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?
The business
Telge provides structural steel detailing, precast concrete detailing & BIM engineering design services to global construction markets. 200+ engineers in India serving 80+ clients across 11+ countries — 74.5% revenue from the US. Asset-light model: no factories, no inventory — just engineers, software, and expertise delivering 70-80% cost savings vs US in-house teams.
Why this business matters
US construction mega-cycle — $2.1 trillion US construction spending driven by data centers, reshoring (CHIPS Act), and $1.2T infrastructure bill. Every steel project needs BIM detailing
India's cost arbitrage is structural — BIM detailing 70-80% cheaper in India. Aging US detailer workforce (avg age 55+) creates permanent talent gap for offshore outsourcing
AI & automation investment — AI-driven BIM dashboards and Tekla automation modules to improve productivity and differentiate from manual-process competitors
The moat
Reality check
Single promoter holds 71.50% — Shraddha Telge (age 33) is CMD & CEO with no co-promoter or succession plan. All relationships flow through one individual
H1 FY26 margin dip to ~18% — EBITDA crashed from 33% as employee costs hit 46% of revenue. Management says front-loaded hiring — H2 recovery is the key test
99% export, 74.5% USA — extreme geographic concentration with no formal forex hedging. US slowdown or INR appreciation directly hits margins
CFO changed 3 times in 2 years — financial leadership instability. Top client at 39.25% of revenue adds concentration risk
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
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.
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