This small-cap Infra Stock, engaged in civil construction and infrastructure development. It is engaged in executing projects in hydroelectric, irrigation, tunnels, roads, and urban infrastructure sectors, is in focus after the company’s strong order stands at 4.61 times the market cap, reflecting 361.12 percent more than its current market value.
With a market capitalization of Rs. 3,399.46 crore, the shares of Patel Engineering Limited closed at Rs. 40.26 per equity share, down nearly 1.90 percent from its previous day’s close price of Rs. 41.04.
As of March 31, 2025, Patel Engineering Limited has a total order book of Rs. 15,675.7 crores, which includes the L1 order of Rs. 458.1 crore in FY25. The company’s total order book stands at approximately 4.61 times the market cap, reflecting 361.12 percent more than its current market value.
Patel Engineering Limited’s order book has grown steadily from FY19 to FY25, with a Compound Annual Growth Rate (CAGR) of 6.87 percent. However, in FY25, the order book declined by 18.46 percent to Rs. 15,217.6 crore. Over the last 2 years, the order book has been decreasing from Rs. 20,806 Cr in FY23 to Rs. 18,663 Cr and Rs. 15,217 Cr in FY24 & 25, respectively.
Segment-Wise Order Book
The company’s majority of the projects are hydroelectric projects at Rs. 10,073.9 crore (66.20 percent), followed by irrigation at Rs. 3,494.6 crore (22.96 percent), tunnels at Rs. 1,175.7 crore (7.73 percent), roads at Rs. 290.1 crore (1.91 percent), and others at Rs. 183.4 crore (1.20 percent).
Client-wise Order Book
The company order book mainly comes from the Central Government and PSUs contribute Rs. 9,659.6 crore (63.48 percent), followed by State Government departments with Rs. 4,924.7 crore (32.36 percent) and international projects at Rs. 633 crore (4.16 percent). This highlights Patel Engineering’s strong focus on public infrastructure, especially through central government contracts.
State-wise Order Book
In FY25, Patel Engineering Limited has projects across 15 states in India. Jammu and Kashmir leads with 5 projects worth Rs. 4,345.6 crore, followed by Madhya Pradesh with 9 projects worth Rs. 2,427.8 crore, and Himachal Pradesh with 3 projects worth Rs. 2,091.7 crore.
Furthermore, Arunachal Pradesh has 2 projects worth Rs. 1,853 crore, Maharashtra has the highest number of projects at 14, valued at Rs. 1,356.8 crore, and Sikkim has 1 project worth Rs. 890 crore. These show Patel Engineering’s strong focus in northern and central India, particularly in infrastructure and hydroelectric development.
Patel Engineering Limited was founded in 1949 and is headquartered in Mumbai. The company is one of India’s leading integrated infrastructure and construction services companies.
The company has a strong presence across various sectors of the infrastructure industry, including dams, tunnels, hydroelectric projects, irrigation projects, highways, roads, bridges, railways, refineries, real estate, and townships.
Coming into financial highlights, Patel Engineering Limited’s revenue has increased from Rs. 1,343 crore in Q4 FY24 to Rs. 1,612 crore in Q4 FY25, which has grown by 20.23 percent. The net profit has decreased by 72.86 percent, from Rs. 140 crore in Q4 FY24 to Rs. 38 crore in Q4 FY25.
Patel Engineering Limited’s revenue and net profit have grown at a CAGR of 14.64 percent and 51.02 percent, respectively, over the last three years. In terms of return ratios, the company’s ROCE and ROE should be 15.3 percent and 10 percent, respectively. Patel Engineering Limited has an earnings per share (EPS) of Rs. 2.87, and its debt-to-equity ratio is 0.43x.
Written By – Nikhil Naik
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