Vijay Kedia Makes a Re-entry Into This SmallCap Stock After 2024; Do You Own It?

SYNOPSIS: Patel Engineering shares rallied after ace investor Vijay Kedia re-entered the stock in Q3 FY26 with a 1.01 percent stake, returning after five quarters amid discounted valuations.

During Wednesday’s trading session, shares of a company with a strong presence in hydropower, tunnelling and irrigation segments surged nearly 5 percent on BSE, after the renowned ace investor Vijay Kedia made a comeback in the company following a gap of five quarters.

At 12:52 p.m., shares of Patel Engineering Limited were trading in the green at Rs. 27.3 on BSE, up by around 3 percent, compared to its previous closing price of Rs. 26.59, with a market cap of Rs. 2,708.5 crores. The stock has delivered negative returns of around 43 percent in the last one year, and has fallen by over 7 percent in the last one month.

What’s the News

At 11:17 a.m., Patel Engineering disclosed its Q3 FY26 (December 2025) shareholding pattern to the exchanges. The filing showed that Vijay Kedia, through Kedia Securities Private Limited, now holds 1,00,25,099 equity shares, equivalent to a 1.01 percent stake, in the company.

Kedia had exited the stock in June 2024, when he earlier held a 1.42 percent stake through the same investment vehicle. His re-entry comes at a time when Patel Engineering’s shares are trading at a meaningful discount of over 47 percent from its 52-week high of Rs. 51.86, recorded on 20 January 2025.

Financials & More

Patel Engineering reported a marginal growth in revenue from operations, experiencing a year-on-year increase of around 3 percent, from Rs. 1,174 crores in Q2 FY25 to Rs. 1,208 crores in Q2 FY26. In contrast, its net profit decreased during the same period from Rs. 73 crores to Rs. 64.7 crores, representing a decline of nearly 11 percent YoY.

As of Q2 FY26, the company reported an order book of Rs. 15,146.4 crores, which is over 5 times its current market capitalisation. The order book is predominantly driven by the hydroelectric segment, which accounts for 62 percent of the total order value, translating to Rs. 9,373.4 crore across 16 projects. 

Further, the irrigation segment contributes 20 percent, with 21 projects valued at Rs. 3,023 crore. Other segments form 9 percent of the order book at Rs. 1,486 crore across 3 projects. Tunnelling projects represent 7 percent, amounting to Rs. 1,012.6 crore from 5 projects, while the road segment makes up 2 percent, with 5 projects valued at Rs. 251.4 crore. Overall, the order book comprises 50 projects with a total value of Rs. 15,146.4 crore.

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.

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