ENKAI Energy & Petrochemicals
🏢 Company Profile
Industrial and social buildings, highway constructions and natural gas thermal power plants in Turkey and abroad; through joint ventures and affiliates.
- TARA HOLDİNG ANONİM ŞİRKETİ — 49.80%
- VİLDAN GÜLÇELİK — 7.99%
- SEVDA GÜLÇELİK — 6.43%
- ENKA SPOR EĞİTİM VE SOSYAL YARDIM VAKFI — 5.87%
- ALİ GÜLÇELİK — 4.50%
- MİKADO GAYRİMENKUL YATIRIM TİCARET ANONİM ŞİRKETİ — 4.37%
- BİLGİ GÜLÇELİK — 4.31%
- Last quarter (2026/6): sales 84745798000 TL, net profit margin 24.2% (high)
- Sales growth: YoY %+31.7 (increase).
- Net profit growth: YoY +24.7% (increase).
- Owners' Equity Growth: YoY %+6.5 (increase)
- Asset turnover 0.8 (TTM revenue / total assets) — efficient asset utilisation.
- Financial liabilities / owners' equity 1.8% (low leverage); total liabilities (short+long) / owners' equity 30.2%.
- Net financial debt NONE - cash 42541920000 TL more than gross debt.
- Current ratio (current assets / short-term debt) 2.9 — strong liquidity.
- Current ratio (TradingView balance sheet section) 2.9 — strong liquidity.
- Multiples: P/E 12.6 · P/B 1.2 · EV/EBITDA 9.8 · dividend yield 4.8.
- Source: İş Yatırım quarterly financial statements + TradingView TTM (06.10.2026); comments are generated with fixed threshold rules and are not investment advice.
| Total Assets | 542.8 billion TL | Total Debt | 126.1 billion TL |
| Current Assets | 248.6 billion TL | Equity | 416.8 billion TL |
| Financial Debt | 7.6 billion TL | Net Profit | 20.5 mlr TL |
📋 Announced Financial Statements· manually added financial table summary · last pull: 2026-09-23
| Period | Sales Revenues (mlr TL) | Net Profit (mlr TL) | Profit Margin | Total Assets (mlr TL) | Equity (mlr TL) | Financial Debt (mlr TL) | Financial Debt / Equity |
|---|---|---|---|---|---|---|---|
| 2026/6 | 84.7 (+ 31.7% YoY) | 20.5 (+ 24.7% YoY) | 24.2% | 542.8 | 416.8 | 7.6 | 1.8% |
| 2026/3 | 35.8 (+ 20.0% YoY) | 4.5 (+ 6.1% YoY) | 12.6% | 507.0 | 391.5 | 7.0 | 1.8% |
| 2025/12 | 184.3 (+ 40.0% YoY) | 45.5 (+ 33.0% YoY) | 24.7% | 580.6 | 446.9 | 8.1 | 1.8% |
| 2025/9 | 109.0 (+ 58.3% YoY) | 27.8 (+ 53.5% YoY) | 25.5% | 467.8 | 359.6 | 5.7 | 1.6% |
| 2025/6 | 64.4 (+ 53.6% YoY) | 16.4 (+ 44.0% YoY) | 25.5% | 432.6 | 332.7 | 5.6 | 1.7% |
| 2025/3 | 29.9 (+ 63.9% YoY) | 4.3 (- 12.1% YoY) | 14.3% | 398.6 | 313.5 | 5.1 | 1.6% |
| 2024/12 | 131.6 | 34.2 | 26.0% | 475.8 | 370.7 | 5.4 | 1.4% |
| 2024/9 | 68.8 | 18.1 | 26.3% | 340.3 | 265.4 | 4.0 | 1.5% |
| 2024/6 | 41.9 | 11.4 | 27.2% | 315.5 | 247.1 | 4.2 | 1.7% |
| 2024/3 | 18.2 | 4.8 | 26.6% | 308.0 | 241.2 | 3.8 | 1.6% |
Income statement items (sales revenues and net profit) are cumulative from the beginning of the year; balance sheet items are period-end balances. Source: İş Yatırım financial statements (based on KAP announcements).
🔎 Fundamental Analysis Summary · automatic
- Revenue (TTM) 176.89 billion TL, EBITDA 33.63 billion TL — EBITDA margin 19.0% (solid EBITDA margin).
- Net profit margin 22.1% (high net profit margin).
- EV/FAVÖK 8.7 — reasonable EV/FAVÖK.
- Net financial debt NONE - cash 42.54 billion TL more than gross debt.
- Current ratio 2.93 — strong liquidity.
- Dividend yield 5.2%.
Rule-based summary: It is generated from İş Yatırım financial statements (TTM) and TradingView base data with fixed thresholds; no LLM, no hallucination risk. It is not investment advice.
