NSE: PATELENG · BSE: 531120
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Civil Construction (100%), Real Estate (0%). Cyclical, order-driven infrastructure construction with hydropower concentration and long execution cycles
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 3,380 | 4,202 | 4,544 | 5,093 | 5,103 |
| EBITDA (ex other income) | 497 | 624 | 776 | 582 | 522 |
| margin % | 14.7 | 14.9 | 17.1 | 11.4 | 10.2 |
| Owners' profit | 55 | 155 | 290 | 242 | 294 |
| EPS, as reported (₹) | 1.51 | 3.19 | 3.64 | 2.88 | 2.92 |
| ROE % · ROCE % | 2.9 · 11.3 | 6.2 · 13.1 | 9.2 · 15.4 | 6.6 · 11.9 | 6.1 · 10.1 |
| Debt / equity (x) | 0.93 | 0.59 | 0.60 | 0.43 | 0.27 |
| Cash from operations | 537 | 693 | 688 | 363 | 560 |
| Capex | (181) | (183) | (159) | (90) | (110) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,206 | 1,612 | 1,233 | 1,208 | 1,239 | 1,421 | 1,281 | 1,211 |
| Profit before tax | 89 | 52 | 105 | 89 | 37 | 57 | 117 | 107 |
| Net profit | 82 | 38 | 81 | 73 | 72 | 44 | 99 | 87 |
| EPS (₹) | 0.95 | 0.43 | 0.92 | 0.84 | 0.82 | 0.42 | 0.98 | 0.86 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Civil Construction | 5,098 | 99.9 |
| Real estate | 1 | 0.0 |
| Real Estate | 3 | 0.1 |
| Total, before eliminations | 5,103 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| LARSEN & TOUBRO LTD. | 5,66,554 | 31.7 | 4.25 | 23.1 | 8.2 | 6.5 | 16.0 | 8.7 |
| RAIL VIKAS NIGAM LIMITED | 40,312 | 44.9 | 4.11 | 58.1 | 8.9 | 7.5 | 5.8 | 4.3 |
| KALPATARU PROJECT INT LTD | 23,345 | 19.7 | 2.70 | 11.2 | 7.0 | 8.5 | 16.0 | 8.3 |
| CEMINDIA PROJECTS LIMITED | 23,262 | 37.3 | 8.88 | 23.1 | 10.4 | 13.3 | 29.8 | 9.7 |
| NBCC (INDIA) LIMITED | 21,060 | 26.6 | 6.18 | 28.5 | 10.8 | 13.5 | 13.5 | 6.6 |
| IRB INFRA DEV LTD. | 20,581 | 15.9 | 0.97 | 10.1 | 2.7 | 1.6 | 7.6 | 55.6 |
| ENGINEERS INDIA LTD | 16,440 | 18.3 | 4.92 | 23.5 | 10.6 | 10.9 | 4.6 | 21.0 |
| TECHNO ELEC & ENG CO. LTD | 10,828 | 25.1 | 2.60 | 23.5 | 11.4 | 12.4 | 29.6 | 15.8 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 8.1 | 13.5 | 28 of 102 | 73% |
| P/B | 0.5 | 1.3 | 13 of 85 | 85% |
| ROCE | 3.8 | 6.3 | 63 of 98 | 36% |
| ROE | 4.0 | 6.4 | 50 of 84 | 41% |
| Debt / Equity | 0.3 | 0.4 | 36 of 87 | 59% |
| EBITDA margin | 12.4 | 10.1 | 42 of 105 | 61% |
| Revenue growth | 0.2 | 7.5 | 54 of 86 | 38% |
| Profit growth | 19.1 | 15.1 | 37 of 83 | 56% |
| Market cap | 2475 | 509 | 32 of 107 | 71% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 6 Nov 2026 · Patel Engineering publishes Q2 and H1 FY27 results in newspapers | compliance | minimal | — | — |
| 6 Nov 2026 · Audio recording filed for November 6 investor call | investor communications | low | — | — |
| 5 Nov 2026 · H1 FY27 net profit up 15.9%; order book at INR 13,546 crore | investor communications | medium | — | — |
| 5 Nov 2026 · Patel Engineering Q2 FY27 net profit up 7.64%, H1 up 15.94% | compliance | low | — | — |
| 5 Nov 2026 · Consolidated Sep 2026 quarter: revenue Rs 1,210.67cr vs Rs 1,208.67cr; PAT Rs 87.25cr vs Rs 64.74cr | results | high | — | — |
| 2 Nov 2026 · Company responds to summons in two Lucknow criminal cases | regulatory legal | high | — | — |
| 31 Oct 2026 · Patel Engineering responds to SFIO summons in PACL case | regulatory legal | medium | — | — |
| 30 Oct 2026 · Patel Engineering to discuss Q2 and H1 FY27 earnings on November 6 | board shareholder meetings | low | — | — |
| 29 Oct 2026 · Board to approve September quarter and half-year results | results | low | — | — |
| 9 Oct 2026 · Routine SEBI compliance certificate for Q2 FY27 dematerialisation | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.