Follow the link below, you will get answer :-

https://www.reportjunction.com/Reports/Patel-Engineering-Ltd-P0091.htm

It would need to undertake the audit.

Lets understand that Ministry of Corporate Affairs (MCA) notification of 3rd June 2011 that "Cost Records means books of account relating to utilisation of materials, labour and other items of cost as applicable to the production, processing, manufacturing or mining activities of the company." And the notification informs the meaning of 'manufacuring activity' and 'production activity' along with explaining on 'production activity' to include 'constructing, reconstructing, reconditioning, repairing, servicing, refitting, finishing or demolishing of buildings or structures'.

As Patel Engineering appears to be covered in above, maintenance of cost records is mandatory. With criteria to cost audit being crossed, it will have to complete cost audit.

If required, one can take tour of following website of MCA and get satisfied -
i) https://www.mca.gov.in/Ministry/CWA_act.html
ii) https://www.mca.gov.in/Ministry/companies_act.html