

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	2,132	1,818	1,869	1,239	562	333	308	177	259	321	188	184
Growth Revenue Growth%	-23.4	-14.7	2.8	-33.7	-54.6	-40.8	-7.5	-42.4	46.0	24.3	-41.5	-33.5
Expenses ExpensesCr	2,337	1,675	1,713	1,327	556	554	526	301	428	394	246	225
Operating Profit Operating ProfitCr	-205	143	156	-88	6	-221	-218	-124	-169	-73	-58	-41
OPM OPM%	-9.6	7.9	8.4	-7.1	1.1	-66.5	-71.0	-70.1	-65.4	-22.6	-30.9	-22.0
Other Income Other IncomeCr	134	202	277	-1,618	-354	-3	-108	33	112	79	68	60
Interest Expense Interest ExpenseCr	308	349	409	290	26	43	46	23	13	4	3	3
Depreciation DepreciationCr	56	48	45	37	32	19	14	10	7	7	6	7
PBT PBTCr	-435	-52	-21	-2,033	-406	-286	-386	-124	-78	-5	1	10
Tax TaxCr	2	0	-4	10	0	0	0	0	0	0	0	0
PAT PATCr	-437	-52	-17	-2,044	-406	-286	-386	-124	-78	-5	1	10
Growth PAT Growth%	-1,791.5	88.1	67.7	-12,036.5	80.1	29.7	-35.3	67.9	37.4	93.7	111.4	187.9
NPM NPM%	-20.5	-2.9	-0.9	-164.9	-72.2	-85.8	-125.6	-70.0	-30.0	-1.5	0.3	5.4
EPS EPS₹	-28.4	-4.0	1.2	-155.8	-30.9	-21.7	-26.4	-9.5	-5.9	-0.4	0.1	0.8

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	2,132	1,818	1,869	1,239	562	333	308	177	259	321	188	184
Growth Revenue Growth%	-23.4	-14.7	2.8	-33.7	-54.6	-40.8	-7.5	-42.4	46.0	24.3	-41.5	-33.5
Expenses ExpensesCr	2,337	1,675	1,713	1,327	556	554	526	301	428	394	246	225
Operating Profit Operating ProfitCr	-205	143	156	-88	6	-221	-218	-124	-169	-73	-58	-41
OPM OPM%	-9.6	7.9	8.4	-7.1	1.1	-66.5	-71.0	-70.1	-65.4	-22.6	-30.9	-22.0
Other Income Other IncomeCr	134	202	277	-1,618	-354	-3	-108	33	112	79	68	60
Interest Expense Interest ExpenseCr	308	349	409	290	26	43	46	23	13	4	3	3
Depreciation DepreciationCr	56	48	45	37	32	19	14	10	7	7	6	7
PBT PBTCr	-435	-52	-21	-2,033	-406	-286	-386	-124	-78	-5	1	10
Tax TaxCr	2	0	-4	10	0	0	0	0	0	0	0	0
PAT PATCr	-437	-52	-17	-2,044	-406	-286	-386	-124	-78	-5	1	10
Growth PAT Growth%	-1,791.5	88.1	67.7	-12,036.5	80.1	29.7	-35.3	67.9	37.4	93.7	111.4	187.9
NPM NPM%	-20.5	-2.9	-0.9	-164.9	-72.2	-85.8	-125.6	-70.0	-30.0	-1.5	0.3	5.4
EPS EPS₹	-28.4	-4.0	1.2	-155.8	-30.9	-21.7	-26.4	-9.5	-5.9	-0.4	0.1	0.8

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	121	131	131	131	131	131	131	131	131	131	131
Reserves ReservesCr	-240	-285	-270	-1,969	-2,443	-2,727	-3,113	-3,238	-3,315	-3,320	-3,321
Current Liabilities Current LiabilitiesCr	2,261	2,320	3,328	4,079	4,877	4,715	4,622	4,501	4,410	4,408	4,460
Non Current Liabilities Non Current LiabilitiesCr	1,854	2,142	2,118	1,079	302	319	276	432	470	488	359
Total Liabilities Total LiabilitiesCr	3,995	4,307	5,306	3,320	2,868	2,439	1,916	1,826	1,695	1,707	1,629
Current Assets Current AssetsCr	1,922	1,452	1,979	1,510	1,371	970	879	709	642	597	611
Non Current Assets Non Current AssetsCr	2,073	2,855	3,328	1,810	1,497	1,468	1,037	1,118	1,053	1,110	1,018
Total Assets Total AssetsCr	3,995	4,307	5,306	3,320	2,868	2,439	1,916	1,826	1,695	1,707	1,629

