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- Q2 FY27 results
Patel Engineering Q2 FY27 results: net profit up 19.0% to ₹86.94 crore, revenue up 0.2%
Patel Engineering Limited reported consolidated revenue of ₹1,211 crore in Q2 FY27, up 0.2% from ₹1,208 crore in Q2 FY26, while net profit rose 19.0% to ₹86.94 crore. EBITDA fell 5.3% to ₹150.31 crore and margin declined 0.7 percentage points to 12.4%; basic EPS was ₹0.86.
Key points
- Q2 FY27 consolidated revenue was ₹1,211 crore, up 0.2% from ₹1,208 crore in Q2 FY26 but down 5.5% from ₹1,281 crore in Q1 FY27.
- EBITDA was ₹150.31 crore, down 5.3% year on year and 16.3% sequentially; EBITDA margin declined to 12.4% from 13.1% and 14.0%.
- Net profit was ₹86.94 crore, up 19.0% from ₹73.03 crore a year earlier but down 11.7% from ₹98.50 crore in the previous quarter.
- H1 FY27 revenue rose 2.0% to ₹2,491.41 crore, while profit after tax increased 20.4% to ₹185.44 crore and basic EPS rose 4.5% to ₹1.84.
- At 30 September 2026, total assets were ₹9,945.48 crore, total equity ₹4,679.6 crore, borrowings ₹1,312.13 crore and cash ₹422.44 crore.
How did Patel Engineering perform in Q2 FY27?
Patel Engineering reported consolidated revenue of ₹1,211 crore for Q2 FY27, up 0.2% from ₹1,208 crore in Q2 FY26. Against Q1 FY27, revenue fell 5.5% from ₹1,281 crore. The results were filed on both a standalone and consolidated basis, with the figures here relating to the consolidated statements.
Consolidated EBITDA was ₹150.31 crore, down 5.3% from ₹158.67 crore a year earlier and 16.3% from ₹179.60 crore in the previous quarter. The EBITDA margin fell to 12.4% from 13.1% year on year and 14.0% sequentially.
Profit before tax rose 20.9% to ₹107.24 crore from ₹88.71 crore in Q2 FY26 but fell 8.2% from ₹116.78 crore in Q1 FY27. Net profit was ₹86.94 crore, up 19.0% year on year and down 11.7% sequentially, while basic EPS was ₹0.86, up from ₹0.84 a year earlier and down from ₹0.98 in Q1 FY27.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 1,211 | 1,281 | 1,208 | +0.2% | −5.5% |
| Other income | 47.72 | 25.44 | 63.20 | −24.5% | +87.6% |
| Total expenses | 1,151 | 1,189 | 1,152 | −0.1% | −3.2% |
| EBITDA | 150.31 | 179.60 | 158.67 | −5.3% | −16.3% |
| EBITDA margin | 12.4% | 14.0% | 13.1% | −0.7 pp | −1.6 pp |
| Profit before tax | 107.24 | 116.78 | 88.71 | +20.9% | −8.2% |
| Tax | 19.98 | 24.79 | 23.97 | −16.6% | −19.4% |
| Net profit | 86.94 | 98.50 | 73.03 | +19.0% | −11.7% |
| EPS (₹) | 0.86 | 0.98 | 0.84 | +2.4% | −12.2% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Patel Engineering's costs and profit?
Total expenses were ₹1,151 crore, down 0.1% from ₹1,152 crore in Q2 FY26 but down 3.2% from ₹1,189 crore in Q1 FY27. Cost of materials rose ₹156.82 crore or 64.3% year on year to ₹400.64 crore, while employee cost rose ₹12.24 crore or 12.2% to ₹112.40 crore.
Other expenses fell ₹158.50 crore or 22.5% year on year to ₹547.32 crore, while finance costs declined ₹10.01 crore or 13.2% to ₹66.03 crore. Depreciation fell ₹1.44 crore or 5.5% to ₹24.76 crore. Other income declined ₹15.48 crore or 24.5% to ₹47.72 crore.
Q2 FY26 included an exceptional charge of ₹30.93 crore, while Q2 FY27 had no exceptional item. Tax was ₹19.98 crore, down ₹3.99 crore or 16.6% from ₹23.97 crore a year earlier. The filing does not state why the year-on-year changes in costs, income or tax occurred.
