Hi. Thanks, Julius, and a very good afternoon to all of you.

Thanks for joining in. Today we have with us the entire management team of Engineers India to discuss the Q4 FY '26 results, and then we will follow it up with a Q&A.

From the management, we have with us Mr. Sanjay Jindal, who is the Director Finance; Mr.

Suvendu Padhi, who is the Company Secretary; Mr. R.

P. Batra, who is the Executive Director; Mr.

Vivek Midha, the Chief General Manager Marketing and Business Development; Mr. Amanpreet Chopra, who is the Senior General Manager; and Ms.

Neha Narula, who is the Senior Manager. With that, I'll hand over the call to management for their opening remarks.

Over to you, sir.

Thank you, Mr. Kishan.

Good afternoon everybody, and a warm welcome to all to investor meet. We have declared our annual results for the financial year 2025-2026 yesterday.

Company order book position has reached its all-time high and stands at ₹15,109 crore as on 31st March, 2026, as compared to ₹11,717 crore as on 31st March, 2025. Order inflowing in year during of financial 2025-2026 stands at ₹7,979 crore against the previous year figure of ₹8,214 crore.

With respect to financial performance for the year ended 31/03 31st March, 2026 on standalone basis, the company have achieved a turnover of ₹3,849 crore, which is the highest in the history of EIL. The turnover has increased by around 27% in comparison to the turnover of ₹3,028 crore during the last financial year 2024-2025.

The profit after tax increased by around 37% to ₹638 crore in comparison to the PAT of ₹465 crore in the last year. The profit of ₹638 crore for the current year is the highest ever in the history of EIL.

Operating margin during the financial year 2025-2026 increased to 16.22% as against 14.76% in the financial year 2024-2025. EBITDA of the company as on 31st March, '26 stood at ₹877 crore, EBITDA with margin of 20 1% 21.61% in comparison to ₹658.67 crore, EBITDA margin of 20.60% as on 31st March, 2025.

The turnover from consultancy and engineering segment during the financial year 2025-2026 stood at ₹1,782 crore and from turnkey segment stood at ₹2,067 crore in comparison to ₹1,678 crore and ₹1,349 crore, respectively, during the last financial year 2024-2025. The company has achieved the highest ever earning per share of ₹11.36 ₹11.36 against the last year figure of 8.28.

During the financial year 2025-2026, the company paid an interim dividend of ₹2. ₹2.5 per share amounting to ₹140 crore.

Further, the company has proposed a final dividend of ₹2.5 per share in addition to the interim dividend and against the face value of ₹5. It means in this year we are giving 100% dividend to our shareholders.

In the fourth quarter, the company achieved a turnover of ₹899 crore with turnover from consultancy and engineering segment amounting to ₹489 crore and ₹410 crore in the turnkey segment. During the fourth quarter ended 31st March, 2026, the company recorded profit before tax of ₹195 crore and profit after tax of ₹152 crore.

On consolidated basis, the company earned a profit of ₹691 91.59 crore for the year ended 31st March, 2026, in comparison to ₹579.77 crore earned during the last financial year 2024-2025. Therefore, there is an increase of around 19% in the consolidated profit on year-on-year basis.

The profit of EIL subsidiary, CEIL, has increased to ₹24.71 crore in financial year 2025-2026 as against ₹20.62 crore in financial year 2024-2025, increase in margin around 20%. Now, some of the highlights are: highest order book position of ₹15,109 crore as on 31st March, 2026; highest ever revenue from operation of ₹3,849 crore as on 31st March, 2026; highest ever profit after tax of ₹638 crore against with the PBT of ₹833 crore; highest ever EPS achieved of ₹11.36 against the face value of ₹5; operating margin increased to 16% 16.22% during the financial year 2025-2026 as against the 14.76% in financial year 2024-2025; EBITDA as on 31st March, 2026, stood at ₹877 crore in comparison to ₹658 crore as on 31st March, 2025; company paid an interim dividend of ₹2.5 per share amounting to ₹2.

2.5 per share during the financial year amounting to ₹140 crore. The board has further proposed a final dividend of ₹2.5 per share with the face value of ₹5 per share.

Now it is over to you, Mr. Kishan.

Am I audible?

Yes. Good afternoon, and thanks for the opportunity.

