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.

Patel Engineering Limited has filed its investor presentation for the quarter and year ended March 31, 2026, with audited financial results subsequently published in newspaper advertisements in Business Standard (English) and Sakal (Marathi) on May 15, 2026, pursuant to Regulation 47 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Board of Directors approved the audited standalone and consolidated financial results at its meeting held on May 14, 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