Engineering · Founded 2005 · www.lesgroup.in · BSE 544797 · · ISIN INE0X6O01027
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Business
Leapfrog Engineering Services Ltd. (LESL) operates in the engineering sector in India. As an engineering services company, its core business likely involves providing a range of professional and technical services throughout the lifecycle of engineering projects. This typically includes design, consulting, project management, feasibility studies, detailed engineering, procurement assistance, construction supervision, and sometimes full Engineering, Procurement, and Construction (EPC) services across various industries such as infrastructure, manufacturing, energy, or industrial facilities. The company primarily makes money through fees charged for its services, either on a project-by-project basis, retainer contracts, or milestone-based payments.
Revenue Mix
Specific key segments and their revenue contribution for Leapfrog Engineering Services Ltd. are not available. However, typical segments for an engineering services company might include:
Design & Consulting: Conceptual design, detailed engineering, feasibility studies.
Project Management: Overseeing project execution from start to finish.
EPC/PMC (Engineering, Procurement, Construction/Management): Integrated project delivery.
Specialized Services: Specific technical expertise in areas like automation, environmental engineering, or specific industry domains.
Without further information, the breakdown for LESL remains unknown.
Industry
The engineering services industry in India is characterized by a mix of large integrated players and numerous smaller, specialized firms. It is highly competitive and fragmented, driven by government infrastructure spending, industrial growth, and foreign direct investment. Demand is influenced by economic cycles and specific sectorial growth (e.g., power, roads, manufacturing). Leapfrog Engineering Services Ltd.'s specific positioning within this landscape (e.g., target industries, niche expertise, market share, competitive standing against larger domestic or international players) cannot be determined without additional information.
MOAT
Without specific operational or financial details, it is not possible to identify any durable competitive advantages (moats) for Leapfrog Engineering Services Ltd. Potential moats in the engineering services sector, which LESL might possess, could include:
Specialized Expertise/Proprietary Know-how: Niche technical skills or processes.
Strong Client Relationships: Long-standing contracts and repeat business.
Brand Reputation: A track record of successful project execution and quality.
Cost Leadership: Efficiency in project delivery, though harder to sustain in services.
Scale: Ability to bid for larger, more complex projects (less likely for smaller players).
The presence of any of these for LESL is unknown.
Growth Drivers
Key factors that could drive growth for Leapfrog Engineering Services Ltd. over the next 3-5 years, assuming it aligns with broader industry trends in India, include:
Government Infrastructure Push: Continued investment in roads, railways, ports, airports, and urban development.
Manufacturing & Industrial Growth: "Make in India" initiatives and expansion of industrial capacity.
Energy Transition: Growth in renewable energy projects and upgrading of traditional power infrastructure.
Smart Cities & Digitalization: Adoption of advanced technologies in urban development and industrial processes.
Increased Outsourcing: Companies increasingly outsourcing specialized engineering functions.
Risks
Key business risks for Leapfrog Engineering Services Ltd., common to the engineering services industry in India, include:
Economic Downturns: Reduces demand for new projects and capital expenditure.
Project Delays & Cost Overruns: Can impact profitability and reputation.
Intense Competition: Pressure on pricing and margins due to a fragmented market.
Skilled Labor Shortages: Difficulty in attracting and retaining qualified engineers and project managers.
Regulatory & Policy Changes: Shifts in government policies, environmental regulations, or tax laws.
Client Concentration: Over-reliance on a few large clients.
Technological Disruption: Failure to adopt new engineering tools and methodologies.
Management & Ownership
Specific details regarding the promoters, management quality, or ownership structure of Leapfrog Engineering Services Ltd. are not available. In Indian companies, promoters typically hold a significant equity stake and play a crucial role in strategic direction. The quality of management, particularly their experience in project execution, client relations, and financial management, would be critical for success in the engineering services sector.
Outlook
The outlook for Leapfrog Engineering Services Ltd. presents a balanced view, acknowledging both opportunities and challenges.
Bull Case: The Indian engineering sector is poised for growth, driven by robust government infrastructure spending, industrial expansion, and urbanization. If LESL possesses specialized expertise, strong client relationships, and efficient project execution capabilities, it could capitalize on these macroeconomic tailwinds, securing new projects and expanding its service offerings. Its specific niche or regional strength, if any, could provide a competitive edge in a growing market.
