Letter of Acceptance ("LOA") received for an Irrigation Project of Rs. 958.33 crore from Maharashtra Krishna Valley Development Corporation. Patel Engineering''s share in the contract is ....

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AI summary

Patel Engineering Ltd, along with its joint venture partner, has received a Letter of Acceptance for a Rs. 958.33 crore irrigation project from Maharashtra Krishna Valley Development Corporation, Pune. The project involves construction of a Pipe Line Distribution Network for the Nira Deoghar Right Bank Main Canal (Km 87 to 135) in Village Kalaj, Taluka Phaltan, District Satara, Maharashtra. Patel Engineering's share in the contract is Rs. 191.67 crore (20% stake in the JV). The project is scheduled for completion in 36 months and includes a 5-year operations and maintenance period after construction. The company had previously been declared the lowest bidder (L1) in February 2025.

Likely market impact

This is a meaningful order win for Patel Engineering, particularly in its core irrigation segment, providing revenue visibility over the next 3 years plus a 5-year O&M phase. The state government-backed project carries lower counterparty risk and supports the company's order book momentum.