VASCONEQ

Vascon Engineers financials

Market cap
₹738 Cr
Sector
Realty
Calls analysed
5
Latest concall · Q1 FY27 · call held 14 Aug 2026

Vascon Engineers Limited Q1 FY27

Consolidated Revenue ₹152 cr −31%Consolidated EBITDA ₹10 cr −71%Consolidated PAT ₹2 cr −91%Net Debt ₹152 cr

What went well

  • Strong EPC order book of approximately INR 2,850 crores as of June 30, 2026, representing 3x FY26 revenue visibility.
  • Secured new EPC orders worth INR 295 crores from CPWD and an LOI for INR 126 crores from Maharashtra Public Works Department.
  • Real estate booking value of INR 66 crores in Q1 FY27 alone, significantly surpassing half of FY26's total of INR 113 crores.

What to watch

  • Consolidated revenue from operations declined to INR 152 crores in Q1 FY27 from INR 221 crores in Q1 FY26.
  • Consolidated EBITDA fell to INR 10 crores in Q1 FY27 from INR 34 crores in Q1 FY26 (or INR 15 crores adjusted for one-time gain).
Read the full call →

What Vascon Engineers Limited does

Vascon Engineers is an Engineering, Procurement and Construction (EPC) firm founded in 1986 and headquartered in Pune, delivering turnkey residential, industrial, IT-park, commercial, institutional, hospital and government-infrastructure projects using in-house design and engineering teams. Alongside EPC, it develops mid-market residential real estate in Mumbai and Pune, largely through an asset-light model using joint ventures (JV) and joint development agreements (JDA) with landowners.

Segments

  • EPC (Engineering, Procurement & Construction)
  • Real Estate Development
EPC projects delivered
225+ projects covering over 45 million sq. ft.
Annual EPC execution capacity
~8 million sq. ft./year, operating at ~90% utilisation
EPC projects currently under execution
~3.7 million sq. ft. per annum
Real estate delivered
64 projects across 7 cities, 12.16 million sq. ft. constructed
Geographic presence
30+ cities across India
Employees
750+
Founded 1986Headquarters Pune, Maharashtra, IndiaEmployees 750 (FY25) Company website

Guidance record · Q1 FY27

what the last two calls moved 10 tracked 0 delivered 4 missed 6 open
  • EPC Revenue missed said Q4 FY25 Promised: Achieve INR 1,200 crores in EPC revenue for FY26, representing 20% growth. Q1 FY27: The order book of INR 2,850 crores represents about 3x our FY26 EPC revenue, implying an FY26 EPC revenue of ~INR 950 crores, significantly below the INR 1,200 crore target.
  • EPC Turnover at risk said Q4 FY25 Promised: Double EPC turnover to INR 2,000 crores in the next 4 years (by FY29). Q1 FY27: FY26 EPC revenue came in at ~INR 950 crores, a decline from the INR 1,013 crore base, making the 4-year doubling target more challenging.
  • Consolidated Topline open said Q1 FY27 Promised: Achieve a consolidated topline of INR 1,200 crores in FY27. Q1 FY27: So we are still confident that we can achieve INR1,200 crores.

All 10 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue down 31.3%, net profit down 91.1% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue200 295 387 221 226 +13%249 −15%253 −35%152 −31%
EBITDA14 20 37 13 16 +9%13 −34%11 −72%5 −61%
Net profit10 76 35 22 11 +11%9 −88%6 −84%2 −91%
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 −46.1% 1Y

₹30.0₹40.0₹50.0₹60.0₹70.0Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 12 Nov 2025Q3 FY26 — 11 Feb 2026Q1 FY27 — 14 Aug 2026

1Y: ₹55.84 on 10 Sept 2025 → ₹30.08. High ₹71.28 (7 Oct 2025), low ₹27.06 (30 Mar 2026).

How the price took the results

close before → close after

Q1 FY27
+1.3%
14 Aug
Q3 FY26
−2.1%
11 Feb
Q2 FY26
+0.3%
12 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 fell 1.7% a year over 3 years, FY23 to FY26. Operating margin narrowed to 5.5%.

