Investors Presentation for the quarter and year ended March 31, 2026
VASCONEQ · price
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Vascon Engineers reported FY26 consolidated revenue of Rs 948.53 Cr, down 12% from Rs 1,077.41 Cr in FY25, with Q4FY26 revenue dropping 35% to Rs 252.96 Cr due to cash flow constraints in two major government projects and internal organizational changes at a major private client. EBITDA margin held at 9% for FY26 but compressed to 6% in Q4FY26 (vs 11% in Q4FY25). PAT declined to Rs 48.90 Cr from Rs 126.45 Cr in FY25, though FY25 included a Rs 74 Cr exceptional item. The company has a healthy order book of Rs 2,717 Cr (2.9x FY26 EPC revenues) with 79% from government projects, and entered an MoU with Adani Group as execution partner. Management targets Rs 1,500-2,000 Cr new EPC orders in FY27 with a pipeline supporting Rs 3,000 Cr additional orders.
Revenue decline and margin compression in Q4 may create near-term stock pressure, but the strong order book of Rs 2,717 Cr (2.9x revenues) and government project focus provide medium-term revenue visibility. Net debt of Rs 91 Cr remains manageable with Rs 337 Cr unutilized working capital limits.