Key Financials Snapshot

TTM · Consolidated · ₹ in Cr
Market Cap
₹511 Cr.
Stock P/E
913.2
P/B
-0.2
Current Price
₹39
Book Value
₹ -243.3
Face Value
10
52W High
₹44.5
52W Low
₹ 21.3
Dividend Yield
0%

IL&FS Engg. & Const. Overview

Business

IL&FS Engineering and Construction Company Ltd. (IL&FSENGG) is an infrastructure development and construction company based in India. Historically, it was engaged in Engineering, Procurement, and Construction (EPC) services across various infrastructure sectors, including roads, power, buildings, water, and ports. Its core business model involved bidding for and executing large-scale infrastructure projects for government agencies and private clients. The company generated revenue through milestone-based payments and completion of contract works.

Revenue Mix

Historically, IL&FSENGG's revenue was primarily diversified across infrastructure verticals. While specific, recent revenue mixes are not readily available in the public domain post-crisis, its operational segments generally included:

Transportation (roads, bridges, highways)

Buildings & Urban Infrastructure (commercial, residential, institutional buildings)

Power (power plants, transmission lines)

Ports & Marine (ports, jetties)

Water & Irrigation

Industry

The Indian engineering and construction industry is highly competitive, fragmented, and cyclical, heavily dependent on government infrastructure spending, regulatory policies, and economic growth. It faces intense competition from numerous domestic and international players. Historically, IL&FSENGG was positioned as a diversified EPC player leveraging its parent group's financial strength and project development expertise. However, post the financial crisis of its parent IL&FS Group, its positioning has been severely impacted, with significant operational constraints and diminished competitive standing compared to healthy peers.

MOAT

In its operational past, IL&FSENGG's competitive advantages stemmed from its project execution experience, technical capabilities in diverse infrastructure segments, and the backing of the larger IL&FS Group. This group affiliation potentially provided access to funding, project pipelines, and a broader network. However, due to the severe financial distress and resolution process of its parent, any historical competitive advantages have been largely eroded. The company currently lacks a clear, durable moat such as strong brand equity, proprietary technology, or significant economies of scale in its current state of operations.

Growth Drivers

Given its current circumstances, future growth drivers are largely contingent upon:

Successful resolution and restructuring of the parent IL&FS Group, which would impact IL&FSENGG's ability to operate and bid for new projects.

Resolution of its own debt and financial liabilities, allowing access to working capital and project financing.

Renewal of its project execution capabilities and re-establishment of client confidence.

Overall increase in government and private sector infrastructure spending in India, if the company can participate effectively.

Risks

IL&FSENGG faces significant risks, primarily stemming from its association with the financially distressed IL&FS Group:

Financial Distress & Resolution: The company's own severe financial difficulties, debt defaults, and ongoing resolution processes (NCLT proceedings) pose an existential threat.

Liquidity & Capital Access: Limited access to working capital and project financing due to its financial situation.

Operational Curtailment: Severe curtailment of project execution and inability to bid for new projects, leading to revenue generation challenges.

Reputational Damage: Significant damage to its reputation and client trust due to the parent group's crisis.

Legal & Regulatory Risks: Ongoing investigations, litigations, and regulatory scrutiny related to the IL&FS crisis.

Retention of Talent: Difficulty in retaining skilled personnel given the operational uncertainties.

Management & Ownership

IL&FS Engineering and Construction Company Ltd. is part of the IL&FS Group, which is currently undergoing a government-supervised resolution process after a major financial crisis. The company's ownership and management structure are subject to the outcome of this complex resolution plan. The original promoters were entities within the IL&FS Group. Current management is operating under severe constraints and oversight as part of the broader group's restructuring efforts, with significant involvement from the NCLT-appointed board overseeing the parent company's resolution.

Outlook

The outlook for IL&FS Engineering and Construction Company Ltd. is highly challenging and uncertain. The company's fate is intrinsically linked to the successful resolution of the massive financial crisis faced by its parent, the IL&FS Group. A potential bull case would rely on a comprehensive debt resolution plan, successful revival of operations, and renewed project acquisition, allowing the company to leverage India's long-term infrastructure growth. However, the bear case highlights the substantial financial liabilities, severe operational constraints, significant reputational damage, and the inherent difficulties in restarting a large construction business after such a crisis. The path to sustained profitability and regaining market share is arduous and long, with a high degree of execution risk associated with any proposed revival plan.