Year endingFY23FY24FY25FY26
Revenue₹999 Cr₹804 Cr₹1.1k Cr₹949 Cr
Operating profit₹97 Cr₹62 Cr₹87 Cr₹52 Cr
Operating margin9.8%7.7%8.1%5.5%
Interest₹13 Cr₹14 Cr₹19 Cr₹16 Cr
Depreciation₹11 Cr₹8 Cr₹6 Cr₹6 Cr
Net profit₹100 Cr₹68 Cr₹130 Cr₹49 Cr
Net margin10.0%8.5%12.1%5.2%
Cash from operations₹104 Cr₹-22 Cr₹5 Cr₹-122 Cr
Free cash flow₹62 Cr₹-21 Cr₹-12 Cr₹-118 Cr
ROCE11.0%7.0%8.0%5.0%
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 endingFY21FY22FY23FY24FY25FY26
Equity capital₹182 Cr₹217 Cr₹217 Cr₹221 Cr₹226 Cr₹232 Cr
Reserves₹517 Cr₹594 Cr₹694 Cr₹760 Cr₹900 Cr₹917 Cr
Borrowings₹215 Cr₹165 Cr₹142 Cr₹152 Cr₹275 Cr₹300 Cr
Other liabilities₹403 Cr₹514 Cr₹595 Cr₹728 Cr₹795 Cr₹913 Cr
Total liabilities₹1.3k Cr₹1.5k Cr₹1.6k Cr₹1.9k Cr₹2.2k Cr₹2.4k Cr
Fixed assets₹99 Cr₹94 Cr₹117 Cr₹63 Cr₹74 Cr₹64 Cr
Capital work in progress₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr
Investments₹81 Cr₹76 Cr₹83 Cr₹83 Cr₹107 Cr₹99 Cr
Other assets₹1.1k Cr₹1.3k Cr₹1.4k Cr₹1.7k Cr₹2.0k Cr₹2.2k Cr
Total assets₹1.3k Cr₹1.5k Cr₹1.6k Cr₹1.9k Cr₹2.2k Cr₹2.4k 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 Jun 2026

Since Jun 2025, the public added +0.88 pp while promoters trimmed −0.73 pp. The shareholder count shrank 3% to 93,670.

Promoters
30.4%
FIIs
0.3%
Public
69.3%

Since Jun 2025

  • Public +0.88 pp
  • Promoters −0.73 pp
  • FIIs −0.17 pp

How it drifted, 12 quarters

Over this window the public went from 66.8% to 69.3% — +2.5 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 32.2%, FIIs 0.9%, DIIs 0.1%, Public 66.8%.Dec '23: Promoters 31.6%, FIIs 0.1%, DIIs 0.1%, Public 68.1%.Mar '24: Promoters 31.6%, FIIs 0.9%, DIIs 0.1%, Public 67.3%.Jun '24: Promoters 31.3%, FIIs 0.4%, DIIs 0.4%, Public 68.0%.Sep '24: Promoters 31.3%, FIIs 0.6%, Public 68.2%.Dec '24: Promoters 30.9%, FIIs 0.5%, Public 68.5%.Mar '25: Promoters 31.1%, FIIs 0.7%, Public 68.2%.Jun '25: Promoters 31.1%, FIIs 0.5%, Public 68.4%.Sep '25: Promoters 31.1%, FIIs 1.9%, Public 67.0%.Dec '25: Promoters 30.8%, FIIs 0.5%, Public 68.7%.Mar '26: Promoters 30.4%, FIIs 0.5%, Public 69.1%.Jun '26: Promoters 30.4%, FIIs 0.3%, Public 69.3%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 0 holders trimming and 2 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Vascon Engineers Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Vasudevan Ramamoorthy 13.99%+5.36 pp
Santosh Sundararajan 5.62%unchanged
Vatsalya Entrprises Private Limited 4.14%unchanged
Rekha N Shah 3.79%unchanged
Ajay Upadhyaya 2.48%+0.08 pp
Aadi Financial Advisors Llp 2.06%unchanged
Siddharth Vasudevan Moorthy 1.97%unchanged
Ctl Trusteeship Limited 1.17%newly disclosed
L7 Hitech Private Limited 1.13%newly disclosed
Mc Jain Infoservices Private Limited 1.08%unchanged
Blue Daimond Properties Pvt Ltd 1.02%unchanged
Somnath Biswas 1.00%unchanged

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 (5)

Read the Q1 FY27 call →

Learn to analyse Vascon Engineers Limited

Guides on how to read this kind of business and the numbers that matter.