I-Sec downgrades Engineers India to Add, raises target price to Rs 250

ICICI Securities downgraded Engineers India to Add (from Buy earlier) with a revised target price of Rs 250 (Rs 190 earlier). The current market price of Engineers India is Rs 231.45. Incorporated in 1965, Engineers India is a Mid Cap company with a market cap of Rs 13008.47 crore, operating in the Services sector.

Engineers India's key products/revenue segments include Turnkey Project and Engineering Consultancy for the year ending 31-Mar-2024.

Financials

For the quarter ended 31-03-2025, the company has reported a Consolidated Total Income of Rs 1046.58 crore, up 30.39 % from last quarter Total Income of Rs 802.66 Crore and up 22.22 % from last year same quarter Total Income of Rs 856.28 crore. The company has reported net profit after tax of Rs 242.31 crore in the latest quarter.

The company's top management includes Ms.Vartika Shukla, Mrs.Karuna Gopal, Dr.Prashant Vasantrao Patil, Mr.Harishkumar Madhusudan Joshi, Mr.Ravi Shanker Prasad Singh, Mr.Jai Prakash Tomar, Mr.Deepak Mhaskey, Mr.Rajeev Gupta, Mr.Rajiv Agarwal, Mr.Atul Gupta, Mr.Sanjay Jindal, Mr.Arun Kumar. Company has N K Bhargava & Co. as its auditors. As on 31-03-2025, the company has a total of 56 crore shares outstanding.

Investment Rationale
Engineers India has downgraded rating to ADD (from Buy) with a revised target price of Rs 250 on account of expensive valuations; valuing FY27E core PAT at 20x.

Promoter/FII Holdings
Promoters held 51.32 per cent stake in the company as of 31-Mar-2025, while FIIs owned 6.75 per cent, DIIs 10.76 per cent.