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Aggressive bidding by competitors
View Risks →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.
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2-Minute Summary
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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.
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Order Book
₹15,123 Cr
N/A
Order book as of Dec 31, 2025, providing multi-year visibility.
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.
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Guidance and risk preview
Management expects revenue to grow around 10% in FY27, driven by existing order book and new orders.
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.
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