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Stock Analysis

Description

Patel Engineering Ltd is engaged in the construction of dams, bridges, tunnels, roads, piling works, industrial structures and other kinds of heavy civil engineering works in areas like hydro, irrigation & water supply, urban infrastructure and transport.

Key Growth Triggers

Focus on infrastructure development, government spending on hydropower and transport projects.
Strong order book execution capabilities and potential expansion into new segments like metro works.
Leveraging government focus on infrastructure momentum.

Order Book

Order Book: As of Q2 FY26, the order book stood at ₹15,146 Cr.

Key Red Flags

Auditors have noted going concern considerations for certain subsidiaries.
Company's cost of borrowing seems high.

Key Dates To Watch

Trading window closure from January 1, 2026, pending the release of Q3 FY26 financial results.

Corporate Announcements

17th Apr 26

Impact Rating: 5

Patel Engineering Ltd. informed the stock exchanges that Mr. Ashwin Parmar, an Independent Director, will complete his tenure on April 19, 2026, following which he will cease to hold the directorship.

15th Apr 26

Impact Rating: 5

Patel Engineering has approved the appointment of Ms. Jana Chatra as an Additional (Independent) Director for a three-year term, effective April 15, 2026, to April 14, 2029, subject to shareholder approval.

9th Apr 26

Impact Rating: 3

Patel Engineering Ltd. has submitted its quarterly SEBI (DP) Regulations compliance certificate for the period ending March 31, 2026. The registrar confirmed smooth processing of securities and noted no dematerialization or rematerialization requests were received during the quarter.

30th Mar 26

Impact Rating: 7

Patel Engineering Limited is undergoing a change in promoter shareholding as shares from the late Mr. Rupen Patel are transmitted to nominee Ms. Janky Patel, following SEBI regulations.

27th Mar 26

Impact Rating: 4

In compliance with SEBI regulations, Patel Engineering Ltd. will observe a closure of its trading window from April 1, 2026. This restriction will lift 48 hours post-declaration of audited financial results for the fiscal year ending March 31, 2026.

Peer Comparision

S.No.	Name	Current Price (Rs.)	Price to Earning	Market Capitalization (Rs.Cr.)	Dividend yield (%)	Net Profit latest quarter (Rs.Cr.)	YOY Quarterly profit growth (%)	Sales latest quarter (Rs.Cr.)	YOY Quarterly sales growth (%)	Return on capital employed (%)	Sales (Rs.Cr.)	OPM (%)	Profit after tax (Rs.Cr.)	Profit after tax latest quarter (Rs.Cr.)	Price to book value	Return on assets (%)	Debt to equity
1.	Larsen & Toubro	3865.80	33.08	531772.05	0.88	4678.01	15.63	67983.53	10.44	14.49	270722.51	12.67	16074.88	3926.09	5.25	4.98	1.32
2.	Rail Vikas	338.30	62.12	70536.23	0.51	230.52	-19.73	5122.97	5.52	14.72	20026.00	4.70	1135.41	230.29	7.38	6.40	0.52
3.	NBCC	105.18	42.52	28398.60	0.64	156.69	25.71	2910.20	18.99	33.17	12751.71	5.04	667.83	153.52	10.63	4.68	0.00
4.	IRB Infra.Devl.	41.79	28.83	25236.98	0.72	140.82	41.00	1751.02	10.42	7.82	8024.67	48.08	875.41	140.82	1.24	2.01	1.02
5.	Kalpataru Proj.	1136.80	23.64	19413.42	0.79	237.39	91.27	6528.57	32.43	15.95	25498.99	8.25	821.04	240.05	2.79	2.36	0.69
6.	KEC International	699.25	27.25	18614.04	0.79	160.75	88.21	6091.56	19.13	17.98	23335.94	7.26	683.11	160.75	3.30	2.75	0.94
7.	Ircon Intl.	164.97	25.83	15515.69	1.61	136.51	-32.68	1976.75	-19.23	11.60	9787.96	7.43	600.65	138.65	2.40	3.74	0.80
8.	Patel Engineerin	27.41	7.46	2719.46	0.00	58.15	-11.29	1197.77	3.74	15.72	5192.91	13.24	364.40	79.85	0.69	4.08	0.38
–	Median: 117 Co.	130.8	17.73	483.64	0.0	9.21	23.05	149.57	10.73	18.43	506.52	12.78	30.76	9.16	2.09	6.85	0.44

