Patels Airtemp India Ltd (517417)
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Patels Airtemp's revenue was ₹15.5 Cr (-81.2% year on year, -82.7% on the previous quarter), and net profit ₹-0.6 Cr (against a profit a year earlier); the operating margin was 11.8%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹15.5 | -81.2% | -82.7% |
| Operating profit | ₹1.8 | -72.0% | -74.4% |
| Net profit | ₹-0.6 | to loss | to loss |
| EPS (₹) | -1.14 | to loss | to loss |
| Operating margin | 11.8% | — | — |
📢 Recent Corporate Announcements
Patels Airtemp (India) Limited has dispatched letters under Regulation 36(1)(b) to shareholders whose email addresses are not registered, providing access links to the Annual Report for FY 2025-26 and the 34th AGM Notice. The 34th AGM is scheduled for September 14, 2026, via Video Conferencing. The record date for dividend entitlement is set for August 21, 2026, with remote e-voting scheduled from September 10 to September 13, 2026.
- 34th Annual General Meeting scheduled for Monday, September 14, 2026, at 11:30 a.m. IST via VC/OAVM
- Record date for dividend entitlement fixed as Friday, August 21, 2026
- Cut-off date for remote e-voting set as Monday, September 7, 2026
- Remote e-voting window open from September 10, 2026 (9:00 a.m.) to September 13, 2026 (5:00 p.m.)
Patels Airtemp (India) Limited has issued the notice for its 34th Annual General Meeting to be held on September 14, 2026, via Video Conferencing. The Board has recommended a dividend of ₹3.00 per equity share (face value ₹10) on 54,70,240 shares for FY 2025-26, representing an aggregate payout of approximately ₹1.64 crore (~11.7% of TTM PAT). The record date for dividend entitlement is set for August 21, 2026, with the cut-off date for e-voting on September 7, 2026.
- 34th Annual General Meeting scheduled for Monday, September 14, 2026, at 11:30 AM IST via VC/OAVM.
- Recommended dividend of ₹3.00 per share on 54,70,240 fully paid-up equity shares of ₹10 each.
- Record date for dividend eligibility fixed as Friday, August 21, 2026.
- Remote e-voting window open from September 10, 2026 (9:00 AM IST) to September 13, 2026 (5:00 PM IST).
Patels Airtemp (India) Limited has submitted its Annual Report and Notice for the 34th Annual General Meeting (AGM) scheduled for September 14, 2026. The Board has recommended a dividend of ₹3.00 per equity share on 54,70,240 equity shares of ₹10 each for FY 2025-26. The record date for determining dividend eligibility is set as August 21, 2026. Key agenda items include adoption of FY26 financial statements, dividend approval, and director re-appointment.
- 34th AGM scheduled for Monday, September 14, 2026, at 11:30 AM IST via Video Conferencing.
- Proposed dividend of ₹3.00 per equity share on 54,70,240 equity shares of ₹10 each.
- Record date for dividend entitlement fixed as Friday, August 21, 2026.
- Remote e-voting window open from September 10, 2026 (9:00 AM) to September 13, 2026 (5:00 PM) with cut-off date of September 7, 2026.
Patels Airtemp India Ltd has confirmed a dividend of ₹3.00 per equity share (30% of face value) for FY 2025-26, pending approval at the AGM on September 14, 2026. The company has established August 21, 2026, as the record date for determining shareholder eligibility. The announcement primarily serves as a tax guide, detailing TDS rates of 10% for resident individuals with PAN (for dividends >₹10,000) and 20% for those without linked PAN/Aadhaar. Total estimated payout is approximately ₹1.52 crore, representing roughly 11% of TTM PAT.
- Dividend recommended at ₹3.00 per equity share of ₹10 face value.
- Record date for dividend eligibility is fixed as Friday, August 21, 2026.
- 34th Annual General Meeting (AGM) to be held on September 14, 2026.
- TDS of 10% applicable for resident shareholders with PAN if dividend exceeds ₹10,000.
- Deadline for submitting tax exemption forms (Form 121/Annexures) is August 21, 2026.
Patels Airtemp India Ltd has announced its 34th Annual General Meeting (AGM) to be held on September 14, 2026, via video conferencing. The meeting will cover the financial statements for the year ended March 31, 2026, and the Board's report. This announcement is procedural and follows a fiscal year where the company reported a revenue of Rs 371 Cr. Investors should focus on management's outlook during the meeting, especially given the projected 15-20% revenue moderation for FY26 due to a lower order book of Rs 296.98 Cr.
- 34th Annual General Meeting scheduled for Monday, September 14, 2026, at 11:30 a.m.
- Meeting to be conducted through Video Conferencing (VC) or Other Audio Visual Means (OAVM).
