Vijay Kedia Stock Jumps 4% After Bagging ₹1,593 Cr Nepal Project from SJVN Group

SYNOPSIS: A Mumbai-based infrastructure company emerged as the L1 bidder for the Rs. 1,593 crore hydro project in Nepal, involving major civil and hydro-mechanical works, strengthening order book and execution pipeline with a 54-month completion timeline.

During Thursday’s trading session, shares of a Mumbai-based infrastructure company and one of the leading infrastructure and construction services companies in India surged nearly 4 percent on BSE, after the company announced emerging as the L1 bidder for a project in Nepal valued at Rs. 1,593 crores.

With a market cap of Rs. 2,840 crores, shares of Patel Engineering Limited were trading in the green at Rs. 28.62 on BSE, up by around 1 percent, compared to its previous closing price of Rs. 28.37.

The stock has delivered negative returns of around 32 percent in the last one year, and has fallen by over 21 percent in one month. Additionally, it is currently trading at a discount of around 39 percent from its 52-week high of Rs. 46.58 recorded on 25th April 2025.

What’s the News:

According to the latest exchange filings, Patel Engineering Limited has emerged as the lowest bidder (L1) by SJVN Lower Arun Power Development Company (P) Ltd. (SLPDC), a wholly owned subsidiary of SJVN, for Package-2 of the Lower Arun Hydro-Electric Project (669 MW) in the Sankhuwasabha District of Nepal, valued at Rs. 1,593.08 Crores.

The scope of Package-2 includes the execution of critical civil and hydro-mechanical works integral to the Lower Arun Hydro-Electric Project. This involves the construction of Adit-5 and Adit-6 leading to the Head Race Tunnel, along with the Part Head Race Tunnel itself, spanning 5.41 kilometres with a diameter of 10.5 meters.

The scope further covers the Surge Shaft and its gates, the Pressure Shaft along with the Butterfly Valve Chamber and Access Adit, and the Power House, Switchyard, Surface Pothead Yard, and Tail Race Channel. 

Further, the scope includes installation of steel liners for pressure shafts, draft tube gates and hoisting systems, along with the development of access roads and other supporting infrastructure. These elements are essential for ensuring efficient water flow, reliable power generation, and long-term operational stability.

The project is expected to be completed within a period of 54 months. The site is strategically located near Tumlingtar in Nepal’s Sankhuwasabha district, ~264 kilometres from Siliguri, India.

Financials, Order Book and More

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.

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.

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.

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.

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