Patel Engineering Ltd.

•

pateleng.comBSE: 531120NSE: PATELENG

Market Cap₹ 2,645 Cr.

Current Price

High / Low₹ 41 / 22

Stock P/E9.2

Book Value₹ 45

Price to Book0.51

Dividend Yield0.00 %

ROCE10.7 %

ROE6.7 %

Face Value₹ 1

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • EPC: 99.9% • Real Estate: 0.1%

AI Sector View

AI GENERATED

Construction

Buy

Construction fundamentals are strong, led by government and infrastructure spending. Capital expenditure was up 66% YoY (2026-06), cement output grew 13.1% YoY (2026-07), and the sector also benefits from improving housing and GFCF conditions. FPI flows turned supportive with INR 1720 crore net inflow over 3 months to 2026-08-31 from INR -9439 crore in the prior 3 months, reinforcing the positive view.

Confidence

80%

View full sector analysis →

PROS

Company has consistently been profitable over the last 5 years
Company has delivered good sales growth of 21.6% CAGR over last 5 years
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.89x)
Company generates healthy free cash flow
Stock looks reasonably valued - P/E of 9.2 is below its historical median
Attractively priced for its growth - PEG of 0.4

CONS

A large part of profit comes from other income (57.6% of PBT)
Promoter holding has decreased over last 2 years: -4.6pp
Company has a low return on equity of 8.0% over last 3 years
Interest coverage is weak at 2.0x - earnings barely cover interest
Equity base is being diluted - shares outstanding up 28.2%
Contingent liabilities are large at 68.1% of net worth

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

ConstructionInfrastructureEngineering - Construction

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	LT	3915.00	32.47	538651.57	0.97	4988.03	15.51	67941.74	6.69	15.98	12.00
2.	RVNL	205.00	47.52	42742.91	0.35	159.52	18.73	4321.23	10.55	10.81	4.41
3.	KPIL	1435.05	21.56	24506.71	0.77	311.53	45.85	6407.97	3.84	18.95	8.77
4.	IRB	19.64	24.86	23721.19	1.32	3062.70	1412.58	21372.72	918.25	7.72	53.93
5.	CEMPRO	1244.10	35.53	21372.09	0.24	140.83	2.64	2720.92	7.02	33.53	10.09
6.	ENGINERSIN	269.20	19.30	15130.18	1.86	157.94	141.49	819.84	-5.80	30.94	20.61
7.	TECHNOE	972.50	26.24	11310.13	0.72	93.33	-31.44	630.34	19.84	14.86	15.79
8.	WELENT	782.75	35.45	10834.34	0.38	56.36	-44.29	773.72	-8.44	16.44	19.49
9.	KEC	406.45	19.54	10819.70	1.35	72.62	-41.72	5023.54	0.01	16.35	5.79
10.	IRCON	113.20	20.33	10646.64	1.68	92.03	-43.92	1955.83	9.49	10.15	9.81
11.	AFCONS	253.95	64.55	9339.89	0.79	30.30	-77.95	2671.00	-20.75	12.88	9.42
12.	PATELENG	26.66	9.23	2645.05	0.00	98.50	21.69	1280.74	3.83	10.71	14.53

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	1,119	1,021	1,061	1,343	1,102	1,174	1,206	1,612	1,233	1,208	1,239	1,421	1,281
	948	881	919	1,106	933	1,012	1,022	1,394	1,068	1,050	1,095	1,206	1,189
Operating Profit	171	140	142	238	169	162	184	218	165	159	145	215	91
OPM %	15.25%	13.71%	13.39%	17.69%	15.31%	13.81%	15.26%	13.55%	13.40%	13.13%	11.68%	15.14%	7.13%
	24	24	52	75	25	42	10	-62	39	32	-14	-53	25
Interest	88	92	89	93	84	79	80	79	73	76	68	79	62
Depreciation	22	23	23	29	26	24	24	26	25	26	26	26	26
Profit before Tax	84	49	82	190	83	101	89	52	105	89	37	57	123
Tax %	35.60%	22.43%	16.44%	25.86%	42.51%	27.42%	10.34%	33.08%	24.04%	27.02%	-152.60%	43.71%	20.11%
Net Profit	0	0	0	0	55	73	82	38	81	73	72	44	99
	0.66	0.46	0.89	1.62	0.65	0.87	0.93	0.41	0.92	0.84	0.82	0.42	0.98

