Telge Projects eyes 70% growth as it hunts for MEP design acquisitions
The engineering firm is moving into larger contracts and cross-selling after buying Edward Farr Architects, aiming to sustain 35% margins.
What's new
- Management targets 60-70% revenue growth for FY27.
- Company seeks to expand project ticket sizes to ₹8-10 cr.
- ₹5 cr set aside from IPO proceeds for MEP design acquisitions.
Why it matters
Telge is using its IPO capital to pivot from a pure-play services firm into a broader design consultancy. Sustaining 35% EBITDA margins while scaling at this speed is an aggressive target for a company with a ₹104 cr market cap.
What we're watching
- Whether the ₹6 cr pipeline converts to firm orders.
- The integration pace of Edward Farr Architects.
- Any further disclosures on the proposed MEP acquisitions.
The full read
Telge Projects closed FY26 with ₹40.2 crore in revenue, marking a 57% year-on-year climb. Management is now setting the bar higher for FY27, forecasting a 60-70% compound annual growth rate while holding EBITDA margins at the 35% mark seen in the fourth quarter. The strategy relies on two levers: pushing average project ticket sizes toward the ₹8-10 crore range and integrating Edward Farr Architects, the US-based firm acquired in March. With an order book of ₹25 crore and a fresh ₹6 crore pipeline, the company is also looking for its next move. It has earmarked ₹5 crore from its IPO funds to buy MEP design services firms. At a market cap of ₹104 crore, the outcome hinges on whether this small player can successfully cross-sell services into its expanded US footprint without bleeding margins.