Patel Engineering Ltd. announced on Monday that the company has received a letter of acceptance for a pipeline distribution network construction order worth Rs 958 crore from Maharashtra Krishna Valley Development Corp.
Maharashtra Krishna Valley Development Corp., Pune, has awarded the contract to Patel Engineering along with its joint venture partner for the construction of a pipeline distribution network for Nira Deoghar Right Bank main canal 87 km to 135 km and its distributaries, with minor off-takes between 65 km and 135 km, according to an exchange filing. "The project is located in Maharashtra's Kalaj village, Taluka Phaltan, District Satara," it said.
The project, scheduled for completion within a period of 36 months, will be executed through a JV, in which PEL's share is 20%, as per filing.
According to the company, the scope of works includes the construction of a pipe distribution network involving excavation and refilling for pipe trenches; structures providing, supplying, jointing, lowering, and laying of pipes; various types of valves, chambers and outlets; and testing the pipeline with all valves, outlets, etc.
The order also includes operations, repairs and a maintenance period for five years after completion of works, as per filing.
Earlier, on May 13, the company's revenue rose 20% during the fourth quarter of financial year 2025. The company posted a revenue of Rs 1,612 crore in the quarter ending in March, according to an exchange filing on Tuesday.
Shares of Patel Engineering were trading 1.24% higher at Rs 42.38 apiece, as compared to a 0.53% advance in the benchmark Nifty 50 as of 1:13 p.m. The stock has fallen 32.60% in the last 12 months and 18.88% on a year-to-date basis.
The total traded volume so far in the day stood at 4.78 times its 30-day average. The relative strength index was at 52.65.
Three analysts tracking the company have a 'buy' rating on the stock, according to Bloomberg data. The average of the 12-month analysts' price target implies a potential upside of 67.8%.
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