⚠️Disclaimer: For educational purposes only. Not SEBI-registered. Not a buy/sell recommendation. Do your own due diligence before investing. We may or may not have vested interest in the stocks discussed.

Deep Dives/Engineering Services/Telge Projects Limited
Deep Dive

India's asset-light BIM engineering powerhouse with 33% EBITDA margins and 3.4x revenue growth in 2 years

₹25 Cr revenue, 67% ROE, 99% export revenue — US acquisitions (est. 1969) adding local presence. Margin dip or growth investment?

K

KnowYourSME Research

2026-05-11 · 12 min read

₹25.08 Cr
Revenue FY25
33%
EBITDA Margin FY25
67.3%
ROE FY25
₹7.60
EPS FY25

1Executive Summary & Investment Thesis

Telge Projects is an asset-light BIM (Building Information Modelling) engineering design services company specializing in structural steel detailing, precast concrete detailing, structural engineering design, material take-offs, 2D drafting, and architectural services. Founded in 2018 by Shraddha Shailesh Telge (B.Tech Civil, age 33), the company has grown revenue 3.4x in two years — from ₹7.44 Cr (FY23) to ₹25.08 Cr (FY25) — with exceptional EBITDA margins of 33% and ROE of 67%. Nearly 99% of revenue comes from exports, primarily the US market (~74.5% in H1 FY26), serving 80+ clients across 11+ countries. The company listed on the BSE SME Platform in October 2025 and has pursued an aggressive inorganic strategy — acquiring US-based Midwest Detailing LLC and Draftco Inc (both established 1969) and Edward Farr Architects Inc (March 2026, USD 190,000). H1 FY26 revenue hit ₹17 Cr (+119% YoY), though EBITDA margins dipped to ~18% due to front-loaded employee costs. Management guides FY26 revenue of ₹37-38 Cr minimum and FY27 growth of 70-80% YoY.
7.5/10

High-Growth BIM Play — Margin Recovery & Client Concentration are the Key Monitorables

Exceptional asset-light business model with 33% EBITDA margins, 67% ROE, and 3.4x revenue growth in 2 years. US BIM outsourcing opportunity is structurally attractive. However, single-promoter concentration, extreme USD dependency, H1 margin dip, and frequent CFO changes require monitoring. The thesis breaks if margins don't recover above 28% by FY27.

Bull Case

  • +Exceptional unit economics — 33% EBITDA margins (FY25), 67% ROE, 56% ROCE in an asset-light services model. Revenue per employee ~₹15 Lakhs with minimal capex requirements
  • +Revenue 3.4x in 2 years with 70% repeat business rate. Customer base grew from 36 to 80+ — demonstrating both retention and acquisition capability
  • +US construction market tailwind — $2.1 trillion spending, data center boom, manufacturing reshoring. India's 70-80% cost arbitrage makes BIM outsourcing structurally attractive
  • +Inorganic growth via US acquisitions — Midwest Detailing (1969), Draftco (1969), Edward Farr Architects provide established US presence and client relationships
  • +R&D in AI-driven BIM dashboards and Tekla automation — building technology moat while competitors remain manual
  • +H1 FY26 revenue ₹17 Cr (+119% YoY) despite 45-day US government shutdown. H2 seasonally stronger

Bear Case

  • −Single promoter holds 71.50% — no co-promoter, no succession plan. All strategy flows through one 33-year-old individual
  • −98.96% export revenue, ~74.5% from USA — extreme concentration with no forex hedging
  • −H1 FY26 EBITDA collapsed from 33% to ~18% — employee costs at 46% of revenue from aggressive hiring
  • −CFO changed 3 times in 2 years — financial leadership instability at a newly listed company
  • −All project-based revenue, no long-term contracts — limited revenue visibility beyond current order book
  • −Company only 7 years old with ₹3.18 Cr goodwill from acquisitions on a ₹25.56 Cr balance sheet

2Business & Management Architecture

The Journey

Telge Projects Limited (CIN: L29256PN2018PLC174381) was incorporated on January 16, 2018 in Pune, Maharashtra. The company was founded by Shraddha Shailesh Telge, a B.Tech Civil Engineering graduate who identified the opportunity in outsourced BIM engineering design services for global construction markets. The business model is elegantly simple: Telge employs skilled BIM engineers in India (at 70-80% lower cost than US equivalents) to provide structural steel detailing, precast concrete detailing, structural engineering design, material take-offs, 2D drafting, and architectural services to construction companies, fabricators, and engineering firms primarily in the United States. From a modest start with 36 clients in FY23, Telge scaled rapidly — revenue grew from ₹7.44 Cr (FY23) to ₹12.41 Cr (FY24) to ₹25.08 Cr (FY25), a 3.4x increase in just two years. The 70% repeat business rate demonstrates strong client stickiness. The company established its US subsidiary Telge Global Inc and acquired Midwest Detailing LLC and Draftco Inc (both operating since 1969) for US market presence. In March 2026, Edward Farr Architects Inc was acquired for USD 190,000. Telge listed on BSE SME Platform in October 2025 raising ₹24.29 Cr.

