Patel Engineering financials and balance sheet

NSE: PATELENGBSE: 531120ConstructionSmall Cap

₹22.39₹0.76 (3.28%)BSE ₹22.36

Share price at the NSE close on 23 Oct 2026. Previous close ₹23.15.

52-week range of traded prices to 23 Oct 2026

₹22.00Low, 30 Mar 2026₹38.75High, 27 Nov 2025

Market cap: ₹2,221 Cr1,016th largest listed
P/E: Owners' profit not stated
P/B: 0.5
Dividend yield: Nonein the last 12 months
ROCE: 10.5%
Debt to equity: 0.27
Volume, NSE: 38,26,96745.4% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Patel Engineering annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

Peak revenue ₹5,103 Cr, year to Mar 2026A loss in 2 of the 10 years shown

Operating and net margin, per cent

Operating margin
Net margin

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue5,103
Materials and goods−1,282
Employee costs−404
Other expenses−2,733
Operating profit684
Depreciation−104
Other income+166
One-off items−162
Finance costs−296
Profit before tax288
Tax−18
Joint ventures−0.8
Net profit269

What the company owns

Plant, investments and other assets₹7,395 Cr
Inventory₹978 Cr
Receivables₹598 Cr
Cash and bank₹540 Cr
Current investments₹10 Cr

What pays for it: net worth and liabilities

Net worth₹4,442 Cr
Owed to suppliers₹2,163 Cr
Other liabilities₹1,701 Cr
Borrowings₹1,216 Cr

Patel Engineering business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them. A segment at a loss has no share of profit.Patel Engineering segment results by quarter

Revenue by segment

₹5,103 CrTotal

Civil Construction₹5,098 Cr99.9% of total
Real estate₹4 Cr0.1% of total

Profit by segment

Civil Construction₹485 Cr100.0% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Civil Construction
Revenue, ₹ crore
3,346
4,159
4,541
5,037
5,098
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
122
232
313
452
485
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Real estate
Revenue, ₹ crore
0
80
37
33
43
3
56
4
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
0
16
2
23
6
7
39
−36
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
others
Revenue, ₹ crore
0
0
0
1
0
0
0
0
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
0
−6
−8
0
0
0
−1
0
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	–	2,617	1,995	3,380	4,202	4,544	5,093	5,103
Company revenue, as in its results	2,362	2,617	1,995	3,380	4,202	4,544	5,093	5,103
Revenue	–	–	–	3,346	4,159	4,541	5,037	5,098
Revenue growth	–	–	–	–	24.3%	9.2%	10.9%	1.2%
Profit	–	–	–	122	232	313	452	485
Profit growth	–	–	–	–	89.4%	35.1%	44.5%	7.5%
Margin	–	–	–	3.7%	5.6%	6.9%	9.0%	9.5%
Return on capital	–	–	–	–	–	–	15.3%	–
Assets	–	–	–	–	–	–	8,607	–
Liabilities	–	–	–	–	–	–	5,648	–
Capital employed	–	–	–	–	–	–	2,958	–
Revenue	0	80	37	33	43	3	56	4
Revenue growth	–	–	−53.5%	−9.8%	–	−92.4%	–	−92.4%
Profit	0	16	2	23	6	7	39	−36
Profit growth	–	–	−87.4%	1,085.3%	–	10.5%	–	–
Margin	–	19.5%	5.3%	69.7%	14.7%	214.5%	68.9%	−850.1%
Return on capital	–	–	–	–	–	–	7.1%	–
Assets	–	–	–	–	–	–	695	–
Liabilities	–	–	–	–	–	–	147	–
Capital employed	–	–	–	–	–	–	548	–
Revenue	0	0	0	1	0	0	0	0
Profit	0	−6	−8	0	0	0	−1	0
Margin	–	–	–	24.5%	–	–	–	–
Return on capital	–	–	–	–	–	–	−0.5%	–
Assets	–	–	–	–	–	–	278	–
Liabilities	–	–	–	–	–	–	7	–
Capital employed	–	–	–	–	–	–	270	–
	–	–	–	–	–	0	0	–
Profit	–	–	–	–	–	−12	0	–
Assets	–	–	–	–	–	–	0	–
Liabilities	–	–	–	–	–	–	0	–
Capital employed	–	–	–	–	–	–	0	–
Revenue	–	2,537	1,958	–	–	–	–	–
Revenue growth	–	–	−22.8%	–	–	–	–	–
Profit	–	29	−141	–	–	–	–	–
Margin	–	1.1%	−7.2%	–	–	–	–	–
	0	–	–	–	–	–	–	–
Profit	0	–	–	–	–	–	–	–

