Strong margins, soft revenue; big order book masks near-term execution gaps

Consultancy OPM 24% achieved in Q1; but revenue only ₹499 Cr on ₹10.5k Cr backlog = 4.8% annual run rate

Q1 inflow ₹514 Cr; pipeline ₹2,750 Cr disclosed (34% of target with 75% of FY elapsed)

Q1 turnkey revenue ₹302 Cr (-33% YoY); execution rate 7.7% vs 30% historical target

New mega projects in Middle East 'under hold' per management; only routine maintenance flowing

Q1 revenue ₹819.8 Cr is -5.8% YoY; Q2-Q4 average must be 43% higher than Q1 to hit target

Q1 FY27 consultancy ₹499 Cr (62% of ₹801 standalone) vs 48% in prior year; margins 24% vs 17% YoY. Strategic shift to higher-margin business working.

Q1 turnkey ₹302 Cr (-33% YoY from ₹449 Cr); attributed to 'tapering of certain major projects'. New orders in early execution; no near-term visibility on recovery ramp.

Q1 inflow ₹514 Cr annualizes to ₹2.1k Cr (26% of ₹8k Cr target). Pipeline ₹2.75k Cr disclosed (only 34% of target with 75% of FY elapsed). Management cited ongoing discussions but no concrete near-term closures.

Management stated 'new mega projects are under hold' due to Hormuz conflict, but routine PMC maintenance work flowing. ₹500 Cr order in Q1 from existing clients; Aramco still in initial stages.

Targeting 16% OpM for FY27 (same as FY26). Q1 achieved 15.4%. Management noted potential for upside if change orders materialize but maintaining conservative 16% guidance.

Currently ₹2.75k Cr in pipeline (₹1.1k overseas, ₹1.65k domestic). Reaffirmed ₹8k Cr target; stated still 2 quarters to close major projects under discussion.

No exceptional change orders in Q1. Provisions reversed only on project completion and defect liability period expiry. HPCL Barmer still in DLP.

Targeting at least 10% total growth; consultancy >50% mix. Prior year consultancy ₹1.9k Cr (48% of turnover); targeting ₹2.3-2.4k Cr this year. Execution rate is cyclic; depends on project stage and timing within FY.

Consultancy segment profit rose from 17% to 24%; Turnkey improved to 7.5%. Confident to maintain 24-25% consultancy segment profit. Strong margin leverage ahead.

Clients not officially disclosing holds, but new mega projects are under hold. Routine maintenance PMC orders flowing (₹400-500 Cr this quarter). Existing projects proceeding. India capex by OMCs on track. No India business impact yet.

Multiple feasibility study inquiries after ₹34k Cr gap funding announced. Executing one NTPC gas-to-SNG project; many others in bidding/negotiation stage. Results expected in couple of months.

BPCL Andhra: feasibility ongoing; execution tender expected end-FY or early-next-FY. IOCL Phase 2: under their approval; land issues being settled. ONGC: feasibility still in process, will take time. Undisclosed projects also being pursued.

Revenue recognized on cost progress basis cumulatively. If cost progress is 10%, revenue is 10% of contract value. Spread over 4-year execution period.

Yes. ₹10k Cr consultancy order book; expecting >50% (55% ideally) of ₹4.2k Cr total = ₹2.3-2.4k Cr. Consultancy growth will exceed LSTK growth. Maintaining ₹5k Cr FY28 target.

Still in initial stages with Aramco; no major inquiries yet due to project slowdown. Middle East grim but cautious on pursuing. Already secured ₹500 Cr Q1. Team in Abu Dhabi intact. Business continuing despite Hormuz.

Last year OpM 16%; targeting 16% this year also. May achieve more if change orders settle with clients, but maintaining 16% guidance for now.

60-year heritage; hydrocarbon experience transferable. Nuclear: focusing on balance-of-plant (similar to hydrocarbon). Coal gasification: same skill set. Infrastructure: selective (data centers, R&D, IIM/IIT projects, convention centers). Recruiting specialists; training staff. Considering co-investments on attractive opportunities.

Investments are strategic, yielding returns (dividends from NRL, soon from RFCL). Considering new investment proposals under management review. Currently providing 100% dividend in FY27; no plans to distribute all reserves.

Grown from ₹30 Cr to ₹1k Cr revenue in 3-4 years via Abu Dhabi office. Empanelled with major national oil companies and consultants. Competitive market; no need to hard-sell when empanelled. Signed frame agreements and mega contracts; on progressive path despite Hormuz crisis.

Q1 achieved ₹819.8 Cr (-5.8% YoY). Requires Q2-Q4 avg ₹1.145k Cr (43% higher than Q1). Consultancy >50% of mix at ₹2.3-2.4k Cr implied.

Q1 consultancy ₹499 Cr (4.8% run-rate on ₹10.5k book). For ₹2.4k annual = 22% execution rate needed vs Q1's 4.8%.

Q1 turnkey ₹302 Cr (-33% YoY). Management vague on ramp pace. No specific Q3-Q4 projections provided.

Q1 OpM 15.4%, slightly below 16% target. Management confident 16% achievable; upside if change orders settle.

Q1 consultancy OPM 24% vs 17% prior year. Management confident to maintain/exceed this level.

Q1 turnkey OPM 7.5%. Management expects margin stability as new projects mature; assumes pricing power preserved.

Q1 revenue -5.8% YoY conflicts with 10%+ FY27 guidance. Turnkey -33%; consultancy mix only 4.8% execution rate. Q2-Q4 must accelerate 43% vs Q1 to hit ₹4.2k Cr.

₹514 Cr Q1 inflow vs ₹8k Cr annual target. Only ₹2.75k Cr pipeline disclosed (34% of target). Major projects (BPCL Andhra, IOCL Phase 2, ONGC, Aramco) still in feasibility/early discussion.

Hormuz conflict suppressing new mega projects. Management candid: 'new mega projects are under hold'. Existing projects proceeding, but routine maintenance-level orders flowing (₹500 Cr Q1 vs prior mega-project scale).

Consolidated PAT +141.5% boosted by ₹49.9 Cr JV swing (RFCL ₹6.88 Cr vs -₹7.37 Cr loss prior). Standalone PAT only +55.7%. JV profit dependent on RFCL utilization and external factors.

Diversification into nuclear, coal gasification, infrastructure is strategic but new. Management has skills but limited track record. Guardrails for profitability and execution quality on new segments unclear.