PATEL ENGINEERING LTD.

Builds civil engineering infrastructure for government and public-sector clients, primarily hydropower projects, tunnels, dams, and irrigation schemes. Civil construction accounted for 99.9% of FY26 segment revenue at INR 5,098.453 crore, with the remainder a negligible, loss-making real estate line. The order book at the end of FY26 stood at INR 15,119 crore, with hydropower making up 63% of the mix, and FY26 new order inflows totalled around INR 4,400 crore across hydropower, irrigation, urban infrastructure, and international projects. Operational scale includes a record TBM tunnelling pace of 812 metres in a single month at the CIDCO project, and 4 of 8 units (1,000 MW) of the Subansiri Lower hydroelectric project have been commissioned, with all 8 units expected online in FY27. Other operating expenses make up 53.6% of revenue and materials 25.1%, consistent with a subcontractor- and equipment-heavy execution model. Gross debt was reduced to INR 1,187 crore with a debt-to-equity of 0.27, and management has guided for 10% revenue growth in FY27 against a new order target of INR 8,000 crore.