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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹1,239 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
₹145 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Patel Engineering reported Q3 FY26 consolidated revenue of ₹1,239 crore and EBITDA of ₹145 crore (11.7% margin), with PAT at ₹71 crore. The order book stands at ₹15,123 crore (book-to-bill 3.08x). Execution momentum continued with key hydro milestones, but margins moderated due to project mix. Management guided for FY27 revenue growth of ~10% and EBITDA margins of 13-14%, supported by a strong bidding pipeline of ₹12,000 crore under evaluation and ₹50,000 crore identified. The rights issue of ₹400 crore and non-core asset monetization (₹185 crore in 9M) are strengthening the balance sheet. However, competitive intensity in large hydro bids (e.g., Dibang project lost to aggressive pricing) and execution ramp-up risks for new orders could pressure margins. The Gongri BOOT project adds long-term revenue visibility but requires upfront capex.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects revenue to grow around 10% in FY27, driven by existing order book and new orders.
- Blended EBITDA margin expected to be in the 13-14% range, considering competitive pressures.
- Management confident of securing ₹8,000-10,000 crore of new orders in the coming year.
- Capital expenditure required for upcoming EPC projects, mainly equipment.
Risks flagged
- New players are bidding aggressively on large hydro projects, as seen in the Dibang project where L1 was ~₹1,000 Cr lower than Patel's bid.
- New hydro projects have long mobilization periods, limiting near-term revenue contribution and potentially delaying growth.
- Rights issue expenses of ~₹50 Cr (10% of proceeds) were questioned by investors as unusually high.
- Promoters have pledged ~90% of their shares, though management expects reduction post March results.
Key quotes
- Our strategy remains focused on quality of orders rather than volume-led growth.
- We have a competitive advantage because we are technically sound, we have existing equipment base of around 1,200 cr, we have employees base technical expertise.
- We are seeing strong sector tailwind particularly in hydropower and underground infrastructure.
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