Vijay Kedia Stock Crashes 7% After Reporting Mixed Q3 Results; Check Order Book, Debt and More

SYNOPSIS: This infrastructure and construction services company reported modest Q3 revenue growth, while profit declined both QoQ and YoY; the order book stood at Rs. 15,123 crore.

Shares of one of the leading infrastructure and construction services companies in India tumbled nearly 7 percent on BSE, after reporting mixed Q3 FY26 results with a decline in net profit by around 2 percent QoQ and 12 percent YoY, and an order book of Rs. 15,123.2 crores (over 5x its current market cap).

With a market cap of Rs. 2,823.6 crores, shares of Patel Engineering Limited were trading in the red at Rs. 28.46 on BSE, down by around 6 percent, compared to its previous closing price of Rs. 30.31.

The stock has delivered negative returns of around 34 percent in the last one year, and has fallen by nearly 5 percent in one month. Additionally, it is currently trading at a discount of around 40 percent from its 52-week high of Rs. 46.84 recorded on 14th February 2025.

Financial Performance Q3 FY26

Patel Engineering Limited announced the financial results for the third quarter of FY26 on Saturday, as per the latest regulatory filings with the stock exchanges. For Q3 FY26, the company posted consolidated revenue from operations of Rs. 1,239 crores, reflecting a sequential growth of around 3 percent QoQ compared to Rs. 1,208 crores in Q2 FY26. Likewise, on a year-on-year basis, revenue increased by nearly 3 percent from Rs. 1,205.5 crores recorded in Q3 FY25.

Meanwhile, the net profit stood at Rs. 71.6 crore, indicating a marginal decrease of about 2 percent QoQ from Rs. 73 crores in Q2 FY26, while on a year-on-year basis, the profit moved down by over 12 percent from Rs. 81.5 crores reported in Q3 FY25.

Operating performance deteriorated during the quarter, with EBITDA falling to Rs. 144.8 crore, marking a decline of around 21 percent YoY from Rs. 184 crores in Q3 FY25, while EBITDA margins fell to 11.68 percent, reflecting a contraction of 358 bps YoY from 15.26 percent.

During the quarter, Patel Engineering completed a rights issue, raising around Rs. 400 crores, providing additional financial flexibility to support project execution and future growth initiatives.

Order Book, Debt Highlights and More

As of December 2025, the company’s consolidated order book stood at around Rs. 15,123.2 crores (which is over 5 times its current market capitalisation), marginally down from Rs. 15,146.4 crores recorded in September 2025. It has 52 ongoing projects across 14 states domestically and an international presence in Nepal.

The order book is predominantly driven by the Hydroelectric segment, which accounts for 58.55 percent of the total order value, translating to Rs. 8,855 crore across 16 projects. 

Further, the Irrigation segment contributes 18.86 percent, with 21 projects valued at Rs. 2,851.5 crore. Other segments form 14.96 percent of the order book at Rs. 2,262.3 crore across 5 projects. Tunnelling projects represent 6.2 percent, amounting to Rs. 939 crore from 5 projects, while the road segment makes up 1.4 percent, with 5 projects valued at Rs. 215.3 crore.

As of FY25, the company’s total consolidated debt stood at Rs. 1602.5 crores, comprising Rs. 601 crores in term debt and Rs. 1,001.5 crores in working capital debt. By Q3 FY26, total debt declined to Rs. 1432.8 crores, with term debt reducing to Rs. 449.7 crores, while working capital debt stood at Rs. 983 crores, indicating an overall deleveraging during the period.

Including contractee advances, total debt plus advances was Rs. 2267 crores in FY25, consisting of Rs. 1602.5 crores in total debt and Rs. 664.5 crores in contractee advances. By Q3 FY26, this combined figure decreased to Rs. 2060 crores, with contractee advances at Rs. 627.4 crores, reflecting an improvement in the overall debt position.

As per the December 2025 shareholding pattern, the renowned ace investor Vijay Kedia, through Kedia Securities Private Limited, holds a 1.01 percent stake in the company.

Patel Engineering Limited is engaged in contract-based construction (EPC) of buildings and has constructed landmark structures such as hotels, theatres, post offices, car parks, a sports stadium, college campuses, office buildings, power stations and public utility buildings, among others.

The company has completed over 85 dams, 40 hydroelectric projects and more than 300 km of tunnelling for clients, which are mostly central PSUs or state government organisations.

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Trade Brains Technologies Private Limited or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.

The post Vijay Kedia Stock Crashes 7% After Reporting Mixed Q3 Results; Check Order Book, Debt and More appeared first on Trade Brains.