Revenue Segments

81.81%

Structural Steel Detailing

Core business — 3D BIM modelling of structural steel connections, shop drawings, erection drawings using Tekla Structures. Serves US steel fabricators, general contractors, and engineering firms.

18.19%

Precast Concrete Detailing

Growing segment — precast panel shop drawings, connection details, and erection plans. Cross-selling opportunity with existing structural steel clients.

Key Management

S

Shraddha Shailesh Telge · Chairman, Managing Director & CEO

Age 33, B.Tech Civil Engineering. Sole promoter holding 71.50% post-issue. Founded Telge Projects in 2018 at age 25.

V

Vinayak Mane · Chief Financial Officer

Joined May 2025. Third CFO in 2 years — financial leadership instability is a governance flag.

S

Shailesh Telge · Chief Growth Officer

Related to promoter. Previously CFO, transitioned to business development role.

B

Barkha Bharuka · Company Secretary

Handles statutory compliance, SEBI/BSE regulatory filings.

N

Nilesh Chincholkar · Chief Operating Officer

Manages operations, project delivery, resource allocation, and quality control.

Promoter

71.50%

Public

28.50%

Management flags: Extreme promoter concentration — Shraddha Telge holds 71.50% as sole promoter. CFO changed 3x in 2 years. Insurance covers only 18.69% of PPE. Bad debts appeared first time in FY25 (₹37.41L). Shailesh Telge (related party) holds CGO role after serving as CFO.

3Industry & Market Dynamics

Industry Overview

Global BIM market valued at USD 7.9 billion (2023), projected USD 18.2 billion by 2030 at ~12.5% CAGR. Structural steel detailing outsourcing driven by 60-70% cost arbitrage (US: USD 50-80/hour vs India: USD 15-25/hour). US construction spending $2.1 trillion (2024) with data center boom, reshoring, and $1.2T infrastructure bill. Aging US detailer workforce (avg age 55+) creates structural talent shortage favoring offshore outsourcing.

Competitive Landscape

Fragmented market. Only listed peer: Mold-Tek Technologies (larger, lower margins). Telge differentiates through structural steel specialization, US acquisitions (Midwest/Draftco since 1969), 200+ engineer scale, AI/automation R&D, and diversified services. 70% repeat business suggests strong client lock-in. Entry barriers moderate but domain expertise and scaled operations hard to replicate.

Peer Context

Only listed peer: Mold-Tek Technologies Ltd (BSE: 526263) — larger (~₹100+ Cr revenue) but lower EBITDA margins. Unlisted: Advenser Engineering, SteelPro Detailing, Ezidraw, and various small shops. Telge's 33% EBITDA margin is among the highest in Indian BIM outsourcing.

4IPO & Capital Structure

IPO Details

Issue Size

25,94,400 equity shares (Fresh Issue only)

Price Band

Determined at RHP stage

Platform

BSE SME Platform

Listing Date

October 2025

Subscription

Not available

Objects of Issue

1.Office premises — ₹8.73 Cr

2.IT infrastructure and software — ₹2.44 Cr

3.Manpower hiring in India — ₹4.18 Cr

4.Subsidiary manpower hiring (US) — ₹4.86 Cr

5.General corporate purposes — ₹4.09 Cr

Capital Structure

Post-IPO fresh issue of 25,94,400 shares on BSE SME. Total proceeds: ₹24.29 Cr. Pre-IPO net worth: ₹11.34 Cr. Total borrowings: ₹9.38 Cr (D/E 0.83x). Post-IPO balance sheet significantly strengthened with fresh equity capital.

IPO Promise Tracker

Has management delivered on IPO promises?

Not Started

Office premises — ₹8.73 Cr

Company grew to 200+ employees. Office expansion underway.

Not Started

IT infrastructure — ₹2.44 Cr

AI-driven BIM dashboards and Tekla automation modules under development.

Not Started

India manpower — ₹4.18 Cr

Headcount grew from 166 to 200+. Front-loaded hiring temporarily depressed margins.

Not Started

Subsidiary manpower — ₹4.86 Cr

US hiring underway for Midwest, Draftco, and Edward Farr.

Not Started

General corporate purposes — ₹4.09 Cr

Includes Edward Farr acquisition (USD 190,000) and working capital.

