Konstelec Engineers Limited (KONSTELEC)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, Konstelec Engineers' revenue was ₹106 Cr (-2.8% year on year, +1.0% on the previous half-year), and net profit ₹6.0 Cr (+500.0% year on year); the operating margin was 12.3%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹106 | -2.8% | +1.0% |
| Operating profit | ₹13.0 | +160.0% | +85.7% |
| Net profit | ₹6.0 | +500.0% | +200.0% |
| EPS (₹) | 3.89 | +463.8% | +263.6% |
| Operating margin | 12.3% | — | — |
KONSTELEC delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 100.0% of the KONSTELEC shares traded on NSE were taken to delivery, against the stock's own 20-session average of 91.22%. That is close to its usual level. Turnover was only ₹4 lakh, so a handful of trades can move this figure. Volume was 0.4 times its average, well below normal. It closed at a price band (circuit) on 7 sessions in about the last 20.
Delivery in the last 5 sessions: 87.0% · 75.0% · 72.2% · 90.0% · 100.0%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Konstelec Engineers has received a Letter of Acceptance (LOA) worth ₹58.48 crore (excluding 18% GST) from Numaligarh Refinery Limited. The contract entails instrumentation works for the Numaligarh Refinery Expansion Project (NREP) in Assam. The execution timeline is 18 months, covering 12 months for mechanical completion and 6 months for commissioning and stabilization assistance. The contract represents approximately 14.5% of the company's TTM revenue of ₹404 crore and 57.9% of its current market cap of ₹101 crore.
- Received Letter of Acceptance worth ₹58.48 crore (excluding GST) on September 3, 2026
- Contract awarded by Numaligarh Refinery Limited for NREP EPCM-2 Instrumentation Works
- Execution timeline spans 18 months from 1st site handover (12 months mechanical completion + 6 months commissioning)
- Applicable GST is extra at 18%
- Order equals ~14.5% of TTM revenue (₹404 Cr)
Konstelec Engineers Limited has received an amendment to a work order from Reliance Industries Limited for Electrical & Instrumentation works at Jamnagar, Gujarat. The total contract value has increased by ₹5.06 crore, revising the contract price upward from ₹4.12 crore to ₹9.19 crore. The incremental value represents approximately 1.25% of the company's TTM revenue of ₹404 crore. The work under the amended scope is scheduled for completion by November 30, 2026.
- Contract value revised upward from ₹4.12 crore to ₹9.19 crore
- Net addition to contract value stands at ₹5.06 crore
- Scope involves Electrical & Instrumentation works at Jamnagar, Gujarat
- Scheduled completion date set for November 30, 2026
Konstelec Engineers Limited has submitted its FY2025-26 Annual Report and convened its 31st Annual General Meeting (AGM) for September 23, 2026, with the e-voting cut-off set for September 16, 2026. The Annual Report reported FY26 revenue of ₹210.38 crore (up 8.6% YoY) and net profit of ₹7.29 crore (up 53.5% YoY). The company highlighted an order book of ₹550 crore as of May 2026 (including ₹165.85 crore in L1 bids), representing ~1.36x TTM revenue and providing 18-24 months of revenue visibility.
- 31st AGM scheduled for September 23, 2026; remote e-voting runs from September 20 to September 22, 2026.
- Order book stood at ₹550 crore as of May 2026 (including ₹165.85 crore in L1 bids), with 53.8% from refinery projects.
- Reported FY26 Revenue of ₹210.38 crore (+8.6% YoY) and EBITDA of ₹19.67 crore (+49.6% YoY).
- FY26 PAT grew 53.5% YoY to ₹7.29 crore, with EBITDA margins expanding 256 bps to 9.35%.
Konstelec Engineers has received a Letter of Award valued at ₹48.87 crore (excluding GST) from CtrlS Datacenters Limited. The contract covers comprehensive Mechanical, Electrical, and Plumbing (MEP) and building management infrastructure works across CtrlS' data centre campuses in Hyderabad (Chandanvelly and Pharma City). The order value represents approximately 12.1% of the company's TTM revenue of ₹404 crore and about 53.7% of its market capitalization of ₹91 crore. This win strengthens Konstelec's positioning in the fast-growing data centre infrastructure segment.
