Patel Engineering Q4 profit doubles despite revenue slip, share end lower

Shares of Patel Engineering Ltd. declined over 2% on Thursday, May 14, after the company reported a mixed March quarter performance, with revenue and operating profit declining year-on-year, while net profit more than doubled.

Revenue for Q4FY26 fell 11.8% year-on-year to ₹1,421.5 crore from ₹1,611.8 crore in the corresponding quarter last year. Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) declined 1.4% to ₹215.2 crore from ₹218 crore a year ago.

EBITDA margin, however, improved to 15.1% from 13.5% in the year-ago period. Net profit for the quarter stood at ₹71.5 crore, compared to ₹32.8 crore in Q4FY25, marking a rise of nearly 118% year-on-year.

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For FY26, the company reported revenue of ₹5,102.7 crore, largely flat compared to ₹5,093.4 crore in FY25. Net profit for the year rose 21.6% to ₹294.5 crore from ₹242.2 crore a year ago. EBITDA for FY26 stood at ₹684 crore, with a margin at 13.4%.

Patel Engineering said its order book stood at ₹15,119 crore as of March 31, 2026. During FY26, the company secured fresh orders worth around ₹4,400 crore.

The company also said it has been declared an L1 bidder for projects worth nearly ₹1,660 crore and has signed an MoU for the 144 MW Gongri Hydropower project valued at around ₹1,700 crore.

Managing Director Kavita Shirvaikar said the company maintained “steady progress” across its project portfolio during the year while strengthening its position in core infrastructure segments. She added that the company continues to see opportunities across hydropower, tunnelling, irrigation, transportation and urban infrastructure, supported by the government’s infrastructure push.

Patel Engineering added that its debt-equity ratio improved to 0.27x in FY26 from 0.43x in FY25. The company also monetised non-core assets worth around ₹185 crore during the year.

Chief Financial Officer of the infrastructure and construction company, Rahul Agarwal, said its profitability and improving debt-equity ratio have strengthened its capital structure and financial sustainability.

Shares of Patel Engineering fell over 2% following the results and ended 1.58% lower at ₹26.84. The stock has declined 34% over the last year.