Engineers India Limited (ENGINERSIN.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-41.6%

₹169.68

vs ₹290.75 price

Levered DCF

₹87.84

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

4.17

Safe zone

Rating

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	16.34×	15.73×	26.61×	12.09×	25.83×	19.3×	8.95×	20.58×
P/B	3.59×	3.42×	5.25×	2.13×	2.03×	2.74×	1.58×	3.23×
P/S	2.88×	2.96×	3.61×	1.26×	1.24×	1.53×	1.17×	3.06×
EV / EBITDA	10.61×	14.63×	36.59×	12.69×	9.86×	12.75×	7.92×	18.58×
Gross margin	53.8%	22.2%	16.6%	14.8%	19.3%	17.8%	24.2%	24.3%
Operating margin	16.7%	20.0%	15.1%	13.4%	18.0%	16.5%	22.9%	23.6%
Net margin	17.6%	18.8%	13.6%	10.4%	4.8%	7.9%	13.1%	14.9%
Current ratio	1.3×	1.19×	1.1×	1.04×	1.02×	0.97×	1.51×	1.59×
Debt / equity	0.01×	0.01×	0.01×	0.01×	0×	0×	0×	0×
Interest coverage	309.22×	135.03×	105.39×	162.04×	247.57×	214.73×	424.95×	473.66×
Dividend yield	2.2%	1.8%	1.4%	4.0%	4.1%	3.6%	8.7%	4.8%
Payout ratio	36.6%	29.1%	37.9%	48.7%	104.7%	70.1%	78.2%	98.2%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	22.0%	21.7%	19.7%	17.7%	7.9%	14.2%	17.6%	15.7%
Return on invested capital	15.8%	17.9%	16.9%	17.3%	16.6%	21.2%	19.2%	16.0%
Return on assets	11.8%	11.0%	9.4%	7.9%	3.3%	5.6%	8.3%	7.7%
Free cash flow yield	2.2%	1.8%	3.0%	-3.5%	0.6%	3.3%	9.4%	6.8%
Earnings yield	6.1%	6.4%	3.8%	8.3%	3.9%	5.2%	11.2%	4.9%
Enterprise value	₹99.5B	₹78.2B	₹116.3B	₹41.4B	₹35.7B	₹47.4B	₹37.7B	₹73.7B
Net debt / EBITDA	-1.44×	-2.44×	-0.68×	-0.14×	-0.07×	-0.17×	-0.04×	-0.54×
Cash conversion cycle (days)	-71	-17	61	52	63	53	78	89