Sir, congratulations on a very, very strong year for order inflow, especially for the consultancy. First question from my side, sir, last two years of course have been extremely good for consultancy order inflow.

How do you think about the opportunity landscape for FY '27 for the order inflow for consultancy in domestic market and international market?

Good afternoon. This is Vivek from Marketing and Business Development.

With respect to the last two years, we have seen that we have sustained the business inflow almost on the same range. We are endeavoring to maintain the same kind of business inflow, but you know that there is a challenging situations out there in the market.

As of now, we have not seen much of the impact coming, but in couple of months it will be evident that which way it is going. If everything gets resolved in the Middle East, then everything would be fine and we'll be able to take control of it.

As of now, we have to be very cautious about what is happening out there. In the Middle East part, wherein we are serving there, we have seen a little bit of slowdown.

The focus is more on the revamp of the facilities because of the damages, what happened, and the new projects are a little bit on the slower side. Exactly, it is just two months.

Let's see. Let's hope for the best.

Everything goes fine, then we should be on the back track in times to come. We have not seen in domestic market anywhere any project been delayed or anything been done.

Things are going like that. They are not canceled or not holded up, no obvious information is available as of now.

We are hopeful that everything would be fine soon and we are going with that perspective.

Do you think in your opinion that we can sustain these levels for the consultancy, and especially domestic market? Just to have some comment.

Our aim is to sustain that kind of business. We have the opportunities available in future to come.

Let's hope so. Everything gets resolved soon, and then things go fine and go on track, then let's see.

Understood, sir. My second question, sir, we are sitting on a very large order book, especially ₹100 billion order book in the consultancy.

Is it fair to expect consultancy to get 20%-25% CAGR over next two to three years?

Consultancy, let's say the conservative side should be 15% to 20%. We should accept that.

It should be in the same range. Let's hope for the best that we get more business.

We are targeting more of the international, in Africa part of it. Let's see.

Be able to get something there.

My last question on the IOCL Paradip. I think there was a large order where I think we had booked part of the order, and the part order was supposed to be booked in later.

Is it fair to expect that the balance of the order of maybe 8 billion or 10 billion will get booked in this fiscal?

Yes, it is expected by the end of this financial year. It should be able to be done because first phase is about to be finished, which is the feasibility phase, and they would be going for the investment decision from the organization and then proceed with the second phase.

Hopefully it should be done by then, by the last quarter it should be done and should be awarded then.

Understood, sir. Thank you, and best of luck, sir.

Thank you.

Thank you.

Hi, sir. Thank you for the opportunity.

First question on the Middle East. As you said, some slowdown and greenfield capex kind of seeing a challenge.

Just wanted to understand what is the Middle East as a percentage of current order book? Kind of we wanted to grow a few markets, including probably Saudi, wanted to get more orders.

Now what is our thought process for next 12, 18 months in terms of Middle East as market? What is the current order book from Middle East?

If we talk about the overseas business, around I think 30% has come from the Middle East side in the overseas. I'm talking about the business secured, not from the order book perspective.

I'm talking from the business secure perspective, around 30% has come from the Middle East. I'm telling you that activities are going on.

We have their general services agreements with them and running agreements with them. Lot of engineering assignments are there, smaller and bigger.

The big-ticket jobs are a bit on the slower side, which were to start immediately somewhere in April or May. There the decision-making from the client side is delayed because, naturally, there the focus is shifted on the revamping of the damaged facilities, and awarding of the new projects is a little bit slower on that side.

They have not publicly said anything about this, that they are holding it off. They would be doing it, and they're giving the positive hopes in this regard.

Probably a little bit of delay may be there because it's a security concern out there. First focus has to be to protect the people and the facilities, and then to start the new project.

There could be delay of a couple of months. Looks like there is a silence as of now in the Middle East, let's hope it continues.

The flights and everything is also starting, there is a positive outlook there. Let's hope in a month or so if the resolution is achieved, we should be able to do so.

With respect to Saudi, I would like to give you that information that Saudi office has been established. We have recently signed a long-term agreement with Saudi Aramco for the in-kingdom services.

We are about to sign the another agreement with them for out-of-kingdom services, which will be signed because of it's Hajj, this Bakrid time, after this, this would be signed. That's a long-term agreement, going to be for 5 plus 3 years.

