NSE: VIVIANA
VIVIANA POWER TECH LTD
Builds and commissions power transmission and distribution infrastructure on a turnkey EPC basis, primarily for Gujarat state electricity distribution companies. EPC work covered 94.4% of FY26 segment revenue (₹501.67 cr, EBIT ₹66.05 cr) and includes high-voltage transmission lines, substations, and underground and overhead distribution networks. A real estate arm contributes 3.8% of revenue (Viviana Life Spaces), while an in-house transformer manufacturing unit contributes 1.7% and posted a marginal EBIT loss. The company is setting up a greenfield transformer plant on 14 acres near Vadodara, targeting 500 MVA/400 kV capability by FY30. The company is also entering battery energy storage, with BESS orders secured and a project under execution in Rajasthan. Materials account for 70.3% of revenue and are the largest cost line. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. EPC (94%), Real Estate (4%), Manufacturing of Transformers (2%). Cyclical, asset-heavy power infrastructure EPC contractor pivoting toward vertically integrated equipment manufacturing
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY25 | FY26 |
|---|---|---|
| Revenue | 219 | 531 |
| EBITDA (ex other income) | — | 76 |
| margin % | — | 14.3 |
| Owners' profit | — | 53 |
| EPS, as reported (₹) | 32.19 | 52.33 |
| ROE % · ROCE % | — · 45.3 | 46.0 · 37.2 |
| Debt / equity (x) | — | 0.86 |
| Cash from operations | (14) | (4) |
| Capex | (0) | (2) |
Exhibit 2: Quarterly performance, last 6 quarters
| ₹ crore | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|
| Revenue | 171 | 32 | 91 | 118 | 441 | 72 |
| Profit before tax | 23 | 5 | 13 | 12 | 57 | 8 |
| Net profit | — | — | — | — | 44 | 6 |
| EPS (₹) | 24.67 | 5.04 | 15.14 | 7.56 | 43.50 | 5.94 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| EPC | 432 | 98.1 |
| Real Estate | 1 | 0.3 |
| Manufacturing of Transformers | 7 | 1.6 |
| Total, before eliminations | 441 | 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) | 9.6 | 13.5 | 34 of 101 | 67% |
| P/B | 6.1 | 1.3 | 82 of 85 | 4% |
| ROCE | 32.6 | 10.0 | 5 of 107 | 96% |
| ROE | 46.0 | 9.1 | 2 of 87 | 99% |
| Debt / Equity | 0.9 | 0.4 | 72 of 87 | 17% |
| EBITDA margin | 17.0 | 12.4 | 28 of 88 | 69% |
| Revenue growth | 128.5 | 6.2 | 5 of 86 | 95% |
| Market cap | 704 | 456 | 47 of 107 | 57% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 22 Oct 2026 · No physical share certificates received in September quarter | compliance | minimal | — | — |
| 15 Oct 2026 · Board decides not to issue convertible warrants on preferential basis | fund raising | medium | — | — |
| 10 Oct 2026 · Viviana Power Tech board to consider fund raise via convertible warrants on Oct 15 | board shareholder meetings | medium | — | — |
| 10 Oct 2026 · Viviana Power Tech bags Rs 466.74 cr turnkey contract from MGVCL | business updates | high | — | — |
| 30 Sept 2026 · Viviana Power Tech amends Articles for Debenture Trustee Nominee Director | general | low | — | — |
| 30 Sept 2026 · AGM results: all 6 resolutions passed, Re 1 dividend declared | compliance | minimal | — | — |
| 29 Sept 2026 · Viviana Power Tech 12th AGM held; final dividend of Re 1 per share declared | board shareholder meetings | low | — | — |
| 24 Sept 2026 · Trading Window closed from 1 Oct for Q2 results | compliance | minimal | — | — |
| 21 Sept 2026 · Viviana Power Tech inaugurates Power Transformer manufacturing facility | capex operations | high | — | — |
| 21 Sept 2026 · Viviana Power Tech to attend PL Capital Mid & Small Cap Conference 2026 | 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.