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    Viviana Power Tech Limited

    VIVIANA
    Construction·5 Sept 2025
    Management Summary

    Viviana Power Tech reported an exceptional Q1 FY26, with revenue, EBITDA, and PAT all growing over 400% year-on-year, driven by strong execution and a robust order book of ₹1,052 crores. The company is expanding into transformer manufacturing and projects accelerated growth to ₹550 crores in FY26 and ₹850 crores in FY27. Management addressed concerns regarding promoter holding dilution and receivables, emphasizing financial stability and strategic expansion.

    Highlights

    5

    • Revenue for Q1 FY26 reached ₹31.68 crores, an exceptional growth of over 400% year-on-year from ₹6.22 crores in Q1 FY25.

    • EBITDA for Q1 FY26 rose to ₹6.46 crores, also reflecting more than 400% growth, with a strong margin of 21.4%.

    • PAT for Q1 FY26 grew by 600% to ₹3.16 crores, with the PAT margin improving to 10.3% from 7.3% in the prior year.

    • The company's robust order book stands at ₹1,052 crores, ensuring strong visibility and stability for future revenues.

    • Viviana Power Tech has successfully entered transformer manufacturing through its subsidiary Aarsh Transformers Private Limited, strengthening backward integration.

    Concerns

    2

    • Promoter holding decreased from 73.28% to 70.52% due to preferential allotment and warrants, though management clarified it was for equity addition, not selling.

    • Analyst noted a slight increase in receivables, which management attributed to retainage amounts (up to 10% of contracts) and high revenue generation in March, with payments received in April/May.

    What Changed2

    vs Q2 FY26

    Guidance items9 → 12 (+3)Risks discussed1 → 3 (+2)

    Key financials

    Single quarter

    05 metrics
    1. 01Revenue₹31.68 Cr+4%YoY
    2. 02EBITDA₹6.46 Cr+4%YoY
    3. 03EBITDA Margin21.4%
    4. 04PAT₹3.16 Cr+6%YoY
    5. 05PAT Margin10.3%

    Order Book

    high confidence

    Total Value

    ₹ 1,052 crores

    as of 2025-09-05

    quantified

    Execution

    strong visibility for coming years

    Composition

    Mix3 segments
    • Transmission11.4%
    • Transformer4.9%
    • Distribution83.6%

    Share of order book by segment

    "The robust order book of INR1,052 crores ensures strong visibility and stability for coming years, with a significant portion from RDSS and other government schemes."

    Source:
    Prepared remarks

    Capital allocation

    3
    high confidence
    CategoryHeadline
    Capex

    Capex disclosed

    Debt

    Debt disclosed

    Liquidity

    Liquidity disclosed

    Company is well-funded with bank facilities, reserves, and surplus to comfortably achieve INR800-900 crores in the power transmission and distribution sector. Positive operating cash flow is expected in H1.

    Guidance & targets

    12
    CategoryTargetPriority
    Profitability
    PAT Margin
    nearly 9%
    		High
    Revenue
    Transformer Business Revenue
    around INR52 crores
    		High
    Revenue
    Transformer Business Revenue
    around INR80 crores to INR90 crores
    		High
    Revenue
    Total Revenue
    INR550 crores
    		High
    Revenue
    Total Revenue
    INR850 crores
    		High
    Promoter Holding
    Promoter Holding Dilution
    not diluting anything
    		High
    Corporate Strategy
    Mainboard Listing
    get listed on mainboard
    		High
    Order Inflow
    Order Booking for next financial year
    at least INR800 crores to INR900 crores
    		High
    Order Inflow
    New Order Booking
    minimum INR500 crores
    		High
    Bidding Capacity
    Single Bid Capacity
    INR250 crores
    		High
    Capacity
    Transformer Capacity (MVA)
    20.5 MVA
    		High
    Capacity
    Transformer Production Volume (Units)
    20,000 units annually
    		High

    Mainboard Listing Progress

    by 31st March
    CurrentProcess to start after Sep 16, 2025
    TargetListed on mainboard

    Why it matters

    Successful migration to the mainboard could enhance liquidity and investor confidence.

    So we are completing three years of our listing on this 16th September, just 11 days from now, and we will plan along with our merchant banker. So we are trying to get migrated by end of this financial year. So we'll start the process once we get eligible and we are trying to get listed on mainboard by this 31st March.

