Patel Engineering Share Price Today, 28 Nov 2025: Stock Cools After 20% Rally as Rights Issue Meet Steals the Spotlight

Patel Engineering Limited (NSE: PATELENG) is having a volatile week. After a sharp two-day surge of around 20% powered by fresh coal-mining orders, the stock is slipping today as traders lock in profits while the market waits for clarity on a sizable rights issue.

Patel Engineering share price today (28 November 2025)

By midday on 28 November 2025, Patel Engineering shares are trading around ₹36–37 on the NSE, down roughly 4–5% from the previous close. Different real-time trackers are showing very similar numbers:

Price: ~₹36.4–36.5 as of late morning / early afternoon IST ^[1]
Intraday range so far: roughly ₹35.5 (low) to ₹37.7 (high) ^[2]
Volume: about 7.3 million shares traded by around 12:30 p.m. on the BSE alone, reflecting elevated interest even on a profit-booking day ^[3]
52-week range: around ₹31.6 (low) to ₹59.5 (high) ^[4]

An Economic Times market update notes that the stock was down “nearly 5%” to ₹35.58 earlier in the session, with the decline described as straightforward profit booking after a sharp two-day rally. ^[5]

So the story today is less about panic and more about traders cashing out after a very aggressive move up.

Why did Patel Engineering rally this week?

The pullback today makes more sense when you rewind a couple of sessions.

1. Big coal-mining order worth ~₹798 crore

On 27 November 2025, Patel Engineering announced it had received two Letters of Intent (LoIs) for a large mining-related project:

Total contract value: about ₹798.19 crore (excluding taxes) ^[6]
Scope of work:
- Overburden removal and rehandling
- Coal cutting using surface miners
- Loading & transportation of coal
- Hiring and maintenance of plant and machinery
- Supply of diesel and deployment of manpower ^[7]
Location: Jhiria West Open Cast Project (Jhiria West OCP) in the Hasdeo Area, Bilaspur, Chhattisgarh
End client: South Eastern Coalfields Ltd (SECL), a Coal India subsidiary, with Hyderabad-based Saidax Engineers and Infrastructures as the immediate counterparty ^[8]
Execution period: roughly nine years, giving very long revenue visibility ^[9]

Moneycontrol reports that the stock jumped about 14% to ~₹37.9 on 27 November, with volumes exploding to about 99 million shares versus a 30‑day average of 1.9 million — a gigantic volume spike for a small-cap. ^[10] Upstox and other outlets peg the intraday move at up to 16.3%, with an NSE high near ₹38.6. ^[11]

Equitymaster also highlighted that Patel Engineering shares surged around 16%, linking the momentum squarely to these coal-handling contracts and the nine-year revenue stream they bring. ^[12]

2. From fresh 52-week low to sharp rebound

The rally also looks dramatic because it came off a very beaten‑down base:

The stock hit a 52-week low around ₹31.6 on 25 November 2025, after a string of weak sessions. ^[13]
As recently as 24 November, MarketsMojo flagged the stock for trading below all key moving averages (5‑day to 200‑day), reflecting sustained downward momentum. ^[14]

So when the ~₹798 crore order dropped, the market suddenly re-rated the stock from “falling knife” to “value with a story,” compressing a lot of optimism into two trading days.

Profit-booking day: what’s actually happening on 28 November?

According to ETMarkets, today’s decline is largely attributed to investors booking profits after that near‑20% sprint earlier in the week. ^[15]

Key takeaways for 28 November 2025 so far:

The stock is still well above the recent 52‑week low (~₹31–32), even after today’s fall. ^[16]
Intraday volatility remains elevated, which is typical for a high‑beta small-cap reacting to big newsflow.
Volumes are strong again today, suggesting active short-term trading rather than total disinterest. ^[17]

In other words: this looks more like the market catching its breath than the thesis collapsing.

Rights issue in focus: key meeting scheduled today

If the coal order is the “feel-good” catalyst, the rights issue is the slightly more complicated one.

A rights issue is when a company offers new shares to existing shareholders, usually at a discount, to raise capital. Patel Engineering has already:

Approved a rights issue of up to ₹500 crore (₹5 billion) in its board meeting on 13 November 2025. ^[18]
Indicated that the funds will be used to strengthen the balance sheet, reduce debt and support growth, according to Q2 results commentary. ^[19]

What matters today is that:

An Allotment Committee meeting is scheduled on 28 November 2025 to decide the issue price, entitlement ratio, record date and final terms of this rights issue. ^[20]
IPOCentral and other coverage suggest the effective fundraising may be around ₹400 crore, though the enabling resolution is for up to ₹500 crore and final details are still not announced publicly as of midday. ^[21]

This is crucial for existing shareholders:

A deeply discounted rights price can create short‑term pressure on the stock but also offer cheap additional shares to those who participate.
A modest discount and clear use of proceeds (e.g., debt reduction) can be taken as a positive for long‑term equity value.

Until the official post‑meeting filing hits the exchanges, the market is basically trading on expectations.

Q2 FY26 results: modest growth, profit dip, big order book

Underneath the news noise, the latest financials give important context.

