1. At a Glance – The “Wait, This Is a Design Company?” Moment
₹106 crore market cap. ₹108 stock price. Zero dividends. 99% exports. ROCE at a spicy 55.4% and ROE touching 61.2% like it’s auditioning for a motivational poster. In the last reported half year, Telge Projects quietly dropped ₹16.74 crore of revenue with ₹1.93 crore of PAT, clocking a 157% YoY profit jump while most SME stocks were busy issuing corporate presentations with more emojis than numbers.
This is not a construction company that pours concrete or shouts at labour contractors. This is a BIM + engineering design exporter, sitting in Pune and Latur, selling brainpower to the USA, UK, Australia, and friends. No cranes, no cement trucks, no site delays due to “sir baarish aa gayi”. Just laptops, engineers, and AutoCAD files flying overseas.
Stock P/E at 17.4, below industry PE of 18.8, EV/EBITDA at 13.2, debt-to-equity at 0.22, and current ratio of 16.1 (yes, sixteen — accountant fainted). Q-o-Q sales growth is 119% and profit growth is 157%, which means either something structurally improved… or Telge woke up and chose violence (the good kind).
So the real question: is this a one-half wonder, or is this a scalable export nerd-machine quietly compounding in the background while infrastructure giants fight over margins? Let’s put on our funny detective hat and start investigating.
2. Introduction – The Case of the Silent Overachiever
Every SME bull market throws up loud companies with louder management interviews. And then there are companies like Telge Projects — the introvert kid in class who never raises his hand but tops the exam anyway.
Incorporated in 2018, Telge didn’t waste time playing “we are a startup” on LinkedIn. It went straight into engineering design and BIM services, a segment that EPC firms desperately need but rarely glamorise. Structural steel detailing, 3D modelling, material take-offs, erection drawings — the stuff without which bridges don’t stand and stadiums don’t look pretty on inauguration day.
Here’s the twist: Telge doesn’t build anything physically. No construction risk. No land acquisition drama. No contractor shouting matches. They design, deliver, invoice, repeat.
Their client list includes projects like Everton Stadium (UK) and Mangalwar Peth Metro Station (Pune) — which tells you this is not a PowerPoint-only operation. Add a US subsidiary, two US acquisitions, and 99% export revenue, and suddenly this feels less like an SME lottery ticket and more like a serious offshore engineering services play.
But… high margins, high ROCE, and export dependence also raise classic questions. How sticky are clients? Is revenue concentrated? Can talent scale? Or is this just a very profitable engineering boutique? Keep reading, inspector — the clues are just warming up.
3. Business Model – WTF Do They Even Do?
Imagine an EPC contractor in the US building a massive steel structure. Before a single beam is fabricated, someone needs to tell them exactly how many bolts, beams, columns, and plates are needed — and where. That someone is Telge Projects.
Telge operates as an engineering design + BIM services provider,
