Monarch Surveyors and Engineering ConsultantsShare price, financial results, shareholding and management
- Market cap
- ₹333 cr
- Stock P/E
- 8.9peers 14.9
- Book value
- ₹163
- Price to book
- 1.44
- EV / operating profit
- -
- Market cap to sales
- 1.94
- ROCE · FY26
- 28.6%
- ROE · FY26
- 21.9%
- ROE, 3-year average
- 37.0%
- Operating margin · FY26
- 29.7%peers 7.0%
- Sales growth, 3 years
- 33.6%
- Profit growth, 3 years
- 60.5%
- Debt to equity
- 0.05peers 0.50
- Borrowings
- ₹12 cr
- Interest cover
- 30.2×
- Cash from business / op. profit
- -75%
- Debtor days
- 113
- Pledged
- 0.00%
- Promoter holding
- 72.35%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 1,494
- 52-week high / low
- ₹331 / ₹165
- Dividend yield
- Paid
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Monarch Surveyors and Engineering Consultants share price chart
Close on 6 Nov 2026 · +1.40% on the day · Vol 8,400
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
- -6.0%
- 3 months
- +1.8%
- 6 months
- -3.9%
- 1 year
- -11.9%
- Traded a day, 20 days
- ₹0.26 cr
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +11% | +6% |
| 3 years, a year | +34% | +61% |
| Latest half, H2 FY26 | -15% | +55% |
About Monarch Surveyors and Engineering Consultants: business, products and customers
Monarch Surveyors and Engineering Consultants surveys land, plans routes, helps acquire land and writes project reports for new roads, railways, metros and airports, mostly for government bodies in Maharashtra. Its shares trade on BSE SME.
Monarch was set up in Pune in 1999, and its four promoters, all civil engineers, have been directors since then. It does the work that comes before a road, railway or airport is built: surveying the ground, fixing the route, writing the detailed project report, mapping land and supporting land acquisition and resettlement. It uses its own drones, LiDAR scanners and mapping systems, and has worked on projects such as the Samruddhi corridor, Navi Mumbai airport and the Mumbai to Ahmedabad high speed rail.
Almost all its clients are government bodies that award work by tender and pay fees as milestones are delivered and accepted. The company says it often waits for government acceptance over online portals after billing, so part of its revenue sits as unbilled work and unpaid bills, and halves can swing on when approvals come through. Its costs are mostly salaries for surveyors and engineers and its own equipment, and big tenders also need security deposits, so growth needs more trained people and working capital rather than factories.
Read more about the business
After listing in July 2025 the company began bidding for bigger orders and won its largest yet, a three-year Northern Railway contract. It bought GMR Engineering Services, a small survey and design firm in Victoria, Australia, which became a wholly owned subsidiary after March 2026.
The company names Aarvee as a competitor across several lines of work, and Genesys as a rival in geospatial mapping only; it says it does that mapping work too, along with roads, railways and land acquisition.
From the offer document (red herring prospectus, 2025), the FY26 annual report, the May 2026 investor presentation, the May 2026 earnings call transcript and the 17 September 2026 order announcement.
Read the deeper study ↓In its favour
- Sales have grown fast: 34% a year over three years.
- It earns a high return on the money it uses: ROCE 29% in FY26.
- It has little debt for its size: debt to equity 0.05.
- The promoters own a large part of the company: 72.35%.
- It paid a dividend in the past year.
To watch
- Conversion of the ₹740 cr to ₹750 cr order book, which the company says runs over one to three years (Transcript May 2026, p.6 and p.10).
- Progress on the Somnath to Dwarka land acquisition orders, slightly behind timeline in May 2026 (Transcript May 2026, p.11 and p.12).
- Results from GMR Engineering Services in Australia, now a wholly owned subsidiary (Annual report FY26, p.59).
- Collection of the ₹55 cr owed at March 2026, including old dues of about ₹7.5 cr to ₹8 cr (Transcript May 2026, p.17).