Bear Case: The engineering services industry is highly competitive, sensitive to economic cycles, and prone to project-specific risks like delays and cost overruns. Without identified competitive advantages, strong financial health, or a clear market niche, LESL could face significant margin pressures and struggle to differentiate itself. The lack of detailed information makes a definitive assessment difficult, highlighting potential risks associated with unknown financial performance, project pipeline, and management capabilities.
| #(Fig in Cr.) |
|---|
| Net Sales |
| Other Income |
| Total Income |
| Total Expenditure |
| Operating Profit |
| Interest |
| Depreciation |
| Exceptional Income / Expenses |
| Profit Before Tax |
| Provision for Tax |
| Profit After Tax |
| Adjustments |
| Profit After Adjustments |
| Adjusted Earnings Per Share |
| #(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 | 16 | 7 | 50 | 20 | 4 | 23 | 42 | 104 | 158 | 135 | 152 | |
| Other Income | 0 | 0 | 1 | 0 | 0 | 2 | 1 | 1 | 5 | 3 | 11 | |
| Total Income | 16 | 7 | 51 | 20 | 4 | 25 | 42 | 105 | 163 | 137 | 163 | |
| Total Expenditure | 14 | 5 | 49 | 18 | 2 | 22 | 39 | 102 | 137 | 111 | 129 | |
| Operating Profit | 2 | 2 | 3 | 2 | 2 | 3 | 4 | 3 | 26 | 26 | 35 | |
| Interest | 2 | 1 | 1 | 1 | 2 | 2 | 3 | 2 | 3 | 4 | 7 | |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1 | 0 | 0 | |
| Profit Before Tax | 0 | 0 | 1 | 0 | 0 | 1 | 1 | 1 | 22 | 22 | 27 | |
| Provision for Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6 | 6 | 8 | |
| Profit After Tax | 0 | -0 | 1 | 0 | 0 | 1 | 1 | 0 | 16 | 16 | 20 | |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Profit After Adjustments | 0 | -0 | 1 | 0 | 0 | 1 | 1 | 0 | 16 | 16 | 20 | |
| Adjusted Earnings Per Share | 0 | -0 | 0.1 | 0 | 0 | 0.1 | 0.1 | 0 | 1.6 | 1.5 | 1.8 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 13% | 13% | 46% | 25% |
| Operating Profit CAGR | 35% | 127% | 63% | 33% |
| PAT CAGR | 25% | 0% | 82% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | NA% | NA% | NA% | NA% |
| ROE Average | 31% | 64% | 42% | 24% |
| ROCE Average | 38% | 59% | 41% | 28% |
| #(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 | 3 | 3 | 4 | 4 | 4 | 4 | 5 | 5 | 22 | 53 | 73 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 1 | 0 | 2 | 3 | 3 | 2 | 2 | 1 | 1 | 0 | 1 |
| Other Non-Current Liabilities | 0 | -0 | -0 | 0 | -0 | 0 | 0 | 1 | 0 | -0 | -0 |
| Total Current Liabilities | 17 | 28 | 15 | 12 | 19 | 28 | 25 | 59 | 28 | 95 | 93 |
| Total Liabilities | 20 | 31 | 20 | 19 | 26 | 34 | 32 | 66 | 51 | 148 | 166 |
| Fixed Assets | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 1 |
| Other Non-Current Assets | 1 | 1 | 1 | 1 | 1 | 1 | 3 | 4 | 2 | 4 | 4 |
| Total Current Assets | 19 | 30 | 19 | 18 | 25 | 33 | 28 | 62 | 47 | 143 | 161 |
| Total Assets | 20 | 31 | 20 | 19 | 26 | 34 | 32 | 66 | 51 | 148 | 166 |
| #(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 | 2 | 4 | 0 | 4 | 4 | 5 | 5 | 5 | 9 | 0 | 0 |
| Cash Flow from Operating Activities | 1 | 7 | 0 | -2 | 2 | -4 | 1 | 12 | -0 | -16 | -5 |
| Cash Flow from Investing Activities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -0 | -1 | -3 | -0 |
| Cash Flow from Financing Activities | -0 | -8 | 0 | 2 | -1 | 5 | -1 | -8 | -1 | 18 | 5 |
| Net Cash Inflow / Outflow | 1 | -1 | 0 | -0 | 1 | 2 | 0 | 4 | -2 | 0 | -0 |
| Closing Cash & Cash Equivalent | 4 | 3 | 0 | 4 | 5 | 7 | 5 | 9 | 7 | 0 | 0 |
| # | 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) | 0.01 | -0 | 0.08 | 0.01 | 0.02 | 0.07 | 0.06 | 0.03 | 1.59 | 1.51 | 1.83 |
