Engineering, Procurement & Construction (EPC) / Energy Consultancy
Strategic Profile
The company focuses on various sectors including fertilizer and LNG, ports and harbors, ferrous and non-ferrous metallurgy, coal gasification, infrastructure, niche chemicals, strategic crude oil storage, biofuels/green ammonia/green hydrogen, and water and wastewater management. As of December 2025, the Government of India held 51.32% stake in the company. With strong government backing and diversified sector exposure, it benefits from rising infrastructure and energy transition projects in India and internationally.
Cyborg Score Rationale
Q3 FY26 results showed consolidated net profit surged 219% YoY to ₹347.17 crore and revenue rose 58.3% YoY to ₹1,210 crore. The company secured contracts worth over $350 million from Nigeria's Dangote Group for refinery expansion. Margin expansion and strong order book provide sustainable growth visibility.
Top Insights
EBITDA increased 259.7% YoY to ₹352 crore with EBITDA margin expanding to 29.10% from 12.80%—demonstrating operational leverage and profitability scaling
$350 million Dangote Group contract for Nigerian refinery expansion strengthens international order book—diversifying geography and reducing domestic concentration risk
Board recommended second interim dividend of Rs 1.5 per share (30%)—strong cash generation supporting shareholder returns
Named Competitors
EPC Services — Global offshore and energy EPC leader
EPC & Consulting — Energy sector project delivery and consulting
Indian EPC Services — Domestic infrastructure and EPC contractor