Quarterly Results

Standalone figures in ₹ crores

	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	814	929	1,192	1,091	1,012	1,052	1,257	1,082	1,155	1,187	1,584	1,224	1,198
Expenses	704	799	1,016	938	877	908	1,069	921	1,003	1,011	1,381	1,066	1,047
Operating Profit	111	131	176	152	136	145	188	161	152	175	203	159	151
Other Income	36	26	32	116	30	22	44	51	56	10	-50	31	32
Profit before tax	27	33	86	160	52	56	111	103	105	82	50	92	81
Tax %	42%	34%	3%	17%	20%	24%	37%	34%	22%	10%	22%	25%	28%
Net Profit	16	22	84	132	41	43	70	68	82	74	39	70	58
EPS in Rs	0.17	0.24	0.92	1.45	0.45	0.47	0.77	0.68	0.82	0.74	0.39	0.70	0.59

Profit & Loss

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	2,704	2,473	2,764	2,926	2,039	2,070	2,333	1,719	3,030	3,817	4,412	5,008	5,193
Expenses	2,331	2,042	2,409	2,397	1,582	1,793	2,208	1,550	2,570	3,277	3,792	4,301	4,505
Operating Profit	373	431	355	529	457	277	125	169	460	540	620	707	688
Other Income	146	195	281	262	176	202	326	49	90	138	212	51	23
Interest	429	552	629	638	536	323	331	369	393	400	357	319	301
Depreciation	54	52	46	46	44	41	59	64	68	81	97	99	104
Profit before tax	36	22	-39	107	52	115	61	-215	88	198	379	340	306
Net Profit	25	12	-30	42	59	83	37	-138	56	156	286	262	240
EPS in Rs	0.77	0.37	-0.92	0.63	0.89	1.19	0.52	-1.69	0.66	1.71	3.14	2.64	2.42
Dividend Payout %	-0%	-0%	-0%	-0%	-0%	-0%	-0%	-0%	-0%	-0%	-0%	-0%	–

Balance Sheet

Standalone figures in ₹ crores

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	8	8	8	16	16	16	41	47	48	77	77	84	84
Reserves	1,607	1,692	1,733	2,167	2,210	2,287	2,529	2,446	2,305	2,780	3,069	3,710	3,844
Borrowings	3,516	4,081	4,834	4,474	2,403	2,215	1,904	1,949	2,020	1,559	1,757	1,503	1,493
Other Liabilities	1,792	1,642	2,027	2,288	2,110	2,766	3,009	3,028	3,364	3,714	3,787	4,080	4,055
Total Liabilities	6,922	7,422	8,601	8,946	6,739	7,286	7,483	7,469	7,736	8,131	8,689	9,378	9,476
Fixed Assets	247	214	184	293	249	270	301	360	1,070	1,184	1,167	1,179	1,188
Gross Block	559.46	562.50	576.53	730.71	683.45	732.39	816.97	934.72	1,685.10	1,828.52	1,905.78	1,996.41	–
Accumulated Depreciation	312.58	348.02	392.69	437.28	434.92	462.38	515.71	574.61	615.13	644.66	738.56	817.72	–
CWIP	21	4	101	5	2	3	11	5	5	14	63	25	23
Investments	592	606	515	492	495	600	669	654	258	226	234	266	220
Other Assets	6,063	6,598	7,801	8,155	5,994	6,412	6,502	6,449	6,403	6,708	7,225	7,908	8,045
Total Assets	6,922	7,422	8,601	8,946	6,739	7,286	7,483	7,469	7,736	8,131	8,689	9,378	9,476

Cash Flows

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-334	-55	-8	405	340	428	394	242	311	537	454	368
Cash from Investing Activity	-93	-47	9	-30	349	-4	-64	-22	-12	-130	-72	10
Cash from Financing Activity	397	77	-45	-370	-625	-442	-348	-206	-229	-445	-367	-228
Net Cash Flow	-30	-26	-43	5	65	-18	-19	13	70	-38	16	150

Ratios

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	50	64	31	24	36	37	49	71	46	41	39	49
Inventory Days	–	–	–	–	–	–	–	–	–	–	–	–
Days Payable	–	–	–	–	–	–	–	–	–	–	–	–
Cash Conversion Cycle	50	64	31	24	36	37	49	71	46	41	39	49
Working Capital Days	64	93	119	60	112	166	105	223	105	111	123	131
ROCE %	10%	10%	10%	13%	14%	11%	8%	6%	12%	14%	14%	16%

Shareholding Pattern

Numbers in percentages

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Promoters	39.11%	39.42%	39.42%	39.42%	39.42%	39.42%	36.11%	36.11%	36.11%	36.11%	36.11%	36.11%	31.48%
FIIs	2.92%	2.10%	2.38%	2.36%	2.83%	3.37%	3.68%	3.09%	4.74%	5.01%	2.71%	2.53%	2.52%
DIIs	13.96%	9.20%	9.25%	6.25%	5.59%	4.48%	6.22%	4.45%	4.51%	4.70%	4.91%	4.75%	5.81%
Public	36.82%	44.49%	44.15%	47.18%	47.37%	47.93%	49.59%	51.96%	50.23%	49.80%	51.88%	52.21%	56.43%