We'll be starting getting business inquiries from the client side, and then start getting the jobs also in the times to come. That is the positive outlook we can share with you right now.

Right. Sir, ex of Middle East, let's say, for example, Africa, where we are seeing very strong pipeline.

Has anything changed in past 2, 3 months in terms of finalization? How is the pipeline in the other overseas markets?

You have seen that in Africa, recently in month of last January, we have secured a biggest order from the Dangote refinery, the expansion project, it's 3,000-plus, and a fertilizer project which we have also secured from them. There are more opportunities around there and in the same country itself.

We are targeting them. In Middle East, naturally, now the focus is also shifted into Africa because of this obstruction in Middle East, their alternatives would be developed in times to come.

Let's hope that Africa market to develop and more of the hydrocarbon would be explored and facilities would come up, and then this will open the opportunity for us.

Right. What's the timeline for this 32 3,200 crore order?

This is around 4 years, 5 years. It's roughly around 5 years, you can say

4 to

4.5.

Understood. Now sir, in the current situation, what kind of guidance you would like to give for order inflow, revenue for this year?

With respect to the order inflow, we'll stick to the existing numbers which we have achieved around 8,000. We'll try to maintain and sustain the same.

Let's hope for the best for that.

Again, this year also it will be skewed towards overseas because the F '26 we saw a very strong inflow, including Dangote from overseas.

This year also? Don't segregate between overseas and international.

Wherever we get good opportunity, we target. It may happen that you get a bigger project there, then that value becomes bigger.

It's basically the aim is to achieve that target figure, from wherever it comes, whether it's domestic or international. Our focus is on all the sides.

Right. Sir, lastly, I wanted to ask, was there any revenue slippage because we see relatively this quarter revenue versus expected was slightly lower.

Even on Q-o-Q basis kind of not up to the mark. Anything which happened in terms of slippage?

Is there any impact of suppliers or any other thing amid current situation to your kind of operations? In terms of commodity cost impact or any other impact also, yeah.

Yeah.

On quarter-to-quarter basis, there is no slippages in the revenue, because

in the last quarter, there was some change orders that we received from the client, and there was a change order of more than ₹200 crore, which we considered in the previous quarter, and that's why in the previous quarter profits were so high. Otherwise, there is no slippage on the revenue part.

Sir, the current consultancy portion, what's the confidence in terms of margin in 15,000, we have more than 10,000 consultancy now. What is the steady-state margin we can expect from consultancy and turnkey for FY '27, FY '28?

We are continuously maintaining our consultancy margin in the range of 20% to 25%, and in the LSTK business around 7%, 5% to 7%.

That should continue basis the current book?

That will be continue.

Okay. Thank you, sir.

Thank you so much.

Thank you for taking my question. Could you please help me understand the order pipeline visibility over the next one to two years across your segments?

Also, historically, what has been the conversion rate from identified pipeline opportunities into actual order inflows? For example, if the current pipeline is around ₹10,000 crores, what proportion would typically translate into executable orders based on past trends?

Dekhiye,

madam, the order opportunities are available in the market. In CPD, infrastructure, you see the hydrocarbon sector, there's enormous number of opportunities available.

All of them takes a long gestation period. In tendering cycle, most of them are the public sector and they take a long cycle of realization.

Tendering process is there, and tendering process take 5 to 6 months, 7 months in awarding. Those things are being followed.

Typically, you can say hit rate if we say that we generally hit it at the rate of 20% to 25% of what we bid and what we see around. It's very difficult to say because market is very broad, the N number of opportunities are there.

That's how we go ahead on that.

Sir. Thank you.

thank you so much for taking my question. My first question is about the Middle East.

What kind of opportunities do you think are available there? Are we expecting any orders from refinery or petchem in FY '27, and is the scope going to be similar to what we have seen historically in India?

Yes, exactly. All the Middle East is primarily the hydrocarbon only.

It's mostly the refinery, petrochemicals, onshore oil and gas, offshore. What is the criteria in all these countries is you have to empanel yourself with all the clients, the major clients there, and you have running agreements with them, rate contracts are there.

There would be a competition with the limited number of companies and you bid for those. They keep on giving you assignments.

Could be a smaller engineering assignment like study could be there, it could be FEED, it could be major PMC project. That way there are number of types of assignments keep on coming, and we keep on bidding for that and we keep on getting the assignments.

