EIL Secures ₹252.95 Crore EPCM Contract from NRL

19 Mar 2025 , 12:23 PM

Engineers India Ltd (EIL) wins a major contract where it has been awarded an Engineering, Procurement and Construction Management (EPCM) contract worth ₹252.95 crore (excluding GST) from Numaligarh Refinery Ltd (NRL) in Assam. The contract is for engineering, procurement, construction and management services for a 360-kilo-tonnes per annum (KTPA) polypropylene unit (PPU) project at NRL’s Numaligarh refinery.

The project was previously projected to take 36 months to complete, the company said in a regulatory filing on March 18. Though the contract was formally awarded on the March 13, ‘clarifications’ were sought by EIL on the terms of contracts, which were finalized on March 17. EIL has not provided further details of the project due to confidentiality agreements. EIL already has a minority shareholding in Numaligarh Refinery Ltd (NRL), thus further cementing ties with refinery.

Engineers India Ltd (EIL) is a Navratna PSU under the Ministry of Petroleum and Natural Gas and plays an important role in the oil and gas sector. Due to improved operational efficiency the company’s Q3 FY25 net profit increased YoY by 78%.

The net profit of the company was ₹93.8 crore in the quarter ended December 31, 2024, compared to ₹52.7 crore in the corresponding quarter last year. EBITDA grew 95.8% on year, reached ₹98 crore, almost double of ₹50 crore in Q3 FY24. The order placement expands EIL’s order backlog that strengthens its standing in the engineering and refinery domain.

While market participants are keenly watching EIL’s execution of the Numaligarh Refinery project, which may further enhance market confidence and lead to stock re-rating. The firm is consistently increasing their revenue with each passing year.