Patel Engineering Ltd(PATELENG)

NSE: PATELENGBSE: 531120

₹ 22.45-3.15%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 2,227 crWebsite: www.pateleng.comUpdated: 24 Oct 2026

About

Patel Engineering Ltd is an Indian civil construction company specialising in hydropower, irrigation, tunnelling, and road infrastructure, with over seven decades of experience. It reported FY26 consolidated revenue of ₹5,103 cr and holds an order book of ₹14,636 cr as of Q1 FY27. The company has been involved in the civil construction of 15,000+ MW of hydropower capacity and has constructed 300+ km of tunnels across 14 states and internationally in Nepal and Bhutan.^[1][2][3][4]

Business segments

Within that segment, hydro contributed 57% of Q3 FY26 revenues, irrigation 22%, tunnelling 13%, and roads and others 8%.^[5]

Order book and book-to-bill

Consolidated order book stood at ₹14,636 cr as of June 30, 2026, with a book-to-bill of 2.86x, spread across 53 projects in 14 states and internationally.^[2][3]
Order book composition as of Q1 FY27: hydropower 62%, irrigation 17%, roads and urban infrastructure 17%, tunnelling 4%.^[2]
Over 92% of the order book is from Central Government/PSU and State Government clients, including NHPC, SJVN, CVPPL, NEEPCO, and CIDCO.^[3]
Q1 FY27 order inflows were ₹645 mn; FY27 full-year inflow target is ₹8,000 cr, with ~₹9,000 cr of bids under evaluation as of Q1 FY27.^[2]

Key operating metrics

Operating EBITDA margin was 14.02% in Q1 FY27 (+62 bps YoY) and 13.40% for full-year FY26 (-100 bps YoY).^[2][1]
Net working capital days were 137 days in Q1 FY27, up from 120 days at end-FY26 and 114 days in 9M FY26.^[2][1][5]
Receivable days stood at 40 - 45 days in Q1 FY27, improved structurally from historical levels of 80 - 114 days.^[2][6]
FY26 new order inflows totalled ~₹4,400 cr, well short of the ₹8,000 cr full-year guidance; management cited aggressive competitor pricing.^[1]

Operations and track record

PEL has been involved in the civil construction of 15,000+ MW of hydropower capacity, has 8,000+ MW under execution, has constructed 87+ dams, and drilled 4,000+ metres of shafts.^[3]
The company has constructed over 300 km of tunnels, 1,200+ km of roads, and has irrigated 5.5+ lakh acres across its project history.^[3]
Workforce exceeds 13,000 personnel including contractual labour as of FY26.^[3]
Most EPC contracts include price escalation clauses allowing cement, steel, fuel, and explosives cost fluctuations to be passed through to clients.^[3]

Flagship project - Subansiri Lower HEP

Four of eight units (1,000 MW) of the 2,000 MW Subansiri Lower HEP were operational as of Q1 FY27; concreting for Unit 7 commenced in the quarter.^[2]
All eight units (2,000 MW total) are targeted to be operational in FY27.^[2][1]

International and geographic reach

International projects in Nepal and Bhutan represented ₹4,002 mn (2.6%) of the FY26 order book; Dorjilung HEP in Bhutan (₹231 cr) was Patel's first Bhutan project, secured in FY26.^[3][1]
Post FY26 year-end, Patel was declared L1 for the Lower Arun Hydropower Project in Nepal valued at ₹15,931 mn (~₹1,600 cr), adjacent to the existing Arun-III site.^[3][1]

Expansion and new projects

Signed an MoA for the 144 MW Gongri Hydropower Project in Arunachal Pradesh on a 40-year BOOT model; estimated EPC value ₹1,700 cr; post-completion revenue targeted at ~₹300 cr per annum.^[5]
Management is exploring entry into underground metro, surface metro, and selective road and earthwork excavation segments, with project-specific JV decisions.^[6]
FY27 capex planned at ₹100 - 150 cr to support EPC project execution.^[5]

Recent developments

In June 2026, long-term credit rating was upgraded to A stable from A - , and short-term rating to A1 from A2.^[2]
TBM breakthrough completed at Sleemanabad Carrier Canal tunnel in Madhya Pradesh in Q1 FY27; the 11.95 km tunnel is currently the longest irrigation tunnel in India.^[2]
Sale of 27-acre land parcel in Telangana for ₹26 cr completed in Q1 FY27; FY27 non-core monetisation target (land and arbitration) is ₹150 - 200 cr.^[2]
In FY26, non-core asset monetisation totalled ₹185 cr (₹135 cr from land sales and ₹50 cr from arbitration awards under NITI Aayog), exceeding the ₹150 cr annual target.^[1]
Consolidated gross debt fell from ₹1,645 cr at end-FY25 to ₹1,187 cr at end-FY26, a reduction of ₹458 cr, with debt-to-equity improving to 0.27x from 0.43x, aided by a ₹400 cr rights issue (subscribed 1.15x).^[1][5]
CIDCO Treated Water Tunnel set a national TBM benchmark of 812 metres in a single month (January 2026) and achieved breakthrough three months ahead of schedule in Q4 FY26.^[1]

Market Cap

₹2,227 Cr

High / Low

₹37 / 22

Stock P/E

7.9

Price / Book

0.5

Book Value

₹45

EPS

₹2.6

No. of Shares

99.21 Cr

ROCE

13.1%

ROE

6.3%

OPM

14.2%

Debt / Equity

0.27

Sales

₹5,103 Cr

Net Profit

₹269 Cr

Promoter holding

31.5%

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Patel Engineering Ltd(PATELENG)

About

Business segments

Order book and book-to-bill

Key operating metrics

Operations and track record

Flagship project - Subansiri Lower HEP

International and geographic reach

Expansion and new projects

Recent developments

Signal history

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