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.Patel Engineering quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 2 May	Mar 2020Filed 29 Jun	Mar 2021Filed 11 Jun	Mar 2022Filed 26 May	Mar 2023Filed 19 May	Mar 2024Filed 21 May	Mar 2025Filed 10 Jun	Mar 2026Filed 14 May
Revenue from operations	3,884	2,275	2,362	2,617	1,995	3,380	4,202	4,544	5,093	5,103
	3,463	1,744	2,007	2,432	1,760	2,853	3,577	3,854	4,360	4,419
Materials and goods bought	245	255	258	466	459	853	988	905	902	1,282
Employee costs	–	–	168	194	201	267	341	354	383	404
Other expenses	–	–	1,581	1,772	1,100	1,733	2,249	2,595	3,075	2,733
Operating profit before depreciation	421	531	355	185	235	528	625	690	733	684
Operating margin	10.8%	23.3%	15.0%	7.1%	11.8%	15.6%	14.9%	15.2%	14.4%	13.4%
Materials, % of revenue	–	–	10.9%	17.8%	23.0%	25.2%	23.5%	19.9%	17.7%	25.1%
Employee costs, % of revenue	–	–	7.1%	7.4%	10.1%	7.9%	8.1%	7.8%	7.5%	7.9%
Other expenses, % of revenue	–	–	66.9%	67.7%	55.1%	51.3%	53.5%	57.1%	60.4%	53.6%
Depreciation and amortisation	78	54	50	66	72	82	93	98	100	104
Operating profit after depreciation	343	477	305	119	163	446	532	593	633	580
Other income	254	243	175	206	109	116	120	89	166	166
Finance costs	579	489	370	266	401	420	418	362	322	296
Profit before one-off items and tax	18	230	109	59	−130	143	234	319	477	450
One-off items	−89	−136	89	−4	−214	−30	−1	86	−152	−162
Profit before tax	−71	94	199	55	−344	112	233	405	326	288
	32	−11	44	23	−71	43	54	104	90	18
Current tax	58	12	95	21	11	39	69	57	95	36
Deferred tax	−26	−23	−51	2	−82	5	−15	47	−5	−18
Share of profit of joint ventures and associates	–	–	–	−20	−18	3	5	1	12	−1
Profit from discontinued businesses	–	–	–	–	–	–	–	−12	–	–
	−103	105	154	11	−291	72	183	290	248	269
Belonging to the company's shareholders	–	105	154	–	–	72	167	290	242	294
Belonging to outside owners of subsidiaries	–	–	–	–	–	–	16	–	6	–
Other comprehensive income	–	–	0	−3	5	−7	−12	−6	0	34
Total comprehensive income	–	–	154	8	−286	65	171	285	248	303
Net margin	−2.6%	4.6%	6.5%	0.4%	−14.6%	2.1%	4.4%	6.4%	4.9%	5.3%
Net margin without joint ventures and associates	–	–	–	1.2%	−13.7%	2.0%	4.3%	6.4%	4.6%	5.3%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank. Belonging to the company's shareholders is left blank for the year to Mar 2017: the filing's earnings per share does not match the profit it states, and cannot be multiplied back into the owners' profit because the period is a loss, which leaves no share to compare with the company's other periods. Belonging to the company's shareholders is left blank for the year to Mar 2020: the filing's earnings per share does not match the profit it states, and cannot be multiplied back into