5Operational Performance & Growth

Operations & Capacity

Asset-light pure-play engineering services model. Primary assets: 200+ BIM engineers, Tekla/Revit/AutoCAD licenses, computing hardware. Services: Structural Steel Detailing (81.81%), Precast Concrete Detailing (18.19%), plus Structural Engineering, MTOs, 2D Drafting, Architectural (post Edward Farr). By Service: BIM Modelling 83.91%, Structural Engineering 7.08%, MTOs 6.48%, 2D Drafting 1.10%, Architectural 1.43%. By Industry: Institutional 55.77%, Industrial 14.71%, Residential 11.80%, Infrastructure 10.64%, Commercial 8.08%. By Geography: USA ~74.5%, Australia 8.8%, Latvia 4.4%, rest across 11+ countries. US subsidiaries: Telge Global Inc, Midwest Detailing LLC (1969), Draftco Inc (1969), Edward Farr Architects Inc (acquired Mar 2026). Revenue per employee ~₹15 Lakhs. Attrition: 15.89%. Execution capacity: ₹4.5-5 Cr/month. R&D: AI-driven BIM dashboards and Tekla automation modules.

Order Book & Pipeline

Confirmed: ₹10.4 Cr. High probability: ₹8-10 Cr. Active RFQs: ₹15-18 Cr (Nov 2025). Customer base: 36 (FY23) → 73 (FY25) → 80+ (H1 FY26). Repeat rate: 70%. Top 1 client: 39.25% of FY25 revenue. Guidance: FY26 ₹37-40 Cr, FY27 ~₹60 Cr (70-80% growth). Execution capacity: ₹4.5-5 Cr/month.

Key Milestones

2018-01-16

Incorporated as Telge Projects Pvt Ltd in Pune by Shraddha Telge

FY23

Revenue ₹7.44 Cr with 36 clients. EBITDA 19.57%

FY24

Revenue ₹12.41 Cr (+67%). EBITDA 30.73%. US subsidiary established

FY24-FY25

Acquired Midwest Detailing LLC (1969) and Draftco Inc (1969)

FY25

Revenue ₹25.08 Cr (+102%). EBITDA 33%. ROE 67%. Customers: 73

2025-10

BSE SME listing. Fresh issue raising ₹24.29 Cr

H1 FY26

Revenue ₹17 Cr (+119%). EBITDA ~18%. Headcount 200+

2026-03

Acquired Edward Farr Architects Inc for USD 190,000

FY26

Target: ₹37-40 Cr. Margin recovery to 30-35%

FY27

Target: ~₹60 Cr. Mainboard migration evaluation

Management Commentary

“We have a 70% repeat business rate. Our customers come back because we deliver quality work on time at a fraction of what it costs in-house in the US.”

Client stickiness — switching costs are high due to learning curve and coordination overhead.

H1 FY26 Concall, Nov 2025

“H1 margins were impacted because we front-loaded our hiring. H2 will normalize as these people become productive.”

EBITDA dropped from 33% to ~18%. H2 margin recovery is the key monitorable.

H1 FY26 Concall, Nov 2025

“Our execution capacity is now ₹4.5-5 Cr per month. We are confident of ₹37-38 Cr minimum for FY26.”

H2 needs ₹20-23 Cr vs H1's ₹17 Cr — achievable if seasonality plays out.

H1 FY26 Concall, Nov 2025

“The US government shutdown impacted us for about 45 days. Infrastructure projects get delayed when there is federal uncertainty.”

One-off headwind impacting institutional segment (55.77% of revenue).

H1 FY26 Concall, Nov 2025

“We are investing in AI-driven BIM dashboards and Tekla automation. This will improve productivity significantly.”

R&D as differentiator — automation could improve margins and create tech moat.

Investor Presentation, 2025

“For FY27, we are targeting 70-80% growth. The acquisitions give us the US presence to go after larger, integrated projects.”

Ambitious FY27 guidance (~₹60 Cr) requires significant client additions.

H1 FY26 Concall, Nov 2025

6Financial Health Deep-Dive

P&L Snapshot

MetricFY23FY24FY25H1 FY26
Revenue₹7.44 Cr₹12.41 Cr₹25.08 Cr₹17 Cr
EBITDA₹1.46 Cr₹3.81 Cr₹8.27 Cr~₹3.06 Cr
EBITDA Margin19.57%30.73%32.97%~18%
PAT₹0.90 Cr₹2.66 Cr₹5.38 Cr₹1.93 Cr
PAT Margin12.10%21.44%21.45%11.35%
EPS₹1.50₹4.43₹7.60-
Order Book--₹10.4 Cr₹10.4 Cr

Financial Commentary

Revenue grew 3.4x in two years (₹7.44 Cr → ₹25.08 Cr) with EBITDA margins expanding from 19.57% to 32.97%. PAT grew 6x. ROE 67.29%, ROCE 56.22% — exceptional. H1 FY26 showed 119% revenue growth but margin compression to ~18% from employee cost front-loading (46% of revenue). No dividend declared.
💰

Cash Flow vs PAT

FY25 OCF: ₹3.31 Cr vs PAT ₹5.38 Cr — reasonable. Investing: (₹9.32 Cr) from acquisitions. Financing: ₹7.05 Cr. Cash: ₹1.52 Cr (pre-IPO). DSO improved from 91 days (FY23) to 58 days (FY25). Post-IPO ₹24.29 Cr provides comfortable runway.