- Board meeting for this intimation concluded at 4:10 p.m. on August 8, 2026.
- Annual Report for FY 2025-26 including the Notice of AGM to be dispatched to registered members in due course.
- Company currently faces a projected revenue decline of 15% to 20% for the upcoming fiscal year.
Patels Airtemp reported a significant downturn in Q1 FY27, with revenue from operations falling 81.2% YoY to Rs 15.52 Cr from Rs 82.57 Cr. This sharp decline resulted in a net loss of Rs 0.62 Cr, swinging from a profit of Rs 2.80 Cr in the same period last year. The results highlight the lumpy nature of the company's industrial equipment business, where revenue recognition is heavily dependent on project completion timelines. Despite the revenue drop, a significant inventory increase of Rs 16.04 Cr suggests substantial work-in-progress that has not yet reached the billing stage.
- Revenue from operations dropped 81.2% YoY to Rs 15.52 Cr from Rs 82.57 Cr in the year-ago quarter.
- Reported a Net Loss of Rs 0.62 Cr for the quarter, compared to a Net Profit of Rs 2.80 Cr in Q1 FY26.
- Inventory levels saw a significant increase of Rs 16.04 Cr, indicating high work-in-progress volumes.
- Total expenses for the quarter stood at Rs 16.54 Cr, exceeding the total income of Rs 15.77 Cr.
- Earnings Per Share (EPS) turned negative at -Rs 1.14, down from Rs 5.12 in the corresponding previous quarter.
Patels Airtemp (India) Ltd reported a severe downturn in Q1 FY27, with revenue from operations plunging 81.2% YoY to ₹15.52 Cr from ₹82.57 Cr. The company swung to a net loss of ₹0.62 Cr, compared to a profit of ₹2.80 Cr in the same quarter last year, reflecting a significant execution slowdown. Despite the poor results, the company confirmed a dividend of ₹3.00 per share (30% of face value) with a record date of August 21, 2026. This performance aligns with previous management warnings regarding a lower unexecuted order book and a moderation in the oil and gas capex cycle.
- Total Revenue from Operations fell sharply to ₹15.52 Cr in Q1 FY27 from ₹82.57 Cr in Q1 FY26.
- Reported a Net Loss of ₹0.62 Cr for the quarter ended June 2026 against a profit of ₹2.80 Cr YoY.
- Dividend of ₹3.00 per share (30%) confirmed with a Record Date fixed for August 21, 2026.
- Total Expenses of ₹16.54 Cr exceeded Total Income of ₹15.77 Cr, leading to negative operating leverage.
- Earnings Per Share (EPS) turned negative at ₹(1.14) for the quarter, down from ₹5.12 YoY.
Patels Airtemp India Ltd has scheduled a board meeting for August 8, 2026, to review and approve its unaudited financial results for the quarter ended June 30, 2026. This announcement comes amid a projected 15-20% revenue moderation for the fiscal year due to a lower unexecuted order book of Rs 296.98 Cr. Investors will be monitoring if the company can improve upon the previous year's Q1 revenue of Rs 85.57 Cr. The trading window for insiders remains closed until August 11, 2026.
- Board meeting scheduled for August 8, 2026, at 3:30 p.m. to approve Q1 results.
- Trading window closed from July 1, 2026, until 48 hours after result declaration (August 11, 2026).
- Company previously flagged a 15-20% expected revenue decline for FY26.
- Unexecuted order book stood at Rs 296.98 Cr as per recent qualitative disclosures.
- Market capitalization currently stands at Rs 186 Cr with a TTM P/E of 13.5.
Financial Performance
Revenue Growth by Segment
Total revenue grew 4.48% to INR 387.82 Cr in FY25. Air Cooled Heat Exchanger & Accessories revenue share increased significantly to 59.87% (up from 50.07% in FY24), while Heat Exchanger & Accessories share declined to 32.82% (from 39.81% in FY24). Other products contributed 7.31%, down from 10.12%.
Geographic Revenue Split
Not explicitly disclosed by region, but the company operates two manufacturing facilities in Gujarat and maintains a global business outlook through its leadership's expertise in international markets.
Profitability Margins
Net Profit (PAT) margin improved to 4.26% in FY25 from 3.96% in FY24, with absolute PAT rising 12.38% to INR 16.51 Cr. This improvement occurred despite a slight dip in operating margins, aided by better financial management and reduced gearing.
EBITDA Margin
PBILDT margin moderated to 9.18% in FY25 compared to 9.60% in FY24. The absolute PBILDT remained nearly flat at INR 35.59 Cr (vs INR 35.65 Cr) due to susceptibility to raw material price fluctuations and a shift in product mix.