- Received Letter of Award (LoA) valued at ₹48.87 crore excluding applicable taxes from CtrlS Datacenters Limited
- Scope entails supply, installation, testing, commissioning, and handover of MEP, HVAC, IBMS, BMS, CCTV, and Fire Protection systems
- Project execution spans CtrlS Hyderabad campuses at Chandanvelly and Pharma City
- Order adds ₹48.87 crore to the order book, representing ~12.1% of TTM revenue (₹404 crore)
Konstelec Engineers Limited has secured a Letter of Award (LOA) worth ₹48.87 crore (excluding GST) from CtrlS Data centers Limited. The turnkey scope includes supply, installation, testing, and commissioning of Electrical, HVAC, IBMS, and related systems for Hyderabad data center sites (Chandanvalley and Pharmacity). The order represents ~12.1% of Konstelec's TTM revenue (₹404 crore) and ~53.7% of its current market capitalization (₹91 crore).
- Awarded ₹48.87 crore LOA (excluding GST) by CtrlS Data centers Limited
- Scope spans Electrical, HVAC, IBMS, BMS, Maxcool, CCTV, FPS, and PHE works for 1 floor
- Project location covers Hyderabad Data Centers (Chandanvalley & Pharmacity)
- Contract value represents approximately 12.1% of TTM revenue of ₹404 crore
Konstelec Engineers Limited announced the outcome of its Board meeting held on August 21, 2026. The Board approved convening the company's 31st Annual General Meeting (AGM) on Wednesday, September 23, 2026, at 4:00 PM IST via video conferencing. The cut-off date to determine shareholder eligibility for remote e-voting has been fixed as Wednesday, September 16, 2026. M/s. K C Suthar & Co., Practicing Company Secretaries, has been appointed as the scrutinizer for the e-voting process.
- 31st Annual General Meeting scheduled for September 23, 2026, at 04:00 PM IST via VC/OAVM
- Remote e-voting cut-off date fixed as September 16, 2026
- M/s. K C Suthar & Co. appointed as Scrutinizer for the voting process
- E-voting facility to be provided through NSDL
Konstelec Engineers has secured two work orders from Reliance Industries Limited (RIL) totaling ₹12.96 crore (including GST). This order represents approximately 3.2% of the company's TTM revenue of ₹404 crore and about 13% of its current market capitalization of ₹99 crore. The contracts reinforce the company's relationship with a key Tier-1 client and contribute to its reported order book of over ₹400 crore.
- Total contract value of ₹12.96 crore including GST for industrial EPC services
- Two separate notifications of award/work orders received from Reliance Industries Limited
- Order value represents ~3.2% of the company's TTM revenue of ₹404 crore
- Contributes to the existing order book which stood at over ₹400 crore as of July 2025
Konstelec Engineers Limited has secured two new contracts from Reliance Industries Limited (RIL) totaling ₹12.96 crore (inclusive of GST). This order win represents approximately 3.2% of the company's TTM revenue of ₹404 crore and about 13.1% of its current market capitalization of ₹99 crore. The contracts involve industrial EPC services, reinforcing Konstelec's position with one of its top-tier private sector clients. While the order is modest compared to the overall ₹400+ crore order book, it signifies steady business inflow and client retention.
- Total contract value of ₹12.96 crore including GST awarded by Reliance Industries Limited.
- Order magnitude represents approximately 3.2% of the company's TTM revenue of ₹404 crore.
- The win adds to the company's existing order book, which was reported at over ₹400 crore as of July 2025.
- Strengthens the company's established relationship with a Tier-1 private sector client.
Konstelec Engineers Limited has secured two separate work orders from Reliance Industries Limited (RIL) totaling ₹12.96 crore. The first order, valued at ₹9.98 crore, involves electrical installation and infrastructure works for the RG Expansion Project at Jamnagar with a 13-month execution period. The second order, worth ₹2.98 crore, covers commissioning support for a Polysilicon Plant over 12 months. While the total value is modest at ~3.2% of TTM revenue, it reinforces the company's standing with a key Tier-1 client.
- Total contract value of ₹12.96 crore (including GST) received from Reliance Industries Limited.
- Major component includes a ₹9.98 crore SITC electrical work order for the Jamnagar expansion project.
- Secondary order of ₹2.98 crore for electrical pre-commissioning activities at a Polysilicon Plant.
- Execution timelines are set at 12 and 13 months respectively from the date of award.
- The total order value represents approximately 13.1% of the company's current market capitalization of ₹99 crore.
Financial Performance
Revenue Growth by Segment
Revenue grew 43% YoY in fiscal 2024 to INR 215.4 Cr, but declined 10% in fiscal 2025 to INR 194 Cr due to project disruptions and certification delays. Segments include Petrochemicals, Chemicals, Cement, and Textiles.