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	121	131	131	131	131	131	131	131	131	131	131
Reserves ReservesCr	-240	-285	-270	-1,969	-2,443	-2,727	-3,113	-3,238	-3,315	-3,320	-3,321
Current Liabilities Current LiabilitiesCr	2,261	2,320	3,328	4,079	4,877	4,715	4,622	4,501	4,410	4,408	4,460
Non Current Liabilities Non Current LiabilitiesCr	1,854	2,142	2,118	1,079	302	319	276	432	470	488	359
Total Liabilities Total LiabilitiesCr	3,995	4,307	5,306	3,320	2,868	2,439	1,916	1,826	1,695	1,707	1,629
Current Assets Current AssetsCr	1,922	1,452	1,979	1,510	1,371	970	879	709	642	597	611
Non Current Assets Non Current AssetsCr	2,073	2,855	3,328	1,810	1,497	1,468	1,037	1,118	1,053	1,110	1,018
Total Assets Total AssetsCr	3,995	4,307	5,306	3,320	2,868	2,439	1,916	1,826	1,695	1,707	1,629

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-177	51	-117	229	216	35	98	8	-73	-49	-112
Investing Cash Flow Investing Cash FlowCr	247	40	-62	-22	-116	9	-14	55	-3	87	33
Financing Cash Flow Financing Cash FlowCr	-84	-106	191	-206	-49	-44	-47	-19	-10	-1	-1
Net Cash Flow Net Cash FlowCr	-17	-1	11	1	51	0	37	43	-85	37	-79
Free Cash Flow Free Cash FlowCr	-229	77	-183	219	217	31	107	8	-67	-47	-114
CFO To PAT CFO To PAT%	40.5	-98.7	693.9	-11.2	-53.2	-12.3	-25.3	-6.3	93.7	989.9	-19,919.6
CFO To EBITDA CFO To EBITDA%	86.2	35.9	-74.8	-259.8	3,609.0	-15.8	-44.7	-6.3	43.0	67.3	192.2

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-177	51	-117	229	216	35	98	8	-73	-49	-112
Investing Cash Flow Investing Cash FlowCr	247	40	-62	-22	-116	9	-14	55	-3	87	33
Financing Cash Flow Financing Cash FlowCr	-84	-106	191	-206	-49	-44	-47	-19	-10	-1	-1
Net Cash Flow Net Cash FlowCr	-17	-1	11	1	51	0	37	43	-85	37	-79
Free Cash Flow Free Cash FlowCr	-229	77	-183	219	217	31	107	8	-67	-47	-114
CFO To PAT CFO To PAT%	40.5	-98.7	693.9	-11.2	-53.2	-12.3	-25.3	-6.3	93.7	989.9	-19,919.6
CFO To EBITDA CFO To EBITDA%	86.2	35.9	-74.8	-259.8	3,609.0	-15.8	-44.7	-6.3	43.0	67.3	192.2

