Patel Engineering Limited has filed its investor presentation for the quarter and year ended March 31, 2026. The company reported a consolidated net profit of ₹294.50 crore for FY26, an increase of 21.60% compared to ₹242.17 crore in the previous year. Revenue from operations for the year stood at ₹5,102.74 crore, marginally up from ₹5,093.36 crore in FY25. The company maintained a healthy order book of INR 1,51,193 million across 53 ongoing projects, providing strong revenue visibility.

Q4 and FY26 Financial Performance

For the fourth quarter of FY26, the company achieved a net profit of ₹71.49 crore, a significant rise of 117.96% from ₹32.80 crore in the corresponding quarter of the previous year. Revenue from operations in Q4 FY26 was ₹1,421.48 crore. Operating EBITDA for the quarter stood at ₹215.23 crore with a margin of 15.14%, improving by 160 basis points from 13.54% in Q4 FY25. For the full year, operating EBITDA was ₹684.03 crore with a margin of 13.41%. The following table summarises key financial metrics for Q4 and the full year:

The annual consolidated income statement reflects a multi-year revenue growth trajectory, as shown below:

Order Book and New Order Inflows

Patel Engineering secured new project orders worth approximately INR 44,009 million during FY26, reflecting a diversified inflow across hydropower, irrigation, and other segments. The total order book as of March 31, 2026, stands at INR 1,51,193 million across 53 ongoing projects spread across 14 states domestically, with an international presence in Nepal and Bhutan. The segment-wise and client-wise breakdown of the order book is presented below:

Key orders received in Q4 FY26 included the Renuka Ji Dam Project (Hydropower, Himachal Pradesh) valued at INR 9,101 million and the Dorjilung Hydroelectric Power Project (Bhutan) valued at INR 2,307 million, totalling INR 11,408 million in LOA-received projects.

Operational Highlights

Patel Engineering achieved several significant operational milestones during FY26. The company commissioned the 4th Unit of the Subansiri Lower HEP, with 4 out of 8 units now operational, contributing 1,000 MW of clean energy to the national grid. The company set a national record with 812 meters of TBM tunnelling in a single month (January 2026) for the CIDCO Water Tunnel project, with TBM breakthrough achieved three months ahead of schedule. Additionally, 6.2 km of TBM tunnelling works have been completed at the CIDCO project. Across other key projects, over 11,50,000 cubic meters of dam concreting has been completed at one project, and over 3,00,000 cubic meters at another, reflecting strong execution momentum.

Financial Health and Balance Sheet

Patel Engineering improved its debt-equity ratio to 0.27x in FY26 from 0.43x in the previous year, reflecting continued balance sheet strengthening. The company realised approximately INR 1,850 million through the monetisation of non-core assets. The Board has approved the sale of its entire stake in associate company ACP Tollways Private Limited for ₹55 crore, subject to lender approvals. The consolidated balance sheet as of March 31, 2026, is summarised below:

Capital Market Data

As of March 31, 2026, Patel Engineering's market price stood at INR 22.23, with a 52-week high/low of INR 48.22/22.08. The company's market capitalisation was INR 22,055.32 million, with equity shares outstanding of 992.14 million. The face value per share is INR 1.00.

Established in 1949, Patel Engineering is a leading integrated infrastructure and engineering, procurement, and construction company headquartered in Mumbai, with over 75 years of experience and more than 350 completed infrastructure projects. The company holds a strong position in India's hydropower and underground tunnelling segments, with deep technical expertise across dams, tunnels, irrigation, water supply, and urban infrastructure.

Source: Company/INE244B01030/b165c7ae0f004376.pdf

Patel Engineering has been declared the lowest bidder (L1) for Package 2 of the 669 MW Lower Arun Hydropower Project in Nepal, valued at ₹1,593.08 crores. The company announced this significant contract win through a regulatory filing under Regulation 30 of SEBI Listing Regulations.

Project Overview

The contract has been awarded by SJVN Lower Arun Power Development Company (P) Ltd., a wholly owned subsidiary of SJVN. The project details are outlined below:

Scope of Work

Package 2 encompasses critical infrastructure components for the Lower Arun Hydro-Electric Project. The comprehensive scope includes construction of Adit-5 and Adit-6 leading to the Head Race Tunnel, along with the Part Head Race Tunnel measuring 10.5 meters in diameter and extending 5.41 kilometers.

Additional work components cover the Surge Shaft and its gates, Pressure Shaft with Butterfly Valve Chamber and Access Adit, Power House, Switchyard, Surface Pothead Yard, and Tail Race Channel. The package also involves installation of steel liners for Pressure Shafts, Draft Tube Gates and hoists, plus associated road works and supporting infrastructure.

Management Commentary

Ms. Kavita Shirvairkar, Managing Director of Patel Engineering, commented on the development: "We are pleased to begin Q1 FY27 on a positive note, having been declared L1 for this important order of approximately ₹1600 crores. Nepal holds immense hydroelectric potential, and the Lower Arun project is a significant step toward harnessing that energy for sustainable growth."

She further added that with ongoing work at the Arun-3 Hydropower project located just 35 kilometers from the Lower Arun site, the company is well-positioned to deliver world-class engineering and timely execution.

Strategic Significance

The project site is strategically located near Tumlingtar in Sankhuwasabha District of Nepal, approximately 264 kilometers from Siliguri, India. This international contract reinforces Patel Engineering's capabilities in the hydropower sector and strengthens its presence in the regional infrastructure market.

Patel Engineering, established in 1949, has completed over 85 dams, 40 hydroelectric projects, and more than 300 kilometers of tunneling works. The company maintains a strong track record in executing projects for central PSUs and state government organizations across domestic and international markets.