| CEPS(Rs) | 0.04 | 0.02 | 0.09 | 0.02 | 0.03 | 0.07 | 0.07 | 0.05 | 1.65 | 1.56 | 1.87 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 0.28 | 0.27 | 0.35 | 0.36 | 0.37 | 0.44 | 0.5 | 0.53 | 2.15 | 4.97 | 6.8 |
| Core EBITDA Margin(%) | 11.6 | 21.6 | 2.83 | 7.01 | 41.89 | 5.65 | 6.99 | 1.78 | 13.4 | 17.54 | 15.46 |
| EBIT Margin(%) | 11.21 | 21.8 | 5.13 | 8.05 | 47.77 | 12.89 | 8.4 | 2.75 | 15.55 | 19.2 | 22.47 |
| Pre Tax Margin(%) | 1.52 | 0.68 | 2.36 | 0.71 | 6.43 | 3.54 | 2.33 | 0.6 | 13.91 | 16.24 | 17.98 |
| PAT Margin (%) | 0.7 | -0.53 | 1.54 | 0.39 | 4.54 | 2.82 | 1.5 | 0.27 | 10.14 | 12.05 | 12.86 |
| Cash Profit Margin (%) | 2.49 | 3.18 | 1.82 | 1.1 | 7.81 | 3.06 | 1.77 | 0.46 | 10.51 | 12.4 | 13.16 |
| ROA(%) | 0.56 | -0.13 | 3.02 | 0.39 | 0.83 | 2.23 | 1.91 | 0.58 | 27.33 | 16.28 | 12.46 |
| ROE(%) | 4.06 | -1.25 | 24.7 | 2.17 | 5.03 | 16.14 | 13.15 | 5.47 | 118.46 | 43.28 | 31.06 |
| ROCE(%) | 15.66 | 18.11 | 32.46 | 11.87 | 12.88 | 15.62 | 14.5 | 13.24 | 91.17 | 47.51 | 38.45 |
| Receivable days | 133.29 | 404.15 | 56.92 | 150.53 | 665.34 | 121.46 | 88.01 | 43.97 | 31.47 | 163.4 | 257.89 |
| Inventory Days | 175.64 | 541.95 | 54.87 | 45.97 | 396.77 | 136.8 | 63.77 | 14.03 | 14.13 | 17.42 | 16.13 |
| Payable days | 243.98 | -1016.42 | 23.33 | 92.02 | -530.1 | 147.56 | 108.15 | 20.22 | 19.51 | 293.03 | 224.6 |
| PER(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Price/Book(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 0.34 | -0.18 | 0.09 | 0.4 | 1.66 | 0.53 | 0.36 | 0.04 | 0.04 | 0.17 | 0.22 |
| EV/Core EBITDA(x) | 2.58 | -0.69 | 1.59 | 4.54 | 3.26 | 4.06 | 4.15 | 1.52 | 0.27 | 0.86 | 0.97 |
| Net Sales Growth(%) | 0 | -59.69 | 670.46 | -60.92 | -79.22 | 475.69 | 77.31 | 150.48 | 51.52 | -14.69 | 13.13 |
| EBIT Growth(%) | 0 | -21.59 | 81.34 | -38.7 | 23.33 | 55.34 | 15.58 | -18.12 | 757.87 | 5.34 | 32.39 |
| PAT Growth(%) | 0 | -130.61 | 2341.31 | -90 | 139.94 | 257.78 | -5.98 | -54.57 | 5556.86 | 1.35 | 20.71 |
| EPS Growth(%) | 0 | -130.61 | 2341.31 | -90 | 139.94 | 257.78 | -5.98 | -54.57 | 5556.91 | -4.69 | 20.71 |
| Debt/Equity(x) | 3.17 | 0.5 | 2.35 | 3.14 | 3.08 | 4.26 | 3.94 | 2.45 | 0.63 | 0.38 | 0.44 |
| Current Ratio(x) | 1.13 | 1.06 | 1.31 | 1.44 | 1.3 | 1.19 | 1.16 | 1.04 | 1.67 | 1.5 | 1.73 |
| Quick Ratio(x) | 0.66 | 0.65 | 1.07 | 1.33 | 0.91 | 0.82 | 0.98 | 0.98 | 1.37 | 1.46 | 1.63 |
| Interest Cover(x) | 1.16 | 1.03 | 1.85 | 1.1 | 1.16 | 1.38 | 1.38 | 1.28 | 9.45 | 6.48 | 5 |
| Total Debt/Mcap(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| # | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|
| Promoter | 0 | 67.26 | 67.26 |
| FII | 0 | 0.1 | 0 |
| DII | 0 | 0.17 | 0 |
| Public | 0 | 32.47 | 32.74 |
| Others | 0 | 0 | 0 |
| Total | 0 | 100 | 100 |
| # | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|
| Promoter | 0 | 9.54 | 9.54 |
| FII | 0 | 0.01 | 0 |
| DII | 0 | 0.02 | 0 |
| Public | 0 | 4.6 | 4.64 |
| Others | 0 | 0 | 0 |
| Total | 0 | 14.18 | 14.18 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +13% | +13% | +46% | +25% |
| Operating Profit CAGR | +35% | +127% | +63% | +33% |
| PAT CAGR | +25% | — | +82% | — |
| Share Price CAGR | — | — | — | — |
| ROE Average | +31% | +64% | +42% | +24% |
| ROCE Average | +38% | +59% | +41% | +28% |
| # | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|
| Promoter | 0 | 67.26 | 67.26 |
| FII | 0 | 0.1 | 0 |
| DII | 0 | 0.17 | 0 |
| Public | 0 | 32.47 | 32.74 |
| Others | 0 | 0 | 0 |
| Total | 100 | 100 | 100 |
| # | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|
| Promoter | 0 | 9.54 | 9.54 |
| FII | 0 | 0.01 | 0 |
| DII | 0 | 0.02 | 0 |
| Public | 0 | 4.6 | 4.64 |
| Others | 0 | 0 | 0 |
| Total | 0 | 14.18 | 14.18 |
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