Leapfrog Engineering ServicesShare price, financial results, shareholding and management
- Market cap
- ₹277 cr
- Stock P/E
- 14.1peers 6.8
- Book value
- ₹5.1
- Price to book
- 3.83
- EV / operating profit
- -
- Market cap to sales
- 1.82
- ROCE · FY26
- 37.7%
- ROE · FY26
- 30.9%
- ROE, 3-year average
- 64.0%
- Operating margin · FY26
- 15.1%peers 13.8%
- Sales growth, 3 years
- 13.6%
- Profit growth, 3 years
- +22.4%
- Debt to equity
- 0.44peers 0.49
- Borrowings
- ₹32 cr
- Interest cover
- 5.3×
- Cash from business / op. profit
- -22%
- Debtor days
- 257
- Pledged
- 0.00%
- Promoter holding
- 67.26%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 811
- 52-week high / low
- ₹25 / ₹19
- Dividend yield
- 0.00%
- Face value
- ₹1
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Leapfrog Engineering Services share price chart
Close on 6 Nov 2026 · -1.22% on the day · Vol 6,000
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- -5.2%
- 3 months
- -13.3%
- Traded a day, 20 days
- ₹0.24 cr
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +13% | +22% |
| 3 years, a year | +14% | - |
| Latest half, H2 FY26 | +11% | +12% |
About Leapfrog Engineering Services: business, products and customers
Leapfrog Engineering Services designs, sources, installs and starts up electrical, control, fire safety and ready-built substation systems for oil and gas fields and factories, mostly in the Middle East. Its shares trade on BSE SME.
Leapfrog Engineering Services was founded in Bengaluru in 2005 as Leapfrog Informatics and now takes on whole electrical and control packages for industrial plants: design, sourcing the equipment, assembly, installation and commissioning of switchgear, instrumentation and automation, fire protection and prefabricated modular substations. Most of its work has been for oil and gas facilities in Kuwait, where it has delivered more than fourteen projects, and more recently for a water utility in Bahrain, customers in the UAE and Indian metals, power and infrastructure plants. In FY26 about ₹110.8 cr of its ₹152.3 cr revenue came from outside India.
It works on fixed-price contracts paid in milestones and books revenue as the work progresses, so profit rests on how it bids and executes, and cash arrives well after the money is spent. In FY26 it moved from standalone services to full contracts, so bought-in materials rose to ₹90.1 cr from ₹39.8 cr while consultancy and site costs fell; contract work earned a segment margin of about 26.6% before corporate costs. Export bills are in US dollars and are not hedged, so rupee moves pass straight into profit: currency gains of ₹7.4 cr sat inside FY26 other income.
Read more about the business
It hires site equipment rather than owning it, and rents its registered office and its assembly space from two partnership firms of its promoters. With IPO money it plans its own assembly unit in Bengaluru for modular and skid-based systems. The offer document compares it with Engineers India and Konstelec Engineers while saying neither is strictly comparable, and CARE Ratings describes the field as competitive and tender-driven, with large multinational players.
From the June 2026 offer document, the FY26 annual report and the CARE Ratings note of 19 December 2025.
Read the deeper study ↓In its favour
- It earns a high return on the money it uses: ROCE 38% in FY26.
- The promoters own a large part of the company: 67.26%.
To watch
- Collection of the ₹45.6 cr of customer dues that were one to two years past due at March 2026; the notes also say customer and supplier balances are subject to confirmation (Annual report FY26, p.58 and p.66).
- Spending of the IPO money in FY27, including ₹27.0 cr on the Bengaluru assembly unit (Offer document, p.98; Annual report FY26, p.44).
- The ₹9.0 cr claim by vendor Mega Power Solutions, which the company disputes, pending before the Karnataka High Court (Annual report FY26, p.66; Offer document, p.305).
- Purchases from and rent paid to the promoters' partnership firms, ₹15.4 cr of purchases in FY26 (Annual report FY26, p.38, p.39 and p.64).
- Customers take longer to pay than before: 257 days in FY26, against 90 in FY22.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Leapfrog Engineering Services revenue and profit growth
Half-yearly results · Profit and lossSales have grown steadily. Last year profit grew faster than sales, so the company kept more from each rupee of sales.