the owners' profit because a split, bonus or rights issue between the start of the period and the filing changed the share count the earnings per share is on. Belonging to the company's shareholders is left blank for the year to Mar 2021: the filing's earnings per share does not match the profit it states, and cannot be multiplied back into the owners' profit because the share count moved by more than 5% across the period.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 2 May	Mar 2020Filed 29 Jun	Mar 2021Filed 11 Jun	Mar 2022Filed 26 May	Mar 2023Filed 19 May	Mar 2024Filed 21 May	Mar 2025Filed 10 Jun	Mar 2026Filed 14 May
	2,333	2,580	2,381	2,455	2,976	3,162	3,777	4,442
	2,277	2,547	2,320	2,384	2,888	3,154	3,785	4,440
Share capital	16	41	47	48	77	77	84	99
Reserves	2,260	2,506	2,273	2,336	2,811	3,076	3,700	4,341
Belonging to outside owners of subsidiaries	57	33	61	71	88	8	−8	2
	2,649	2,244	2,236	2,292	1,770	1,910	1,615	1,216
Repayable after a year	1,305	919	779	780	544	570	396	280
Repayable within a year	1,344	1,325	1,457	1,512	1,226	1,340	1,219	936
	3,800	4,180	3,510	3,803	3,792	4,017	4,114	3,747
Trade payables	1,093	1,370	1,210	1,324	1,552	1,864	2,118	2,163
Other financial liabilities	154	178	85	22	26	33	57	54
Other liabilities	1,207	1,305	752	940	983	773	–	590
Provisions	2	3	6	6	5	5	9	4
Tax owed	–	–	–	0	–	0	710	–
	2,067	1,760	2,197	2,252	1,982	1,818	1,689	1,333
Other financial liabilities	0	16	148	191	224	227	240	77
Other liabilities	438	485	780	689	579	372	274	289
Provisions	7	10	12	15	18	10	19	23
Trade payables	317	330	478	577	618	639	759	663
Total assets	8,201	8,520	8,087	8,510	8,750	8,996	9,580	9,522
	3,309	3,516	2,953	3,152	3,212	3,034	3,048	4,090
Plant in use, after depreciation	547	578	654	1,151	1,250	1,265	1,304	1,315
Plant being built	1,063	1,141	679	283	294	233	171	126
Intangible assets	1	0	0	1	1	1	1	0
Goodwill	31	28	28	28	28	25	23	23
Investments	116	79	68	82	124	155	70	43
Loans given	66	85	70	77	89	81	95	112
Other financial assets	32	61	137	190	623	648	611	577
Deferred tax	164	117	200	197	214	94	128	130
Trade receivables	640	652	442	494	361	301	327	270
Other assets	651	772	675	649	228	231	318	1,494
	4,891	5,005	5,134	5,358	5,538	5,962	6,532	5,431
Inventories	3,546	3,566	3,630	3,591	3,744	3,792	4,387	978
Trade receivables	230	328	434	562	531	554	754	598
Cash and cash equivalents	124	113	195	261	211	339	405	380
Other bank balances	0	0	1	1	1	0	0	161
Current investments	15	27	0	0	0	0	111	10
Loans given	80	85	30	11	6	4	3	5
Other financial assets	12	91	78	72	228	414	130	215
Tax paid in advance	66	15	12	12	95	146	60	5
Other assets	818	779	754	850	722	714	682	3,080
Net debt	2,509	2,104	2,040	2,031	1,558	1,571	1,099	666

