Telge Projects Limited: Charting a Course for Global Engineering Dominance in H1 FY26

Telge Projects Limited, a rapidly expanding player in the structural and BIM engineering services sector, has delivered a robust performance in the first half of fiscal year 2026 (H1 FY26). The company reported a significant surge in its financial metrics, underscoring its strategic investments and growing market footprint. Revenue for H1 FY26 stood at an impressive INR 17 crores, marking a substantial 119% year-on-year (YoY) growth. This strong top-line expansion was complemented by a 105% YoY increase in EBITDA, reaching INR 3.03 crores, and an 82% YoY rise in Profit After Tax (PAT) to INR 1.93 crores. These figures highlight Telge Projects' ability to scale operations and capture a larger share of the global engineering market.

The company's growth is not merely quantitative; it is also reflected in its expanding client base and diversified service offerings. Telge Projects successfully added 27 new clients in H1 FY26, bringing its total active customer count to 80. This expansion is a testament to its enhanced capabilities and market acceptance. The revenue bifurcation reveals a strong reliance on steel-related services, which contributed INR 14.06 crores (84%) to the total revenue, while precast services accounted for INR 2.68 crores (16%). Geographically, the United States remains a dominant market, contributing INR 12.47 crores, followed by Australia (INR 1.47 crores), Latvia (INR 0.73 crores), Norfolk Island (INR 0.67 crores), Ireland (INR 0.34 crores), and India (INR 0.34 crores), with other regions making up the remaining INR 0.71 crores. This diversified revenue stream across multiple geographies mitigates dependency on any single market.

Strategic Investments Fueling Future Growth

Telge Projects' management emphasized that the slightly lower proportionate PAT growth in H1 FY26 was a result of deliberate strategic upfront investments. As an engineering services company, building capacity is crucial, and these investments in manpower, business development, and technology are expensed upfront. This approach ensures that the company is well-prepared to meet future demand, with new hires undergoing a 3-6 month training period before becoming fully operational. These investments are expected to translate into stronger Request for Quotations (RFQs) and improved client retention rates in the coming periods.

The company's order book and pipeline reflect this strategic foresight. Telge Projects currently holds confirmed orders worth INR 10.4 crores, high-probability orders (advanced stage) between INR 8-10 crores, and active RFQs under estimation totaling INR 15-18 crores. This robust pipeline provides strong visibility for the upcoming quarters. The current execution capacity stands at INR 4.5 to 5 crores per month, which is sufficient to support the projected growth for H2 FY26 and FY27 without the need for major additional hiring in the next 5-6 months. This indicates efficient resource utilization and scalability built into their operations.

Expanding Horizons: Inorganic Growth and R&D Focus

Telge Projects is actively pursuing an inorganic growth strategy to further strengthen its market position and expand service offerings. The company is evaluating two US-based companies for potential acquisitions, aiming for forward and backward integration. These acquisitions are expected to introduce new service lines, such as architectural and MEP services, alongside structural design and stamping approvals, thereby creating a comprehensive 'one-stop AEC (Architecture, Engineering, Construction)' solution for clients. This integrated approach is anticipated to significantly increase project ticket sizes and improve margins by reducing reliance on external parties.

Innovation is another cornerstone of Telge Projects' strategy. The company's dedicated R&D team is focused on developing automation tools for leading software like Tekla, SDS2, and Revit. Key initiatives include creating AI-driven BIM dashboards, internal plugins, custom scripts, and proprietary IP systems. These advancements are designed to enhance delivery cycles, improve accuracy, ensure consistency, and enable scalable operations without a proportional increase in manpower, ultimately leading to improved margins and competitiveness.

Outlook and Governance

Looking ahead, Telge Projects maintains a confident outlook. Management expects H2 FY26 revenue to be 25% to 30% higher than H1, projecting a full-year FY26 revenue of INR 37-38 crores organically. For FY27, the company anticipates a robust 70-80% YoY organic growth, targeting an EBITDA margin of 30-35%. The company also highlighted its strong local presence in the US, which insulates it from tariffs or H1B-related concerns, a significant advantage in the current global environment.

In a move to enhance transparency and align with best corporate practices, Telge Projects announced its transition to quarterly unaudited financial results. This significant governance upgrade reflects the company's commitment to providing greater visibility to investors and accelerating its journey towards mainboard readiness. The IPO funds raised have been responsibly deployed across office premises, IT and software, manpower, and strengthening subsidiaries, all aimed at elevating delivery strength, upgrading infrastructure, and fueling global expansion.

Telge Projects Limited is strategically positioned for sustained growth, driven by its strong operational performance, prudent investments in people and technology, and a clear vision for global expansion and service diversification. The company's focus on innovation, inorganic growth, and enhanced governance underscores its commitment to long-term value creation for its stakeholders.