Primarily this is hydrocarbon only.

Right. This as you mentioned your long-term contract with Aramco, this is basically your entry, and then bids will occur as they normally do?

Is there some clause that there will be a certain amount of business that will be sent your way in these contracts, or is this just empaneling?

No, nobody guarantees any business, minimum business.

Okay. Lastly, can we ex— Sorry.

There is no retainership kind of arrangements in any of these kind of contract. It is just that you are shortlisted, you don't have to go for open tendering, there would be limited number of parties you'll be working around.

That Saudi Aramco is pretty big and they have huge projects, number of projects, they are always lacking in the number of consultants. That is the best part what we have opportunity ahead with us.

Okay. Lastly, can we see that consultancy order inflow should be upward of ₹6,000 crores in FY '27 just like this previous year, or do we believe that the number could be a little lower given how high the base is?

Nobody can predict at this point of time. Probably after one or two quarters, we'll be able to understand what is the situation like that.

As of now, the guiding factor is ₹8,000 crore, what around the total business, including the LSTK as well as consultancy, we are targeting, aiming to be there, try to achieve more than that. At this point of time, this much we can say.

All right. Thank you so much.

I'll get back in the queue for further questions.

Hopefully. Thank you.

Hi. Thanks, sir, for the opportunity.

My first question was in your F '25 report, 2025 annual report, it mentioned that around 36% of our consultancy orders are won on competitive bidding. Just wanted to check on the remaining orders which we win at the PSU customer, is it an L1 competitive bid win or how is that?

Is it a nomination business for us?

No, it is like this. Sometimes, even if you say that competitive bidding could be with the number of companies.

All the mostly PSUs go for the competitive bidding. Now there is no nomination for them.

They go on a open tender basis. You negotiate in that contract you bid in that contract, and you get the assignment.

With certain private sector clients, this could be a negotiated settlement or it is kind of unwritten competitive analysis, even though there's no formal tender they float, but they take bids from the number of parties and they negotiate with everyone. You can say it is a negotiated contract, maybe a single negotiated, because you don't get to know that are they negotiating with others or not.

It is now more or less it's a competitive world altogether. There's no nomination cases are coming from the public sector unless there is a very critical project or there's nobody in the industry who can do it, or it's a very critical for the societies.

Suppose, a Euro VI project wherein you need a immediate action by the instruction of the Supreme Court. That's how they came to us.

All the refineries came to us and we did that. Similarly, the energy optimization project for all the refineries because those were critical projects, that's how they have came to us.

Got it, sir. That's

mostly now competitive.

Got it. Sir, you have won record orders in your consultancy business in FY '25 and FY '26.

Given the maturity of the order book, should the next year we should see a very strong growth given that 25% to 30% of the execution usually for these orders happen in year two and year three? Any thoughts?

Execution would be, naturally, the mega projects are mostly for the duration of 3 to 4 years. Right now in this financial it has been awarded, it's just the initial stage.

Next year some of the projects will be going into peak, and there would be peak execution, peak of the execution.

Understood. Sir, when the 8th Pay Commission kicks in, will you see an employee cost jump in let's say FY '27 and FY '28?

We don't see anything. That is for the central government as of now.

Public sectors will come later.

Okay. Understood.

Thank you so much, sir.

Yeah. Hi, sir.

Thanks for the opportunity. Sir, basically, wanted to understand looking at the current scenario wherein due to these energy crisis, everybody is talking about getting more self-sufficient.

How about your consultancy order, especially from the India side? Are you all getting more inquiries?

Are things of rectifying on that end? Could you give some sense on that?

See, with respect to self-sufficiency, the focus of self-sufficiency is you buy the local products, local manufacturing. That in the refining and hydrocarbon sector, we are one of the prime leaders, we have developed the market itself within India.

Lot of manufacturing and lot of vendors are within the country itself, so that's how we contributed to the industry. With respect to the services part, services, in any case, we were available in the market and 100% of any kind of critical project of these short hydrocarbon can be done in-house.

We can do it, including a lot of technologies are also being developed in-house. This has naturally boosted the utilization of the locally in-house developed technologies within India itself.