- Customers take longer to pay than before: 113 days in FY26, against 40 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.
Monarch Surveyors and Engineering Consultants revenue and profit growth
Half-yearly results · Profit and lossSales have grown fast. Last year profit grew more slowly than sales, so the profit kept from each rupee of sales slipped.
SME companies report every six months. In the latest half, sales were lower than in the same half a year before. Profit grew faster than sales.
Monarch Surveyors and Engineering Consultants half-yearly results
SME companies report every six months · ₹ crore
| H1FY25 | H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|---|
| Sales | 51 | 116 | 73.20 | 98.49 |
| Expenses | 36 | 81 | 51.31 | 50.22 |
| Operating profit | 15 | 35 | 21.89 | 48.27 |
| OPM | 30.0% | 30.0% | 29.9% | 49.0% |
| Interest | 1 | 1 | 0.99 | 0.75 |
| Depreciation | 2 | 2 | 2.37 | 1.38 |
| Profit before tax | 13 | 33 | 20.12 | 49.63 |
| Net profit | 10 | 27 | 14.30 | 41.74 |
Monarch Surveyors and Engineering Consultants profit and loss
Full years to March, FY22 to FY26 · ₹ crore, consolidated where reported
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Sales | 43 | 72 | 139 | 154 | 171.69 |
| Expenses | 38 | 60 | 97 | 103 | 120.74 |
| Operating profit | 6 | 12 | 43 | 51 | 50.96 |
| OPM | 13.0% | 16.0% | 31.0% | 33.0% | 29.7% |
| Other income | 2 | 1 | 2 | 2 | 5.08 |
| Interest | 1 | 1 | 1 | 2 | 1.73 |
| Depreciation | 1 | 1 | 2 | 4 | 3.75 |
| Profit before tax | 6 | 11 | 41 | 47 | 50.55 |
| Tax rate | 33.3% | 18.2% | 26.8% | 25.5% | 26.4% |
| Net profit | 4 | 9 | 30 | 35 | 37.23 |
| EPS ₹ | 5,105 | 9,988 | 34,895 | 33.47 | 26.30 |
| 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.
Earnings per share before FY25 is on the share count of that time, before later bonus or share issues, so it does not compare with the years after.
Monarch Surveyors and Engineering Consultants 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 | 13.0% | 16.0% | 31.0% | 33.0% | 29.7% |
| Tax rate | 33.3% | 18.2% | 26.8% | 25.5% | 26.4% |
| ROCE | · | 26.9% | 60.4% | 46.6% | 28.6% |
| ROE | · | 22.7% | 50.8% | 38.2% | 21.9% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Monarch Surveyors and Engineering Consultants debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. Its loans are smaller than its own money. Last year the business used more cash than it brought in. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. 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.
Monarch Surveyors and Engineering Consultants balance sheet
At each 31 March · ₹ crore
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Equity capital | 0.09 | 0.09 | 0.09 | 10 | 14 |
| Reserves | 35 | 44 | 74 | 99 | 217 |
| Net worth | 35.09 | 44.09 | 74.09 | 109 | 231 |
| Borrowings | 2 | 8 | 13 | 14 | 12 |
| Other liabilities | 8.91 | 12.91 | 14.91 | 25 | 26 |
| Total liabilities | 46 | 65 | 102 | 148 | 269 |
| Fixed assets | 7 | 16 | 31 | 42 | 49 |
| Capital work in progress | 3 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 2 | 13 |
| Other assets | 36 | 49 | 71 | 104 | 207 |
Monarch Surveyors and Engineering Consultants cash flow
₹ crore
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Cash from operations | 7 | 5 | 35 | 3 | -38 |
| Cash from investing | -4 | -12 | -29 | -2 | -26 |
| Cash from financing | -1 | 5 | 4 | -1 | 81 |
| Net cash flow | 2 | -2 | 10 | 0 | 17 |
Working capital
Days
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Debtor days | 40 | 31 | 26 | 94 | 113 |
| Cash conversion cycle | 40 | 31 | 26 | 94 | 113 |
| Working capital days | 15 | 7 | 2 | 89 | 242 |
Monarch Surveyors and Engineering Consultants peers and competitors
Listed SME companies in the same industryBy sales, Monarch Surveyors and Engineering Consultants is number 20 of the 86 listed SME companies in commercial services & supplies.