SME companies report every six months. In the latest half, sales were higher than in the same half a year before.
Leapfrog Engineering Services half-yearly results
SME companies report every six months · ₹ crore
| H2FY25 | H2FY26 | |
|---|---|---|
| Sales | 103 | 113.97 |
| Expenses | 87 | 98.73 |
| Operating profit | 17 | 15.24 |
| OPM | 16.0% | 13.4% |
| Interest | 2 | 3.91 |
| Depreciation | 0 | 0.25 |
| Profit before tax | 16 | 18.84 |
| Net profit | 12 | 13.49 |
Leapfrog Engineering Services profit and loss
Full years to March, FY22 to FY26 · ₹ crore, consolidated where reported
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Sales | 42 | 104 | 158 | 135 | 152.34 |
| Expenses | 39 | 102 | 137 | 111 | 129.32 |
| Operating profit | 3 | 2 | 21 | 24 | 23.02 |
| OPM | 7.0% | 1.8% | 13.0% | 18.0% | 15.1% |
| Other income | 1 | 1 | 4 | 3 | 11.14 |
| Interest | 3 | 2 | 3 | 4 | 6.31 |
| Depreciation | 0 | 0 | 1 | 0 | 0.46 |
| Exceptional and other items | · | · | 1 | -1 | · |
| Profit before tax | 1 | 1 | 22 | 22 | 27.39 |
| Tax rate | 0.0% | 100.0% | 27.3% | 27.3% | 28.5% |
| Net profit | 1 | 0 | 16 | 16 | 19.59 |
| EPS ₹ | 0.06 | 0.03 | 1.59 | 1.51 | 1.83 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
The years to FY25 come rounded to the nearest crore in the source.
Exceptional and other items: profit before tax beyond operating profit, other income, interest and depreciation, such as one-off items or a share of associates' profit, as reported.
A tax rate above 60% or below zero (FY23) comes from tax charged on a small or negative profit, as reported.
Earnings per share before FY24 is on the share count of that time, before later bonus or share issues, so it does not compare with the years after.
Leapfrog Engineering Services profitability
Margins and returns on capitalLast year the company kept less from each rupee of sales than the year before. It earns a high return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Operating margin | 7.0% | 1.8% | 13.0% | 18.0% | 15.1% |
| Tax rate | 0.0% | 100.0% | 27.3% | 27.3% | 28.5% |
| ROCE | · | 13.6% | 92.7% | 47.5% | 37.7% |
| ROE | · | 0.0% | 118.7% | 42.4% | 30.9% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Leapfrog Engineering Services debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. It borrowed much more last year. Its loans are smaller than its own money. Last year the business used more cash than it brought in. Customers take longer to pay than they did in FY24, which ties up more of the company's money in unpaid bills.
Bars below the line are cash going out.