That could be one of the opportunity for all the hydrocarbon organizations, so that's what we see. As far as the localization concerns, vendors and all those are available in India, not much of an impact should happen from this side, because procurement is mostly from the Europe side or from the Southeast Asian side.

Let's see how it goes.

Okay. Sir, but how about the demand from, say, an ONGC, you've gotten order from IOCL also.

From these other oil and marketing companies and even on the refining end, are you all getting any more say traction or any more inquiries, anything which you would like to...

These are generally consultancy inquiries.

Consultancy inquiries,

there is no change. They are coming.

Many of the ONGC facilities are getting revamped as a process, so as a routine business, it comes to us as an inquiry. Similarly, the refinery will be floating the inquiry, it will be coming to us.

No specific It would be more if you talking about the Aatmanirbhar Bharat, it will be more from the procurement side of it.

Okay. Sir, also in terms of your business in in consultancy, we we did have this quarter whether it be consultancy or the other business, did we have any kind of one-offs or any kind of write-backs which aided the margin?

Because even consultancy this time was a very high margin at 29%. In

this quarter?

Q4. In

this quarter, we have no write-offs.

Right. These were all the normalized numbers.

All the normalized numbers. In the last quarter, there was a change order.

Right. Sir, in terms of, a final question from my side, in terms of Middle East, you did mention that the business was approximately 30-odd percent, but how much of our current order book is Middle East specific?

You can say 10% to 15% around.

10% to 15%. Okay.

Sir. Thank you.

Hi. Thanks for the opportunity once again.

My question on the coal gasification, sir. Of course, there is a second round of incentives government is looking to give to the players.

Are you expecting few coal gasification projects to move to tendering stage during this fiscal? Do you think given that the size of this incentive is much larger than the first round, do you think for us this could be a sizable opportunity?

Yes, it is a good opportunity that government has increased the viability gap funding. The projects which were slowing down in between and they were with the previous rounds, they have started pushing.

Looks like the market is pushing for the coal gasification projects. New companies are going for the coal gasification.

There would be opportunities and one of the private companies is looking for a big coal-to-chemical projects. Their opportunities are now increasing.

Let's hope for the best. It should come, because more of a private ventures are coming in now.

Yeah. Do you expect for some PSUs also, PSU play also to move more of the value chain and...

PSUs are also moving. Yes, you have seen that Coal India has three JVs, those projects are also moving.

For

our opportunity, sir?

Sorry?

For us, do you think, it could be a sizable opportunity for us?

It could be consultancy. It could be consultancy, ₹300, ₹400 crore, depends.

Understood.

What size of project and what services they want to take it, and which mode they would like to take. Because private sector would like to go on a different mode, the public sector companies, they go on a different mode altogether.

Understood. My second question, sir, on the on the on the profit from associate, that income of course has become better in the last couple of quarters.

First two quarters were Q1 and Q2 were bad, they think they're for losses. Is it is it fair to say that now they are stable and now they keep contributing at the current level of 40-odd crore per quarter?

Is that a fair...

In the RFC, there was some problem due to which plant was under shut down or maintenance. Now the problem have been resolved, and in this quarter, the plant was running well.

Therefore, the plant has generated a good profit, and we expect that plant will run on 100% capacity in this year.

Understood, sir. Thank you, and thank you, sir.

Thank you.

Hi. Thanks for the opportunity, sir.

Sorry, I missed your revenue guidance for FY '27 and FY '28. If you can just repeat that for me, please?

25 27, '28 or '26?

FY '27 and FY '28 revenue growth guidance.

That's too far right now. Let's hope for this year, then probably next quarter, we will be able to tell you something.

Okay. I'm just looking at it from the perspective that our consultancy order book has more than doubled now in the last two years.

If let's say if the Middle East conflict had not happened, then the projects that we received in FY '24 and FY '25, could they be reaching those peak execution levels in FY '27 and FY '28? Would that be a right understanding?

Yes, as of now the jobs which are awarded, these are typically for 3 to 4 years. They would be getting executed next 3 to 4 years.

At the same time, we'd be targeting the business. Let's see if this war would not have happened, at least typically 15%, 20% increase would have been there in the business.

Or if its market is open quite a bit or more projects come, we could land up in a bigger projects also. Depends on what kind of investments are coming in the market.

Sure. The other piece would be, I'm just curious to know if you formulated any AI initiatives for your consultancy business?

