An infrastructure construction company that earns primarily through government contracts for water-supply pipeline projects under the Jal Jeevan Mission (76% of revenue) and railway infrastructure works (18% of revenue, up from 12% earlier). FY26 revenue was Rs 851.195 crore against an order book of Rs 5,147 crore to be executed over three years. In Q1 FY26, revenue was Rs 276.41 crore (+8% year-on-year) with EBITDA of Rs 32 crore (11.54% margin) and PAT of Rs 7 crore (down 53% YoY). The company is diversifying geographically — Rajasthan's share has fallen to 47% from 65% — and on-time delivery on projects is running above 90%. Government payments have stalled, leaving receivables at around Rs 700 crore; the promoter group has injected Rs 110 crore of unsecured loans to keep total debt steady at Rs 700 crore. Materials are the single largest input, at 47.3% of revenue, followed by other operating expenses at 61.3% and employees at 7.4%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Water supply projects (Jal Jeevan Mission) (76%), Railway infrastructure (18%), Other infrastructure. Cyclical, working-capital-heavy government infrastructure contractor with a long receivable cycle.
| ₹ crore · consolidated | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 1,474 | 1,237 | 851 |
| EBITDA (ex other income) | 210 | 155 | (92) |
| margin % | 14.2 | 12.6 | (10.8) |
| Owners' profit | 122 | 59 | (150) |
| EPS, as reported (₹) | 10.95 | 4.70 | (12.04) |
| ROE % · ROCE % | 16.9 · 27.6 | 7.5 · 17.2 | (23.8) · (14.8) |
| Debt / equity (x) | 0.55 | 0.91 | 1.03 |
| Cash from operations | (316) | (207) | 142 |
| Capex | (53) | (76) | (25) |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 335 | 241 | 405 | 276 | 296 | 177 | 102 | 138 |
| Profit before tax | 32 | 8 | 22 | 11 | 3 | (39) | (152) | (51) |
| Net profit | 24 | 4 | 16 | 7 | 4 | (30) | (131) | (39) |
| EPS (₹) | 1.90 | 0.31 | 1.30 | 0.56 | 0.29 | (2.41) | (10.49) | (3.15) |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 9 Sept 2026 · FY26 Annual Report: Rs 1,501M Loss, Order Book Stays at Rs 43,910M | board shareholder meetings | medium | — | — |
| 8 Sept 2026 · VPRPL 13th AGM on Sep 30, 2026 - capital raise, warrants, director remuneration | board shareholder meetings | low | — | — |
| 8 Sept 2026 · Annual Report FY26: Revenue down 31%, loss of Rs 1,501M, order book intact at Rs 43,911M | results | high | — | — |
| 8 Sept 2026 · VPRPL files BRSR for FY2025-26 as part of Annual Report | general | low | — | — |
| 8 Sept 2026 · 13th AGM on Sep 30, 2026 via video conferencing | compliance | minimal | — | — |
| 8 Sept 2026 · 13th AGM notice published; meeting on Sept 30 via video conferencing | compliance | minimal | — | — |
| 7 Sept 2026 · Board approves INR 100 crore convertible warrants via preferential allotment (revised) | fund raising | high | — | — |
| 5 Sept 2026 · Board approves preferential issue of warrants to raise Rs 100 crore | fund raising | high | — | — |
| 1 Sept 2026 · Trading window closed pending board meeting on warrant-based fund raise | compliance | minimal | — | — |
| 1 Sept 2026 · Board meeting on Sept 5 to consider fund raising via preferential warrants | board shareholder meetings | low | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) |
| A state: the latest filed quarter and the measured reactions |
| an event is a fact; a rating is an opinion that requires SEBI RA registration |
| 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 |
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