Telge Projects Ltd Q3 FY26 — ₹9.08 Cr Quarterly Revenue, 277% PAT Jump, 55% ROCE: BIM Bana Superstar?
1. At a Glance
Telge Projects Ltd is that rare SME stock which woke up one fine morning and decided to behave like a disciplined adult. Listed barely in October 2025, this ₹96 Cr market cap engineering-design and BIM services company is already flexing 55%+ ROCE, 61% ROE, and a quarterly profit growth number that looks like it skipped a zero check — 277% YoY.
The latest Q3 FY26 (Dec 2025) numbers show ₹9.08 Cr revenue and ₹0.83 Cr PAT, which for a company that doesn’t pour concrete, doesn’t build bridges, and doesn’t even touch a hammer — is quietly impressive. Operating margins hover around 33% on FY25, which is what EPC contractors dream of but never get because… cement.
Current price? ₹98. IPO issue price nostalgia? Still fresh. Stock P/E? ~17.4x, roughly in line with industry median but with ROCE that makes peers sweat.
But here’s the catch — 99% export revenue, heavy client concentration, and a business model where humans (engineers) are the factory. Scalable? Yes. Risk-free? Lol, no.
So is Telge a hidden BIM beast or just an overworked CAD shop with good marketing? Let’s open the drawings.
2. Introduction
Engineering services companies usually fall into two buckets. Bucket one: large IT firms who treat engineering as a side hustle. Bucket two: niche players who live and die by drawings, deadlines, and client emails marked “URGENT”.
Telge Projects proudly lives in bucket two.
Founded in 2018, Telge decided early that 2D drafting is boring and BIM is the future. So instead of chasing low-margin design work, it went full 3D modeling, shop drawings, structural detailing, MTOs, and BIM coordination — primarily for structural steel and precast concrete projects.
And here’s the clever bit: they don’t build anything. No EPC risk. No site delays. No monsoon excuses. Just deliverables, deadlines, and dollar invoices.
By FY25, Telge was doing ₹25.08 Cr in revenue with ₹5.38 Cr PAT, translating to a ~21% net margin. For a services SME, that’s spicy.
But the real twist? 99% of revenue comes from exports, with clients across the US, UK, Australia, Europe, and APAC. This isn’t a “India infra slowdown” story. This is a global construction cycle dependency story.
So the real question is — can Telge keep riding the BIM wave without drowning in client concentration and talent costs?
3. Business Model – WTF Do They Even Do?
Imagine a massive steel structure being built in the US. Before a single beam is fabricated, someone needs to tell the fabricator what to cut, where to drill, how to assemble, and how much steel to order.
Time & Material (T&M) (billing per engineer-hour — the SaaS of services)
Why this model works:
Asset-light
High margins
Export billing
Repeat clients (but also… dependency)
In FY25, 84% of revenue came from BIM, and 82% of projects were structural steel. Translation: Telge is a steel-detailing specialist, not a jack-of-all-trades.
But here’s the risk question for you — if BIM tools get automated faster than expected, where does differentiation come from? Talent, process, or pricing?
