ENGINEERS INDIA LTD

Engineers India Limited is a leading engineering consultancy and EPC company, delivering world-class projects for the clients across the globe. Started in 1965, Engineers India Ltd is an engineering consultancy company providing design, engineering, procurement, construction and integrated project management services, focused on the oil and gas and petrochemicals industries in India and internationally. They also operate in a diverse set of other sectors including non-ferrous mining and metallurgy and infrastructure. Engineers India have provided a range of engineering consultancy and project implementation services on more than 49 refinery projects, including 8 greenfield refinery projects, 7 petrochemical complexes, 35 oil and gas processing projects, 205 offshore platforms projects, 37 pipeline projects, 11 ports and storage and terminals projects, 8 fertiliser projects and 26 mining and metallurgy projects. In the infrastructure space, they have provided a range of engineering consultancy services for more than 26 projects, including for airports, highways, flyovers, bridges, water and sewer management, as well as energy-efficient "intelligent" buildings. They have also completed 16 turnkey projects, including refinery and petrochemicals projects and offshore platforms. The financials of the company is average, RoNW is 15.93% and at CMP its looks fairly priced. Price difference is around 10% and acceptance ration as per current share holding for retail will be around 10%, so we may expect the final acceptance ratio may be around 20% and profit may be 2%. So we give NEUTRAL rating to this buyback.