AI initiatives are generally used for our internal engineering processes and costing processes, not for the specifically business processes for client purpose, but our internal processes we are trying to improve, like costing system is there, we have generative AI, utilizing this, which can extract the data quite fast. Similar these kind of initiatives we are doing for in-house.

We have created a digitization department within our company, to look on the new avenues, bringing AI in the system itself.

Okay. Cost optimization in what aspect exactly?

No, no.

What cost optimization is I'm just giving a reference like we do for any of the project, we do lot of costing for that project. In calculating the cost of all the projects, you need lot of data.

You need to access historical data of your archives. We have one of the example I'm giving you that we have started utilizing AI for accessing that data, analyzing and making the reports for that.

Just kind of things for improving processes, we are using the AI.

All right. Okay.

Okay. Thanks for answering my questions, sir.

Hi, sir. Question on infra business, which we have been highlighting that has been doing quite well in terms of inflow.

Just wanted to understand infra in how much is the portion of infra business in inflow, order book, and the revenue for this year?

For this year, it is around 25% in the order inflow.

And... It is approximately 25%.

In the order book? Order book, it should be I don't have the figures right now.

We'll have to check specifically.

Okay.

Okay.

What are the prospects you're looking here? Like out of 8,000...

Prospects,

let me let me tell you that we we get engaged with the institutions like bigger institutions, like we are working with ONGC. You must have seen this

Goa

there's a convention center has been done, and the trading center has been developed. We are working on that project, and they're further developing that facility.

We are getting involved in that. We're working with NTPC in development of their townships.

We are working with a few government organizations like Government of Rajasthan in development of their financial in their institutes, building institutes and facilities. We are working with within IIMs or IITs for setting up of their hostels and the buildings and giving consultancy for that.

These kind of projects we are doing. Some of the data center projects are also we are we are doing right now.

This kind of very niche projects we are targeting and with specific big organizations we are working.

Right. Now amid this crisis, I think the government is focusing a lot in terms of domestic energy production, consumption to reduce probably import.

Probably coal gasification, VGF was also a step. Are you sensing any step where you can benefit over next 12 to 18 months?

Some projects might be fast-tracked or... Yeah.

We are bidding for few of the projects. Let's hope for the best, because these are the new projects.

Earlier, all the coal gasification projects were on very slow pace and not much has been done in that. Now they are picking up the pace because of the government boost.

Let's hope for the best these projects get realized and see the light of the day. We are bidding for a couple of the projects which will get to know some of the time that what is the result out of it after the results come.

Right. Anything you're sensing on biofuels, ethanol, biogas, where you might have any opportunity?

Because they have been highlighting this. Yeah.

With respect to the biofuels, in one sustainable SAF plant we are already setting up for MRPL, we are the EPCM consultant for that. We are ourselves setting up CBG plant in Nagpur in Maharashtra with our own investment.

These are initiatives we are doing in this segment.

Okay. Thank you, sir.

Good afternoon, sir. Couple of questions from my side.

First on the Dangote site, can you give an update on the both refinery as well as the fertilizer update, where are we in terms of different things?

These are not bids now. These are contracts.

These have been awarded to us now. We are executing these projects, both of these projects.

Yeah.

I wanted to understand the timelines for the same.

Timeline is it's around 4 years

4 years.

Right now we are in the initial stage of engineering and ordering, supporting client in ordering of the equipment and facilities.

Gradually,

in short period of time, we'll be going for the initial site facilities would be started as well as detail engineering and other activities would start. Supply would start coming.

Document review would also start coming from the consultants. Licensor is going to give some documents.

We'll start reviewing those documents. It started somewhere in January.

It's just 3, 4 months, and quite a good pace is there in the work. In fact, the owner itself is monitoring the progress and pushing the ordering and all.

We are working on a faster pace for this project.

Can you tell me the amount also for us individually? What is for the fertilizer plants, and what is for the refinery plants?

The order for us. We were awarded

for refinery, we were awarded for $360 million, and for fertilizer, we were given $70 million.

Okay. $70 million, was it for one line?

There were, I think, four lines that was supposed to come up.

Four lines. Yes, for $70 million for four lines.

It's a single contract itself. Okay.

