NSE: VPRPL · BSE: 543974
VISHNU PRAKASH R PUNGLI L
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.
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · standalone | 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) |
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 | 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) |
Exhibit 3: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 7 Oct 2026 · RTA confirmation certificate filed for quarter ended Sept 2026 | compliance | minimal | — | — |
| 3 Oct 2026 · VPRPL AGM Results: All 11 Resolutions Passed with Requisite Majority | board shareholder meetings | low | — | — |
| 30 Sept 2026 · 13th AGM proceedings held Sept 30, 2026; 11 resolutions put to vote | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Trading Window closed from Oct 1, 2026 pending Q2 results | compliance | minimal | — | — |
| 25 Sept 2026 · Corrigendum to 13th AGM notice published in newspapers | compliance | minimal | — | — |
| 24 Sept 2026 · Corrigendum to AGM notice: revised list of warrant allottees | board shareholder meetings | low | — | — |
| 19 Sept 2026 · Credit Ratings Downgraded to IVR C+ and IVR A4 | credit debt | medium | — | — |
| 12 Sept 2026 · CARE downgrades VPRPL credit rating to INC and CARE D category | credit debt | medium | — | — |
| 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 | — | — |
How to read this document
| 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 |
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.