Geographic Revenue Split
Primarily India-based operations (100% current). The company recently expanded into Saudi Arabia via a 50% Joint Venture (Degat Alebtikar Co. Ltd) incorporated in February 2025.
Profitability Margins
Operating margins moderated from 8.65% in fiscal 2024 to 6.86% in fiscal 2025. Net cash accruals are expected to remain over INR 9 Cr, sufficient against repayment obligations of INR 2.0-2.05 Cr.
EBITDA Margin
Operating margin was 6.86% in fiscal 2025, a decline from 8.65% in fiscal 2024 due to higher unbilled inventory and project delays.
Capital Expenditure
No major debt-funded capital expenditure is planned over the medium term. The company maintains a comfortable net worth base of INR 98.61 Cr as of March 31, 2025.
Credit Rating & Borrowing
CRISIL BBB-/Stable (reaffirmed) and CRISIL A3. Bank limit utilization is average at 85% for the 12 months ended May 2025.
Operational Drivers
Raw Materials
Electromechanical equipment, instrumentation components, and cables (implied by EPC and installation services).
Import Sources
Not specifically disclosed, though the Saudi Arabian JV suggests future regional sourcing for Middle Eastern projects.
Capacity Expansion
Order book increased to over INR 400 Cr as of July 2025, up from INR 350 Cr in April 2024, providing revenue visibility for the medium term.
Raw Material Costs
Not disclosed as a specific percentage of revenue; however, subcontractor expenses were noted at INR 4.70 Lakhs in specific related party transactions.
Manufacturing Efficiency
Capacity utilization is linked to project execution timelines; fiscal 2025 efficiency was impacted by project disruptions and certification delays.
Strategic Growth
Growth Strategy
Execution of a healthy INR 400 Cr+ order book, international expansion through a 50% JV in Saudi Arabia, and leveraging 20+ years of promoter experience to secure high-value orders from reputed clients.
Products & Services
EPC services, installation, testing, commissioning, and maintenance of electrical and instrumentation systems for heavy industries.
Brand Portfolio
Konstelec Engineers Limited.
New Products/Services
Expansion into international EPC services via the Saudi Arabian JV (Degat Alebtikar Co. Ltd).
Market Expansion
Targeting the Middle Eastern market through the Saudi Arabian JV incorporated in February 2025.
Strategic Alliances
Joint Venture with Konstelec Hitech Engineers Private Limited (47% share) and Saudi Arabia Degat Alebtikar Co. Ltd (50% share).
External Factors
Industry Trends
The engineering services industry is seeing growth in high-value EPC contracts, but remains susceptible to project-specific timelines and regulatory certification delays.
Competitive Landscape
Competes with other industrial electrical and instrumentation EPC firms; market dynamics are driven by technical qualification and project execution track records.
Competitive Moat
Durable advantage through 20+ years of promoter experience and established relationships with Tier-1 PSU and private sector clients, which are difficult for new entrants to replicate.
Macro Economic Sensitivity
Highly sensitive to industrial capex cycles in the petrochemical, steel, and cement sectors.
Consumer Behavior
Not applicable as the company is a B2B industrial service provider.
Geopolitical Risks
Potential trade and operational risks associated with the new Saudi Arabian JV.
Regulatory & Governance
Industry Regulations
Compliance with Section 148(1) regarding cost records was not applicable for FY24-25. Adheres to safety and site-specific industrial standards.
Environmental Compliance
Maintains policies for environmentally clean and safe operations; CSR expenditure of INR 18.63 Lakhs in FY25.
Legal Contingencies
No significant material orders passed by regulators or courts affecting going concern status. Managerial remuneration exceeded the 25% net profit ceiling in FY25 due to lower-than-anticipated profits.
Risk Analysis
Key Uncertainties
Working capital intensity (GCA 371 days) and project execution delays could impact liquidity and scale by 10% or more.
Geographic Concentration Risk
High concentration in India (Mumbai-based), currently diversifying into Saudi Arabia.
Third Party Dependencies
High dependency on client certification timelines and third-party civil engineering completion.
Technology Obsolescence Risk
Low risk due to the service-oriented nature of electrical installation, but requires staying current with instrumentation technology.
Credit & Counterparty Risk
Exposure to large, reputed clients like Reliance and IOCL reduces counterparty risk, though payment certification delays remain a factor.