From Q2 FY26 (quarter ended 30 September 2025):

Net profit: about ₹64.7 crore, down roughly 12% year‑on‑year ^[22]
Total income: around ₹1,271.6 crore, up about 3% YoY ^[23]
H1 FY26 (April–September) profit: up about 20% YoY to ₹144.7 crore, helped by steady execution across projects ^[24]
New orders in H1 FY26: roughly ₹2,500 crore, including a ₹240 crore NHPC hydro project at Teesta‑V in Sikkim ^[25]
Order book: a hefty ₹15,146 crore as of 30 September 2025 ^[26]

Screener’s compiled quarterly data also shows:

Q2 FY26 consolidated sales of ~₹1,208 crore
EBITDA margins around 13–15%, broadly in line with recent quarters (but not spectacular) ^[27]

So the picture is:

Top line is stable to slightly growing.
Profitability is under a bit of pressure, which is typical in EPC (engineering, procurement, construction) work when input costs, interest, or execution timing shift. ^[28]
The order book is large, and the new coal contract sits on top of an already sizeable pipeline.

Management commentary has been fairly upbeat about long-term growth in hydropower, tunnelling, irrigation and related infrastructure, and has explicitly tied the rights issue to strengthening the balance sheet for this opportunity wave. ^[29]

What kind of business is Patel Engineering, again?

Patel Engineering is one of those old‑school civil engineering names that’s been around since the late 1940s. Across sources like Screener, Moneycontrol and management commentary, the focus areas look like this: ^[30]

Dams and hydropower projects
Tunnels and underground works (including for hydro and transport)
Irrigation and water supply
Urban infrastructure and roads
Increasing presence in mining‑related and coal‑handling projects (as the new SECL contract shows)

Over decades, the company claims to have built dozens of dams, hydro projects and hundreds of kilometres of tunnels, mostly for central PSUs and state agencies. ^[31]

So this is very much a project‑driven, order‑book‑heavy infra stock, not a light, asset‑lite tech play.

Valuation check: cheap for a reason, or opportunity?

On simple valuation metrics, Patel Engineering currently screens as “cheap‑ish”:

P/E (price-to-earnings): around 7.9x trailing consolidated earnings ^[32]
Book value per share: about ₹46–47, versus a share price in the mid‑₹30s — so P/B (price-to-book) around 0.8–0.85x ^[33]
Market cap: roughly ₹3,000–3,200 crore, depending on the exact intraday price source you look at today. ^[34]

On the performance side:

5‑year stock price CAGR: about 29% — a classic small‑cap multibagger story for early entrants.
1‑year return: roughly –28 to –29%, thanks to the big drawdown from 2024 highs. ^[35]

So anyone looking at a plain static P/E and P/B will see value. But the risk section in Screener also lights up like a warning console: ^[36]

Promoter pledge: around 88–89% of promoter holding is pledged — that’s very high and a key structural risk.
Contingent liabilities: about ₹2,681 crore, which is sizeable versus equity.
No dividend, despite several years of profits — the focus has been on repair and growth rather than payouts.

The rights issue is partly about cleaning this up: more equity, less debt, hopefully better leverage and financing costs. But equity dilution is the flip side.

How today’s setup looks for investors

Putting it all together for 28 November 2025:

Short term (this week):
- Stock rallied nearly 20% on the back of a long-tenor, ~₹798 crore coal contract with SECL-linked execution. ^[37]
- Today’s –4–5% move looks like classic profit booking, not new bad news. ^[38]
Near term (next days/weeks):
- The market is laser‑focused on the rights issue terms being decided today — particularly the issue price, size actually used within the ₹500 crore limit, and record date. ^[39]
- Any large discount or aggressive sizing could pressure the stock, while a well‑calibrated structure aimed at debt reduction might be digested smoothly.
Medium to long term:
- The order book (₹15k+ crore) plus the fresh SECL mining contract point to strong revenue visibility in core infra and mining‐adjacent segments. ^[40]
- At the same time, high leverage, large contingent liabilities and heavy promoter pledging are real, non‑trivial risks. ^[41]

For anyone tracking the stock, the most important “next milestones” after today are:

The official exchange filing with rights issue terms and schedule.
Execution updates on the SECL coal‑mining project and other large orders. ^[42]
Further clarity on debt reduction, interest costs and margin trends in subsequent quarters. ^[43]

Bottom line

On 28 November 2025, Patel Engineering’s stock is doing exactly what high‑beta small‑caps often do after big news — overshooting up, then wobbling as traders grab profits.

Beneath the intraday noise, the combination of:

A nine-year, ~₹798 crore coal contract,
A large rights issue aimed at balance‑sheet repair, and
A bulky order book with modest but positive revenue growth

makes Patel Engineering one of the more event‑heavy names in the infra and construction space right now. ^[44]

This article is informational, not a buy/sell call. Anyone considering the stock should weigh the order‑book strength and low headline valuations against the very real leverage, pledge and execution risks, and align any decision with their own risk tolerance and financial advice.

Patel Engineering rights issue I 11% की तूफानी तेजी ? Patel Engineering share latest news today