Engineers India Limited (NSE: ENGINERSIN) Q3 2026 Earnings Call dated Feb. 13, 2026
Corporate Participants:
Unidentified Speaker
Analysts:
Unidentified Participant
Manish Ostwal — Analyst
Mohit Kumar — Analyst
Amit Anwani — Analyst
Kaushal Sharma — Analyst
Darshika Khemka — Analyst
Palak Jain — Analyst
Presentation:
operator
Ladies and gentlemen, Good day and welcome to Engineers India Limited Q3 and FY26 earning call hosted by Dam Capital. As a reminder, all participant line will be in the listen only mode. And there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Keshan Mundra from Dam Capital. Thank you. And over to you sir.
operator
Yeah. Hi. Very good afternoon to all of you. We have with us at management of Engineers India today to discuss the Q3 results and then which will be followed up by question and answer. We have with us which is Sanjay Jintal who is a Director Finance. Mr. Suvendu Padi who is a Company Secretary. Mr. R.P. Bhattra was Executive Director. Mr. Vivek Mehra, Chief General Manager Marketing and BD. Mr. Amandeep Chopra who is a Senior General Manager and Ms. Nehan Arula who is a senior manager. Without further ado, I’ll hand the wall over to management for the opening remarks. We’ll follow that up with question and answers. Over to you.
Unidentified Speaker
Thank you. Good afternoon everybody and a warm welcome to all the investors who are attending Investor call. We have cleared our financial results for the third quarter ending 31st December 2025. Yesterday as on 31st December 25th company has unexecuted order worth of rupees 12,538 crore. Comprising under consultancy segment of 7,500 crore and under 20 segment of 5,000 crore. Approximate order inflow in EIL up to third quarter of financial year 2526 stands at rupees 4,267 crore. Further in January 2026 the company has backed an order of rupees around 3,250 crore. And the order inflow as on date stands around 7,700 crore.
Considering the above order inflow in January the current order book stands at around 15,670 crore. This is the highest order book position in the history of EI. We have declared results of quarter and nine months ended 31st December 2025 on 12th February 2026. As regard to the financial performance for the three months ended December 25th the company has registered a turn of rupees 1194 crore vis of 900 crore in the second quarter of financial year 2526. While it was 750 crore in the third quarter of financial year 2425. During the quarter ended December 25th, turnover from engineering and consultancy segment stood at rupees four hundred and seventy four crore and from turnkey segment at rupees 720 crore.
During the current quarter ended December 25th the company has recorded profit before tax of rupees 395 crore in comparison to rupees 100 crore in quarter two of financial year 2526 and profit after tax of three hundred and two crore visa vis of 115. 15 crore in the second quarter of Financial year 202526 showing an increase of 163% in PBT and PET while comparing with the third quarter of financial year 24 25. During the quarter ended December 25 the company has recorded profit before tax of three hundred and ninety five crore in comparison to rupees 118 crore in the quarter three of financial year 2425 and packed profit after tax of rupees 302 crore visay viz.
Rupees 88 crore in the quarter third of financial year 2425 showing an increase of 235% in PBT and around 243% in profit after tax. Notably, EPS for The quarter ended December 25 stood at Rupees 5 Rupees 37 paisa. Vijay with September 25 at Rupees 2 Rupees 4 paisa. Operating margin during the third quarter of financial year 2526 stood at around Rupees 337 crore. Vijay with Rupees 102 crore during the second quarter of 2526 and operating margin is around 28% in the third quarter. Vijay was 11% in the second quarter of 2526. EBITDA of the company during the third quarter of the current year stood at around 406 crore.
EBITDA margin is 32% in comparison to Rupees 160 crore. EBITDA margin was 17% during the second quarter of the current year. During the nine months ended December 31, 2025 the company achieved a turnout of Rupees 2,951 crore in comparison to Rupees 20. 37 crore during the nine months ended 31 December 2024 showing an increase of around 45% with turnover from consultancy and engineering segment amounting to Rupees 1293 crore and 1688 crore in the turnkey segment up to 31 December 25 the company recorded profit before tax of 639 crore in comparison to Rupees 292 crore and profit after tax of 487 crore.
Visay wage of 222 crore in the nine months of financial year 2425 showing an increase of 118% in the PBT and around 119% impact. Operating margin for the nine months ended December 25 stood at around 17% EBITDA of the company for the nine months ended 31 December 2025 stood at around 670 crore. EBITDA margin is 22% in comparison to Rupees 322 crore where EBITDA margin was 15%. For the nine months ended 31 December 2024 the company is maintaining a very healthy earning per share of 8 rupees 66 paisa. For the nine months ended 31 December 2025 on the consolidated basis the company earned a profit of rupees 347 crore.
The quarter ended 31st December 2025. For the nine months ended December 25th the profit stood at 496 crore. Thank you. Now it is over to you.
Questions and Answers:
operator
Shall we begin with the question and answer session?
Unidentified Speaker
Sure.
operator
Thank you. Thank you sir. Ladies and gentlemen, we’ll begin with the question and answer session. Anyone who wishes to ask a question may press star and one on their touchdown telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we’ll wait for a moment while the question queue assembles. First question comes from the line of Manish Otswar from Nirval Bank Securities. Please go ahead.
