NSE: VINDHYATEL · BSE: 517015
VINDHYA TELELINKS LTD
Executes Engineering, Procurement and Construction (EPC) projects and manufactures cables including specialty optical fibre cables. In FY26 the EPC segment generated Rs 2,708.51 crore, representing 75.4% of segment revenue, while the Cables segment generated Rs 884.10 crore, representing 24.6%. Consolidated FY26 revenue stood at Rs 3,593.21 crore with net profit of Rs 220.18 crore and EBITDA margin of 6.69%. Segment EBIT was Rs 145.03 crore in EPC and Rs 55.62 crore in Cables. Materials are the dominant input cost at 83.3% of revenue, followed by employees at 5.8% and other operating expenses at 4.4%. The Board has sanctioned an additional Rs 65 crore capex to expand specialty optical fibre cable capacity to a total of Rs 101.70 crore, and an amalgamation with Birla Cable Limited is pending NCLT approval. The BRSR filing reports a workforce of 2,564 and renewable energy at 36.7% of total consumption. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Engineering, Procurement & Construction (EPC) (75%), Cables (25%). Materials-heavy EPC and cable manufacturer with a 6.69% EBITDA margin
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,324 | 2,900 | 4,087 | 4,054 | 3,593 |
| EBITDA (ex other income) | 160 | 281 | 295 | 259 | 221 |
| margin % | 12.1 | 9.7 | 7.2 | 6.4 | 6.2 |
| Owners' profit | 0 | 0 | 0 | 0 | 0 |
| EPS, as reported (₹) | 163.09 | 156.37 | 238.54 | 171.16 | 185.79 |
| ROE % · ROCE % | 6.0 · 4.1 | 5.4 · 6.2 | 7.1 · 5.8 | 5.0 · 4.9 | 5.2 · 4.0 |
| Debt / equity (x) | 0.17 | 0.19 | 0.12 | 0.28 | 0.34 |
| Cash from operations | 183 | 34 | 441 | (590) | (160) |
| Capex | (14) | (34) | (49) | (17) | (48) |
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 | 953 | 1,037 | 1,231 | 908 | 960 | 717 | 1,009 | 719 |
| Profit before tax | 39 | 36 | 51 | 29 | 40 | (26) | 25 | 41 |
| Net profit | 24 | 39 | 110 | 59 | 59 | (1) | 103 | 76 |
| EPS (₹) | 20.55 | 32.99 | 92.77 | 49.47 | 49.89 | (0.88) | 87.31 | 63.85 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Cables | 686 | 18.9 |
| Engineering, Procurement & Construction (EPC) | 1,972 | 54.5 |
| Cable | 198 | 5.5 |
| Engineering, Procurement & Construction(EPC) | 764 | 21.1 |
| Total, before eliminations | 3,620 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| LARSEN & TOUBRO LTD. | 5,22,964 | 31.5 | 4.07 | 19.0 | 14.7 | 11.9 | 16.0 | 12.5 |
| RAIL VIKAS NIGAM LIMITED | 38,385 | 42.7 | 3.91 | 27.6 | 8.9 | 7.5 | 5.8 | 7.5 |
| KALPATARU PROJECT INT LTD | 22,786 | 20.1 | 2.95 | 10.3 | 13.3 | 15.0 | 16.0 | 10.0 |
| CEMINDIA PROJECTS LIMITED | 21,114 | 35.1 | 8.80 | 17.9 | 24.9 | 31.7 | 29.8 | 10.5 |
| IRB INFRA DEV LTD. | 19,421 | 14.9 | 0.93 | 9.4 | 4.1 | 2.5 | 7.6 | 55.6 |
| NBCC (INDIA) LIMITED | 18,857 | 25.5 | 5.86 | 15.3 | 23.1 | 29.7 | 13.5 | 9.6 |
| ENGINEERS INDIA LTD | 14,470 | 18.5 | 4.60 | 16.1 | 22.0 | 26.5 | 4.6 | 20.1 |
| TECHNO ELEC & ENG CO. LTD | 9,873 | 22.9 | 2.38 | 16.2 | 11.4 | 12.4 | 29.6 | 20.4 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 13.5 | 13.5 | 51 of 101 | 50% |
| P/B | 0.8 | 1.3 | 22 of 85 | 74% |
| ROCE | 1.3 | 10.0 | 90 of 107 | 16% |
| ROE | 5.2 | 9.1 | 56 of 87 | 36% |
| Debt / Equity | 0.3 | 0.4 | 42 of 87 | 52% |
| EBITDA margin | 12.6 | 12.4 | 42 of 88 | 53% |
| Revenue growth | (20.8) | 6.2 | 75 of 86 | 13% |
| Profit growth | 29.1 | 2.7 | 24 of 84 | 72% |
| Market cap | 3202 | 456 | 24 of 107 | 78% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 21 Oct 2026 · Board meeting set for November 2026 results | board shareholder meetings | low | — | — |
| 15 Oct 2026 · Notice for Special Window to Convert Physical Shares to Demat | compliance | minimal | — | — |
| 10 Oct 2026 · Tax authority confirms GST demand of about Rs 15.74 lakh; company to appeal | business updates | medium | — | — |
| 6 Oct 2026 · Compliance certificate for share dematerialisation, Q2 FY26 | compliance | minimal | — | — |
| 24 Sept 2026 · Trading window closure for Q2 results from October 1, 2026 | compliance | minimal | — | — |
| 26 Aug 2026 · Independent Director re-appointment fails AGM vote, corrigendum issued | management changes | medium | — | — |
| 26 Aug 2026 · CRISIL assigns ESG rating of 58 (Adequate) to Vindhya Telelinks | business updates | medium | — | — |
| 21 Aug 2026 · Vindhya Telelinks gets ESG rating of 62, classified as Strong | business updates | medium | — | — |
| 19 Aug 2026 · Newspaper Ad: Special Window to Convert Physical Shares to Demat | compliance | minimal | — | — |
| 14 Aug 2026 · NSE and BSE clear amalgamation of Birla Cable into Vindhya Telelinks | strategic transactions | high | — | — |
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 |
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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.