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 |
|---|---|---|---|---|---|---|
| Credent Connect N Care | 621 | 34.5 | 214 | 18 | 13.0% | 0.50 |
| Service Care | 94 | 18.7 | 193 | 5 | 2.5% | 0.01 |
| Sunrise Efficient Marketing | 55 | 5.5 | 174 | 10 | 7.0% | - |
| Monarch Surveyors and Engineering Consultants | 333 | 8.9 | 172 | 37.2 | 29.7% | 0.05 |
| Diensten Tech | 99 | - | 163 | -2.8 | 5.5% | 2.95 |
| NSB BPO Solutions | 72 | 5.5 | 160 | 13 | 12.0% | 0.05 |
| Khyati Global Ventures | 33 | 5.5 | 149 | 6 | 7.0% | 1.08 |
| Qualitek Labs | 670 | 44.7 | 125 | 15 | 24.0% | 0.61 |
| Rockingdeals Circular Economy | 195 | 19.7 | 120 | 9.9 | 13.6% | 0.22 |
| Cadsys (India) | 36 | - | 117 | -18.5 | -12.6% | 0.21 |
| Shreenath Paper Products | 34 | 11.2 | 115 | 3 | -0.1% | 0.59 |
| Median of the 10 others | 83 | 15 | 155 | 8 | 7.0% | 0.50 |
Monarch Surveyors and Engineering Consultants 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 is about the same.
Monarch Surveyors and Engineering Consultants 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.
| Sep 25 | Mar 26 | |
|---|---|---|
| Promoters | 72.35% | 72.35% |
| Foreign investors (FIIs) | 2.52% | - |
| Indian institutions (DIIs) | 5.85% | - |
| Number of shareholders | 1,589 | 1,494 |
Monarch Surveyors and Engineering Consultants study: the business from its own documents
Read from 8 of the company's own documentsMonarch Surveyors and Engineering Consultants so far
From the company's own record
- 17 Sept 2026An order announced
- 31 March 2026Promoters at 72.35%
- 29 July 2025Highest close since listing, ₹400.20
Monarch Surveyors and Engineering Consultants key facts from the filings
Each figure with the document it comes from
- Revenue
- ₹171.7 cr
- FY26 revenue from operations, up 11.4%; the second half was lower than a year before.Presentation May 2026, p.16; Transcript May 2026, p.4
- Profit
- ₹37.2 cr
- FY26 profit after tax, up from ₹34.8 cr, with an EBITDA margin of 29.7% before other income.Presentation May 2026, p.16; Transcript May 2026, p.4
- Order book
- ₹740 cr to ₹750 cr
- Orders in hand in May 2026 including the new Northern Railway contract, against ₹615 cr at March 2026; the company says execution takes one to three years.Transcript May 2026, p.4, p.6 and p.10
- Largest order
- ₹130 cr
- A three-year contract from Northern Railway won after March 2026, the biggest in the company's history.Transcript May 2026, p.5
- Top ten clients
- 84.52%
- Share of FY25 revenue from the ten largest clients, with Maharashtra State Road Development Corporation named as the major one.Offer document, p.30
Show 5 more facts
- Maharashtra
- 84.02%
- Share of FY25 revenue from Maharashtra, down from 90.17% a year earlier.Offer document, p.30
- Team
- About 710
- Staff in May 2026, up from 630 in March 2025; the company says its people are fully used.Transcript May 2026, p.5 and p.20
- Money owed
- ₹55 cr
- Receivables at March 2026, including about ₹13 cr of work done but not yet billed; about ₹7.5 cr to ₹8 cr was over a year old.Transcript May 2026, p.17
- Gujarat land work
- ₹100.9 cr
- Three land acquisition orders on the Somnath to Dwarka expressway; the company said in May 2026 it was slightly behind the 18 to 20 month timeline.Presentation May 2026, p.21; Transcript May 2026, p.11 and p.12; our arithmetic
- Australia
- AUD 1.81 m
- Price paid for GMR Engineering Services, a 20-year-old firm with about a dozen staff and access to seven government panels.Presentation May 2026, p.15; Annual report FY26, p.59
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 had about ₹740 crore to ₹750 crore of orders in May 2026 and says it usually executes its order book over one to three years. It gave no revenue figure for FY27, saying only that it aims to keep its margins and repeat its past growth, and that GMR in Australia could add about 8% to 10% to turnover. It plans to keep hiring and to grow in railways, roads, land acquisition and geospatial work.