Manish Ostwal
Yes sir. Thank you for the opportunity and very good set of numbers for the nine month. Sir, I have a question on the actually the volatility in the most of our key KPIs last so many years. Although we have improved our order book position, revenue growth but there is a significant volatility in terms of margin in terms of revenue execution. So on a yearly basis can we anticipate given our order book position of 15,670 crores we should be ending the year with 4,500 crores of revenue. Because fourth quarter any which case is strong quarter and second, with respect to margin expectation of both the division, consultancy and turnkey what sort of margin we should work with? Because it’s very difficult to model some kind of margin in both the businesses and it’s quite volatile.
Even more volatile than the gold and silver Nowadays. So can you make some qualitative detailed comment about the margin expectation for both the business as well as the growth expectation for the full year as well as the next year? What kind of growth rate would you assume in terms of order inflow revenue execution that will be quite helpful to assess the company’s performance in coming years.
Unidentified Speaker
First of all, let me clear EAL is having revenue from the implementation of the project where revenues are always fluctuating in nature because it depends upon the execution of project and status of the project. However, as we have already told, we are the highest order book of the of the more than 15,000 crore in the Yale history. And definitely with this order book we will cross the figure of 4,000 crore at the end of financial year. And as regard the margins, EIL is successful in maintaining the segment profit of 20 to 25% on the consultancy business and on a routine basis around 7% in the OB job, LSTQ OB job and we are maintaining operating profit of more than 10% on regular basis.
Manish Ostwal
Okay. And the second is the order inflow side. Currently we have a 7700 crores of order info till January, right? That you made in initial comments. So can we anticipate because quarter four generally tend to be stronger quarter both revenue as well as the order inflow. So we should end the year with 10,000 crore order book given the run rate which we are seeing right now in our business.
Unidentified Speaker
No. We have received order order of around 4200 till Dec. Now another order order of 3200 is received in the fourth quarter. So based upon this we are giving target of more than 4,000 crore at the end of financial year and definitely we will try to get more. But this we are expecting as a minimum target of 4000 crore.
Manish Ostwal
4000 for the quarter 4
Unidentified Speaker
now for the overall financial year because right now our financial figure is around 3,000 crore and we are targeting more than 4,000 crore on the annual basis.
Manish Ostwal
And any expectation you can guide us for the next year order inflow and the revenue estimate.
Unidentified Speaker
Order inflow this year you have seen that it is reaching around 7700 as of today and we’ll be touching more. We’ll be crossing this. We already have one more month to go and we are anticipating few more orders to come. So at least we’ll be crossing the last year’s mark. That is definitely sure. And next year also we maintain the same kind of order book because we have two years we have consistently maintained and we will be next year also be maintaining at Least this much. And we’ll try to add 10 to 15% more in that figure.
So this market is dynamic. A lot of projects are there and a lot of projects keep on discussing some. It depends on the how fast projects get finalized and settled during the negotiation with the clients. So it all depends. Yes.
Manish Ostwal
And the last like in terms of execution period of the current order book, what is the time period? Generally we tend to complete 40% opening order book in terms of revenue. So that rent it should sustain?
Unidentified Speaker
No, it is generally it ranges from three to four years. And in the first year in some of the project it comes to 10 to 15% progress only because it depends upon the timing when the order is received. If it is received in the month of April or May, then we we may get around 15 to 20% coverage. But if it is on the latter part then only 10% is there. So on an average tenant, 10 to 15% progress is there for the current year orders.
Manish Ostwal
And last on this data bookkeeping question like sir, this JV profit which last year nine month it was 70 crore. Now it is 8.7 crores. You last quarter you guided there’s a some shutdown and now the performance will improve. Quarter three and we have delivered on that thing 42 crores of profit in JV. But how we should think is sustained going forward. That line item.
Unidentified Speaker
Yeah. We can. We can expect more profit in the fourth quarter because at this time that plant is running on full capacity. And from the first day of fourth quarter it is running well. And we are sure that this quarter will be will generate more profits to Yelp.
Manish Ostwal
Okay sir, thank you very much for answering all my question. Thank you.
Unidentified Speaker
Okay, thank you.
operator
Thank you. Our next question come from the line of Mohit Kumar from ICIC Securities. Please go ahead.
Mohit Kumar
Yeah. Good afternoon sir. And thanks for the opportunity. My first question would be what would be consultancy order book after including the order for Dangote refinery. Just correct me if I’m with is the number will be around 10,000. Cr.
Unidentified Speaker
Yeah. Order book position is 15,670 total. From consultancy it is around 10,700. And from the LSTQ OB it is around 5,000.
Mohit Kumar
Understood sir. And do you expect this Dangote order which you won in January to move into execution in F27 or you do or do you think in your opinion the execution will go in F28.
Unidentified Speaker
Okay, go up till 2029 because three to four years of cycle is there.
Mohit Kumar
The question is when do you think we start? Do you think we start it is already.
Unidentified Speaker
No, no. The execution is already started. Means. Execution means consultancy services have already started. We already started working on this project. Engineering is on on this project. So typical. I think project cycle is around 36 to 42 months execution cycle.
