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Swing Capital

Patel Engineering Ltd

NSE: PATELENG BSE: 531120Infra

Patel Engineering Ltd is engaged in the construction of dams, bridges, tunnels, roads, piling works, industrial structures and other kinds of heavy civil engineering works in areas like hydro, irrigation & water supply, urban infrastructure and transport. [1]

₹25.8
52W: ₹22 — ₹44.8
PE 6.59 · Book ₹45.1 · -43% vs book
Market Cap₹2,560 Cr
Stock P/E6.59Price to Earnings
ROCE12.9%Return on Capital
ROE9.44%Return on Equity
Div. Yield0%Face Value ₹1

Strengths

  • +Company has reduced debt.
  • +Stock is trading at 0.57 times its book value
  • +Company has delivered good profit growth of 59.4% CAGR over last 5 years
  • +Company's working capital requirements have reduced from 110 days to 76.6 days

Weaknesses

  • −Though the company is reporting repeated profits, it is not paying out dividend
  • −Promoter holding is low: 31.5%
  • −Tax rate seems low
  • −Company has a low return on equity of 9.12% over last 3 years.
  • −Contingent liabilities of Rs.2,576 Cr.
  • −Promoters have pledged 86.6% of their holding.
  • −Company's cost of borrowing seems high
  • −Promoter holding has decreased over last 3 years: -7.94%

Shareholding Pattern

Promoters31.48%
FIIs2.86%
DIIs6.17%
Public55.74%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters36.11%36.11%36.11%36.11%36.11%36.11%31.48%▼4.631.48%
FIIs3.68%3.09%▼0.64.74%▲1.75.01%▲0.32.71%▼2.32.53%▼0.22.52%▼0.02.86%▲0.3
DIIs6.22%4.45%▼1.84.51%▲0.14.7%▲0.24.91%▲0.24.75%▼0.25.81%▲1.16.17%▲0.4
Public49.59%51.96%▲2.450.23%▼1.749.8%▼0.451.88%▲2.152.21%▲0.356.43%▲4.255.74%▼0.7

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales1,0521,2571,0821,1551,1871,5841,2241,1981,2311,414
Expenses9081,0699211,0031,0111,3811,0661,0471,0911,203
Operating Profit145188161152175203159151139210
OPM %14%15%15%13%15%13%13%13%11%15%
Net Profit43706882743970588968
EPS ₹0.470.770.680.820.740.390.70.590.90.69

AI Insights

Revenue Trend

Mar 2026 revenue at ₹5,067Cr, up 1.2% YoY. OPM at 13%.

Debt Position

Borrowings at ₹1,164Cr. Debt-to-equity ratio: 0.27x. Healthy balance sheet.

Capex Cycle

CWIP at ₹32Cr (3% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 6.17% (-3.08pp change). FIIs: 2.86% (+0.48pp change). Promoters hold 31.48%.

Margin & Efficiency

ROCE improving from 10% (Mar 2015) to 13% (Mar 2026). Working capital days: 77.

Valuation

PE 6.59x with 12.9% ROCE. Price is -43% above book value of ₹45.1. Dividend yield: 0%.

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