UNIVASTU
Univastu India financials
- Market cap
- ₹551 Cr
- Sector
- Construction
- Calls analysed
- 3
Univastu India Limited Q4 FY26
What went well
- Revenue from operations for FY26 grew 42.16% YoY to ₹243.35 crores.
- EBITDA margin for FY26 was healthy at 17.10%.
- Profit after tax for FY26 stood at ₹25.69 crores, reflecting a PAT margin of 10.56%.
What to watch
- Q4 FY26 EBITDA margin was slightly lower at 13.94% due to initial setup costs for new massive sites.
- Trade receivables saw a significant increase to 8082 lakhs, though management clarified 80% was recovered quickly post-quarter end.
What Univastu India Limited does
Univastu India is a civil-and-electromechanical EPC contractor that designs and builds metro corridors (power, traction and E&M infrastructure), sports complexes and stadiums, swimming pools, tunnel ventilation systems and net-zero civil structures for government and public-sector clients across India. It earns through turnkey EPC contracts awarded by state PWDs, municipal and irrigation/urban-development authorities, and metro corporations, including as a JV partner to larger EPC players such as L&T. The company has diversified into IoT-enabled wireless Building Management Systems for metro stations (via a joint subsidiary with NUOS/Falcon Control Systems) and into net-zero and data-centre construction (via its Univastu Bootes Infra LLP subsidiary and a JV with a Swedish partner).
Segments
- Metro Projects (E&M Works)
- Sports Infrastructure
- Civil Infrastructure
- Tunnel Ventilation Systems
- Swimming Pool Projects
- Metro BMS Projects
- Bullet Train Projects
- Data Center Projects
- Total completed projects
- 95+
- Total ongoing projects
- 24
- Total workforce
- 100+
- Vehicles & equipment fleet
- 100+
- Geographic presence
- Pan-India, with active projects across Maharashtra, Uttar Pradesh, Haryana, Gujarat and Meghalaya
- Strategic JVs & subsidiaries
- 4 (Univastu Bootes Infra LLP, Univastu NUOS IoT Systems, T&T Univastu JV, Ansh Infratech Univastu JV)
Guidance record · Q4 FY26
what the last two calls moved 12 tracked 3 delivered 1 missed 8 open- Revenue delivered said Q2 FY26 Promised: ₹200 crore for FY26 Q4 FY26: Achieved. Full year FY26 revenue came in at ₹243.35 crore, exceeding the target.
- M&A Execution went quiet said Q2 FY26 Promised: NCLT approval and closure in 3-4 months Q4 FY26: No update provided on the NCLT approval or closure of the Setubandhan acquisition. The original 3-4 month timeline from Q2 FY26 has passed.
- Revenue revised up said Q2 FY26 Promised: ₹300 crore for FY27 Q4 FY26: Significantly revised upwards. Management now guiding for ₹600 crore revenue in FY27, doubling the previous target.
All 12 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 258.6%, net profit up 150.0% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 42 | 42 | 40 | 29 | 48 +14% | 56 +33% | 109 +173% | 104 +259% |
| EBITDA | 8 | 8 | 8 | 7 | 8 +0% | 10 +25% | 14 +75% | 15 +114% |
| Net profit | 4 | 5 | 4 | 4 | 5 +25% | 6 +20% | 10 +150% | 10 +150% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −40.9% 1Y
1Y: ₹258.85 on 10 Sept 2025 → ₹153. High ₹262.2 (10 Oct 2025), low ₹59.63 (27 Mar 2026).