Mohit Kumar
Understood. My second question sir, as per media article I think there is a Guana refinery where we are in discussion is it. Can you just help us with how how advanced discussion is and what is the size of this refinery? Is it a smaller refinery or big refinery?
Unidentified Speaker
That what we understand from the published reports that the Guyana refinery is a very small refinery and the that country is looking for the investment in this refinery from various investors. So that is the initial stages of discussion. We don’t have much information on this as of this point of time. But this is. This is one of the prospective refinery but it’s. It’s a smaller 30000 or 20,000 35,000 BTSG refinery that is sufficient for their country’s requirement. But this. This is the initial conceptual stage. The government of Guyana is yet to take decision on this and we have yet to hear from the Guyana side.
Mohit Kumar
My last question on the status of IFCL Phase 2 order I think which is which you said that once the phase one is complete moves to phase two you’ll book this order do. And we still expect it to book in this fiscal or do you think this will go in the next.
Unidentified Speaker
I believe this would go in the next financial year because they are still to take the this month the earlier project is almost complete. They have given the study and I believe that is the under their management decision to take the investment decision. That’s the phase one. After they are done with the investment decision then they will give the phase two about.
Mohit Kumar
Thank you and all the best sir. Thank you.
Unidentified Speaker
Thank you.
operator
Thank you. The next question comes from the line of Amit Anwani from PL Capital. Please go ahead.
Amit Anwani
Hi sir. Thank you and congratulations for very strong numbers.
Unidentified Speaker
Thank you sir.
Amit Anwani
My first question pertains to clarification and order inflow. Did I understood correctly that we are saying that this year will be 8,000 plus crore and going forward also it will be a growth on 8,000 plus crore in terms of annual inflow.
Unidentified Speaker
Definitely till time we have received the order inflow of around 7700 crore and time is available to add more business. So definitely we will cross 8,000 crore.
Amit Anwani
So would you like kind of sustaining this number for F27, F28 or any range there on. And also in terms of pipeline if you could highlight for next financial year in terms of the overseas consultancy especially we wanted to set up office in Middle East. How things are panning out there and are we planning to sustain 8,000 annual number for next year also?
Unidentified Speaker
So just to answer your question, you have seen that we are already sustained. It’s already proven that we have already reached 7700. There is one more month to go and there are many projects under discussion. Sometimes these gets materialized. Even the many DSUs would like to settle the rush before the march. So we’re hopeful that something would get realized and crossed that 8,000 mark. So that means for the last two years we have around the 8,008 8,200 last year which was there and it’s almost a similar range we’ll be reaching will be a sustainable figure.
So we’ll try to work on this to increase it in the future years, in the further years. At the same time with respect to the. You’re talking about overseas? Overseas we are putting a lot of focus. You have seen that we got major projects from Nigeria on this dangote. We also got the fertilizer projects. We’re also targeting many other projects in many other zones including the Middle East. Abu Dhabi is there. We are also in the initial stages of Saudi Arabia. So for the best quick we are getting some assignments. One we are getting. So all these areas we are working on overseas you will get a good growth in future.
Amit Anwani
All right, so second question. Our current book of 16,000 plus you said more than 10,000 is already consultancy which is 65% of total jobs you have in hand. Is it fair to assume that probably there would be lot of operating leverage also and the mix would shift towards more consultancy execution over next 24 months and that would lead to good margin improvement.
Unidentified Speaker
Like these projects have been awarded. The execution has just started. So next year would be the initial stages of the project. Primarily the engineering phase would be there. So quite a good booking is expected. Invoicing in that it all depends on the progress of the project. So we anticipate a good execution and as the schedule what we have proposed and what we have considered, we are anticipating good invoicing and execution in that stage. Unless there’s an issue.
Amit Anwani
Right. So what’s the portion of infra orders in the book currently?
Unidentified Speaker
Currently it is around. In the order inflow it’s around 25 to 30%.
Amit Anwani
And you expect that to continue in fact for the upcoming.
Unidentified Speaker
Oh definitely that would remain.
Amit Anwani
Yes, sure sir. Lastly, for the quarter after adjusting for this 236 crore revenue and 213 crore profits which you have given. I think the EBIT margin for turnkey is coming around 12% if I’m not wrong. So is it the correct number? And if it is, was there any one off benefit for this quarter for this kind of EBITDA number?
Unidentified Speaker
Yeah, you are correct. Basically excluding that the margins in the Turkey come out around 11%. As Director Finance has already indicated that in the near term we are expecting a margin of around 7% in the trunk segment on for a longer period and for the consultancy between 22 to 25%.
Amit Anwani
Right. But this 11 12% was normalized margin. There’s no one off, right?
Unidentified Speaker
No, it will be on a longer period. It will be around 7% in one quarter. There may be a. Basically there may be a more or less margin but overall it will be in the range of 6 to 7%.
Amit Anwani
Sure sir. Thank you so much. Thank you.
operator
Thank you. Our next question comes from the line of Kaushal Sharma from Equinix Capital Venture Private limited. Please go ahead.
Kaushal Sharma
Hi sir. Very good evening and thanks for the opportunity. Just want to ask on our EBITDA marketing segment that I can see in the nine months financial 26 margin shooter from 6% 5 to 6 to 19%. So what kind of the key growth or key growth drivers of the margin exported in this level?
