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Valiant Communications posted all-time-high quarterly results for Q1 FY2025-26. Consolidated revenue rose about 34% year-on-year to ₹1,832 Lacs, while PAT jumped roughly 51% to ₹472 Lacs and EBITDA margin expanded to 37.86% from 35.20%. Standalone numbers were similar, with revenue of ₹1,812 Lacs and PAT of ₹446 Lacs. The gross order book stands at ₹8,694 Lacs (confirmed), with another ₹450+ Lacs in Letters of Intent, ₹600+ Lacs at L1 stage, ₹2,000+ Lacs in advanced-stage opportunities, and ₹8,000+ Lacs in upcoming tenders. New export wins include orders from the US Government (classified), the Canadian Department of National Defence, Ameren, RGNext (Raytheon–General Dynamics JV) and several utilities in Europe, Australia and Southeast Asia. Management also highlighted a ₹80+ crore pipeline across state electricity boards and progress in MPLS routers with encryption, Grid Islanding solutions, NAS/SAN data storage for Critical Information Infrastructure, and GPS+NavIC synchronization products.
Record revenue, profits and margins, combined with a growing order book and expanding defence and export exposure, point to a positive growth trajectory. Investors should note that higher inventory and elevated trade receivables tied to late-quarter sales are short-term working capital items that management expects to normalise by year-end.