Capital Expenditure
Historical capex is reflected in the maintenance of two manufacturing units in Gujarat. While specific future INR Cr figures are not disclosed, the company improved its capital structure with overall gearing reducing to 0.74x in FY25 from 1.05x in FY24.
Credit Rating & Borrowing
CARE BBB+; Stable for long-term facilities and CARE A2 for short-term facilities (reaffirmed October 2025). The company relies on high non-fund-based limit utilization (89%) for bank guarantees required for government and private contracts.
Operational Drivers
Raw Materials
Steel and metal alloys (implied by the fabrication of heat exchangers and pressure vessels) represent the primary cost component, though specific percentage of total cost is not disclosed.
Import Sources
Sourced primarily within India to support the two manufacturing facilities in Rakanpur, Gujarat, though specific states or countries are not listed.
Capacity Expansion
The company currently operates two manufacturing facilities in Gujarat. Specific capacity in units or MT is not disclosed, but the company reported a moderation in Q1FY26 revenue to INR 85.57 Cr (down from INR 113.50 Cr in Q1FY25), suggesting lower current utilization.
Raw Material Costs
Raw material costs are a significant constraint on ratings due to price volatility; however, the company mitigates this by receiving ~20% customer advances post-order receipt to lock in procurement.
Manufacturing Efficiency
Manufacturing efficiency is impacted by the specialized nature of process equipment; the company utilizes performance-oriented work cultures and regular orientation programs to optimize production from its skilled labor force.
Strategic Growth
Expected Growth Rate
-15% to -20%
Growth Strategy
The company aims to leverage its 40-year track record and specialized certifications to capture demand in the oil and gas sector. However, a near-term revenue moderation of 15-20% is expected in FY26 due to a lower unexecuted order book of INR 296.98 Cr as of September 2024 compared to previous periods.
Products & Services
Air Cooled Heat Exchangers, Shell & Tube Heat Exchangers, Pressure Vessels, Columns, Air Conditioning and Refrigeration equipment, and turnkey HVAC projects.
Brand Portfolio
Patels Airtemp
Market Expansion
Targeting increased penetration in the petroleum and engineering sectors through its established reputation with large public and private sector clients.
External Factors
Industry Trends
The capital goods industry is currently experiencing a moderation in the capex cycle for engineering and oil & gas, leading to slower order inflows for mid-sized fabricators like PAIL.
Competitive Landscape
Competes with other industrial product manufacturers in the capital goods sector; PAIL is characterized by a moderate scale of operations and a moderately leveraged capital structure.
Competitive Moat
The moat is built on a 40-year operational track record, specialized technical certifications, and a reputed clientele, which are difficult for new entrants to replicate in the highly regulated process equipment industry.
Macro Economic Sensitivity
Highly sensitive to global economic growth slowdowns and trade tensions, which delay industrial capex and impact the demand for process equipment.
Consumer Behavior
Industrial clients are increasingly prioritizing HSE compliance and quality certifications (like those held by PAIL) when awarding high-value fabrication contracts.
Geopolitical Risks
Heightened trade tensions and policy uncertainty are noted as factors contributing to a weaker-than-expected global economic outlook for FY25.
Regulatory & Governance
Industry Regulations
Operations are governed by the Companies Act 2013, SEBI Listing Regulations, and specific manufacturing standards for pressure vessels and heat exchangers.
Environmental Compliance
Maintains a dedicated HSE segment to ensure compliance with environmental and safety norms; specific ESG costs are not disclosed.
Taxation Policy Impact
The company provided INR 5.36 Cr for tax expenses in FY25, representing an effective tax rate of approximately 24.5% on a PBT of INR 21.87 Cr.
Legal Contingencies
A Show Cause Notice was issued by SEBI on September 1, 2023, alleging violations by the company and its Senior Company Secretary; the board has initiated action regarding this matter.
Risk Analysis
Key Uncertainties
The primary uncertainty is the sustainability of the order book, which moderated to INR 296.98 Cr, potentially leading to a 15-20% revenue decline in the upcoming fiscal year.
Geographic Concentration Risk
High geographic concentration with both manufacturing units located in Gujarat, making operations vulnerable to regional industrial policies or disruptions.
Third Party Dependencies
Significant dependency on banking partners for non-fund-based limits (INR 85 Cr) to support bid-bond and performance guarantees.
Technology Obsolescence Risk
Risk is managed through continuous R&D and orientation programs to keep the 206-member workforce updated on latest fabrication technologies.
Credit & Counterparty Risk
Counterparty risk is mitigated by dealing with reputed clientele and securing ~20% advances, though high utilization of working capital limits indicates tight liquidity management.