Unidentified Speaker
So can you repeat the question and be a bit loud please and slow.
Kaushal Sharma
So my question is on what kind of key growth drivers in the margin that we achieved so that the margin exported from 6% to 19% in nine months.
I mentioned 25, 26 in Turkey segment.
Unidentified Speaker
In this nine months we have got a change order from our client in one of the major project. We were keeping provision for the penalty for the delay or you can say liquidated damage. But we have completed the project within the extended time period given by the client. So client have issued the mechanical completion mechanical completion certificate without levy of any short of penalty to. Yeah, so we have reversed the provision. That’s why there is an impact of around 226 crore on the turnover and 213 crore on profit side.
Kaushal Sharma
Okay, got it. Thank you very much.
Unidentified Speaker
But it is a routine business. It is a part of a routine business to year. We continue to get change order in the project.
Kaushal Sharma
So are we expecting this kind of runoff in this project? Because we are having a historically high order book as of now. So we are doing.
Unidentified Speaker
We are doing lot of projects and every time we are getting change order from the clients and we are getting additional price for the work done also. So It’s a part of routine business to here.
Kaushal Sharma
Thank you very much for asking my question.
operator
Thank you. Our next question come from the line of Nish Toshi from Prosperity Square.
Unidentified Participant
Thanks for the opportunity. Sir. Am I audible?
Unidentified Speaker
Yeah.
operator
Yes.
Unidentified Participant
Yes. Sir, my question is in connection to the earlier participant. Say you mentioned that the 226 crore were recognized in the quarter three because of the some non penalty from the the order. But sir. This is a routine practice. You said that it is happen every quarter or sometime or if if we have we executed the order and recognition happened in this quarter. So what happened? Kindly explain these things.
Unidentified Speaker
EL is doing so many projects and every projects have their deadlines. So whenever project starts to get delay we we made a provision for the delay portion. In case as per terms of contract. In case any PRs or liquidity damage is there we keep provisions but we try to complete the time within the extended period also. And then we apply for the time extension to the client. And in most of the cases we get the time extension from the client. And whenever time extension is got we reverse the provision for the penalty. So this is the routine business and as per acceptable accounting standard practice.
Unidentified Participant
Sir, in which quarter the provision was made and was it mensa. Was it informed to the shareholder and was it because the. I don’t know the whether the it was informed that the 226 crore rupees provision was made because of the late education of the order.
Unidentified Speaker
Sir, it is a part of our routine business and it is shown to this tax director and other auditors also. So it is not a question. We show in the balance sheet which project is going delayed. It is part of our.
Unidentified Participant
Sorry. Sorry. I am not asking for the name of the project but whether the execution was done and not and the provision was made so that quarter then the pro the particular company.
Unidentified Speaker
Sir, I have told you it is not only for one quarter because it’s.
Unidentified Participant
A positive surprise for the investor. But it’s a shock for us. Because we can’t predict the result.
Unidentified Speaker
Sir, it is not a surprise for the investor. It is the routine practice of the company like EL where revenues are earned from the implementation of the projects. Whenever contextual obligations are completed. Any kind of provision which is made against the contextual obligation is always reversed. And it is a routine practice and it is done on quarter to quarter basis. Sometimes amount may be more, sometimes amount may be less. If amount is more it is it get noticed. Otherwise it is done on routine basis.
Unidentified Participant
So. So is there any provision made in the current quarter. Or any project. Because there was a reverse. And when there was a material amount of the river there was the profit is inflated or it looks very high in the in the comparison to the earlier quarters.
Unidentified Speaker
Sir, that project what itself more than 6200 rupees. That’s why amount is higher.
Unidentified Participant
Due respect we are saying that whenever the provision is such a high amount the provision is made please inform to the investor. And that’s why the profit of that quarter was down. And this year, this quarter the profit. Is higher than the earlier quarter.
Unidentified Speaker
If you try to listen then you will get the answer. Sir, we have informed to the investor. You kindly see the notes to the accounts. In the notes to the accounts it is clarified. I think you have not seen the. Notes to the accounts.
Unidentified Participant
Nice. I’m not talking about the current quarter but earlier quarter when the provision was made.
Unidentified Speaker
The provisions are made during the duration of the contract. Duration is from 36 to 42 months. During that period every quarter the provisions are made when the project is completed. No liquid any that is being written back in the current bottle. So provisions are created over a period of time not in one quarter. It created over a period of time. The contract duration is 36 to 42 months.
Unidentified Speaker
And provisions are always shown in the financial results.
Unidentified Participant
Okay sir, that’s all. Thank you. But I’m not happy sir.
Unidentified Speaker
Sorry sir. You should happy with the this kind of result sir.
operator
Thank you. Participant has left the queue. Our next question comes from the line of Khushi Parik from Bungalow Rocks pms. Please go ahead.