Valuation and Profitability · single source, last 12 months
Last 5 trading days return: +6.7%
| Market value | 463.1 mlr TL |
| Equity (2026/6) | 416.8 billion TL |
| Net profit (last 12 months) | 49.6 billion TL |
| P/E (last 12 months) | 9.3 |
| P/B | 1.11 |
| ROE (last 12 months) | 11.9% |
| Financial debt / equity | 2% |
Source: İş Yatırım financial statements (KAP disclosures) — same source as the balance sheet table.
| EBITDA (last 12 months) | 33.6 billion TL |
| EBITDA margin | 19.0% |
| EV / EBITDA | 8.7 |
EBITDA margin is profitability before interest/depreciation/taxes; it should not be confused with net profit margin.
Macro Sensitivity · Energy & Petrochemicals sector
Regime: high inflation + tight monetary policy (6.27 point real interest) · moderate domestic demand
| Trend | negative |
| Score | -1 |
| Channels | interest rate increase, domestic demand increase, commodity decrease |
Sector sensitivity matrix x current macro regime; detail Macroeconomic Evaluation.
Technical Status
| General | SELL |
| Short term (EMA 5-8-13-21) | BEKLE |
| Medium term (EMA 34-55) | SELL |
| Long term (EMA 89-144) | SELL |
| Wave Trend (indicator) | BUY |
| Channel position | 37% |
| Trend strength (r) | -0.67 |
| Score | 1 |
EMA sequence + Wave Trend + 60-day regression channel. Details: Technical Scan · Stock Center
Last 7 Days News
- Enka İnşaat (ENKAI) Share Purchase from Partner: Confidence Refreshed — Finans Hattı · 30.10
- ENKAI: Significant Share Purchase by Mehmet Sinan Tara — Finance Line · 26.10
- Enka İnşaat's Partner Accumulated Shares! Share Ratio Increased — Hisse.net · 26.10
- Statement on Share Purchase by Mehmet Sinan Tara at Enka İnşaat (ENKAI) — Rota Borsa · 26.10
📋 KAP Notifications
- 26 Ekim 09:22 — Share Purchase and Sale Notification→
- 21 October 18:12 — SPK Transaction Ban Due to Share Announcement →
- October 21 08:36 — Share Purchase and Sale Notification→
- October 1 15:51 — VIOP Transaction Cancellation Announcements→
All notifications: KAP →
📝 Evaluations· prepared manually · last update: 23.09.2026
📈 Technical Analysis
Enka Construction rose by 1.96% to 88.45 TL on September 23, 2026. Short and medium-term EMA sequences are WAIT, long-term EMA SELL, Wave Trend BUY position; the table is at 1/4 SELL level. While the channel position at 79% trades in the upper band of the channel, the trend strength (r) -0.47 gives a weak directional signal; price/environment inconsistency indicates a reaction rise character. The stock is priced 4% above the 60-day low of 84.75 TL and 19% below the peak of 109.20 TL.
🌍 Macroeconomic Evaluation
Enka's revenue composition offers structural protection against macroeconomic fluctuations: foreign contract works are currency-based, energy investments and real estate portfolio provide natural protection against inflation. In the current environment where inflation has fallen to 31.5% and interest rate cut expectations have strengthened, the return on the company's high cash position will gradually decrease; in return, new project financing will become cheaper. The USD/TL's trajectory at the 48.83 level supports foreign project revenues, while the real appreciation of the TL partially erodes the cost advantage. The strong trajectory of the global infrastructure investment cycle and activity in Middle Eastern markets support the company's order book. In an environment where gram gold is at a record high of 6.786 TL, the combination of real assets and regular dividends positions Enka prominently in defensive portfolios. Main risks; geopolitical developments' impact on foreign projects and the reflection of commodity price volatility on construction costs.
🧾 Balance Sheet Evaluation
In the first half of 2026, Enka increased its sales by 31.7% and net profit by 24.7%; in the second quarter, it showed strong performance with 48.9 billion TL sales (+41.8%) and 16.0 billion TL net profit (+31.2). Quarterly net margin formed at a high level of 32.6%; consolidated subsidiary profits and money market fund returns play a decisive role in this. The company, which generated 204.7 billion TL sales and 49.6 billion TL net profit in the last four quarters, has a market value of ~519 billion TL; with P/E ~10.5x and P/B ~1.2x, close to BIST averages. The FD/EBITDA calculation does not produce a healthy signal this quarter due to the sector-specific seasonal cash flow and subsidiary structure; evaluation is conducted on a P/E and asset value basis. The most striking aspect of the balance sheet is the financial debt/equity ratio being at an ignorable level of 1.8%; the company is in a net cash position in effect, which generates significant financial income in a high-interest environment. ROE of 11.9% is below inflation, but is considered a quality profitability as it is achieved with low leverage. The dividend yield of around 7.0% is well above the BIST-30 average and is a strong factor that compensates for the carrying cost of the stock. In general assessment, Enka appeals to the value investor profile with its clean balance sheet, high dividend, and reasonable multiples; the main risks are the cyclicality of construction margins and the volatility of subsidiary profits.
This section is manually updated; for informational purposes only, not investment advice.