IL&FS Engg. & Const. Share Price

Live · BSE / NSE · Inception: 1988
₹ | |
Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Consolidated · annual

IL&FS Engg. & Const. Quarterly Results

#(Fig in Cr.) Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
Net Sales 85 86 66 68 102 41 55 62 30 38
Other Income 15 4 12 8 27 19 10 9 32 11
Total Income 100 89 78 76 129 60 64 71 62 49
Total Expenditure 192 90 87 72 145 68 63 66 49 47
Operating Profit -92 -1 -9 3 -16 -8 1 6 13 2
Interest 1 1 1 0 2 0 1 1 1 1
Depreciation 2 1 1 1 3 1 2 2 2 2
Exceptional Income / Expenses -2 0 0 0 28 0 0 -2 -1 0
Profit Before Tax -98 -3 -11 2 7 -9 -2 2 10 -0
Provision for Tax 0 0 0 0 0 0 0 0 0 0
Profit After Tax -98 -3 -11 2 7 -9 -2 2 10 -0
Adjustments 0 0 -0 -0 0 0 1 0 0 0
Profit After Adjustments -98 -3 -11 1 7 -9 -1 2 10 0
Adjusted Earnings Per Share -7.5 -0.2 -0.8 0.1 0.6 -0.7 -0.1 0.1 0.8 0

IL&FS Engg. & Const. Profit & Loss

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
Net Sales 2132 1818 1869 1239 562 333 308 177 259 321 188 185
Other Income 134 202 277 23 46 45 71 39 74 51 70 62
Total Income 2266 2020 2146 1262 608 378 379 216 333 372 258 246
Total Expenditure 2337 1675 1713 1328 556 554 526 301 428 394 246 225
Operating Profit -71 345 433 -66 51 -176 -147 -86 -95 -22 12 22
Interest 308 349 409 290 26 43 46 23 13 4 3 4
Depreciation 56 48 45 37 32 19 14 10 7 7 6 8
Exceptional Income / Expenses 0 0 0 -1640 -399 -48 -179 -5 38 28 -3 -3
Profit Before Tax -435 -52 -21 -2033 -406 -286 -386 -124 -78 -5 1 10
Provision for Tax 2 0 -4 10 0 0 0 0 0 0 0 0
Profit After Tax -437 -52 -17 -2044 -406 -286 -386 -124 -78 -5 1 10
Adjustments 111 29 28 1 1 1 0 0 0 0 1 1
Profit After Adjustments -326 -23 12 -2043 -405 -285 -386 -124 -77 -5 1 11
Adjusted Earnings Per Share -26.9 -1.8 0.9 -155.8 -30.9 -21.7 -29.4 -9.5 -5.9 -0.4 0.1 0.8

IL&FS Engg. & Const. Balance Sheet

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Shareholder's Funds -26 -43 -31 -1730 -2204 -2488 -2874 -3107 -3184 -3189 -3190
Minority's Interest -94 -111 -108 -108 -108 -108 -108 0 0 0 0
Borrowings 1389 1214 1205 668 0 0 0 0 0 0 0
Other Non-Current Liabilities 465 678 660 167 59 76 276 432 470 488 359
Total Current Liabilities 2261 2320 3328 4079 4877 4715 4622 4501 4410 4408 4460
Total Liabilities 3995 4057 5053 3077 2625 2196 1916 1826 1695 1707 1629
Fixed Assets 197 177 180 120 89 72 49 42 33 28 25
Other Non-Current Assets 1876 2429 2893 1447 1165 1153 988 1076 1019 1081 994
Total Current Assets 1922 1452 1980 1510 1371 970 879 709 642 597 611
Total Assets 3995 4057 5053 3077 2625 2196 1916 1826 1695 1707 1629

IL&FS Engg. & Const. Cash Flow

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Opening Cash & Cash Equivalents 22 4 4 15 16 67 67 104 147 62 99
Cash Flow from Operating Activities -177 51 -117 229 216 35 98 8 -73 -49 -112
Cash Flow from Investing Activities 247 40 -62 -22 -116 9 -14 55 -3 87 33
Cash Flow from Financing Activities -84 -106 191 -206 -49 -44 -47 -19 -10 -1 -1
Net Cash Inflow / Outflow -14 -15 12 1 51 0 37 43 -85 37 -79
Closing Cash & Cash Equivalent 5 4 15 16 67 67 104 147 62 99 20

