Patel Engineering backlog falls to Rs 13,546.4 crore in H1-FY27

Patel Engineering Limited reported Rs 64.5 crore of order intake in H1-FY27 as its order backlog fell to Rs 13,546.4 crore from Rs 15,119.3 crore at FY26-end. Patel Engineering’s 52-project book remained led by hydroelectric work, which accounted for Rs 8,620.4 crore, or 63.64%, at the half-year end.

How much new work did Patel Engineering win in H1-FY27?

Patel Engineering won Rs 64.5 crore of orders in H1-FY27, and irrigation accounted for 100% of the intake. The presentation does not disclose any H1-FY27 order intake in hydroelectric, tunnel, road, urban infrastructure or other segments.

The H1-FY27 intake was below the annual intake figures disclosed for the preceding three financial years: Rs 4,400.9 crore in FY26, Rs 111.2 crore in FY25 and Rs 4,074.2 crore in FY24. The presentation does not provide an H1-FY26 intake figure, so it does not support a year-on-year comparison for the half year.

How did Patel Engineering’s backlog change in H1-FY27?

Patel Engineering’s order backlog declined by Rs 1,572.9 crore during H1-FY27, reaching Rs 13,546.4 crore from Rs 15,119.3 crore at FY26-end. The presentation reports the period-end balances but does not identify individual contract additions, cancellations or execution movements behind the decline.

The H1-FY27 backlog was also Rs 1,671.2 crore below the Rs 15,217.6 crore reported at FY25-end and Rs 5,116.6 crore below the Rs 18,663 crore reported at FY24-end. It remained below the Rs 17,585 crore reported at FY23-end but above the Rs 15,011.5 crore recorded at FY22-end.

Which segments make up Patel Engineering’s order book?

Patel Engineering’s largest order-book segment was hydroelectric work, valued at Rs 8,620.4 crore across 18 projects, or 63.64% of the H1-FY27 total. Irrigation had the highest project count at 20 projects, with a value of Rs 1,962 crore and a 14.48% share.

Urban Infrastructure & Others accounted for Rs 2,262.1 crore from five projects, exceeding irrigation by value despite having 15 fewer projects. Tunnel work accounted for Rs 483.9 crore across four projects, while five road projects represented Rs 218 crore. Together, these five segments totalled Rs 13,546.4 crore across 52 projects.

Patel Engineering’s client mix was led by Central Government and public-sector undertaking projects, which represented Rs 8,453.1 crore, or 62.40%, across 17 projects. State Government clients accounted for 31 projects valued at Rs 3,901.4 crore, while two international projects were valued at Rs 393.7 crore and two other-client projects at Rs 798.2 crore.

How much work remains at early and late project stages?

Patel Engineering had Rs 5,574.1 crore of backlog across eight projects that were below 10% complete, representing 41.15% of the total book. This was the largest value among the six disclosed completion bands.

Projects at 30% to 50% completion accounted for Rs 2,404.6 crore across four projects, while nine projects at 50% to 70% completion held Rs 2,216.5 crore. The largest project count was in the 70% to 90% band, with 18 projects holding Rs 2,147.2 crore, and nine projects at 90% to 100% completion had Rs 482.1 crore remaining.

The presentation also recorded project milestones during Q2 FY27. At Kiru Hydropower Project, Patel Engineering reported 12 lakh cubic metres of dam concreting against a target of 12.50 lakh cubic metres; at Kwar Hydropower Project, it reported 4 lakh cubic metres against a 7.50 lakh cubic metre target. At the Sleemanabad Carrier Canal Project, it reported a breakthrough in an approximately 12-kilometre irrigation tunnel using a tunnel boring machine.

Where are Patel Engineering’s ongoing projects located?

Patel Engineering’s 52 ongoing projects were spread across 14 domestic states, with one project each in Nepal and Bhutan. Domestic projects numbered 50 and carried Rs 13,152.6 crore of value, while the two international projects carried Rs 393.8 crore, together matching the Rs 13,546.4 crore total order book.

Jammu and Kashmir was the largest disclosed domestic location by value, with five projects worth Rs 2,511.9 crore. Arunachal Pradesh had three projects valued at Rs 2,429.1 crore, followed by Maharashtra with 15 projects worth Rs 2,127.8 crore, Himachal Pradesh with four projects worth Rs 2,114.5 crore and Madhya Pradesh with 10 projects worth Rs 1,986.9 crore.

Bhutan accounted for one project worth Rs 213.6 crore, while Nepal accounted for one project worth Rs 180.2 crore. Other disclosed domestic locations included Sikkim with two projects valued at Rs 958.3 crore, Karnataka with three worth Rs 242.9 crore and Tamil Nadu with two worth Rs 77.4 crore.

Conclusion

Patel Engineering entered the second half of FY27 with Rs 13,546.4 crore of backlog, down from Rs 15,119.3 crore at FY26-end, while H1-FY27 order intake was Rs 64.5 crore and confined to irrigation. Hydroelectric projects accounted for Rs 8,620.4 crore of the book, and projects below 10% completion represented Rs 5,574.1 crore of unexecuted value.

The key unresolved matter is the pace and segment mix of future order awards, as the presentation provides no H1-FY27 order-intake target. Execution milestones to watch include Subansiri Lower Unit 5, where Patel Engineering reported first mechanical spinning on 22 July 2026 and commencement of wet commissioning on 27 July 2026, alongside progress at Kiru and Kwar.