Order Book
₹15,123 Cr
N/A
Order book as of Dec 31, 2025, providing multi-year visibility.
PATELENGINEERING
Other
15 Feb 2026
Patel Engineering Limited — Q3 FY26
Patel Engineering reported Q3 FY26 consolidated revenue of ₹1,239 crore and EBITDA of ₹145 crore (11.7% margin), with PAT at ₹71 crore.
✓ Verified against BSE filing
2-Min Summary
✦ AI-Generated from Full Transcript
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.
Key Numbers
Bids Under Evaluation
₹12,000 Cr
N/A
Bids submitted and expected to open in coming months.
Non-core Asset Monetization (9M)
₹185 Cr
N/A
Realized from sale of non-core assets and claims in 9M FY26.
Debt-to-Equity
0.33x
N/A
Improved leverage post rights issue and debt repayment.
Management Guidance
FY27 revenue growth of ~10%
Management expects revenue to grow around 10% in FY27, driven by existing order book and new orders.
Management guidance revenueEBITDA margin of 13-14% in FY27
Blended EBITDA margin expected to be in the 13-14% range, considering competitive pressures.
Management guidance marginsOrder inflow target of ₹8,000-10,000 Cr in next 12 months
Management confident of securing ₹8,000-10,000 crore of new orders in the coming year.
Management guidance growthCapex of ₹100-150 Cr for FY27
Capital expenditure required for upcoming EPC projects, mainly equipment.
Management guidance capexKey Risks
Aggressive bidding by competitors
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.
high · analyst_questionExecution ramp-up for new orders
New hydro projects have long mobilization periods, limiting near-term revenue contribution and potentially delaying growth.
medium · management_commentaryHigh rights issue expenses
Rights issue expenses of ~₹50 Cr (10% of proceeds) were questioned by investors as unusually high.
low · analyst_questionPromoter pledge overhang
Promoters have pledged ~90% of their shares, though management expects reduction post March results.
medium · analyst_questionNotable 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.
Frequently Asked Questions
What was Patel Engineering's revenue in Q3 FY26?
Patel Engineering reported revenue of ₹1,239 Cr in Q3 FY26, representing a — change compared to the same quarter last year.
What guidance did Patel Engineering management give for FY27?
FY27 revenue growth of ~10%: Management expects revenue to grow around 10% in FY27, driven by existing order book and new orders. EBITDA margin of 13-14% in FY27: Blended EBITDA margin expected to be in the 13-14% range, considering competitive pressures. Order inflow target of ₹8,000-10,000 Cr in next 12 months: Management confident of securing ₹8,000-10,000 crore of new orders in the coming year. Capex of ₹100-150 Cr for FY27: Capital expenditure required for upcoming EPC projects, mainly equipment.
What are the key risks for Patel Engineering in FY27?
Key risks include Aggressive bidding by competitors — 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.; Execution ramp-up for new orders — New hydro projects have long mobilization periods, limiting near-term revenue contribution and potentially delaying growth.; High rights issue expenses — Rights issue expenses of ~₹50 Cr (10% of proceeds) were questioned by investors as unusually high.; Promoter pledge overhang — Promoters have pledged ~90% of their shares, though management expects reduction post March results..
Did Patel Engineering meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full Patel Engineering Q3 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary verified against official BSE/NSE filings.