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	3,654	3,934	2,211	2,556	1,828	3,397	3,740	4,488	4,715	4,858	5,150
	3,233	3,403	1,850	2,371	1,593	2,870	3,179	3,797	3,982	4,174	4,540
Operating Profit	421	531	360	185	235	528	562	690	733	684	610
OPM %	11.52%	13.49%	16.29%	7.25%	12.84%	15.53%	15.01%	15.38%	15.55%	14.08%	11.85%
	165	106	264	202	-105	86	114	175	15	4	-9
Interest	579	489	370	266	401	420	412	362	322	296	285
Depreciation	78	54	50	66	72	82	81	98	100	104	105
Profit before Tax	-71	94	204	55	-344	112	183	405	326	288	306
Tax %	-44.72%	-12.05%	21.82%	42.79%	20.62%	38.51%	21.29%	25.55%	27.49%	6.16%	5.62%
Net Profit	-103	105	159	31	-273	69	144	302	236	270	288
EPS	-9.83	5.28	4.58	0.39	-6.78	1.49	2.37	3.49	2.87	2.63	—
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	—

COMPOUNDED SALES GROWTH

10 Years:: 4%
5 Years:: 22%
3 Years:: 9%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: —
3 Years:: 16%

STOCK PRICE CAGR

10 Years:: -10%
5 Years:: 13%
3 Years:: -19%
1 Year:: -27%

RETURN ON EQUITY

10 Years:: 3%
5 Years:: 7%
3 Years:: 8%
Last Year:: 7%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	16	16	16	41	47	48	77	77	84	99
Minority Interest	70	56	57	33	61	71	88	8	-8	2
	2,123	2,144	2,259	2,505	2,273	2,336	2,811	3,076	3,700	4,341
	5,682	3,346	3,454	3,104	3,699	3,738	3,150	3,026	2,784	2,176
Trade Payables	861	1,095	1,093	1,370	1,210	1,324	1,504	1,864	2,118	2,163
	831	838	1,407	1,159	598	798	1,072	899	1,044	882
Total Liabilities	9,582	7,495	8,286	8,211	7,887	8,315	8,702	8,951	9,723	9,663
	629	556	578	607	683	1,181	1,231	1,319	1,328	1,338
Capital Work in Progress	868	792	1,063	1,141	679	283	294	233	171	126
	138	140	116	79	68	82	135	155	181	53
	4,855	3,162	3,546	3,566	3,630	3,591	3,676	3,792	1,092	978
	0	0	0	0	0	0	0	554	754	598
Cash & Bank	61	132	124	114	196	261	208	339	453	540
	3,030	2,712	2,858	2,704	2,632	2,918	3,156	2,559	5,744	6,029
Total Assets	9,582	7,495	8,286	8,211	7,887	8,315	8,702	8,951	9,723	9,663

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	586	289	766	344	401	595	784	688	279	560
Cash from Investing	-222	245	-327	-47	7	-121	-224	-132	-15	85
Cash from Financing	-343	-578	-513	-367	-311	-340	-541	-429	-346	-516
	2	70	-4	-7	85	54	-63	126	-81	129

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	36.11	36.11	36.11	36.11	36.11	36.11	31.48	31.48	31.50
	3.68	3.09	4.74	5.01	2.71	2.53	2.52	2.86	3.28
	6.22	4.45	4.51	4.69	4.90	4.75	5.81	6.17	4.76
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	53.99	56.36	54.64	54.19	56.28	56.61	60.18	59.49	60.45

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-07

Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-07 - Patel Engineering Limited has informed the Exchange about Outcome of meeting

2026-09-01

Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-01 - Patel Engineering Limited has informed the Exchange about Schedule of meet

2026-08-28

Updates

2026-08-28 - Patel Engineering Limited has informed the Exchange regarding the successful completion of disinvestment of 32% in ACP Tollways Private Limited

2026-08-25

Copy of Newspaper Publication

2026-08-25 - Patel Engineering Limited has informed the Exchange about Copy of Newspaper Publication of Notice of AGM to members

2026-08-24

Updates

2026-08-24 - Patel Engineering Limited has informed the Exchange regarding 'Business Responsibility and Sustainability Report'.for the FY 2025-26

2026-08-24

Shareholders meeting

2026-08-24 - Patel Engineering Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 18, 2026

2026-08-17

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-17 - Patel Engineering Limited has informed the Exchange about Transcript

2026-08-11

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-11 - Patel Engineering Limited has informed the Exchange about Link of Recording

2026-08-11

Copy of Newspaper Publication

2026-08-11 - Patel Engineering Limited has informed the Exchange about Copy of Newspaper Publication

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