How the price took the results
close before → close after
- Q4 FY26
- +6.2%
- 26 Jun
- Q3 FY26
- +3.7%
- 19 Jan
- Q2 FY26
- +1.9%
- 28 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 40.9% a year over 3 years, FY23 to FY26. Operating margin narrowed to 16.1%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹87 Cr | ₹121 Cr | ₹152 Cr | ₹242 Cr |
| Operating profit | ₹16 Cr | ₹20 Cr | ₹29 Cr | ₹39 Cr |
| Operating margin | 18.0% | 16.5% | 19.1% | 16.1% |
| Interest | ₹6 Cr | ₹5 Cr | ₹4 Cr | ₹4 Cr |
| Depreciation | ₹1 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Net profit | ₹7 Cr | ₹10 Cr | ₹15 Cr | ₹25 Cr |
| Net margin | 8.1% | 8.3% | 9.9% | 10.3% |
| Cash from operations | ₹10 Cr | ₹11 Cr | ₹-6 Cr | ₹12 Cr |
| Free cash flow | ₹9 Cr | ₹10 Cr | ₹-12 Cr | ₹11 Cr |
| ROCE | 19.0% | 24.0% | 27.0% | 30.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹11 Cr | ₹11 Cr | ₹11 Cr | ₹11 Cr | ₹12 Cr | ₹36 Cr |
| Reserves | ₹22 Cr | ₹27 Cr | ₹34 Cr | ₹41 Cr | ₹75 Cr | ₹67 Cr |
| Borrowings | ₹40 Cr | ₹37 Cr | ₹33 Cr | ₹34 Cr | ₹42 Cr | ₹34 Cr |
| Other liabilities | ₹48 Cr | ₹36 Cr | ₹45 Cr | ₹53 Cr | ₹114 Cr | ₹193 Cr |
| Total liabilities | ₹121 Cr | ₹112 Cr | ₹123 Cr | ₹139 Cr | ₹243 Cr | ₹330 Cr |
| Fixed assets | ₹10 Cr | ₹9 Cr | ₹8 Cr | ₹9 Cr | ₹13 Cr | ₹13 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹2 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other assets | ₹111 Cr | ₹103 Cr | ₹114 Cr | ₹129 Cr | ₹229 Cr | ₹315 Cr |
| Total assets | ₹121 Cr | ₹112 Cr | ₹123 Cr | ₹139 Cr | ₹243 Cr | ₹330 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jul 2026
Since Jun 2025, promoters trimmed −3.22 pp while the public added +3.22 pp. The shareholder count grew 44% to 8,627.
- Promoters
- 64.2%
- FIIs
- 0.0%
- Public
- 35.8%
Since Jun 2025
- Promoters −3.22 pp
- Public +3.22 pp
- FIIs +0.01 pp
How it drifted, 12 quarters
Over this window promoters fell from 72.9% to 64.2% — −8.6 pp.
Ownership split by quarter, oldest first. Dec '23: Promoters 72.9%, Public 27.1%.Mar '24: Promoters 71.2%, Public 28.8%.Jun '24: Promoters 71.2%, Public 28.8%.Sep '24: Promoters 71.2%, Public 28.8%.Dec '24: Promoters 71.2%, FIIs 0.0%, DIIs 0.9%, Public 27.9%.Mar '25: Promoters 71.2%, DIIs 0.9%, Public 27.9%.Jun '25: Promoters 67.5%, Public 32.5%.Sep '25: Promoters 67.5%, Public 32.5%.Dec '25: Promoters 67.5%, Public 32.5%.Mar '26: Promoters 67.5%, Public 32.5%.Jun '26: Promoters 67.5%, FIIs 0.0%, Public 32.5%.Jul '26: Promoters 64.2%, FIIs 0.0%, Public 35.8%.
Who is on the register
Named in the Jul 2026 filing
Every holder of Univastu India Limited above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| Pradeep Kisan Khandagale | 60.45% | −3.03 pp |
| Rajashri P Khandagale | 3.79% | −0.19 pp |
| Shirish Digambar Khadse | — | off the list |
| Sujata C Joshi | — | off the list |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
All earnings calls (3)
Read the Q4 FY26 call →Learn to analyse Univastu India Limited
Guides on how to read this kind of business and the numbers that matter.