Patel Engineerin Q1 FY27 Earnings Call — Analysis (NSE: PATELENG)
Patel Engineering started FY27 with 24.5% PAT growth to ₹93.5 Cr, an upgraded credit rating, and ~10% FY27 revenue growth guidance while defending 13-14% EBITDA margins.
Result quality: stable — Steady quarter. Management sentiment: neutral.
The take
Q1FY27 Consolidated revenue ₹1,281 Cr ( +4% YoY ) .
Results
Consolidated revenue ₹1,281 Cr +4% YoY; operating EBITDA margin 14.02% vs 13.4%; consolidated PAT ₹93.5 Cr +24.5% YoY.
Financial highlights
| Metric | Value | Change | Basis |
|---|---|---|---|
| Consolidated revenue | ₹1,281 Cr | +4% | yoy · Q1FY27 · Q1FY26: ₹1,233 Cr |
| Consolidated operating EBITDA margin | 14.02% | +14.02% vs 13.4% | yoy · Q1FY27 · Q1FY26: 13.4% |
| Consolidated PAT | ₹93.5 Cr | +24.5% | yoy · Q1FY27 · Q1FY26: ₹75.1 Cr |
| Standalone revenue | ₹1,274 Cr | +₹1,274 Cr vs ₹1,224 Cr | yoy · Q1FY27 · Q1FY26: ₹1,224 Cr |
| Standalone operating EBITDA | ₹176 Cr | +₹176 Cr vs ₹158.8 Cr | yoy · Q1FY27 · Q1FY26: ₹158.8 Cr |
| Standalone operating EBITDA margin | 13.82% | +13.82% vs 12.97% | yoy · Q1FY27 · Q1FY26: 12.97% |
| Standalone PAT | ₹82.74 Cr | +19.09% | yoy · Q1FY27 · Q1FY26: ₹69.48 Cr |
| Consolidated order book | ₹14,636 Cr | point_in_time · Jun-26 · as of June 2026 | |
| Consolidated debt | ₹1,293 Cr | +₹100 Cr | sequential · Jun-26 · vs March 2026; working capital limit utilisation |
| Client advances | ₹615 Cr | −₹615 Cr vs ₹622 Cr | sequential · Jun-26 · vs March 2026 |
| Debt-equity ratio | 0.28 | point_in_time · Jun-26 · as of June 2026 | |
| Net working capital days | 137 days | point_in_time · Q1FY27 · around 137 days | |
| Working capital debt | ₹969 Cr | point_in_time · Jun-26 · component of consolidated debt | |
| Term debt | ₹324 Cr | point_in_time · Jun-26 · component of consolidated debt |
Guidance
Management guided to ~10% FY27 revenue growth, 13-14% EBITDA margins, and ~₹8,000 Cr FY27 order inflows.
Key themes
Hydro-led order book, margin defense
Operational commentary
- Subansiri Lower HEP: four units operational with 1,000 MW contributing to the national grid; Unit-7 concreting commenced; all eight units expected operational during FY27.
- Order book remains diversified at ₹14,636 Cr as of June 2026; ~₹9,000 Cr bids under evaluation and ~₹60,000 Cr identified near-term opportunity pipeline.
- Credit ratings upgraded in June: long-term to A stable from A-, short-term to A1 from A2.
- Sleemanabad Tunnel breakthrough completed: 11.95 km irrigation tunnel, the longest irrigation tunnel in India, executed using two TBMs.
- Kwar Dam concreting crossed 50% and draft tube Unit-1 handed to the E&M agency; Parnai HEP powerhouse roof truss installed; Dorjilung HEP work commenced in Bhutan.
- Non-core asset monetization started with a Telangana land parcel sale of ~27 acres for ₹26-27 Cr; management targets ₹150-200 Cr in FY27.
- Large project pipeline highlighted: Kalai-II HEP 1,200 MW outlay ~₹14,000 Cr, Kamla HEP 1,720 MW outlay ~₹26,000 Cr, Fotu La Tunnel ₹1,198 Cr, Mumbai-Pune second expressway DPR ~₹15,000 Cr, Gulf of Khambhat dam ~₹1.2 lakh Cr.
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