Patel Engineering shares rise over 15% after bagging two LoIs worth nearly ₹800 crore

Shares of Patel Engineering Ltd. gained up to 15% on Thursday, November 27, after the company said it received two letters of intent (LoI) worth ₹798.19 crore.

The LoIs are for the excavation and associated works and transportation of coal at a project in Chhattisgarh for South Eastern Coalfields Ltd, the company said.

The same has to be executed in nine years.

The combined scope of work includes composite work overburden removal including rehandling, coal cutting by surface miner, loading and transportation of coal and the hiring of all required plant and equipment, supply of required quantity of diesel and complete maintenance of plant and equipment, required staff and labour for execution of works, the company said.

Patel Engineering's managing director Kavita Shirvaikar said these contracts come in addition to a tender pipeline of over ₹34,000 crore, already bid and under evaluation. She said further opportunities worth ₹18,000 crore are expected to come up for bidding before the end of this fiscal year.

"Looking ahead, nearly 1 lakh crore of projects are anticipated to come up for bidding over the next one to two years in the core areas that we operate," she said, adding that she is confident the company's order book will grow substantially in the coming year and beyond.

At the end of the September quarter, the company's order book stood at ₹15,146.4 crore.

Patel Engineering shares were up 14.2% at ₹37.87 apiece. The stock is down 30% so far in 2025, despite Thursday's surge.