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    Viviana Power Tech Q4 FY26 earnings call

    VIVIANA
    Construction·25 Jun 2026
    Management Summary

    Viviana Power Tech Limited reported a strong FY26 with consolidated revenue of INR 533 crores and PAT of INR 53.46 crores, driven by robust order bookings exceeding INR 1,000 crores. The company is expanding into manufacturing with a planned INR 100 crores capex and is strategically leveraging its Viviana Life Spaces subsidiary for collateral creation. While facing challenges from raw material price hikes and increased receivables, management provided optimistic FY27 revenue guidance of over INR 900 crores and long-term segment targets, emphasizing a disciplined capital allocation strategy.

    Highlights

    5

    • Consolidated revenue of INR 533 crores in FY26, marking a 16x growth since its 2022 listing.

    • Profit after tax (PAT) reached INR 53.46 crores in FY26, demonstrating strong bottom-line profitability.

    • Secured order bookings exceeding INR 1,000 crores, ensuring peak utilization and predictable top-line growth.

    • Approved INR 100 crores capex for a greenfield power transmission manufacturing project, adding technological muscle.

    • Provided FY27 consolidated revenue guidance of over INR 900 crores with PAT margins of 8.5-10%, indicating strong future outlook.

    Concerns

    3

    • Raw material price hikes and geopolitical situations pose risks to PAT margins, though largely mitigated by price variation clauses.

    • Increased debtors' days in FY26 due to significant Q4 execution, leading to higher receivables.

    • Management was evasive regarding future fundraise or equity dilution plans, indicating potential future capital needs.

    Key financials

    Single quarter

    02 metrics
    1. 01Consolidated Revenue₹533 Cr
    2. 02PAT₹53.46 Cr

    Order Book

    high confidence

    Total Value

    ₹ 1,000 crores

    as of 2026-03-31

    quantified

    Execution

    normal project cycle comes from 6 months to 24 months

    Pipeline

    L1 awaiting loa

    L1 bids of approximately INR 240 crores and active bids of more than INR 1,500 crores

    "Order book ensures execution engine will run at peak utilization, guaranteeing predictable compounding top-line growth."

    Source:
    Prepared remarks

    Capital allocation

    3
    high confidence
    CategoryHeadline
    Capex

    ₹100 crores

    internal accruals and structured financial arrangements

    Debt

    Debt disclosed

    Cost 12.0%

    Liquidity

    Cash ₹73.63 crores

    Includes non-fund-based limit; company is at 15% excess amount with banking facilities.

    Guidance & targets

    15
    CategoryTargetPriority
    Revenue
    Consolidated Revenue
    more than INR 900 crores
    		High
    Revenue
    Transformer Business Revenue
    INR 400 crores to INR 600 crores
    		High
    Revenue
    Power Equipment Division Segment Revenue
    INR 1,000 crores to INR 1,200 crores
    		High
    Revenue
    Life Spaces Rental Annuity
    INR 6 crores to INR 8 crores per year
    		High
    Revenue
    Life Space Revenue (Asset Sales)
    INR 125 crores to INR 150 crores
    		High
    Profitability
    PAT Margin
    8.5% to 10%
    		High
    Profitability
    Power Equipment Division PAT Margin
    9% to 10%
    		High
    Operations
    BESS Portfolio Operational
    fully operational
    		High
    Assets
    Life Spaces Commercial Assets Collateral
    INR 100 plus crores
    		High
    Manufacturing
    Transformers (up to 10 MVA) Production Start
    start manufacturing
    		High
    Manufacturing
    Transformers (up to 18.5 MVA) Type Testing
    type testing
    		High
    Manufacturing
    Transformers (up to 63 MVA, 132 kV) Production Start
    start manufacturing
    		High
    Manufacturing
    Transformers (up to 500 MVA, 400 kV) Production
    manufacturing facility to manufacture
    		High
    Certification
    UL Certification for US and Canada Market
    having that certification
    		High
    Order Inflow
    Orders to be carried forward
    more than INR 700 crores to INR 800 crores
    		High

    What to watch in Q1 FY27

    5

    BESS Rajasthan Project Financial Closure

    next week (after call date)
    CurrentIn progress, sanctions from two banks received
    TargetFinancial closure completed

    Why it matters

    Completion of financial closure is crucial for the INR 198 crores BESS project to proceed.

