*Engineers India Ltd.* | *CMP* Rs. 217 | *M Cap* Rs. 12196 Cr | *52 W H/L* 304/142 (Nirmal Bang Retail Research) *Result ahead of Expectation* *The turnover and profit from operations for the quarter includes~ Rs.12,8.91cr and Rs.112.27 Cr respectively on account of impact of variable consideration accounted.* *During the quarter, pursuant to settlement of performance obligation with Client in Consultancy and Engineering Projects segment, the contractual obligation in respect thereof amounting of Rs.8,2.54cr has been written back.* *Adjusting to both the above adjustment result is marginally ahead of Expectation* Revenue from Operations came at Rs. 991.1 Cr (32.1% QoQ, 25.4% YoY) vs expectation of Rs. 1056.7 Cr, QoQ Rs. 750.2 Cr, YoY Rs. 790.3 Cr EBIDTA came at Rs. 294.2 Cr (222.7% QoQ, 310% YoY) vs expectation of Rs. 88.2 Cr, QoQ Rs. 91.2 Cr, YoY Rs. 71.8 Cr EBITDA Margin came at 29.7% vs expectation of 8.3%, QoQ 12.2%, YoY 9.1% Adj. PAT came at Rs. 243.2 Cr vs expectation of Rs. 107.2 Cr, QoQ Rs. 88.1 Cr, YoY Rs. 90.9 Cr Quarter EPS is Rs. 4.3 Stock is trading at P/E of 22.2x FY26E EPS