⚠️

Balance Sheet Flags

Net Worth: ₹11.34 Cr (pre-IPO). Borrowings: ₹9.38 Cr (D/E 0.83x). Receivables: ₹5.02 Cr (DSO 58 days). PP&E + Intangibles: ₹14.18 Cr (includes goodwill ₹3.18 Cr). Total assets: ₹25.56 Cr. Insurance covers 18.69% of PPE. Bad debts first appeared FY25 (₹37.41L).

Period-wise Analysis

H1 FY26 (Apr-Sep 2025)Order Book: ₹10.4 Cr
₹17 Cr
Revenue
~18%
EBITDA Margin
11.35%
PAT Margin
Revenue surged 119% YoY but margins compressed from 33% to ~18% due to front-loaded hiring. US government shutdown (45 days) added headwind. Customer base grew to 80+. H2 seasonally stronger.

Key Developments

→Revenue ₹17 Cr (+119% YoY)

→EBITDA margin dipped to ~18% — employee cost front-loading

→BSE listing completed October 2025 — ₹24.29 Cr raised

→Edward Farr Architects acquired March 2026 for USD 190,000

→Headcount crossed 200+

→Customer base grew to 80+ across 11+ countries

7Governance, Risks & Monitoring Checklist

Governance & Compliance

BSE SME listed (October 2025). SME governance standards lighter than mainboard. Sole promoter 71.50%. CFO changed 3x in 2 years. Company 7 years old. Insurance 18.69% of PPE. Bad debts ₹37.41L in FY25. Positive: BSE listing involves SEBI scrutiny, 70% repeat business rate.

Key Risks

HighSingle promoter & key person dependency

Shraddha Telge holds 71.50% as CMD/CEO. No succession plan.

HighClient concentration

Top 1 client = 39.25% of FY25 revenue. Top 10 = 63.37%.

HighUSD & geographic concentration

98.96% export, ~74.5% USA. No forex hedging.

Medium-HighH1 FY26 margin compression

EBITDA dropped 33% → ~18%. Employee costs 46% of revenue.

MediumCFO instability

3 CFOs in 2 years. Current since May 2025.

MediumProject-based revenue

No long-term contracts. Visibility limited to ~2.5 months.

MediumAcquisition integration

Goodwill ₹3.18 Cr. Managing 4 US subsidiaries at 7 years old.

MediumYoung company

Incorporated 2018. Never faced US construction downturn.

🚪

Exit Trigger

Exit if EBITDA margins don't recover above 28% by H2 FY26, or if top client concentration increases above 40%, or if CFO changes again within 12 months, or if USD/INR moves below ₹80

Quarterly Monitoring Checklist

Check these items every quarter to track this stock

H2 FY26 EBITDA margin — must recover above 28%

Top client concentration — reduce below 35% by FY27

FY26 revenue — cross ₹37 Cr minimum

CFO stability — Vinayak Mane must stay through FY27

Acquisition revenue contribution from Midwest/Draftco/Edward Farr

Employee cost ratio — normalize from 46% to 30-35%

USD/INR monitoring — no hedging in place

Customer base growth towards 100+

DSO — stay below 65 days

Mainboard migration timeline

Sources

1. Red Herring Prospectus (RHP) — Telge Projects Limited (2025)

2. H1 FY26 Concall Transcript / Investor Presentation (Nov 2025)

3. BSE Filing — Acquisition of Edward Farr Architects Inc (March 2026)

4. BSE Filing — Company Name Change Notification (March 2026)

5. Annual Report FY25 / Financial Statements

6. Investor Presentation — Pre-IPO / BSE SME Listing (2025)

The Verdict

Rare asset-light BIM play — 33% EBITDA margins, 67% ROE, and 3.4x revenue growth in 2 years with US acquisitions adding local depth. The margin dip in H1 FY26 is the key test — recovery validates the growth-investment thesis, persistence challenges the model.

Watch For

H2 FY26 EBITDA margin (must recover above 28%), FY26 full-year revenue (₹37-40 Cr target), top client concentration reduction below 35%, employee cost normalization from 46% to 30-35%, and Midwest/Draftco/Edward Farr acquisition revenue contribution.

Asset-light BIM engineering with 33% EBITDA and 67% ROE — but 99% export to the US and a margin dip to 18%. Growth investment or structural shift? Tell us below 👇

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Disclaimer: For educational purposes only. Not SEBI-registered. Author may hold positions in stocks discussed. Not a buy/sell/hold recommendation. Do your own due diligence.

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