Okay. The execution both do you think can start by the end of this year parallelly, or do you think first refinery will start and fertilizer will be delayed to next year?

Too early.

It's too early. Our activities have started.

There could be pre-project site activities would start. Detail engineering is in full progress.

It's going on. Site would start early towards the end of this year or early next year.

Pre-project activities would start at that time.

Okay. Okay.

That's helpful. Sir, next on Dangote only.

I was reading there was plans of more such plants in Tanzania and other places also, both fertilizer as well as refinery. Do you expect such kind of orders to be repeated, obviously not immediately, but say FY '28, maybe '29, and we getting a...

It all depends on the owner and negotiation, discussion. It is just in the preliminary stage in the news.

Let's let it come onto the ground, and we'll keep you updated in this progress.

Sure, that would be helpful. Finally on the domestic side, sir, couple of big projects are coming up, which include BPCL Andhra, which includes we have talked about a little bit about the Paradip project, but there are IOCL ke different projects also, and Haldia also.

Any timelines of the initial feasibility, I was reading, I think it is starting now on the Andhra project, big projects. Any timelines from where you can expect such things, FY '27, or mostly it will be FY '28?

Andhra feasibility study is on. There would be licensor selection to be done, or it would start shortly.

Thereafter, probably towards the end of the financial year, they should be able to start the pre-project activities and all, because they will have to go for the after the study is complete, they will have to go for the financial closure. We anticipate that they would start the pre-project activities in this financial year itself.

Paradip,

I told the phase one is almost on the verge of completion, and towards the end of this year, they should be able to start the new project, the phase two of the project, that is the implementation and the second EPC award phase and EPC execution phase. They would start.

They may start.

Anything on Haldia or the IOCL, I think north me there is Panipat or something is also coming up? Haldia,

there's nothing on of IOCL Haldia as of now on the bids. It is under discussion.

Both are under discussion.

I am

talking about two different. One is Haldia projects and one is IOCL Panipat and all those things.

So... No, no.

Panipat is going on. Panipat P-25 is going on, it's on the advance stage of construction and be commissioned soon.

Haldia and all is probably it will be in initial stages, in the study phase. We have not seen the tender as of now.

Sure, sir. Just final some question.

On the Middle East side, how big do you think this business can be for Engineers India over next two, three years? Not immediately, but given the opportunities that we are seeing.

Middle East and Africa both if you can talk about. For Engineers India, how big this can be in two, three years?

See, we have secured around 300 and some

things. Just...

That order we have secured. I'm just trying to understand how big this can be for our company over next two, three years.

No, it is going to be big. We have established offices, we are strengthening those offices.

Around at least we should be able to get 1,000 or 2,000 crores worth of projects there. We're aiming to be big, but it takes time.

All this Middle East situation, let us see what will happen in times to come. Because the

inflection year, do you think will be FY '28 or it will be mostly FY '29 for our company in this region?

For?

For basically the inflection year. Inflection year for our company in terms of numbers and growth from Middle East and Africa, do you think it will be FY '28 or will it be more of FY '29 thing?

It should be around 2020 towards the end of '27, '28, '29.

Sure, sir. These are my questions.

Thank you for answering.

Yes. Thank you so much, sir, for taking the question.

Just had a query on what is the execution timelines for a consultancy project versus our turnkey project? That'd be my first question.

Thank you.

Execution timeline of turnkey project?

Consultancy and turnkey projects, first consultancy then turnkey.

Consultancy, dekhiye, both of them would be in the range of 3 to 4 years. Any big project would take 3 to 4 years.

It's just the mode changes, doesn't matter, but the time execution remains the same, 3 to 4 years, depending on the size of the project. If a smaller consultancy assignment is there, it could be 1 year or so.

A mega project, a good-size project would take 3 to 4 years.

Okay. Both of them 3 to 4 years, okay.

Got it. Sir, just wanted to understand that after this Middle East war, have we seen any uptick in inquiry pipeline in the domestic market, both on the consultancy and the turnkey end?

There was no change and

we have not seen any change in domestic inquiries. For us at least, I have told earlier also.

For us, consultancy is a regular business, it is sustained. Probably supply side, there could be more inquiries to the vendors and contractors.

For consultancy, it is same as usual, it is there. As a consultant, all the Indian projects were to be executed and by the Indian consultants also, whether it's EIL or any other consultants, by Indians only.