    And by getting the final allotment letter of revenue department of Jodhpur district, by mostly next week, we will be getting the financial closure.

    Risks & concerns

    3
    RiskSeverity

    Raw Material Price Hikes

    Raw material price hikes have impacted margins, though 90-95% of order bookings include price variation clauses. — Management acknowledged

    medium

    Geopolitical Situation and Force Majeure

    These external factors can cause PAT margins to vary and are not predictable. — Management acknowledged

    medium

    Increased Debtors' Days

    Debtors' days increased in FY26 primarily due to major execution in Q4, with INR 250 crores revenue in March alone, leading to higher receivables. — Management acknowledged

    medium

    Q&A highlights

    7

    “So first we will start with the transformers, which will be used in power utilities, BESS, wind, solar, renewables and data centers. So the facility which we are at present having only will be starting by next month end, in which we will be manufacturing the transformers up to 10 MVA.”

    Provides specific details on the phased manufacturing expansion, product focus, and timelines for new capacity.

    asked by Deepanshu Bhatia

    2 min read5 chapters

    Detailed Narrative

    01

    Strong FY26 Performance & Order Book Growth

    Viviana Power Tech Limited achieved a consolidated revenue of INR 533 crores in FY26, marking a significant 16x growth since its 2022 listing, with Profit After Tax (PAT) reaching INR 53.46 crores. The company successfully secured order bookings exceeding INR 1,000 crores, providing robust revenue visibility and ensuring peak utilization of its execution engine for predictable top-line growth in the coming quarters⏳.

    02

    Strategic Manufacturing Expansion & Long-Term Vision

    The company is making a strategic shift into manufacturing with an approved INR 100 crores capex for a greenfield power transmission manufacturing project near Vadodara. The first phase, costing INR 70-80 crores, will commence transformer manufacturing up to 10 MVA by next month-end, scaling to 63 MVA by next FY-end, and 500 MVA by FY2030. This expansion aims to generate INR 400-600 crores revenue from the transformer business by FY2030 and INR 1,000-1,200 crores from the power equipment division by FY2032, with 9-10% PAT margins.

    03

    Innovative Collateral Creation via Viviana Life Spaces

    To address working capital needs and create hard collateral without diluting promoter equity, Viviana established Viviana Life Spaces, a 90% owned subsidiary. This entity operates on a joint development model to develop commercial and residential infrastructure, aiming to accumulate over INR 100 crores in high-quality commercial assets as collateral by FY2030. These retained assets are projected to generate INR 6-8 crores per year in rental annuity mode at steady state.

    04

    FY27 Guidance & Market Expansion Plans

    Management provided a formal guidance for FY27, targeting consolidated revenue of more than INR 900 crores while maintaining PAT margins between 8.5% and 10%. The company is also pursuing UL certification for its transformers by next financial year-end to expand sales into the US and Canada markets, diversifying beyond the domestic market where transformer demand is expected to last for at least two decades.

    05

    Working Capital Management & Liquidity Position

    The company addressed concerns regarding increased debtors' days, explaining it was a result of significant execution, particularly INR 250 crores in March 2026, with over 60% of INR 300 crores debtors collected by May 2026. Viviana maintains a cash balance of INR 73.63 crores, including non-fund-based limits, and aims to keep its long-term debt-to-equity ratio within a conservative 1.2x to 1.5x, with NCDs totaling INR 45 crores at a 12% interest rate.

    This is an AI-generated summary of a publicly available earnings call transcript.