NSE: VASCONEQ · BSE: 533156
VASCON ENGINEERS LTD
Provides construction services on an Engineering, Procurement and Construction (EPC) basis, delivering buildings and infrastructure projects for government institutions and private corporates. EPC accounted for 96.6% of segment revenue in FY26 at Rs 916.41 crore, with the remaining 3.4% (Rs 32.12 crore) coming from Real Estate Development. Recently secured projects include a Rs 347.43 crore contract from the Reserve Bank of India for demolition and redevelopment of RBI Quarters at Zoo-Narengi Road Colony, Guwahati, and a Rs 131.58 crore Letter of Intent from Reliance Industries for construction of G+12 buildings at Jamnagar (subsequently cancelled by Reliance in July 2026 before execution commenced). Total revenue for FY26 stood at Rs 949.29 crore with a net profit of Rs 48.9 crore. The cost structure is dominated by materials and subcontracted works at 100.4% of revenue, with employees at 3.8% and other operating expenses at 3.9%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. EPC (Engineering, Procurement and Construction) (97%), Real Estate Development (3%). Construction services with material cost pass-through, project-based revenue
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 653 | 1,000 | 1,037 | 1,078 | 949 |
| EBITDA (ex other income) | 19 | 98 | 70 | 162 | 53 |
| margin % | 2.8 | 9.8 | 6.7 | 15.0 | 5.6 |
| Owners' profit | 35 | 97 | 67 | 130 | 49 |
| EPS, as reported (₹) | 1.76 | 4.49 | 3.05 | 5.81 | 2.15 |
| ROE % · ROCE % | 4.4 · 7.1 | 10.8 · 9.6 | 6.8 · 7.1 | 11.9 · 14.0 | 4.3 · 6.2 |
| Debt / equity (x) | 0.19 | 0.15 | 0.18 | 0.19 | 0.26 |
| Cash from operations | 33 | 104 | (29) | 5 | (122) |
| Capex | (15) | (42) | (20) | (18) | (4) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 200 | 295 | 387 | 221 | 226 | 249 | 253 | 152 |
| Profit before tax | 10 | 92 | 36 | 27 | 16 | 10 | 13 | 2 |
| Net profit | 10 | 76 | 35 | 22 | 11 | 9 | 6 | 2 |
| EPS (₹) | 0.46 | 3.38 | 1.54 | 0.99 | 0.50 | 0.41 | 0.25 | 0.09 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| EPC (Engineering, Procurement and Construction) | 916 | 96.5 |
| Real Estate Development | 33 | 3.5 |
| Total, before eliminations | 949 | 100.0 |
Exhibit 4: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 25 Sept 2026 · Trading Window Closure Ahead of Q2 FY27 Results | compliance | minimal | — | — |
| 25 Sept 2026 · Vascon Engineers bags Rs 660.79 Crore office development order from Qualcomm India | business updates | high | — | — |
| 24 Aug 2026 · CRISIL assigns BBB plus Stable long term and A2 short term ratings to Vascon | credit debt | medium | — | — |
| 19 Aug 2026 · Vascon Engineers Q1 FY27 Earnings Call Transcript | investor communications | medium | — | — |
| 13 Aug 2026 · Vascon Engineers files Q1 FY27 results newspaper publication with BSE and NSE | compliance | minimal | — | — |
| 12 Aug 2026 · Vascon Engineers bags Rs.126.39 Cr hospital order in Maharashtra | business updates | high | — | — |
| 12 Aug 2026 · Q1FY27 results: Revenue falls 31%, margins compress; order book at Rs 2,850 Cr | investor communications | medium | — | — |
| 12 Aug 2026 · Q1 FY27 results show sharp profit decline, auditor flags Almet divestment dispute | results | high | — | — |
| 10 Aug 2026 · Vascon Engineers Q1FY27 earnings call scheduled for August 14, 2026 | board shareholder meetings | low | — | — |
| 10 Aug 2026 · AGM 2026: All 6 resolutions passed with requisite majority | board shareholder meetings | medium | — | — |
How to read this document
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|---|---|---|
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| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.