Vishnusurya

Vishnusurya Projects and Infra Limited reported a robust FY26, with revenue from operations increasing 30% year-on-year to INR352 crores from INR271 crores in FY25. Net profit after tax (PAT) also grew significantly by 17% to INR36 crores, resulting in an EPS of INR14.33. Despite temporary challenges in Q4 FY26, including labor shortages, election-related disruptions, unseasonal rains, and higher input costs, the company still achieved a 36% year-on-year revenue growth to INR127 crores for the quarter, demonstrating underlying demand strength.

The company's business model is built on three complementary verticals: M-Sand and construction aggregates, EPC (construction and infrastructure), and municipal solid waste management. The EPC division, particularly water infrastructure, has emerged as a significant growth driver, securing landmark projects like the INR2,200 crores seawater desalination project (Vishnusurya's share ~INR220 crores) and a INR344 crores water supply project. This diversification aims to leverage India's infrastructure opportunities and balance risk, moving beyond traditional contracting.

Vishnusurya formally expanded into bio-mining and waste management in FY26, identifying it as a significant new growth opportunity. Management highlighted the segment's high profitability, with Q4 FY26 revenue of INR8.6 crores generating an EBIT of INR6 crores, implying EBITDA margins upwards of 35%. This strategic move is driven by the desire to enter more lucrative industries compared to the 10-12% margins typically seen in EPC, aiming to establish a strong presence in this sector.

As of March 31, 2026, the company's order book stood at INR456 crores, providing strong revenue visibility for the coming years. For FY27, Vishnusurya is targeting an overall revenue of INR450 crores, with mining contributing INR180-190 crores and waste management INR30-50 crores. Beyond FY27, the company aims for a sustainable 30-40% year-on-year growth, driven by increasing government investments in water security, urban development, and environmental sustainability.

The company's mining segment currently operates at approximately 75% capacity utilization, with potential for a 5-10% increase. Additionally, Vishnusurya expects to generate approximately INR1 crore in monthly rental income from a property in Zamin Pallavaram, starting April 2027, from an asset valued around INR50 crores. Management clarified that despite significant appreciation in their land bank, there is no immediate intent for land monetization, as the primary focus remains on revenue generation from operational activities.

Management acknowledged that Q4 FY26 profitability was affected by temporary factors but expressed confidence in improved operating performance in coming quarters as execution normalizes. Regarding concerns about a new government's impact on projects or land assets, management stated that their projects are not solely dependent on specific government initiatives and their land holdings are legally sound with proper documentation, mitigating perceived political risks and ensuring business continuity.