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	547	711	383	123	21	38	145	158	430	512	306	512
Price To Earnings Price To Earnings	-1.6		33.2								233.2	48.2
Price To Sales Price To Sales	0.3	0.4	0.2	0.1	0.0	0.1	0.5	0.9	1.7	1.6	1.6	2.8
Price To Book Price To Book	-4.6	-4.6	-2.8	-0.1	0.0	0.0	-0.1	-0.1	-0.1	-0.2	-0.1	-0.2
EV To EBITDA EV To EBITDA	-12.2	17.9	15.7	-16.3	69.8	-11.1	-11.4	-20.1	-16.3	-39.5	-47.4	-73.0
Profitability Ratios Profitability Ratios
GPM GPM%	8.8	23.4	26.3	24.4	29.1	30.1	35.2	30.4	21.9	11.6	24.0	24.0
OPM OPM%	-9.6	7.9	8.4	-7.1	1.1	-66.5	-71.0	-70.1	-65.4	-22.6	-30.9	-22.0
NPM NPM%	-20.5	-2.9	-0.9	-164.9	-72.2	-85.8	-125.6	-70.0	-30.0	-1.5	0.3	5.4
ROCE ROCE%	-6.8	17.3	19.9	349.3	23.0	-330.3	108.6	23.2	12.5	0.2	-0.6	-0.6
ROE ROE%	369.3	33.7	12.1	111.2	17.6	11.0	13.0	4.0	2.4	0.1	0.0	0.0
ROA ROA%	-10.9	-1.2	-0.3	-61.6	-14.2	-11.7	-20.2	-6.8	-4.6	-0.3	0.0	0.0
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	547	711	383	123	21	38	145	158	430	512	306	512
Price To Earnings Price To Earnings	-1.6		33.2								233.2	48.2
Price To Sales Price To Sales	0.3	0.4	0.2	0.1	0.0	0.1	0.5	0.9	1.7	1.6	1.6	2.8
Price To Book Price To Book	-4.6	-4.6	-2.8	-0.1	0.0	0.0	-0.1	-0.1	-0.1	-0.2	-0.1	-0.2
EV To EBITDA EV To EBITDA	-12.2	17.9	15.7	-16.3	69.8	-11.1	-11.4	-20.1	-16.3	-39.5	-47.4	-73.0
Profitability Ratios Profitability Ratios
GPM GPM%	8.8	23.4	26.3	24.4	29.1	30.1	35.2	30.4	21.9	11.6	24.0	24.0
OPM OPM%	-9.6	7.9	8.4	-7.1	1.1	-66.5	-71.0	-70.1	-65.4	-22.6	-30.9	-22.0
NPM NPM%	-20.5	-2.9	-0.9	-164.9	-72.2	-85.8	-125.6	-70.0	-30.0	-1.5	0.3	5.4
ROCE ROCE%	-6.8	17.3	19.9	349.3	23.0	-330.3	108.6	23.2	12.5	0.2	-0.6	-0.6
ROE ROE%	369.3	33.7	12.1	111.2	17.6	11.0	13.0	4.0	2.4	0.1	0.0	0.0
ROA ROA%	-10.9	-1.2	-0.3	-61.6	-14.2	-11.7	-20.2	-6.8	-4.6	-0.3	0.0	0.0
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	EFFWA	DENTA	BRAHMINFRA	IL&FSENGG	UNIVASTU	HRS	BRGIL
Market CapitalizationMkt CapCr	824	663	521	512	503	492	461
Close PriceClose₹	356.00	248.15	179.40	39.01	139.90	255.00	193.30
IndustryIndustry	Construction Civil and Turnkey	Construction Civil and Turnkey	Construction Civil and Turnkey	Construction Civil and Turnkey	Construction Civil and Turnkey	Construction Civil and Turnkey	Construction Civil and Turnkey
Price To EarningsPE	28.80	12.38	8.53	48.16	18.48	76.58	8.10
Price To SalesPS	3.25	2.74	1.34	2.78	1.58	7.28	0.56
RevenueRevenueCr	253	242	388	184	318	68	820
Revenue Growth TTMRev Gr TTM%	36.8%	9.4%	49.3%	-33.5%	106.7%	60.4%	60.9%
PAT Growth TTMPAT Gr TTM%	42.3%	-8.2%	60.8%	187.9%	81.2%	98.3%	77.7%

	EFFWA	DENTA	BRAHMINFRA	IL&FSENGG	UNIVASTU	HRS	BRGIL
Market CapitalizationMkt CapCr	824	663	521	512	503	492	461
Close PriceClose₹	356.00	248.15	179.40	39.01	139.90	255.00	193.30
IndustryIndustry	Construction Civil and Turnkey	Construction Civil and Turnkey	Construction Civil and Turnkey	Construction Civil and Turnkey	Construction Civil and Turnkey	Construction Civil and Turnkey	Construction Civil and Turnkey
Price To EarningsPE	28.80	12.38	8.53	48.16	18.48	76.58	8.10
Price To SalesPS	3.25	2.74	1.34	2.78	1.58	7.28	0.56
RevenueRevenueCr	253	242	388	184	318	68	820
Revenue Growth TTMRev Gr TTM%	36.8%	9.4%	49.3%	-33.5%	106.7%	60.4%	60.9%
PAT Growth TTMPAT Gr TTM%	42.3%	-8.2%	60.8%	187.9%	81.2%	98.3%	77.7%

FY2026

FY2025

FY2024

FY2023

FY2022

FY2021

FY2020

FY2026

Jun 26