    How to verify

    guidance_and_targets[category='Corporate Strategy'][metric='Mainboard Listing']

    Risks & concerns

    3
    RiskSeverity

    Increased receivables

    Analyst noted a slight increase in receivables, which management attributed to standard retainage and timing of large payments received in the subsequent quarter. — Analyst acknowledged

    low

    Promoter holding dilution

    Promoter holding decreased from 73.28% to 70.52% due to preferential allotment and warrants, not selling, as clarified by management. — Analyst acknowledged

    low

    Financial capability for large HVDC projects

    While technically capable, bidding for very large HVDC projects (beyond ₹5000 crores) from the Ministry of Power would require a significant net worth of ₹250-300 crores, which the company aims to achieve post FY27. — Analyst acknowledged

    medium

    Q&A highlights

    8

    “So we have not sold any single share, but we have added the equity by preferential allotment and also warrants to the promoters. So from 73.28% from promoter, we raised new 3,06,000 shares as a preferential allotment and also 51,500 shares as a warrant to the promoters. And also from market, we bought a considerable amount of shares. The detail is also there on NSE Portal. So at present, we are holding, including those warrants, it's 70.52%.”

    Clarifies the reason for the reduction in promoter holding, indicating equity infusion rather than selling, which is a positive signal.

    asked by Deekshant Boolchandani

    2 min read6 chapters

    Detailed Narrative

    01

    Exceptional Q1 FY26 Performance

    Viviana Power Tech delivered an outstanding Q1 FY26, with revenue reaching ₹31.68 crores, marking an exceptional year-on-year growth of over 400% from ₹6.22 crores in Q1 FY25. EBITDA also saw a significant increase of over 400% to ₹6.46 crores, maintaining a strong margin of 21.4%. Profit After Tax (PAT) surged by 600% to ₹3.16 crores, with the PAT margin improving to 10.3% compared to 7.3% in the previous year, underscoring strong execution and scalability.

    02

    FY25 Review and Strategic Outlook

    FY25 was a transformative year for Viviana Power Tech, with revenue growing 234% to ₹218 crores from ₹65.62 crores in FY24. EBITDA rose 178% to ₹32.19 crores (14.7% margin), and PAT grew over 200% to ₹20.69 crores (9% margin). The company's growth strategy is built on market opportunity in power transmission and distribution, renewable EPC expansion, geographical diversification across 11 states, manufacturing excellence, and technology integration. Management projects accelerated revenue growth to ₹550 crores in FY26 and ₹850 crores in FY27.

    03

    Order Book and Future Visibility

    The company's unexecuted order book currently stands at ₹1,052 crores, providing strong revenue visibility for the coming years. This includes approximately ₹120 crores for transmission, ₹52 crores for transformer orders, and the remaining ₹880 crores for distribution projects. About 35% of the order book is from the RDSS scheme, with the rest from system improvement, Kisan Suryoday Yojana, or internal funding. Management aims to carry forward at least ₹800-900 crores in order booking for the next financial year.

    04

    Entry into Transformer Manufacturing

    Viviana Power Tech has successfully entered transformer manufacturing through its subsidiary, Aarsh Transformers Private Limited, which commenced operations in FY25. The company owns 75% of this subsidiary. For FY26, the transformer business is expected to contribute around ₹52 crores in revenue, growing to ₹80-90 crores in FY27, representing about 10% of total revenues. The company is enhancing its transformer capacity to 20.5 MVA by FY27, with production volume expected to rise from 7,000 to 20,000 units annually.

    05

    Capital Allocation and Funding

    The company incurred approximately ₹9.5 crores in capex, including working capital, for the transformer business. Management confirmed that the company is well-funded with bank facilities, reserves, and surplus, making it comfortable to achieve ₹800-900 crores in the power transmission and distribution sector. There are no plans for equity dilution in the current financial year. The company expects to achieve positive operating cash flow in H1 FY26.

    06

    Mainboard Listing and Bidding Capacity

    Viviana Power Tech plans to migrate to the mainboard by March 31, 2026, after completing three years of listing on September 16, 2025. The company's bidding capacity for a single tender is expected to increase to ₹250-260 crores after the completion of current projects, up from ₹110 crores. This enhanced capacity will allow the company to bid for larger projects, although very large HVDC projects (beyond ₹5000 crores) would require significant net worth and are targeted post FY27.

    This is an AI-generated summary of a publicly available earnings call transcript. It is for informational purposes only and does not constitute investment advice, a recommendation, or an endorsement. inve.money is not a SEBI-registered investment advisor. Please consult a qualified financial advisor before making any investment decisions.