Konstelec Engineers has received a Letter of Acceptance from Numaligarh Refinery Limited for instrumentation works under the Numaligarh Refinery Expansion Project, with an accepted tender value of Rs 58.48 crore excluding GST.

The order covers EPCM-2 Services for the RPTU Unit, Group A, at Numaligarh, Assam. GST is applicable at 18% in addition to the accepted tender value. The contract duration is 18 (Eighteen) months, comprising 12 months for Mechanical Completion and 6 months for providing technical assistance during pre-commissioning, commissioning, and during unit stabilization from the date of first site handover. A detailed Work Order shall be issued or signed after receipt and verification of the requisite Contract Performance Security, as stated in the Letter of Acceptance.

The order is classified as 'Significant' under applicable norms. It is not a related-party transaction, and no promoter interest is involved. The order was disclosed to the exchange on 4 September 2026.

This is the second order that Numaligarh Refinery Limited has awarded to Konstelec engineers in the current fiscal year. An earlier combined order of Rs 165.85 crore, classified as Large, was disclosed on 22 May 2026 and covered instrumentation works for the RPTU Unit under Group A and Group B, as well as augmentation of the FGK Internal Electrical Power Distribution System on a turn-key basis for Advanced Weapons and Equipment India Limited (Ministry of Defence).

ORDER IN FINANCIAL CONTEXT

The Rs 58.48 crore Letter of Acceptance from Numaligarh Refinery Limited represents a standalone award for instrumentation works under the NREP, separate from the earlier combined order disclosed in May 2026. Konstelec engineers has received orders from multiple domestic entity types in the current fiscal year, spanning public sector undertakings, defence agencies, private data centre operators, and private sector corporates.

An amended work order from Reliance Industries Limited, revising the total contract price from Rs 4.12 crore to Rs 9.19 crore, was disclosed on 2 September 2026. A separate Reliance Industries Limited work order of Rs 9.98 crore was disclosed on 28 July 2026, indicating a continuing engagement with the same client across multiple assignments.

COMPANY ORDER TRACK RECORD

Order inflow in Q1FY27 was dominated by large public sector and defence contracts. Q2FY27 has seen orders from private sector entities including Ctrls Datacenters Limited and Reliance Industries Limited, as well as a further order from Numaligarh Refinery Limited.

Note: Data for other quarters is not available in the pre-computed summary.

ORDER HISTORY

The table below captures all orders disclosed by Konstelec engineers in exchange filings over the last 3 fiscal quarters.

EXECUTION AND REVENUE QUALITY

Recent quarterly financial data is not available in the provided inputs. Therefore, specific trends in quarterly revenue conversion, net profit margins, or operating profit margins cannot be assessed for the most recent periods. Refer to the annual P&L data below for broader performance context.

REVENUE GROWTH: ORDER WINS TRANSLATING TO REVENUE

Konstelec engineers' annual revenue has grown from Rs 109.00 crore in FY22 to Rs 212.70 crore in FY26, representing a year-on-year growth of +8.7% based on the latest annual data. Net profit has risen from Rs 3.50 crore in FY22 to Rs 7.30 crore in FY26. Operating profit margin stood at 9.25% in FY26, compared to 6.78% in FY25.

WORKING CAPITAL AND EXECUTION CAPACITY

The company's balance sheet shows a current ratio of 1.62x, indicating sufficient short-term liquidity to meet immediate obligations. Total Liabilities/Equity stands at 1.51x, which includes trade payables and other non-debt liabilities. Operating cashflow has been negative in recent years, at -Rs 14.80 crore in FY25 and -Rs 20.70 crore in FY24. Free cashflow (proxy) was -Rs 17.70 crore in FY25.

WHAT TO WATCH

• Numaligarh Refinery Limited engagement: Numaligarh Refinery Limited has now awarded orders to Konstelec engineers in both Q1FY27 and Q2FY27, covering different groups under the NREP instrumentation scope. Monitor whether further awards follow under the same project.
• Reliance Industries engagement: The company has received two separate work orders from Reliance Industries Limited in Q2FY27, including the original Rs 9.98 crore order and an amendment revising a prior order to Rs 9.19 crore.
• Execution rate: Track quarterly revenue run-rate against the total disclosed order backlog. Acceleration in revenue recognition will validate the company's capacity to handle large-scale projects.
• OPM trajectory: Track operating profit margins on new orders compared to historical averages. Margin quality is critical given the competitive nature of infrastructure contracts.
• Cash flow turnaround: Watch for improvements in operating cashflow. Persistent negative cashflows could necessitate external funding.

KEY OBSERVATIONS

• New NREP order: Konstelec engineers has received a Letter of Acceptance from Numaligarh Refinery Limited for Rs 58.48 crore (excluding GST) for instrumentation works under the Numaligarh Refinery Expansion Project, Group A, with an 18-month contract duration.
• Repeat client: Numaligarh Refinery Limited has awarded orders to the company in both Q1FY27 (Rs 165.85 crore, combined) and Q2FY27 (Rs 58.48 crore), covering different scopes under the NREP.
• Multi-client Q2FY27: Q2FY27 order inflow of Rs 116.91 crore spans private data centre operators, private sector corporates, and a public sector refinery, broadening the client mix.
• Cash conversion: Operating cashflow of -Rs 14.80 crore in FY25; negative free cashflow of -Rs 17.70 crore in FY25 underscores the need for improved cash management as the backlog grows.
• Valuation check (as of 05 Sep 2026): P/E of 12.9x against ROCE of 17.49%. (P/E is price-derived and will change; ROCE is from audited financials)

Konstelec Engineers will interact with analysts and investors in a virtual one-on-one meeting scheduled for July 22, 2026, at 5:00 PM IST. The meeting is being convened pursuant to Regulation 30(6) read with Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company stated that the schedule is subject to change due to exigencies on the part of the analysts, institutional investors, or the company itself.

The management clarified that no unpublished price sensitive information (UPSI) will be shared or discussed during the interaction. Discussions will be strictly confined to information already available in the public domain. The disclosure was submitted to the National Stock Exchange of India Limited by Deekchha Sanjay Pandey, Company Secretary and Compliance Officer.

Meeting Schedule