Leapfrog Engineering Services balance sheet
At each 31 March · ₹ crore
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Equity capital | 0.48 | 0.48 | 0.48 | 11 | 11 |
| Reserves | 5 | 5 | 21 | 43 | 62 |
| Net worth | 5.48 | 5.48 | 21.48 | 54 | 73 |
| Borrowings | 20 | 13 | 14 | 20 | 32 |
| Other liabilities | 6.52 | 47.52 | 15.52 | 75 | 62 |
| Total liabilities | 32 | 66 | 51 | 149 | 167 |
| Fixed assets | 0 | 1 | 1 | 1 | 1 |
| Capital work in progress | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 |
| Other assets | 32 | 65 | 50 | 148 | 166 |
Leapfrog Engineering Services cash flow
₹ crore
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Cash from operations | 1 | 12 | 0 | -16 | -5 |
| Cash from investing | 0 | 0 | -1 | -3 | 0 |
| Cash from financing | -1 | -8 | -1 | 18 | 5 |
| Net cash flow | 0 | 4 | -2 | -1 | 0 |
Working capital
Days
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Debtor days | 90 | 52 | 29 | 293 | 257 |
| Inventory days | 64 | 16 | 27 | 37 | 39 |
| Days payable | 75 | 17 | 27 | 510 | 201 |
| Cash conversion cycle | 79 | 51 | 28 | -180 | 94 |
| Working capital days | -13 | -22 | 27 | 107 | 141 |
Leapfrog Engineering Services peers and competitors
Listed SME companies in the same industryBy sales, Leapfrog Engineering Services is number 23 of the 58 listed SME companies in construction.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Kay Cee Energy & Infra | 93 | 5.0 | 164 | 18.8 | 19.3% | 0.73 |
| HVAX Technologies | 211 | 14.7 | 164 | 14.3 | 10.4% | 0.47 |
| Current Infraprojects | 178 | 12.7 | 160 | 14.1 | 14.5% | 0.41 |
| Leapfrog Engineering Services | 277 | 14.1 | 152 | 19.6 | 15.1% | 0.44 |
| Oval Projects Engineering | 94 | 6.7 | 150 | 14 | 17.0% | 0.68 |
| V.L.Infraprojects | 37 | 4.4 | 150 | 8.4 | 10.8% | 0.56 |
| Pratham EPC Projects | 203 | 33.0 | 140 | 6.2 | 8.1% | 0.51 |
| Rachana Infrastructure | 60 | 6.0 | 138 | 10.1 | 13.0% | 0.08 |
| Winsol Engineers | 125 | 8.7 | 137 | 14.4 | 18.0% | 1.07 |
| Mahendra Realtors & Infrastructure | 125 | 6.9 | 136 | 18 | 15.0% | 0.11 |
| H.M. Electro Mech | 68 | 6.8 | 132 | 10 | 11.0% | 0.20 |
| Median of the 10 others | 110 | 6.9 | 145 | 14 | 13.8% | 0.49 |
Leapfrog Engineering Services shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company. Big foreign and Indian funds own very little. The number of shareholders has come down.
Leapfrog Engineering Services shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Jun 26 | Sep 26 | |
|---|---|---|
| Promoters | 67.26% | 67.26% |
| Foreign investors (FIIs) | 0.10% | - |
| Indian institutions (DIIs) | 0.17% | - |
| Number of shareholders | 2,155 | 811 |
Leapfrog Engineering Services study: the business from its own documents
Read from 5 of the company's own documentsLeapfrog Engineering Services key facts from the filings
Each figure with the document it comes from
- Order book
- ₹384.0 cr
- Work in hand at March 2026, ₹327.1 cr of it export and ₹56.9 cr domestic, about two and a half years of FY26 sales.Offer document, p.156; Annual report FY26, p.13 and p.44
- Revenue from abroad
- ₹110.8 cr
- Of ₹152.3 cr revenue in FY26 came from outside India, mainly Gulf oil, gas and utility projects.Annual report FY26, p.63
- Other income
- ₹11.1 cr
- In FY26, including ₹7.4 cr of currency gains and ₹2.3 cr of balances written back; about 41% of profit before tax of ₹27.4 cr (our arithmetic).Annual report FY26, p.59 and p.60
- Customer dues
- ₹107.1 cr
- Owed by customers at March 2026, of which ₹45.6 cr was one to two years past due, with no provision made.Annual report FY26, p.58
- Cash from operations
- ₹5.0 cr outflow
- In FY26, after a ₹15.9 cr outflow in FY25, as money stayed tied up in customer dues and advances to suppliers.Annual report FY26, p.53
Show 5 more facts
- Largest customer
- 38.1%
- Of revenue in the nine months to December 2025; the top ten customers took 91.4%.Offer document, p.167
- Purchases from promoter firms
- ₹15.4 cr
- Purchases in FY26 from Leapfrog Automation and Control Systems (₹10.5 cr) and Bigleap Ventures and Consultancy Services (₹4.9 cr), partnership firms of the promoters that are also its landlords.Annual report FY26, p.38 and p.64; Offer document, p.177 and p.195
- Unhedged dollar dues
- ₹99.6 cr
- Trade receivables in US dollars at March 2026, with no hedging, so currency moves change reported profit.Annual report FY26, p.62
- IPO money
- ₹79.6 cr
- Raised from new shares at ₹23 each in June 2026; ₹27.0 cr is set for the Bengaluru assembly unit and ₹36.0 cr for working capital.Annual report FY26, p.29 and p.43; Offer document, p.98
- Credit rating
- CARE BB
- Stable outlook on ₹40 cr of bank facilities in December 2025; CARE called liquidity stretched.CARE Ratings note, 19 December 2025, p.1 and p.3
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
The company says it enters FY27 with an order book of about ₹384.0 cr of domestic and export work, and its annual report gives ₹377.6 cr at the date of the report. It plans to spend the IPO money during FY27, including ₹27.0 cr on its own assembly unit in Bengaluru. Its board sought approval to borrow up to ₹200 cr, saying it expects demand for contracts to rebuild Middle East oil and gas facilities.
