VIESL

Vision Infra financials

Market cap
₹978 Cr
Sector
Services
Calls analysed
2
Latest concall · Q4 FY26 · call held 14 May 2026

Vision Infra Q4 FY26

Revenue ₹622 cr +37%EBITDA ₹171 cr +33%PAT ₹66 cr +94%PAT Margin 10.61%

What went well

  • Revenue of ₹622 crores, up 37% YoY, demonstrating strong operational performance.
  • PAT surged by 94% to ₹66 crores, indicating enhanced profitability.
  • Debt-Equity Ratio improved significantly to 1.36x from 1.6x, strengthening the balance sheet.

What to watch

  • Refurbishment business margin contracted from 11.5% last year to 8% in H2 FY26.
  • Analyst concern regarding a significant jump in 'other current liabilities' from ₹41 crores to ₹192 crores, requiring reclassification clarification.
Read the full call →

What Vision Infra does

Vision Infra Equipment Solutions Limited runs two integrated businesses built around road and infrastructure construction machinery. The rental arm leases equipment such as pavers, slipform machines, milling machines, crushing and screening plants, soil compactors and vibratory rollers to EPC contractors under either time-based (usage hours/days) or output-based (tonnes crushed, kilometres paved) pricing, bundled with operators, on-site setup and maintenance. The refurbishment and trading arm sources used construction equipment from NBFCs, contractors, dealers and OEMs, overhauls it in company-run workshops, and resells it to small/mid-sized contractors domestically and to overseas buyers. The company also undertakes works contracts for crushing, soil stabilization, recycling, milling and paving.

Segments

  • Equipment Rental Services
  • Refurbishment and Trading of Equipment
Equipment fleet deployed
425+ units
Projects supported
1,500+
States of operational presence
28
Customers served
500+
Years of operating experience
15+ years
Full-time employees
307+ (FY25)
Founded 2014Headquarters Pune, Maharashtra, IndiaEmployees 307 (FY25) Company website

Guidance record · Q4 FY26

what the last two calls moved 12 tracked 2 delivered 3 missed 7 open
  • FY26 Revenue delivered said Q2 FY26 Promised: > INR 550 crores Q4 FY26: Company reported full-year FY26 revenue of INR 622 crores, exceeding the target of > INR 550 crores.
  • Debt-to-Equity Ratio missed said Q2 FY26 Promised: 1:1 or less Q4 FY26: The company reported a Debt-to-Equity ratio of 1.36x for FY26, which is higher than the targeted '1:1 or less'.
  • Annual Capex revised down said Q2 FY26 Promised: Same as current (INR 60-80 crores) Q4 FY26: Management guided for INR 100-150 crores of capex for FY27, which is a revision from the previously stated target of maintaining capex at INR 60-80 crores annually.

All 12 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q4 FY26: revenue up 371.0%, net profit up 633.3% against the same quarter last year.

₹ Cr · quarterly
Line itemQ4 FY24Q2 FY25Q4 FY25Q2 FY26Q4 FY26
Revenue69 194 249 282 325 +371%
EBITDA17 51 66 72 84 +394%
Net profit6 15 19 22 44 +633%
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 +116.8% 1Y

₹200₹250₹300₹350₹400Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 21 Nov 2025Q4 FY26 — 14 May 2026

1Y: ₹183.05 on 10 Sept 2025 → ₹396.9. High ₹404.4 (10 Sept 2026), low ₹183.05 (10 Sept 2025).

How the price took the results

close before → close after

Q4 FY26
−2.3%
14 May
Q2 FY26
+4.0%
21 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.

Balance sheet

Year endingFY23FY24FY25FY26
Equity capital—₹17 Cr₹25 Cr₹25 Cr
Reserves₹0 Cr₹6 Cr₹140 Cr₹238 Cr
Borrowings—₹238 Cr₹275 Cr₹377 Cr
Other liabilities—₹91 Cr₹75 Cr₹235 Cr
Total liabilities₹0 Cr₹351 Cr₹515 Cr₹876 Cr
Fixed assets—₹195 Cr₹271 Cr₹427 Cr
Capital work in progress—₹0 Cr₹1 Cr₹44 Cr
Investments₹0 Cr₹1 Cr₹1 Cr₹0 Cr
Other assets—₹155 Cr₹242 Cr₹404 Cr
Total assets₹0 Cr₹351 Cr₹515 Cr₹876 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 Mar 2025, the public added +1.19 pp while promoters trimmed −0.55 pp. The shareholder count shrank 88% to 265.

Promoters
69.7%
FIIs
0.6%
DIIs
2.9%
Public
26.8%

Since Mar 2025

  • Public +1.19 pp
  • Promoters −0.55 pp
  • DIIs −0.52 pp

How it drifted, 5 quarters

Over this window the public went from 20.3% to 26.8% — +6.5 pp.

Sep '24Sep '25Jul '26

Ownership split by quarter, oldest first. Sep '24: Promoters 70.2%, FIIs 3.0%, DIIs 6.5%, Public 20.3%.Mar '25: Promoters 70.2%, FIIs 0.7%, DIIs 3.4%, Public 25.6%.Sep '25: Promoters 70.3%, FIIs 0.6%, DIIs 2.4%, Public 26.7%.Mar '26: Promoters 70.3%, FIIs 0.6%, DIIs 2.8%, Public 26.3%.Jul '26: Promoters 69.7%, FIIs 0.6%, DIIs 2.9%, Public 26.8%.

Who was buying across the market this quarter →

Who is on the register

Named in the Jul 2026 filing

Every holder of Vision Infra above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Sachin Vinod Gandhi 23.02%−0.19 pp
Chetan Vinod Gandhi 22.99%−0.19 pp
Sameer Sanjay Gandhi 22.98%−0.19 pp
Venkata Nagaraju Padala 1.52%unchanged
India-Ahead Venture Fund VC / PE1.36%unchanged
Finavenue Capital Trust - Finavenue Growth Fund AIF1.05%unchanged
Chetna Sachine Gandhi 0.17%unchanged
Vinod Sobhachand Gandhi 0.17%unchanged
Sanjay Sobhachand Gandhi 0.17%unchanged
Pranjali Chetan Gandhi 0.17%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.

What the price assumes

Growth the price implies
1.7% a year
for 7 years, fading to 4%
It has actually compounded at
Not enough history
The gap
—
between what it did and what it must do
Price today ₹396.9

Change the assumptions yourself →

All earnings calls (2)

Read the Q4 FY26 call →

Learn to analyse Vision Infra

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