Investor presentation on financial results for the quarter and year ended March 31, 2026
PATELENG · price
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Patel Engineering reported FY26 revenue of INR 51,027 Mn (flat 0.2% YoY) with EBITDA of INR 6,840 Mn, down 6.7% YoY. EBITDA margin contracted to 13.40% from 14.40% in FY25 due to project execution costs. However, net profit grew 21.6% to INR 2,945 Mn as tax expenses fell 80% and finance costs reduced 8.1%. The company secured INR 44,009 Mn in new orders during FY26, growing its order book to INR 1,51,193 Mn with a healthy 2.96x book-to-bill ratio. Debt/Equity improved significantly to 0.27 from 0.43, with total debt declining to INR 11,870 Mn from INR 22,616 Mn over four years. Credit rating was upgraded to A-. Key achievements include Subansiri hydropower project with 4 of 8 units operational (1,000 MW), and a national record of 812m TBM tunneling in a single month at CIDCO project.
The stock benefits from a strong order book providing multi-year revenue visibility, improving credit profile, and significant debt reduction. However, the EBITDA margin contraction of 100 bps is a concern, especially if it persists into FY27, which could weigh on investor sentiment despite strong bottom-line growth.