Unidentified Participant
Yeah. Hi sir. Good. Good set of numbers. So congratulations on that. And given the nature of the business, the execution is fairly decent design. My question is that when we are just looking at it from a pretty longer term perspective we have a very healthy order book to be executed over next three to four years. But in terms of incremental order book, you also mentioned that we are looking at quite a healthy scene from the Middle East. Especially now that we have office in the uae. Right? So what kind of traction are we seeing over there? And what kind of order booking are we looking at on an incremental basis now? Is it something which is healthy and staying, you know, at a higher rate than what we have normally seen in the past? Or it’s just pretty much normal what we see?
Unidentified Speaker
Gentlemen, it is like this, you know, saying that it is only for the Middle East. It is from the overseas Ruby targeting model. We have shifted our focus from the domestic to the international market also as a strategic outreach of the internal markets. So we are putting a lot of efforts on the international market to get more business. At the same time we are working in the Indian market also. Wherever the projects are coming, we are just focusing on those projects and getting those projects. So the approach is the aggressive approach. It has been adopted in both the segments.
So we are working towards it. It’s not only the Middle east, it will Nigeria also Africa specifically in Nigeria we have been. We have been very successful in these business. We’ll be targeting more projects in that zone and in that continent as well as in the, in the. In the Middle east region it is Saudi, Oman, Kuwait. In all those regions we are working. As well as in the South America also we are working. So it is the continuous effort to increase our business and presence in these segments and try to get more business.
Unidentified Participant
Okay, and how are the project announcements or interest over there? I mean considering the oil has been.
Unidentified Speaker
Sorry, projects are always there. Like what happened is in the Middle east countries there is a process of getting yourself impaneled with the organizations, with the. With the oil refining companies or oil producing companies. So we haven’t paneled with like a simple example is adnoc@knock is a group of companies, group of companies in Middle east and basically specifically in UAE which handles refining, petrochemicals, onshore oil and gas and all those segments. So we are empanelled with them and for providing the engineering services. Then you get the competitive. You get into the competitive bidding of their.
All kind of projects because all these companies are expanding their oil assets and there will be a lot of project. Some could be the grassroots facilities, some could be the revamp and some could be the modernization. It also includes the studies. These kind of assignments are the continuous activities which are going on. So we are very much focused on those and we are invested with these countries and getting a lot of inquiries and working on those.
Unidentified Participant
Okay. And specifically towards the international market. You know what kind of. I mean we. We have shifted some of our strategy to focus also on the international side. What have we seen that. Yes, sorry, what have we seen in those markets that we have now started to focus a bit more over there as well. And I know that, I understand that we have always had presence outside of India, but it is just over last couple of years that I am seeing more traction over there. So what are we seeing on the ground? That is, you know.
Because of which. We are focusing additionally into those markets as well.
Unidentified Speaker
First is if you talk about the Indian market, Indian market is mostly the public sector companies which are mostly on the competitive basis and L1 basis. There’s no focus on the quality means if you go into competitive environment. Because L1 always matters. But in the international market its quality also matters. So they will always give a preference to the quality, experience and capability of their company. So wherein in these markets this gives us an advantage, you know that we have the experience of working In India, almost 60 gigs of experience and we have worked on a lot of complex projects.
Maybe if you can see the Indian refining and hydrocarbon sector, we have all since its inception and done a lot of projects and a lot of modernization, lot of troubleshooting. So nobody had this kind of experience anywhere else. So this experience always gives us an advantage in the international market. Because there also they have lot of new projects as well as lot of development projects. Specifically in Indian conditions. The projects have been expanded in various phases. It’s not in one go. All the plants have come. So one refinery will be set up at 5m PPA.
Then it will be graduated from 5 to 15, 15 to 25. That’s how they expand. So that kind of experience in the international market is very limited. So that this kind of experience and the nuances of working in these kind of plants and revamp project gives us an advantage in international market and the database we already have because of working on these projects and the experience of the people and the manpower which we have and you know, we retain our own permanent manpower. That’s the core of our business. So that’s how we get the advantage in the international market wherein your experience and capabilities are more preferred with respect to the price.
Unidentified Participant
Wonderful, wonderful, great. My second question is now, have we provided whatever is related to the Pay Commission for FY26 and FY27 wherever is applicable or the impact that may be there in the FY27?
Unidentified Speaker
Yes, we are keeping the provision for the pay commission whenever it will come. Yes, sufficient provision.
Unidentified Participant
It’s already provided. It’s already provided. And any. Any major salary jump or something. What kind of margin on the. I mean impact on the margins it can have over the next next for you know, one or two years at least.
Unidentified Speaker
I think in fact will be tell only when the exact details of pay commission is known. But based on the past experience, we are keeping provision for the same.
Unidentified Participant
Okay, so we have already started to provide for it.
Unidentified Speaker
Okay, I’ll.
Unidentified Participant
I’ll join back that you. Thank you.
Unidentified Speaker
Thank you.
operator
Thank you. Our next question come from the line of Darshika Khemka from AB fincop. Please go ahead.
Darshika Khemka
Hello sir. Thank you. For the opportunity I had a question regarding the Dangote order. I believe we had two press releases on this. One was in November regarding the Dungote fertilizer complex. And another was the Dangote expansion project in Nigeria in January. I just wanted to clarify that an amount was not written for the fertilizer complex. Is it included in this 3150. The 3150 or is there a separate value for it?