Against Q1 FY27, other income rose ₹22.28 crore or 87.6% to ₹47.72 crore and other expenses fell ₹98.94 crore or 15.3% to ₹547.32 crore. Cost of materials rose ₹53.46 crore or 15.4%, employee cost ₹4.71 crore or 4.4%, and finance costs ₹4.21 crore or 6.8%. Tax fell ₹4.81 crore or 19.4% to ₹19.98 crore.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 400.64 | 243.82 | +156.82 | +64.3% |
| Employee cost | 112.40 | 100.16 | +12.24 | +12.2% |
| Finance costs | 66.03 | 76.04 | −10.01 | −13.2% |
| Depreciation | 24.76 | 26.20 | −1.44 | −5.5% |
| Other expenses | 547.32 | 705.82 | −158.50 | −22.5% |
| Total expenses | 1,151 | 1,152 | −0.88 | −0.1% |
| Other income | 47.72 | 63.20 | −15.48 | −24.5% |
| Tax | 19.98 | 23.97 | −3.99 | −16.6% |
| Exceptional items | none | −30.93 (charge) |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
For H1 FY27, consolidated revenue was ₹2,491.41 crore, up ₹49.5 crore or 2.0% from ₹2,441.91 crore in H1 FY26. Total income was ₹2,564.57 crore, up ₹20.93 crore or 0.8% from ₹2,543.64 crore.
Profit before tax rose 15.4% to ₹224.01 crore from ₹194.06 crore, while profit after tax increased 20.4% to ₹185.44 crore from ₹153.97 crore. Basic EPS rose 4.5% to ₹1.84 from ₹1.76. The company also reported the results on a standalone basis.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 2,491 | 2,442 | +2.0% |
| Profit before tax | 224.01 | 194.06 | +15.4% |
| Net profit | 185.44 | 153.97 | +20.4% |
| EPS (₹) | 1.84 | 1.76 | +4.5% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹9,945.48 crore, compared with ₹9,521.83 crore at 31 March 2026. Total equity was ₹4,679.6 crore against ₹4,442.05 crore, while borrowings were ₹1,312.13 crore against ₹1,216.09 crore.
Cash and cash equivalents were ₹422.44 crore at 30 September 2026, compared with ₹379.62 crore at 31 March 2026. Inventories fell to ₹827.63 crore from ₹978.34 crore, trade receivables fell to ₹424.02 crore from ₹597.92 crore, and trade payables rose to ₹2,243.89 crore from ₹2,162.93 crore.
H1 FY27 operating cash flow was ₹87.16 crore, compared with ₹380.12 crore in H1 FY26. Investing cash flow was negative ₹47.48 crore against negative ₹0.48 crore, financing cash flow was positive ₹3.36 crore against negative ₹240.57 crore, and capital expenditure was ₹35.87 crore against ₹47.8 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 9,945 | 9,522 |
| Total equity | 4,680 | 4,442 |
| Borrowings | 1,312 | 1,216 |
| Cash and equivalents | 422.44 | 379.62 |
| Inventories | 827.63 | 978.34 |
| Trade receivables | 424.02 | 597.92 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 87.16 | 380.12 |
| Cash from investing | −47.48 | −0.48 |
| Cash from financing | 3.36 | −240.57 |
| Capital expenditure | 35.87 | 47.80 |
Source: Company's results filing (XBRL).
How has Patel Engineering done over the last 8 quarters?
Revenue rose year on year in each of the last two quarters, while profit rose year on year in each of the last three quarters. Q2 FY27 revenue of ₹1,211 crore was below Q4 FY26’s ₹1,421.47 crore, and net profit of ₹86.94 crore was below Q1 FY27’s ₹98.50 crore.
The EBITDA margin reached 15.3% in Q3 FY25 and fell to 11.7% in Q3 FY26 before rising to 15.1% in Q4 FY26. It then eased to 14.0% in Q1 FY27 and 12.4% in Q2 FY27. Revenue peaked at ₹1,611.86 crore in Q4 FY25, while net profit was highest at ₹98.5 crore in Q1 FY27 and lowest at ₹38.16 crore in Q4 FY25.
Which businesses drove the quarter?
Civil Construction reported revenue of ₹1,209.58 crore in Q2 FY27, up 0.2% from ₹1,206.88 crore in the year-ago quarter. Segment EBIT was ₹118.28 crore, compared with ₹159.98 crore in Q2 FY26, and the reported EBIT margin was 9.8%.
Real Estate reported revenue of ₹1.09 crore, down 30.9% from ₹1.58 crore a year earlier. Its EBIT was a loss of ₹12.28 crore, compared with a loss of ₹31.96 crore in Q2 FY26, while the reported EBIT margin was negative 1,121.2%. Others reported EBIT of ₹0.93 crore against a loss of ₹0.09 crore.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Civil Construction | 1,210 | +0.2% | 118.28 | 9.8% |
| Real Estate | 1.09 | −30.9% | −12.28 | -1121.2% |
| Others | 0 | 0.93 |
Source: Company's results filing (XBRL segment data).