Okay. Any change that we have witnessed in the international enquiry pipeline?

International enquiry

pipeline, I told you that Middle East is a little bit slow right now. Africa is activating.

Let's see. There's a lot of hype there in Africa.

Let's see. Because of this, maybe investments would be diverted as an alternative hub could be developed in Africa.

There could be future opportunities there for us, for all of us.

Very good. Thank you so much for the clarification.

Thank you.

Yeah. Thank you so much for taking my question again.

Sir. Thanks for the opportunity again.

Sir, in terms of this coal gasification, how much would be the, say, the smallest or the largest of the order? What could be an average order size if coal gasification order was to win?

These projects are in initial stage. I can tell you the rough project cost.

Any regular project, cost of the project would be around ₹10,000 crore, and the bigger project which they're going for the multiple units and all, it could land up for 35 to ₹40,000 crore. It's very difficult to tell the consultancy fee at this point of time.

I don't know what way they would be executing, it all depends. Okay.

Sir, but

broadly speaking, what is the kind of opportunity that could open up for a company like Engineers India?

What I'm saying is if the size is around ₹40,000 crore, there is a big opportunity for us for consultancy services. It could be PMC, could be EPCM, they could give some smaller assignments, consultancy with the study phase, the phase could be there, feasibility study could be there, or we could be part of as a consultant, be part of the detail engineering process.

Those are really in the initial stages at this point of time. Multiple ways we can get associated in.

Okay. At the moment, there's no say sort of a minimum or an average size which we could share?

Telling you the size?

No, I'm telling you the size of the project. The size of the project...

Got it,

got it. ...I'm telling you the consultancy fee at this point of time.

Okay. Fine, sir.

Thank you.

I just wanted to ask in Q4, we've seen that the consultancy EBIT margins have been significantly higher than our guided 20% to 25% range. Was there any one-off here, any specific project closing, something like that?

Or is that just that normal course of business, the mix has changed for one quarter?

In the current financial year, we have got

change orders

from our client, and in fact that change order was ₹221 crore, for which we have already incurred the expenditure. That was the major change.

If we take out the impact of that, then what would the EBIT margins for Q4 on the consultancy side be?

No, in Q4, these are the normalized margins, basically. There are no exceptional item, no change orders.

These are based on the execution carried out by the company, the margins are there, in Q4 specifically.

That I am talking about the whole financial year.

Got it. Thank you.

Yeah. Namaskar, sir.

Sir, firstly, on the bid pipeline, if you could throw some light where we are L1 currently for both the segments?

Sir, there are number of projects which we have bid. Some of them are in the negotiation stage.

It's very difficult to say that we are L1 or L2, because these are negotiated and resulted. Clear L1 which is available is the Paradip.

We are there and if it is awarded this financial year, so that would be coming to us. Otherwise, there are a number of projects wherein we have given the bid, we are in the negotiation process, we are discussing those.

The result would tell that how we perform.

Sir, then for this current year, how should our blended margin profile should be or how should the both the segments' margin profile we should factor in for the current financial year? In terms of the revenue growth also, what should be the range that we should expect for this year's execution?

For the current financial year, our segment profit in the consultancy segment will be around 20% to 25%. That is already there, and we will maintain that.

For the LSTK business, our business segment profit will be 5% to 7%.

The revenue or the execution phase, what likelihood we should be doing on what we have done for FY '25, '26?

Definitely, just now only two months have been passed, and we are expecting minimum 10% to 15% increase in the revenue.

Okay. Sir, just one small case in point.

When we see our results being uploaded at the stock exchanges, those numbers are not very clearly readable. Would request the secretarial team to take note of it so that going ahead steps are taken in verifying whether whatever have been uploaded is readable or not.

One can check it in the BSE. Yes, site also.

We have to zoom in to higher levels just to read out the numbers.

Definitely we will...

Kindly take into consideration. Thank you.

Thank you. Yeah.

Ji. Thank you so much.

Thank you, everyone, for this participation, and it was wonderful talking to all of you. We'll keep you updated in the next session, and hopefully the market would stabilize and see the positive side of stopping the war completely.

Let's hope we don't get into the worst situation. Let's hope for the best, and we'll talk next time, and keep you updated on this.

Thank you, all.