Unidentified Speaker
No madam, that is a separate value and that has been declared in the earlier. I think in the earlier reporting also. So it’s around $17 million. It’s around $70 million. Something around 600 crores. And this is not included in 3200 crores which is which we have just received. Because these are two separate projects. One is a fertilizer project and another one is the refining project.
Darshika Khemka
Expansion project. Correct. So where is the 600 crore included? Sir, this is the part in Q2 FS26 for the 615 crores order.
Unidentified Speaker
Correct. Just let me check. Let me check.
Darshika Khemka
Which was received in September if I’m not wrong.
Unidentified Speaker
Just a sec, just a sec, Just a sec. Ma’, am, this has been indicated in Q2 2526.
Darshika Khemka
Yeah, this is a 600.
Unidentified Speaker
Oh no, sorry, sorry, sorry. Just. Just a sec, just a second. So sorry. It is. Yeah, it’s Q2 20. 2526. In the overseas you can see it’s 6150.
Darshika Khemka
Yes, correct. Another question that I had was around the guidance for the revenue that you’re giving for FY27. But I believe and I expect that the execution will be much stronger by 27.
Unidentified Speaker
Definitely.
Darshika Khemka
Number. It would be really helpful, madam.
Unidentified Speaker
That totally depends upon the progress of the projects achieved during the years. And definitely based on the progress in the last month of this financial year we will make. We will give some guidance for the next year. But till now we are giving guidance for this current year only. We will be reaching more than 4,000 crore in terms of revenue.
Darshika Khemka
Okay. Okay.
Unidentified Speaker
And definitely 4,000 crore will be the minimum target for the next year also. And we are sure that we will add some more figure to this. But we will in position to tell only after completion of this function.
Darshika Khemka
Got it. Thank you so much. That’s it for me.
operator
Thank you. Ladies and gentlemen. Anyone who wishes to ask a question, press star and 1. Our next question come from the line of Amit Anwani from PL Capital. Please go ahead.
Amit Anwani
So thanks again. So one clarification on the higher other income. What? What was included Here and what was there any dividend from nrl?
Unidentified Speaker
Just so yes, we have received the dividend from the naval refinery to the tune of 24 crore that has been included in the third quarter.
Amit Anwani
And what’s the steady state run rate for dividend income we should expect for next year for nr?
Amit Anwani
NRL is giving on the same pace because NRL is going into expansion and expansion is being carried out. So dividend income is is giving on routine basis because he needs money to complete the project.
Amit Anwani
Right. As a second update on Ramagundam, I hope that plant is stabilized now. So what is the expectation for next year and 4Q in terms of performance in Ramagundam fertilizer plant?
Unidentified Speaker
At present Ramagundam plant is running on full capacity and till now it is 13th fab plant is running well around 100% capacity. So we are sure that the profit will be realized. Profit will be continued to be realized in the fourth quarter also and next year. So plant is almost stabilized.
Amit Anwani
Right. So lastly would like to understand more on the infra order inflow pipeline. I think in the past we have highlighted taking some orders for IIT Jammu Kashmir and some training complex order from ONGC and I think there was some data center order also. We wanted to understand the infra pipeline in terms of are we going to get more data center orders or how we select that where we want to be in terms of getting the infra orders. So some more color on this infra pie since this is becoming bigger in your order book will give us much better understanding in terms of your addressable market and what’s the potential here.
Unidentified Speaker
So going on this year till this quarter we have got various orders from the from the infra segment set on OB basis as well as depository basis. Some of them are from the IM Jodhpur, one is from the IM JodhpurS, one is from the IIM another is from. You know that was ONGC convention centers which we are we have done various in the energy week has been done. Similarly we are talking recently we got an order from NTPC for their township. These kind of niche segments are targeting. We don’t go into the regular residential building construction.
We go into the niche areas wherein the client wants to create a township, wants to create a research and development facility or wants to create a convention center. These kind of negotiated contracts we get into. Similarly at the same time the airport like the airport lay airport we are doing which is a green airport which we have designed. At the same time the airport which is coming in the UP in Noida you were involved in that. So these are very niche areas wherein we work. Some of the data centers we have done in past like sbi, uabi, the SBI and rbi.
So all these are the data centers wherein we have got involved as a consultant, as a project management consultant. So these are the areas we have been working. Apart from that we are working into the like project spare and green intelligent buildings are there. Water and wastewater management projects are there. The agricultural facility which has been created in Haryana, we were the consultant for that designing that facility. So these kind of niche projects we have been involved in infrastructure settlement.
Amit Anwani
Right. So lastly on the recently announced CCUS allocation in the budget for next five years roughly about 20,000 and I understand that we had a MoU with NTPC to do some collaboration for carbon capture and storage systems. Wanted to understand your thought after this policy. Are you seeing any pipeline for you?
Unidentified Speaker
And we have various ntpc we have various agreements. One is for the engineering services wherein we have to work for where various development projects like they have been working on the green Uria, green ammonia projects, they have been working on the projects of their power plants wherein they need some sort of engineering services like structural audit of their facility. These kind of projects we do. We also signed another agreement with them for offering them inspection services. We are also in talks with one of their subsidiary for offering the inspection services to their client. Because there are a lot of projects they have and they needed our support and that’s how we have entered into this agreement and we are supporting each other.