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Leapfrog wins large electrical and control packages for Gulf oil and gas projects and earns a fair margin on the engineering, but each year rests on a few big contracts.
Its weak spots are slow customer payments, profit helped by currency gains, and regular purchases from partnership firms of its promoters.
WatchCan it set its own prices?Not much. It wins work in tenders on fixed prices, so a rise in equipment costs during a project comes out of its margin.
AverageHow strong is it against rivals?Its Kuwait track record and habit of doing much of the engineering before the award help it win export work, but it is small next to the large firms it bids against.
WatchWho are its customers?A handful of Gulf oil, gas and utility customers bring most of the revenue, and the main country changes from year to year.
WatchDoes it need a lot of money?Yes, for working capital. Customer dues are large against sales, cash from operations was negative two years running, and bank limits were nearly fully used before the IPO.
StrongCan it keep finding new work?Yes so far. The order book has stayed well above a year of sales, and it is adding work in Oman, Abu Dhabi and renewable energy.
WatchDo good and bad years swing a lot?Yes. Sales depend on when a few large projects are billed, so revenue rose sharply one year and fell the next.
Who runs Leapfrog Engineering Services?
Promoters, directors and officers; tap a name for the background
PNPrabhav Narasimha RaoPromoter and Managing Director · holds 30.86%
Holds a BE (1991) and an MTech in Lighting Science and Technology (1994) from the Manipal Institute of Technology, with over 30 years in engineering and project management, including work at General Electric. A director since 9 May 2005 and Managing Director since 30 March 2024 for five years. Partner in Bigleap Ventures and Consultancy Services and Leapfrog Automation and Control Systems, and a past director of three companies now struck off. Sold 38,76,000 shares in the IPO offer for sale.
Annual report FY26, p.11; Offer document, p.21 and p.195PPPriyashaila Prabhav RaoPromoter and Whole-time Director · holds 32.17%
Holds a Bachelor of Commerce from Mangalore University (1994) and leads human resources and administration. One of the first directors from 9 May 2005, Whole-time Director since 30 March 2024. The offer document states Priyashaila Prabhav Rao is the wife of Prabhav Narasimha Rao; also a partner in the same two firms.
Annual report FY26, p.11; Offer document, p.196 and p.199SRSapna RaghavendraWhole-time Director (Finance) and CFO · holds 1.24%
With the company since 2014; holds BCom and MCom degrees from the University of Nagpur and is a CA Intermediate, with over 22 years in finance. Director since 1 November 2020, CFO since 30 March 2024; paid ₹29.88 lakh in FY26 and holds 17,64,000 shares.
Annual report FY26, p.11 and p.26KGKommanhalli GiridharNon-Executive Director and Chairman
Holds a B.Tech in Electrical Power and has over 40 years in electrical power systems and project management. On the board since 24 May 2024, Chairman from 10 June 2026 for six months; the company paid ₹4.03 lakh in professional charges in FY26, shown as a related party transaction.
Annual report FY26, p.11 and p.39; Offer document, p.197KSKrishnamurthy Salekoppa Parameshwara BhattaIndependent Director
A chartered accountant with over 30 years in audit, tax and accounts, on the board since 24 May 2024 and chair of the audit committee.