| What management said | When | What happened |
|---|---|---|
| Close the GMR Engineering Services purchase by early July 2026 | May 2026 earnings call | Completed after March 2026 |
| Finish the Somnath to Dwarka land work in 18 to 20 months | May 2026 earnings call | Slightly behind timeline in May 2026 |
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.
Monarch earns money by surveying, planning and handling land work for public infrastructure projects, with healthy margins on mostly government work.
Its weak spots are dependence on a few government clients in one state, slow conversion of a large order book into sales, and money tied up in bills awaiting approval.
AverageCan it set its own prices?Work is won by tender, so prices are set in competition, but its margins have held steady for three years.
AverageHow strong is it against rivals?Its long record and its own equipment help it qualify for and staff large tenders, but rivals such as Aarvee bid for the same work.
WatchWho are its customers?A handful of government bodies, mostly in Maharashtra, give nearly all its revenue.
AverageDoes it need a lot of money?Little for plant, but it must carry its people and deposits until government clients accept and pay its bills.
StrongCan it keep finding new work?Yes. Its order book is several years of sales and it is now winning larger contracts than before.
AverageDo good and bad years swing a lot?Yearly results have grown steadily, but halves move with government approvals and the timing of milestones.
Who runs Monarch Surveyors and Engineering Consultants?
Promoters, directors and officers; tap a name for the background
DMDattatraya Mohaniraj KarpePromoter and Managing Director
A civil engineering graduate of Dnyaneshwar Vidyapeeth (1991) with about 25 years in civil engineering at the time of the offer document; a director since the company was formed in July 1999 and managing director for five years from August 2024.
Offer document, p.166 and p.176; Annual report FY26, p.6SBSanjay Bhalchandra VidwansPromoter and Whole-Time Director
A civil engineering graduate of Dnyaneshwar Vidyapeeth (1991) with about 25 years in civil engineering and financial management; a director since 1999 and head of finance.
Offer document, p.166; Transcript May 2026, p.2SSSunil Shrikrishna BhaleraoPromoter and Whole-Time Director
A civil engineering graduate of Dnyaneshwar Vidyapeeth (1991) with about 25 years in civil engineering and administration; a director since 1999.
Offer document, p.166; Annual report FY26, p.6BRBhartesh Rajkumar ShahPromoter and Whole-Time Director
A civil engineering graduate of Dnyaneshwar Vidyapeeth (1991) with about 25 years in project management; a director since 1999.
Offer document, p.166; Annual report FY26, p.6USUsha Sunil KokareExecutive Director
A commerce graduate of the University of Pune with a business management diploma from Welingkar; about 8 years in human resource management at the time of the offer document, and on the board since February 2024.
Offer document, p.167; Annual report FY26, p.6SPSanjay Premkumar KandhariChief Financial Officer
Chief financial officer named in the FY26 annual report, who presented the FY26 results on the May 2026 call; the documents read give no further background.