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 11 Jun	Mar 2022Filed 26 May	Mar 2023Filed 19 May	Mar 2024Filed 21 May	Mar 2025Filed 10 Jun	Mar 2026Filed 14 May
	12	537	693	688	363	560
	32	619	788	784	345	560
	−239	57	108	−39	−489	−49
Receivables	−71	−242	121	−94	−213	−145
Inventories	−141	21	−171	−213	−595	114
Payables	−32	276	158	274	277	−63
Other working capital	5	2	0	−6	42	46
Tax paid	−20	−81	−95	−96	18	0
Capital spending	134	181	183	159	90	110
Free cash flow	−122	356	509	529	273	450
	84	−144	−217	−132	−15	85
Plant and property sold	0	0	11	13	2	2
Interest received	84	10	7	22	35	100
	−11	−340	−536	−429	−283	−516
Borrowings raised	422	272	11	100	145	175
Borrowings repaid	−197	−292	−525	−212	−515	−612
Interest paid	−236	−320	−338	−317	0	−435
Dividends paid	0	0	0	0	0	0
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	316	0	366	357
Net change in cash	85	54	−60	126	66	129

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Patel Engineering dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 2 May	Mar 2020Filed 29 Jun	Mar 2021Filed 11 Jun	Mar 2022Filed 26 May	Mar 2023Filed 19 May	Mar 2024Filed 21 May	Mar 2025Filed 10 Jun	Mar 2026Filed 14 May
Earnings per share	−₹0.98	₹6.67	₹9.71	₹0.39	−₹6.78	₹1.51	₹3.19	₹3.64	₹2.88	₹2.92
Diluted earnings per share	−₹0.98	₹5.28	₹4.87	₹0.39	−₹6.78	₹1.49	₹2.23	₹3.54	₹2.88	₹2.84
Book value per share	–	–	₹138.65	₹62.40	₹49.83	₹49.74	₹37.33	₹40.76	₹44.82	₹44.75
Shareholder yield	–	–	–	–	0.0%	0.0%	−27.3%	0.0%	−11.1%	−16.2%
Market cap at the year end (₹ crore)	1,234	946	417	349	503	1,186	1,157	4,402	3,300	2,203

Ratios

Consolidated, years to March.Patel Engineering PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 2 May	Mar 2020Filed 29 Jun	Mar 2021Filed 11 Jun	Mar 2022Filed 26 May	Mar 2023Filed 19 May	Mar 2024Filed 21 May	Mar 2025Filed 10 Jun	Mar 2026Filed 14 May
Revenue growth	–	−41.4%	3.9%	10.8%	−23.8%	69.5%	24.3%	8.1%	12.1%	0.2%
Operating profit growth	–	26.1%	−33.1%	−47.8%	26.6%	124.9%	18.4%	10.5%	6.2%	−6.7%
Net profit growth	–	–	47.1%	−92.8%	–	–	155.4%	58.2%	−14.6%	8.6%
Earnings per share growth	–	–	45.6%	−96.0%	–	–	111.3%	14.1%	−20.9%	1.4%
	–	–	6.8%	–	–	3.1%	6.3%	9.6%	7.0%	7.2%
	–	–	–	–	–	–	3.3 pts	3.3 pts	−2.6 pts	0.2 pts
From the net margin	–	–	–	–	–	–	2.7 pts	3.8 pts	−2.5 pts	1.5 pts
From asset turnover	–	–	–	–	–	–	1.1 pts	0.5 pts	0.5 pts	−0.2 pts
From borrowing	–	–	–	–	–	–	−0.5 pts	−1.1 pts	−0.7 pts	−1.1 pts
Return on capital employed	–	–	6.1%	2.5%	3.5%	9.4%	11.2%	11.7%	11.7%	10.3%
Cash conversion	–	–	–	–	–	747.8%	377.5%	237.0%	146.6%	208.1%
Interest cover	0.6	1.0	0.8	0.4	0.4	1.1	1.3	1.6	2.0	2.0
Debt to equity	–	–	1.14	0.87	0.94	0.93	0.59	0.60	0.43	0.27
Receivable days	–	–	35	46	79	61	46	44	54	43
Inventory days	–	–	5,011	2,795	2,886	1,537	1,383	1,529	1,775	279
Payable days	–	–	1,544	1,073	962	567	573	752	857	616
Cash conversion cycle, days	–	–	3,502	1,767	2,003	1,031	856	822	972	−294
Working capital days	–	–	355	280	528	303	240	237	224	148
Asset turnover	–	–	0.29	0.31	0.24	0.41	0.49	0.51	0.55	0.53
Assets per rupee of net worth	–	–	3.60	3.47	3.41	3.53	3.27	2.94	2.68	2.32
Sales per rupee of plant	–	–	4.32	4.52	3.05	2.94	3.36	3.59	3.90	3.88
Capital spending to depreciation	–	–	–	–	1.86	2.21	1.97	1.63	0.91	1.06
Plant being built, % of plant in use	–	–	194.2%	197.2%	103.8%	24.5%	23.6%	18.4%	13.1%	9.6%