Annual report FY26, p.12 and p.31VKVijay Kumar SajjanIndependent Director
A practising company secretary with over 20 years in corporate law and finance, on the board since 24 May 2024 and chair of the nomination and remuneration committee.
Annual report FY26, p.12 and p.31ArAuditors, ratings and recordsChanges
Statutory auditor Rao Associates resigned during FY26 and GRSM & Associates was appointed at an EGM on 9 October 2025; the auditor's report says the outgoing auditors raised no issues or concerns. Internal auditor Shashi Santosh & Associates resigned from 15 January 2026, citing other professional commitments. The company told the exchange on 1 October 2026 that Nithyashree S, General Manager Business Development, had resigned. CRISIL had suspended its rating on 23 June 2015 because the company did not cooperate with its review, and revoked the suspension in November 2024 with a CRISIL B rating. The offer document states the company was listed as a defaulter on the EPFO website on 9 September 2024; the dues of that month were paid on 3 October 2024.
Annual report FY26, p.33 and p.50; Exchange announcement, 1 October 2026; CRISIL Ratings note, 29 November 2024, p.1; Offer document, p.300Leapfrog Engineering Services latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- H2 FY26: sales ₹114 cr (+11%), net profit ₹13.5 cr (+12%) on H2 FY25.
- Shareholding, 30 Sept 2026: promoters unchanged at 67.26%.
Leapfrog Engineering Services announcements
5 on record, latest first; each opens the filing on the exchange
- Company UpdateCertificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026PDF ↗
- Company UpdateIntimation of Resignation of Ms. Nithyashree S, General Manager Business Development, Senior Management Personnel of the Company effective from October 01, 202PDF ↗
- AGM/EGMVoting Results and Scrutinizers Report of 21st Annual General MeetingPDF ↗
- Insider Trading / SASTIntimation of Closure of Trading Window for declaration of financial results of the Company for the half year ending on September 30, 2026PDF ↗
- AGM/EGMSummary of proceedings of 21st Annual General Meeting of the CompanyPDF ↗
Leapfrog Engineering Services annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
Leapfrog Engineering Services share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on Leapfrog Engineering Services' data · 8
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- iThe shares traded on only 72 days in the past year, so the price, its range and the returns here rest on few trades.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (14,17,92,000 shares).
- !The FY26 results imply 11,00,00,000 shares at face value ₹1, which disagrees with the shareholding pattern; the pattern is used.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓Earnings per share moves in line with profit across the years shown.
- ✓Revenue and profit are reported for every year shown, FY22 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Leapfrog Engineering Services
What does Leapfrog Engineering Services do?
Leapfrog Engineering Services designs, sources, installs and starts up electrical, control, fire safety and ready-built substation systems for oil and gas fields and factories, mostly in the Middle East. Its shares trade on BSE SME.
What is the share price of Leapfrog Engineering Services?
₹19.5 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Leapfrog Engineering Services?
₹277 cr at the close on 6 Nov 2026, on 14,17,92,000 shares.
What is the P/E of Leapfrog Engineering Services?
14.1 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Leapfrog Engineering Services' revenue and profit?
Revenue ₹152 cr and profit after tax ₹20 cr in FY26.
Who are the promoters of Leapfrog Engineering Services?
Prabhav Narasimha Rao, Priyashaila Prabhav Rao; promoters held 67.26% at 30 Sept 2026.
What is Leapfrog Engineering Services' website?
www.lesgroup.in
More SME companies like Leapfrog Engineering Services
Other listed SME companies in construction, the closest in size first, each read from its own documents.
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- Chavda InfraCHAVDA · NSE Emerge · Construction · listed 2023Market cap ₹304 cr
- GRE Renew EnertechGRERENEW · BSE SME · ConstructionMarket cap ₹338 cr
- Ganesh InfraworldGANESHIN · NSE Emerge · Construction · listed 2024Market cap ₹355 cr
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Built from 2 credit rating notes, 1 offer document, 1 result filing, 1 annual report, 5 exchange announcements, 2 shareholding patterns and 5 years of reported results. Every figure carries its source; where the documents are silent, the page says so.