Overview

Detailed Summary

Patel Engineering Limited is an Indian civil engineering and EPC firm founded in 1949, specialising in complex hydroelectric, tunnelling, irrigation, water supply and urban infrastructure projects, with a broad national footprint and a recent international presence in Nepal and project experience overseas.
PEL reports a sizeable order book of ₹151,232 Mn across 52 active projects concentrated in hydro (58.6%), irrigation and tunnelling, delivering strong multi‑year revenue visibility and a book‑to‑bill ratio of 3.08x that underpins near‑term execution plans and strategic bidding posture.
Q3 FY26 consolidated revenue was ₹12,393.53 Mn with an operating EBITDA of ₹1,447.95 Mn (11.68% margin); EBITDA and EBIT have moderated year‑on‑year due to project mix and execution phasing while net profit remains positive and rights issuance alongside asset monetization strengthened the balance sheet.
Management emphasises disciplined, margin‑led bidding, selective participation in aggressively priced tenders and a strategic push into asset ownership via BOOT, exemplified by the Gongri HEP MOA and non‑core asset monetizations, signalling a deliberate shift to balance recurring and EPC revenues.
Sector tailwinds are significant: government capex of ~₹12.2 lakh crore, a national ‘Decade of Hydropower’ focus, and a large PSP pipeline, which together create a meaningful addressable opportunity set for Patel Engineering to convert pipeline tenders into awarded contracts.

Sector: Infrastructure Developers & Operators
Industry: Construction - Civil / Turnkey - Large
Market Cap: 2,622 Cr
Volatility: High Risk
P/E Ratio: 9.7
Industry P/E: 20.3
PEG Ratio: 0.3
P/B Ratio: 0.6
52W High: 46.59
52W Low: 25.35

Sales CAGR

1Y: 12.09%
3Y: 18.23%
5Y: 16.50%
10Y: 6.83%

Profit CAGR

1Y: -18.46%
3Y: 67.76%
5Y: 47.81%
10Y: —

ROE

TTM: 10.03%
3Y: 7.28%
5Y: 3.41%
10Y: 1.83%

ROCE

TTM: 11.91%
3Y: 13.42%
5Y: 10.76%
10Y: 10.80%

Technicals

Oscillators

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Bullish

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Moving Averages

BearishNeutralBullish

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Forecasts

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Analyst Target, Price, EPS and Revenue Projections

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
KNRCON	128.50	3,612 Cr	7.69	0.76	0.19	14.48	13.49	4.33
HGINFRA	531.45	3,454 Cr	8.83	1.12	0.38	13.38	9.94	3.77
RAMKY	441.40	3,080 Cr	13.67	1.50	0.00	9.80	14.41	5.14
DREDGECORP	979.75	2,743 Cr	-40.89	2.42	0.00	-5.36	1.01	-2.21
PATELENG	26.49	2,622 Cr	10.02	0.61	0.00	10.03	11.91	2.84
SANGHVIMOV	253.25	2,185 Cr	12.95	1.80	0.79	14.32	15.60	8.72
INDIANHUME	321.70	1,699 Cr	2.75	1.21	1.80	7.64	9.65	22.45

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	1,021	1,061	1,343	1,102	1,174	1,206	1,612	1,233	1,208	1,239
Expenses	881	919	1,106	933	1,012	1,022	1,394	1,068	1,050	1,095
Operating Profit	140	142	238	169	162	184	218	165	159	145
OPM %	13.71	13.39	17.69	15.31	13.81	15.26	13.55	13.40	13.13	11.68
Other Income	24	52	75	25	42	9.86	-62	39	32	-14
Interest	92	89	93	84	79	80	79	73	76	68
Depreciation	23	23	29	26	24	24	26	25	26	26
Profit Before Tax	49	82	190	83	101	89	52	105	89	37
Tax %	22.43	16.44	25.86	42.51	27.42	10.34	33.08	24.04	27.02	-152.60
Net Profit	38	69	141	48	73	80	35	80	65	93
EPS in Rs	0.36	0.68	1.19	0.54	0.74	0.78	0.37	0.78	0.71	0.78

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	3,884	2,275	2,362	2,617	1,995	3,380	3,891	4,544	5,093	5,225
Expenses	3,463	1,744	2,002	2,432	1,760	2,853	3,330	3,854	4,360	4,495
Operating Profit	421	531	360	185	235	528	562	690	733	730
OPM %	10.84	23.34	15.25	7.08	11.76	15.61	14.43	15.19	14.40	13.97
Other Income	165	106	264	202	-105	86	114	175	15	29
Interest	579	489	370	266	401	420	412	362	322	311
Depreciation	78	54	50	66	72	82	81	98	100	99
Profit Before Tax	-71	94	204	55	-344	112	183	405	326	348
Tax %	-44.72	-12.05	21.82	42.79	20.62	38.51	21.29	25.55	27.49	22.85
Net Profit	-103	105	159	31	-273	69	144	302	236	268
EPS in Rs	—	—	1.12	-0.70	-3.08	0.73	1.60	2.57	2.43	2.64
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	7.68	16	16	16	41	47	48	77	77	84
Reserves	1,705	2,123	2,144	2,260	2,506	2,273	2,336	2,811	3,076	3,700
Borrowings	4,932	4,338	2,872	2,649	2,244	2,296	2,292	1,758	1,910	1,615
Other Liabilities	2,868	3,199	2,383	3,275	3,537	3,471	3,835	4,111	3,933	4,180
Total Liabilities	9,512	9,676	7,414	8,201	8,328	8,087	8,510	8,757	8,996	9,580
Fixed Assets	622	629	556	578	607	683	1,181	1,231	1,319	1,328
CWIP	837	868	792	1,063	1,141	679	283	294	233	171
Investments	164	138	140	116	79	68	82	135	155	181
Other Assets	7,889	8,040	5,926	6,443	6,501	6,658	6,965	7,096	7,289	7,900
Total Assets	9,512	9,676	7,414	8,201	8,328	8,087	8,510	8,757	8,996	9,580

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-48	567	403	836	407	389	514	702	688	363
Cash from Investing Activity	272	-222	245	-327	-47	6.88	-121	-224	-132	-15
Cash from Financing Activity	-311	-343	-578	-513	-367	-311	-340	-541	-429	-283
Net Cash Flow	-86	1.89	70	-4.45	-6.81	85	54	-63	126	66

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Apr 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Promoters	41.40%	41.40%	41.40%	41.40%	37.77%	37.77%	37.77%	37.77%	37.77%	37.77%	37.77%	32.70%
FIIs	2.50%	2.48%	2.97%	3.54%	8.86%	3.86%	3.23%	4.96%	5.24%	2.83%	2.65%	3.29%
DIIs	9.72%	6.57%	5.87%	4.72%	7.45%	6.50%	4.65%	4.72%	4.90%	5.13%	4.97%	8.49%
Public	46.38%	49.55%	49.75%	50.34%	45.92%	51.87%	54.35%	52.56%	52.08%	54.26%	54.62%	55.52%
Total Shareholders	1,37,056	2,00,941	2,18,582	2,59,605	2,65,079	3,40,851	4,32,445	4,40,768	4,46,112	4,47,535	4,41,763	4,55,281

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Documents

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Investor Presentation

Q3 FY26

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

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