No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 3.1%
Cash from operations against operating profit: 81.9%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	–	20.7%	6.7%
Profit growth, yearly rate	–	–	20.8%
Return on equity, average	–	6.6%	7.9%
Return on capital employed, average	–	10.9%	11.2%
Operating margin, average	14.2%	14.7%	14.3%
Net margin, average	1.7%	4.6%	5.5%
Asset turnover, average	–	0.50	0.53
Cash conversion cycle, days, average	–	677	500
Interest cover, average	1.1	1.6	1.9
Debt to equity, average	–	0.57	0.44

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	2,841	1,611	560
Cash from investing	−423	−62	85
Cash from financing	−2,104	−1,228	−516
Capital spending	724	360	110
Dividends paid	0	0	0
Shares bought back	0	0	0
Shares issued for cash	1,038	723	357
Borrowings raised	703	419	175
Borrowings repaid	2,157	1,340	612

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	4	6	8	8	7	5
Altman Z-scorePublished threshold 1.81	–	1.11	1.00	0.96	1.32	1.54	1.98	1.94	1.85
Beneish M-scorePublished threshold −1.78	–	–	–	−2.17	−2.32	−2.77	−2.75	−2.24	−2.45
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	−4.66	−3.88	−3.38	−2.99	−1.08	−3.94
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	3.52	2.42	2.00
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	31.85	56.18	−39.87	−29.74	−3.90	23.99	−20.86
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	−79.74	3.21	−86.78	−11.58	9.65	16.04	−119.85
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	−0.37	−2.11	2.66	2.64	5.04	−7.87	47.56
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	11.72	4.61	0.49	1.54	2.07	1.23	1.10
Effective tax ratePublished threshold 17.16 per cent	−12.05	22.40	42.81	–	38.73	23.16	25.55	27.49	6.16
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	−33.78	−17.85	1.91	21.99	6.16

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
2 Jul 2026	India Ratings and Research Private Limited (opens in a new tab)	Non-convertible debentures	IND A-Review, Other	Positive	50
2 Jul 2026	India Ratings and Research Private Limited (opens in a new tab)	Bank loan facilities	IND A-; IND A1Review, Other	Positive	7,500
5 Jun 2026	Infomerics Valuation and Ratings Private Limited (opens in a new tab)	Optionally Convertible Debentures	IVR AReview, Upgrade	Stable	106.23
5 Jun 2026	Infomerics Valuation and Ratings Private Limited (opens in a new tab)	Long Term Rating	IVR AReview, Upgrade	Stable	1,559.61
5 Jun 2026	Infomerics Valuation and Ratings Private Limited (opens in a new tab)	Short Term Rating	IVR A1Review, Upgrade		4,616.95
23 Dec 2025	Acuite Ratings & Research Limited	Bank Loan Ratings	ACUITE A-Review, Re-affirm	Stable	1,617.08
23 Dec 2025	Acuite Ratings & Research Limited	Bank Loan Ratings	ACUITE A2+Review, Re-affirm		4,692.41
23 Dec 2025	Acuite Ratings & Research Limited	Proposed Debentures	Provisional ACUITE ANew, New	Stable	150

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.