Patel Engineering Limited has declared the results of its postal ballot process conducted for the appointment of independent directors. The company sought shareholder approval for two special resolutions regarding the appointment of Ms. Sudha Navandar and Ms. Jana Chatra to its board.

Postal Ballot Overview

The postal ballot voting commenced on April 21, 2026, and concluded on May 20, 2026. The process was managed by scrutinizer Mr. Vaibhav Dandawate of M/S Makarand M Joshi & Co. A total of 4,73,473 shareholders were eligible to vote as on the record date of April 17, 2026. The company confirmed that no promoter or member of the promoter group was interested in the resolutions.

Voting Results

Both resolutions were passed with an overwhelming majority. The total number of votes cast for Resolution 1 was 33,91,39,812, representing 34.18% of the total outstanding shares. For Resolution 2, the total votes polled were 33,91,03,085, representing 34.17% of the outstanding shares.

Resolution 1: Appointment of Ms. Sudha Navandar

The resolution to appoint Ms. Sudha Navandar (DIN: 02804964) as an Independent Director received 99.87% of the votes in favour.

Resolution 2: Appointment of Ms. Jana Chatra

The resolution to appoint Ms. Jana Chatra (DIN: 07149281) as an Independent Director received 99.89% of the votes in favour.

The scrutinizer's report confirmed that there were no invalid votes cast and that the resolutions were passed with the requisite majority. The results were declared on May 21, 2026.

Patel Engineering Ltd has outlined its strategic outlook for FY27, targeting a 10% growth in revenue and new orders worth approximately INR 8,000 crores. This guidance was shared during the company's earnings conference call held on May 14, 2026, to discuss financial results for the quarter and year ended March 31, 2026. Management expects the revenue momentum to strengthen significantly from the second half of FY27 onwards.

FY26 Financial Performance

For the full year FY26, the company reported a revenue from operations of INR 5,102 crores compared to INR 5,093 crores in the previous year. Profit after tax (PAT) stood at INR 294 crores, a 21% increase over INR 242 crores in FY25. On a consolidated basis, operating EBITDA was INR 684 crores with a margin of 13.41%. The company successfully reduced its consolidated gross debt by INR 458 crores to INR 1,187 crores as of March 31, 2026, aided by a rights issue and non-core asset monetization.

Operational Highlights and Order Book

During FY26, Patel Engineering secured new orders worth around INR 4,400 crores across sectors such as hydropower, urban infrastructure, and irrigation. Key wins included the INR 1,300 crore Kondhane Dam project from CIDCO and the INR 900 crore Renuka Ji Dam project package. As of March 31, 2026, the order book stood at INR 15,119 crore, with hydropower constituting 63% of the total. The company has also been declared L1 for an additional INR 1,600 crore order, providing a strong start to FY27.

Strategic Guidance for FY27

Management has set a target to secure new orders worth INR 8,000 crores in FY27, supported by a robust pipeline of tenders and identified opportunities. The company aims to generate between INR 150 crores and INR 200 crores from non-core asset monetization, similar to the INR 185 crores realized in FY26. Interest costs are expected to remain around current levels without drastic increases, while efforts are underway to reduce promoter pledge by approximately 15% to 20%.

The conference call was attended by Ms. Kavita Shirvaikar, Managing Director, and Mr. Rahul Agarwal, Chief Financial Officer. The transcript was submitted to the stock exchanges on May 20, 2026.