The project was initially estimated to take 36 months for completion. Although the contract was officially awarded on March 13, certain terms required clarifications, which were finalized by March 17. Due to confidentiality agreements, EIL has not disclosed further project details. The company already holds a minority stake in NRL, reinforcing its association with the refinery.

EIL, a Navratna public sector undertaking under the Ministry of Petroleum and Natural Gas, plays a significant role in the oil and gas industry. Its operational efficiency has contributed to a notable financial performance, with a 78 per cent year-on-year increase in net profit for Q3 FY25. The company reported a net profit of Rs 930.8 million for the quarter ended December 31, 2024, compared to Rs 520.7 million in the same period the previous year.

EBITDA for the quarter surged by 95.8 per cent year-on-year, reaching Rs 980 million, nearly doubling from Rs 500 million in Q3 FY24. The new contract strengthens EIL’s order backlog, further solidifying its position in the engineering and refinery sector. The successful execution of the Numaligarh Refinery project is expected to enhance market confidence, potentially leading to stock re-rating. With a consistent increase in revenue, EIL continues to expand its presence in the industry.

News source: India Infoline