We have also got one of the assignment for a coal gasification project for them. They’re setting up a coal gasification plant so we are working on that as a consultant for them. So this kind of arrangement has been done under these, this mou.
Amit Anwani
Right. So any carbon capture you’re looking since this policy is in place, will it be like liability gap funding or any other?
Unidentified Speaker
On the carbon capture internal studies are going on and we are in talks with some of the technology providers to see how we can synergize our offerings with their technology. So it set us right now at a study mode but definitely something will come up from that also.
Amit Anwani
Right sir. Lastly on the inflow, is it fair to assume that consultancy still will be the dominant share in the order inflow for next year?
Unidentified Speaker
It is always in the same range. Sometimes consultancy crosses the 50% limit and sometimes remains because I think it almost remains in the same range this year it is expected to be a little bit more that will get conduct will get concluded only on 31st of March because there’s some other another order is realized from somewhere. We’ll see. It depends.
Amit Anwani
And sir, the current book, what is the duration for execution for consultancy orders and same for the turnkey orders for the 16,000 crore book.
Unidentified Speaker
Generally these projects are ranging from three to four years.
Amit Anwani
Both side turnkey and.
Unidentified Speaker
Consult for both the projects. So these are the long destination projects and generally runs from three to four years.
Amit Anwani
Okay sir. Thank you so much sir. All the best.
operator
Thank you. Next question come from the line of Pratik Dugar from Intel Sense. Please go ahead.
Unidentified Participant
And congratulations on a good set of numbers. Sir, this is not much of a question but rather some suggestion that if we could provide some sort of a bidding pipeline. I’m not saying that we say the name of the projects but something of the sort that some number of projects in the say 100 to 150 crore range or 150 to 300 crore range that we are bidding for that would actually help the analyst community. So would something of this sort be possible? Sir,
Unidentified Speaker
this kind of number is very difficult because we depend on the investment by the oil companies.
Recently the oil companies have indicated like IOC has indicated their 32,700 crore investment on GCS indicated 30,000 crores. BPCLs 25,000 crore. These are the upper investments which may come in the future from their side. This could be multiple projects. This could be a multiple smaller projects. So it all depends wherever they come out with the any tender, any mega project will be bidding for it. So it’s very difficult to tell the exact number what we are bidding for.
Unidentified Participant
Okay sir. And the other things are about I think last quarter also we are seeing some an exceptional income on account of some BGD fund.
And this time we are seeing a very big impact on the profit of. It’s a good impact, only positive surprise for the investors. But this is on account of some LD reversal you are seeing. So was this for some particular projects or multiple projects? We have recognize this time
Unidentified Speaker
this figure is for one project only.
Unidentified Participant
Okay. And so sir, I was thinking that if you could like given any other projects where we have this sort of a major, you know, reversal that we may see coming. So that was my question. I think
Unidentified Speaker
it client because we are doing lot of projects for the client. And whenever time schedule time is gone, we start keeping provision for the ld. And whenever project is completed we apply for the time extension to our client. And most of the time we get the time extension from from the client and we reverse the provision. This is the routine practice of En as per accepted accounting principles. So it is done for each and every project.
Unidentified Participant
Sir, on the bookkeeping side, I mean where would this figure say if you have made a provision, where would this figure be appearing on the bookkeeping side.
Unidentified Speaker
In the provision Guarantee and warranty.
Unidentified Participant
Okay.
Unidentified Speaker
Provision for guarantee and warranty. It is for the contextual provisions
Unidentified Participant
that helps. Okay. Thank you, sir. That’s. That’s all.
operator
Thank you. My next question come from the line of Palaz Jain from ICIC Securities. Please go ahead.
Palak Jain
Yeah. Thank you for the opportunity. So my first question is, has there. Been any initial discussion in the carbon capture opportunity post the budget or in your opinion which way this will go in FY27?
Unidentified Speaker
Even before the budget announcement, we are working on carbon capture initiatives and we are regularly in touch with some of the technology providers to see our solvents offerings in this domain.
Palak Jain
Okay. And my second question is, do you. Think that we have exhausted the Indian. Pipeline in PET CAM for refinery and. Consultancy in the near term?
Unidentified Speaker
We have exhausted. Yeah. No. Hello.
Palak Jain
Hello.
Unidentified Speaker
What is your question?
Palak Jain
So do you think that we have. Currently exhausted the Indian pipeline in the. PET Chem for refinery projects in the near term?
Unidentified Speaker
No. No, no, no. Not at all. Not at all. Not at all. You see the figures. Government is still there. A lot of capacity expansions and PET CAM expansions has been lined up by government. Government has already indicated that they are going to increase the refining capacity as well as the PET cam capacity by 2030. So you have a lot of projects in pipelines. But these. These are the cyclical projects. When they get realized, it will be taken. You know, the many projects are there on the anvil.
Palak Jain
So is the near term visibility or. Will this will come in future?
Unidentified Speaker
No, no. It is maybe in the next year. You must have heard about Andhra definity. There is a talk about Andhra refinery. So under refinery compact CAM it could come in next year.
Palak Jain
Okay. Okay.