Annual report FY26, p.6; Transcript May 2026, p.4ASAnil Sadashiv ShelarChairman and Independent Director
Holds an M.Tech in town and country planning from the University of Pune and taught for about 33 years at diploma and degree level; chairman since August 2024.
Offer document, p.167; Annual report FY26, p.6SBSakharam Bhagwanrao TamsekarIndependent Director
A civil engineering graduate of Marathwada University with an M.Tech from IIT Bombay and about 38 years in civil engineering.
Offer document, p.167; Annual report FY26, p.6Monarch Surveyors and Engineering Consultants 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 ₹98.5 cr (-15%), net profit ₹41.7 cr (+55%) on H2 FY25.
- Shareholding, 31 March 2026: promoters unchanged at 72.35%.
- 17 Sept 2026: an order announced.
Monarch Surveyors and Engineering Consultants announcements
6 on record, latest first; each opens the filing on the exchange
- Company UpdateSubmission of certificate received from RTA i.e. Bigshare Services Private Limited, pursuant to Reg. 74(5) of SEBI (DP) Regulations, 2018 for the Quarter ended PDF ↗
- Insider Trading / SASTIntimation of Closure of Trading WindowPDF ↗
- Company UpdateIntimation under Regulation 30 read with Part - A of Schedule III of the Securities and Exchange Board of India (Listing Obligations and Disclosure RequirementsPDF ↗
- Company UpdatePursuant to the provisions of Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements), Regulations 2015, we hereby submit that Company has receiPDF ↗
- AGM/EGMVoting results of the 27th Annual General Meeting ('AGM') of the Company held on Wednesday, September 16, 2026 together with Consolidated Report of Scrutiniser PDF ↗
- AGM/EGMSummary of proceedings of the 27th Annual General Meeting ('AGM') of the Company held on Wednesday, September 16, 2026PDF ↗
Monarch Surveyors and Engineering Consultants annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
- 31 May 2026 ↗read
- 30 Nov 2025 ↗read
- 31 May 2026 ↗read
- 30 Nov 2025 ↗read
- 30 Nov 2025 ↗read
Monarch Surveyors and Engineering Consultants share split, bonus and dividends
From the corporate actions the company announces on the exchange
- DividendFinal Dividend - Rs. - 1.6000ex-date 3 June 2026
Checks we ran on Monarch Surveyors and Engineering Consultants' data · 9
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- !The two halves of FY25 as reported add up to sales of ₹167.00 cr, the full year to ₹154.00 cr; one of the filings may have been restated.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (1,41,56,000 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓The two half-years of FY26 add up to the full-year sales.
- !Earnings per share changes basis between FY24 (₹34,895.35) and FY25 (₹33.47) because the share count behind it changes; EPS is shown as reported, and growth is worked out on profit.
- ✓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 Monarch Surveyors and Engineering Consultants
What does Monarch Surveyors and Engineering Consultants do?
Monarch Surveyors and Engineering Consultants surveys land, plans routes, helps acquire land and writes project reports for new roads, railways, metros and airports, mostly for government bodies in Maharashtra. Its shares trade on BSE SME.
What is the share price of Monarch Surveyors and Engineering Consultants?
₹235 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Monarch Surveyors and Engineering Consultants?
₹333 cr at the close on 6 Nov 2026, on 1,41,56,000 shares.
What is the P/E of Monarch Surveyors and Engineering Consultants?
8.9 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Monarch Surveyors and Engineering Consultants' revenue and profit?
Revenue ₹172 cr and profit after tax ₹37 cr in FY26.
Who are the promoters of Monarch Surveyors and Engineering Consultants?
Dattatraya Mohaniraj Karpe, Sanjay Bhalchandra Vidwans, Sunil Shrikrishna Bhalerao, Bhartesh Rajkumar Shah; promoters held 72.35% at 31 March 2026.
What is Monarch Surveyors and Engineering Consultants' website?
www.monarchconsultants.in
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Built from 3 investor presentations, 2 earnings call transcripts, 2 annual reports, 1 offer document, 6 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.