EIL FY26 profit rose as turnkey profitability rebounded

EIL’s FY26 standalone profit after tax (PAT) rose to Rs 638.7 crore from Rs 465.2 crore in FY25, with turnkey segment profit increasing to Rs 356.1 crore from Rs 105.4 crore. Turnkey profitability reached 17%, while consultancy accounted for 75% of FY26 business secured and 72% of the March 2026 order book.

What drove EIL’s FY26 profit growth?

EIL’s FY26 PAT increased by Rs 173.5 crore to Rs 638.7 crore, compared with Rs 465.2 crore in 2024-25. The presentation reports PAT at 17% in 2025-26, versus 15% a year earlier, alongside total income of Rs 4,058.9 crore, up from Rs 3,198 crore.

The largest segment-profit change came from turnkey operations. Turnkey segment profit rose by Rs 250.7 crore to Rs 356.1 crore in FY26, while consultancy segment profit fell by Rs 85.9 crore to Rs 423.7 crore. The gain in turnkey segment profit was larger than the decline in consultancy segment profit.

PAT was also above the Rs 357 crore reported in 2023-24, Rs 342.2 crore in 2022-23 and Rs 344.4 crore in 2021-22. Total income was Rs 3,456.8 crore in 2023-24 and Rs 3,452.9 crore in 2022-23, compared with Rs 4,058.9 crore in FY26.

How did EIL’s FY26 revenue mix change?

EIL’s consultancy turnover rose to Rs 1,782.1 crore in FY26 from Rs 1,678.8 crore in FY25, an increase of Rs 103.3 crore. Turnkey turnover increased by Rs 718.2 crore to Rs 2,067.8 crore from Rs 1,349.6 crore, making turnkey the larger turnover segment during FY26.

Combined consultancy and turnkey turnover reached Rs 3,849.9 crore, compared with Rs 3,028.4 crore in 2024-25. Other income increased to Rs 209 crore from Rs 169.6 crore, taking total income to Rs 4,058.9 crore from Rs 3,198 crore.

The FY26 turnover result exceeded the previous five-year high for the combined operating segments. Consultancy plus turnkey turnover was Rs 3,283.8 crore in 2022-23 and Rs 3,232.2 crore in 2023-24, before declining to Rs 3,028.4 crore in 2024-25.

Consultancy turnover of Rs 1,782.1 crore was above Rs 1,454.3 crore in 2023-24 and Rs 1,417.9 crore in 2022-23. Turnkey turnover of Rs 2,067.8 crore was also above Rs 1,777.9 crore in 2023-24, although the source reports Rs 1,865.9 crore in 2022-23.

Why did EIL’s turnkey profitability improve in FY26?

EIL’s turnkey profitability was 17% in FY26, compared with 8% in FY25. That increase accompanied turnover of Rs 2,067.8 crore and segment profit of Rs 356.1 crore, compared with FY25 turnover of Rs 1,349.6 crore and segment profit of Rs 105.4 crore.

The FY26 percentage was above the 6% reported in 2023-24 and the 3% recorded in both 2022-23 and 2021-22. Turnkey segment profit was Rs 102.4 crore in 2023-24, Rs 52.1 crore in 2022-23 and Rs 35.6 crore in 2021-22.

Consultancy remained the larger segment-profit contributor at Rs 423.7 crore, but its profitability declined to 24% from 30% in FY25. Consultancy turnover nevertheless increased by Rs 103.3 crore in FY26, so lower consultancy segment profit occurred alongside higher turnover.

How did EIL’s FY26 order intake shift toward consultancy?

EIL secured Rs 7,978.1 crore of business in FY25-26, down from Rs 8,214.1 crore in FY24-25. Consultancy accounted for Rs 6,009.5 crore, or 75%, of FY26 business secured, while turnkey accounted for Rs 1,968.6 crore, or 25%.

That represented a change from FY24-25, when consultancy represented 56% of new business and turnkey represented 44%. Consultancy orders rose from Rs 4,576.4 crore to Rs 6,009.5 crore, whereas turnkey orders declined from Rs 3,637.7 crore to Rs 1,968.6 crore.

Overseas consultancy was the principal contributor to FY26 consultancy intake. It totalled Rs 4,929.7 crore, compared with Rs 1,076.8 crore in FY24-25, while domestic consultancy fell to Rs 1,079.8 crore from Rs 3,499.6 crore.

Although total business secured declined by Rs 236 crore year on year, it was above Rs 3,406.2 crore in FY23-24 and Rs 4,707.8 crore in FY22-23. The FY26 consultancy share of 75% was also above 38% in FY23-24 and 27% in FY22-23.

What does EIL’s March 2026 order book show?

EIL’s total order book stood at Rs 15,109.3 crore at March 2026, up from Rs 11,717.3 crore at March 2025. Consultancy represented 72% of the March 2026 backlog, versus 57% a year earlier, while turnkey’s share declined to 28% from 43%.

The consultancy order book rose to Rs 10,864.8 crore from Rs 6,648.2 crore over the year. Overseas consultancy backlog increased to Rs 6,491.2 crore from Rs 1,933.1 crore, while domestic consultancy backlog decreased to Rs 4,373.6 crore from Rs 4,715.1 crore.

Turnkey backlog declined to Rs 4,244.5 crore at March 2026 from Rs 5,069.1 crore at March 2025. The total order book expanded by Rs 3,392 crore because consultancy backlog grew by Rs 4,216.6 crore despite the lower turnkey backlog.

The March 2026 order book was above Rs 7,823.5 crore at March 2024, Rs 7,694.5 crore at March 2023 and Rs 7,654.9 crore at March 2022. Overseas consultancy represented Rs 6,491.2 crore of the March 2026 backlog, compared with Rs 1,521.2 crore at March 2024.

Conclusion

EIL’s FY26 results combined higher total income, a rise in PAT to Rs 638.7 crore and a substantial increase in turnkey segment profit to Rs 356.1 crore. At the same time, the composition of future work shifted toward consultancy, which represented Rs 6,009.5 crore of new business and Rs 10,864.8 crore of the March 2026 order book.

The next disclosed milestones are completion dates for newer consultancy awards. EIL lists January 2030 for the Umm Shaif Gas Cap Phase 1 and SPB assignment and March 2031 for the Mokowe, Kenya greenfield refinery and petrochemical plant assignment, while the September 2026 Kenya award carries a contract value of Rs 4,408.6 crore.