Unidentified Speaker
We are already doing
Unidentified Speaker
us by 2040, our energy demand is going to be doubled and fossil fuel will be part of this energy mix in the 2040 also. So government is planning to increase the crude refining capacity and increasing the share of gas, natural gas in the energy mix from 6 to 6% to 15%. So a lot of projects are there. And petrochemicals. Petrochemical consumption is also increasing in India day by day. And it is very low in comparison to the developed countries. So lot of scope is there. Hello.
operator
Participants left the queue.
Unidentified Speaker
Okay,
operator
next question come from the line of Manoj sir from Lexgov Investment. Please go ahead.
Unidentified Participant
Yeah, thank you for the opportunity. Just wanted to check with you. How do you see the revenue mix between consultancy and turnkey over next two, three years? If I remember from few years you wanted to change the mix from when turnkey was higher to consultancy. And now what I’m seeing the trend is it’s again turnkey share is going up. So can you please guide a little bit how you want to where you want to focus over next two, three years.
Unidentified Speaker
Actually we always try to keep our consultancy business list in the range of 55 to 60%. But this is hovering 45 to 55%. So sometimes consultancy business is 55 55% and sometimes LSTK business is 55%. This is the general range for the last three years. But we always keep to try. More segment profit is there?
Unidentified Participant
No. See if I remember a few years you were saying that you normally use the etc as a or turnkey as a filler to utilize the resources. If you don’t have the consultancy project, is that the way you still work on?
Unidentified Speaker
But you see in the India more and more consultancy business is also coming. More and more refinery projects are there, PET can projects are there, lot of pipelines are there. So as on date we cannot say we are sitting idle and we should focus. We are focusing on the LSTK business. So first of all definitely we are focusing on the consultancy business and we are getting it also not only in India but outside India also.
Unidentified Participant
Fine, Fine. Because I know that it takes a lot of time to change the order which book makes from turnkey to consultancy or consultancy to turnkey. It will take three four year cycle. Normally this was what I have observed. Because
Unidentified Speaker
you can see our. You can see our order book as on date is 15,600 and out of that 10,000 crore is from the consultancy business only. So over around 67% order book is from consultancy business as on date.
Unidentified Participant
Okay. LSTK business we don’t go into the regular LSTK business. We only take the open book estimate ob kind of projects which are more secured, less risk and the returns are confirmed. And have you worked on anything like in case of cost escalations your margins are protected in these LSTK projects or because previously we have suffered because of these cost errors escalation. So how it has changed over the. Years in the context
Unidentified Speaker
now we have changed business model. As my colleague said, we are already targeting open book estimate which is cost plus contracts only. So whatever cost is incurred, client is reimbursing that and upon the cost were reimbursed we are charging our fixed margin, fixed markup. So our markup is intact and there is no escalation from our in the cost because exclamation in the cost is borne by the client. So we are on the safer side.
Unidentified Participant
And with respect to one of the participants query, you said that whenever there is a. If I’m an understanding is correct, you can just confirm it that whenever there is a project is going behind the schedule reviewed. Okay. You provide for the provision for a delay or penalty for that project. Okay. And if by the time of completion of the deadline, if the project is within the timeline, you reverse that provision, is that correct?
Unidentified Speaker
Yeah.
Unidentified Speaker
Gentlemen, please try and appreciate that this is a provision of the contract. Okay. Whenever a contract is awarded, this is a risk provision you always make. In any of the pricing you put, you make a provision, you keep that money aside and when the project executed, you don’t face any consequences. Then it is released. And it is released and as part of the revenue and it is added to your profit. It’s a risk provision which is always made in any of the contracts.
Unidentified Speaker
That kind of provision is always made in the consultancy as well as projects. From project point of view, there is no differentiation in the practice followed by.
Unidentified Participant
Okay, no, no. I’m saying that because the previous participants was. One of the participants were saying, you said, you replied that you reverse the provision what you have made because the project is now getting completed on time. You have earlier made the provision because project was running behind the schedule.
Unidentified Speaker
No, no. Whenever projects, whenever project starts get delayed, then we create the provision and on the completion of project, we apply for the time extension to our client. And in most of the cases we get the time extension from the client and upon the receipt of same, the provision is reversed.
Unidentified Participant
Okay. Okay, fine. Thank you. I understand that because some of the projects may have a penalty clause, so you provide for that. I understand.
Unidentified Speaker
All, all the projects are having penalty clause, but it is not implemented by the client.
Unidentified Participant
Yeah.
Unidentified Speaker
Because YAL is not solely responsible for the delay of the project, sir. That’s why. Yeah.
Unidentified Participant
Okay. Okay. Thank you. Thank you very much.
operator
Thank you. As there are no participant in the queue, I now hand the conference over to the management for the closing comments. Thank you. And over to you, sir.
Unidentified Speaker
Thank you. Thank you so much.
operator
Thank you, team.
Unidentified Speaker
Okay, can we close now?
operator
Yes. Ladies and gentlemen, thank you so much for joining the conference call on behalf of DAM Capital Advisor. That concludes this conference. Thank you for joining us. And you may now disconnect your lines.
Unidentified Speaker
Okay, thank you.
operator
Thank you, sir.