IL&FS Engg. & Const. Ratios

# Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Earnings Per Share (Rs) -26.89 -1.77 0.88 -155.79 -30.89 -21.74 -29.45 -9.46 -5.91 -0.37 0.1
CEPS(Rs) -31.43 -0.31 2.11 -153.07 -28.53 -20.34 -28.43 -8.68 -5.35 0.15 0.53
DPS(Rs) 0 0 0 0 0 0 0 0 0 0 0
Book NAV/Share(Rs) -9.77 -3.31 -2.39 -131.95 -168.07 -189.76 -219.22 -236.92 -242.85 -243.23 -243.28
Core EBITDA Margin(%) -9.63 7.87 8.36 -7.16 1.06 -66.54 -71 -70.12 -65.43 -22.58 -30.89
EBIT Margin(%) -5.97 16.35 20.81 -140.68 -67.6 -73.01 -110.63 -57 -24.81 -0.3 1.68
Pre Tax Margin(%) -20.42 -2.84 -1.1 -164.09 -72.24 -85.85 -125.59 -70.02 -30.02 -1.53 0.3
PAT Margin (%) -20.51 -2.86 -0.9 -164.94 -72.24 -85.85 -125.59 -70.02 -30.02 -1.53 0.3
Cash Profit Margin (%) -17.86 -0.23 1.48 -161.97 -66.51 -80.14 -121.18 -64.27 -27.14 0.62 3.73
ROA(%) -10.5 -1.29 -0.37 -50.28 -14.25 -11.85 -18.79 -6.63 -4.41 -0.29 0.03
ROE(%) -6499.93 0 0 0 0 0 0 0 0 0 0
ROCE(%) -5.91 14.26 16.44 -97.55 -53.18 -74.87 0 0 0 0 0
Receivable days 118.38 100.21 87.74 95.73 117.36 186.75 124.52 155.23 80.65 54.07 110.14
Inventory Days 169.53 160.47 170.52 163.56 46.08 49.33 35.27 33.08 18.59 17.63 29.32
Payable days 383.65 572.16 558.05 719.65 1973.17 3021.26 2702.27 6241.74 3257.27 2600.95 4214.6
PER(x) 0 0 33.18 0 0 0 0 0 0 0 229.98
Price/Book(x) -4.62 -16.39 -12.22 -0.07 -0.01 -0.02 -0.05 -0.05 -0.13 -0.16 -0.1
Dividend Yield(%) 0 0 0 0 0 0 0 0 0 0 0
EV/Net Sales(x) 1.26 1.57 1.6 2.25 4.32 7.35 8.07 14.09 10.66 8.9 14.63
EV/Core EBITDA(x) -37.98 8.26 6.92 -42.21 47.24 -13.87 -16.84 -29.14 -28.99 -132.36 224.73
Net Sales Growth(%) -23.4 -14.72 2.81 -33.69 -54.61 -40.83 -7.54 -42.43 45.99 24.31 -41.53
EBIT Growth(%) -150.62 333.6 30.84 -548.31 78.19 36.09 -40.09 70.34 36.45 98.49 425.77
PAT Growth(%) -1791.48 88.09 67.65 0 80.12 29.69 -35.25 67.9 37.41 93.65 111.36
EPS Growth(%) -2665.47 93.41 149.68 0 80.17 29.63 -35.47 67.89 37.53 93.7 127.24
Debt/Equity(x) -80.96 -49.88 -84.35 -1.56 -1.21 -1.07 -0.93 -0.86 -0.84 -0.84 -0.84
Current Ratio(x) 0.85 0.63 0.6 0.37 0.28 0.21 0.19 0.16 0.15 0.14 0.14
Quick Ratio(x) 0.46 0.31 0.29 0.35 0.27 0.2 0.19 0.16 0.14 0.13 0.13
Interest Cover(x) -0.41 0.85 0.95 -6.01 -14.56 -5.69 -7.4 -4.38 -4.76 -0.24 1.22
Total Debt/Mcap(x) 3.79 3.04 6.9 21.86 125.77 71.18 18.37 16.88 6.21 5.22 8.72

Growth Rates

Compounded annual
# 1 Year 3 Year 5 Year 10 Year
Sales CAGR -41% +2% -11% -22%
Operating Profit CAGR — — — —
PAT CAGR — — — —
Share Price CAGR +40% +18% +53% -3%
ROE Average 0% 0% 0% -591%
ROCE Average 0% 0% 0% -18%

IL&FS Engg. & Const. Shareholding Pattern

Latest · Sep 2026
100% held
Promoters 42.25 %
FII 0.81 %
DII (MF + Insurance) 0.33 %
Public (retail) 56.61 %
# Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026 Sep 2026
Promoter 42.2542.2542.2542.2542.2542.2542.2542.2542.2542.25
FII 0.230.590.790.870.870.880.940.70.70.81
DII 0.780.370.370.370.370.370.370.340.330.33
Public 56.7356.7956.5956.5156.5156.556.4456.7156.7256.61
Others 0000000000
Total 100100100100100100100100100100

IL&FS Engg. & Const. Peer Comparison

Engineering - Construction Edit Columns

IL&FS Engg. & Const. Quarterly Price

10-year quarterly close · BSE
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News & Updates

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IL&FS Engg. & Const. Pros & Cons

Pros

  • Stock is trading at -0.2 times its book value
  • Company is almost debt free.

Cons

  • Though the company is reporting repeated profits, it is not paying out dividend.
  • Promoter holding is low: 42.25%.
  • Company has a low return on equity of 0% over the last 3 years.
  • Debtor days have increased from 2600.95 to 4214.6days.
  • Earnings include an other income of Rs. 70 Cr.
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