What else did the company announce?
The board approved the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026 on 5 November 2026. The same filing included the limited review report from Vatsaraj & Co., a security cover certificate for listed NCDs, and a statement on the use of issue proceeds.
What did the auditors point out?
The limited review report stated that nothing had come to the auditors’ attention causing them to believe that the standalone unaudited statement had failed to disclose the required information or contained any material misstatement. The review was conducted under SRE 2410 and was substantially less in scope than an audit; the auditors did not express an audit opinion.
The consolidated review excerpt said that the auditors of four subsidiaries, without qualifying their conclusions, drew attention to material uncertainty that may cast significant doubt on those companies’ ability to continue as going concern. It also stated that the financial statements of these subsidiaries were prepared on a going-concern basis.
The auditors did not review the interim results of 27 joint operations or 13 unincorporated joint operations. Their conclusion was not modified in respect of reliance on the other auditors’ reports or management-certified information for those entities, which management described as immaterial.
What did Patel Engineering's management say?
Management highlighted execution at Subansiri, Kiru, Kwar and Sleemanabad. It said Kiru had completed 12 lakh cubic meters of dam concreting against a target of 12.50 lakh cubic meters, while Kwar had completed 4 lakh cubic meters against a target of 7.50 lakh cubic meters. Wet commissioning began at Subansiri’s 250 MW Unit 5, and Sleemanabad achieved an approximately 12 km tunnel breakthrough.
How did Patel Engineering shares react?
Patel Engineering’s shares fell 4.2% in the first five minutes after the filing, 3.2% after 15 minutes and 4.0% after 30 minutes. From the previous close of ₹25.29, the stock closed the reaction day at ₹25.75, down 2.8%.
The Civil Construction industry’s other stocks recorded a median rise of 1.4% on the reaction day. Patel Engineering’s move was 4.2 percentage points below the industry median. No reaction-day return was provided for the Nifty Microcap 250.
Earlier results-day reactions were mixed. The shares rose 3.5% on 10 August 2026 and fell 2.1% on 14 May 2026, following declines of 6.3% on 14 February 2026 and 4.5% on 13 May 2025.
| After the filing | Stock | Civil Construction median |
|---|---|---|
| 5 minutes | −4.2% | |
| 15 minutes | −3.2% | |
| 30 minutes | −4.0% | |
| Reaction day | −2.8% | +1.4% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 10 August 2026 | +3.5% |
| 14 May 2026 | −2.1% |
| 14 February 2026 | −6.3% |
| 13 November 2025 | +0.2% |
| 11 August 2025 | +7.0% |
| 13 May 2025 | −4.5% |
| 12 February 2025 | +3.5% |
| 13 November 2024 | +4.2% |
Source: MarketPing price-reaction measurement.
How did other Civil Construction companies do?
Thirty other Civil Construction companies that had filed this quarter were compared with Patel Engineering. Their median revenue growth was 8.9%, while Patel Engineering’s revenue grew 0.2%. Nine peers grew more slowly than Patel Engineering and 21 grew faster.
Of the 30 peers for which profit was compared, 22 reported higher profit. Peer figures were available as of 5 November 2026.
| Patel Engineering revenue growth (YoY) | +0.2% |
|---|---|
| Median of 30 other Civil Construction companies | +8.9% |
| Companies with slower revenue growth than Patel Engineering | 9 of 30 |
| Companies with faster revenue growth than Patel Engineering | 21 of 30 |
| Companies whose net profit rose | 22 of 30 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Patel Engineering's revenue in Q2 FY27?
Revenue from operations was ₹1,211 crore, up 0.2% from ₹1,208 crore in Q2 FY26 (consolidated).
Did Patel Engineering make a profit in Q2 FY27?
Yes. Net profit was ₹86.94 crore, against a net profit of ₹73.03 crore in Q2 FY26.
What was Patel Engineering's EPS in Q2 FY27?
Basic earnings per share were ₹0.86, against ₹0.84 in Q2 FY26.
How did Patel Engineering shares react to the Q2 FY27 results?
On the reaction day the stock moved −2.8% from the previous close; the median Civil Construction stock moved +1.4%.
When did Patel Engineering announce its Q2 FY27 results?
On 5 November 2026, in a filing to the NSE.
Sources
- Board Meeting Intimation for Notice Of Board Meeting (BSE, 29 October 2026) · PDF
- Outcome of Board Meeting (NSE, 5 November 2026) · PDF
- The investor presentation (5 November 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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