VIVIANA
Viviana Power Tech financials
- Market cap
- ₹762 Cr
- Sector
- Construction
- Calls analysed
- 3
Viviana Power Tech Limited Q4 FY26
What went well
- 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.
What to watch
- 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.
What Viviana Power Tech Limited does
Viviana Power Tech is an EPC contractor for power transmission, distribution and industrial electrical projects, undertaking turnkey supply, erection, testing and commissioning of transmission lines, EHV substations, distribution networks and underground cable systems for state power utilities, private power companies, industries and renewable energy developers. It has recently entered Battery Energy Storage System (BESS) project execution under build-own-operate contracts, and through subsidiary Aarsh Transformers it manufactures oil- and dry-type distribution transformers, with a larger power-transformer manufacturing facility under development near Vadodara. A separate Viviana Life Spaces arm develops commercial real estate, co-working space and industrial land that serves as collateral for the EPC business's working capital.
Segments
- Power T&D EPC
- Power Equipment Manufacturing
- BESS Projects
- Viviana Life Spaces
- Completed projects
- 80+
- Geographic presence
- Projects executed across 11 states
- EPC voltage range
- 33 kV to 400 kV transmission lines/substations (up to ±500 kV HVDC per company disclosure)
- Current transformer manufacturing capacity
- Oil-type and dry-type transformers rated up to 500 kVA (Aarsh Transformers unit)
- Greenfield transformer plant (under development)
- 14-acre site near Vadodara, Gujarat; planned capability up to 400 kV / 10,000 MVA installed capacity
- BESS capacity secured
- 165 MW / 330 MWh across 2 projects (Rajasthan, Gujarat)
Guidance record · Q4 FY26
what the last two calls moved 19 tracked 4 delivered 5 missed 10 open- PAT Margin delivered said Q1 FY26 Promised: nearly 9% for the next couple of years Q4 FY26: FY26 PAT was 53.46 cr on 533 cr revenue, yielding a margin of 10.03%, exceeding the target.
- Total Revenue missed said Q1 FY26 Promised: INR 550 crores in FY '26 Q4 FY26: FY26 consolidated revenue was INR 533 crores, missing the INR 550 crore target by ~3%.
- FY27 PAT revised down said Q2 FY26 Promised: around INR 80-INR 100 crores kind of PAT in FY'27 Q4 FY26: New FY27 guidance of >INR 900 cr revenue and 8.5-10% PAT margin implies a PAT of INR 76.5-90 cr, a downward revision from the original INR 80-100 cr target.
All 19 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 128.5%, net profit up 84.1% 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 | 36 | 135 | 32 | 59 +41% | 118 +226% | 323 +140% | 72 +129% |
| EBITDA | 6 | 6 | 19 | 6 | 11 +80% | 14 +137% | 44 +136% | 11 +76% |
| Net profit | 4 | 3 | 12 | 3 | 6 +40% | 8 +130% | 36 +204% | 6 +84% |
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 −42.4% 1Y
1Y: ₹1,305 on 10 Sept 2025 → ₹752.15. High ₹1,759.95 (7 Oct 2025), low ₹577.5 (27 Jan 2026).
How the price took the results
close before → close after
- Q4 FY26
- −2.5%
- 25 Jun
- Q2 FY26
- +2.7%
- 4 Dec
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 142.6% a year over 1 year, FY25 to FY26. Operating margin held at 14.3%.
| Year ending | FY25 | FY26 |
|---|---|---|
| Revenue | ₹219 Cr | ₹531 Cr |
| Operating profit | ₹32 Cr | ₹76 Cr |
| Operating margin | 14.7% | 14.3% |
| Interest | ₹4 Cr | ₹10 Cr |
| Depreciation | ₹0 Cr | ₹1 Cr |
| Net profit | ₹20 Cr | ₹53 Cr |
| Net margin | 9.0% | 9.9% |
| Cash from operations | ₹-14 Cr | ₹-4 Cr |
| Free cash flow | ₹-14 Cr | ₹-6 Cr |
| ROCE | 43.0% | 49.0% |
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 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity capital | — | ₹6 Cr | ₹6 Cr | ₹6 Cr | ₹10 Cr |
| Reserves | — | ₹12 Cr | ₹19 Cr | ₹64 Cr | ₹106 Cr |
| Borrowings | — | ₹10 Cr | ₹17 Cr | ₹72 Cr | ₹100 Cr |
| Other liabilities | — | ₹6 Cr | ₹11 Cr | ₹89 Cr | ₹406 Cr |
| Total liabilities | — | ₹34 Cr | ₹52 Cr | ₹231 Cr | ₹622 Cr |
| Fixed assets | — | ₹1 Cr | ₹1 Cr | ₹5 Cr | ₹3 Cr |
| Capital work in progress | — | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Investments | — | ₹0 Cr | ₹0 Cr | ₹9 Cr | ₹21 Cr |
| Other assets | — | ₹33 Cr | ₹51 Cr | ₹216 Cr | ₹598 Cr |
| Total assets | — | ₹34 Cr | ₹52 Cr | ₹231 Cr | ₹622 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 Mar 2025, the public trimmed −0.92 pp while promoters added +0.51 pp. The shareholder count grew 131% to 4,218.
- Promoters
- 70.8%
- FIIs
- 0.0%
- DIIs
- 0.4%
- Public
- 28.8%
Since Mar 2025
- Public −0.92 pp
- Promoters +0.51 pp
- DIIs +0.41 pp
How it drifted, 9 quarters
Over this window promoters fell from 73.2% to 70.8% — −2.4 pp.
Ownership split by quarter, oldest first. Sep '22: Promoters 73.2%, DIIs 0.0%, Public 26.8%.Mar '23: Promoters 73.2%, Public 26.8%.Sep '23: Promoters 73.2%, Public 26.8%.Mar '24: Promoters 73.4%, Public 26.6%.Sep '24: Promoters 73.4%, FIIs 0.0%, Public 26.6%.Mar '25: Promoters 70.3%, FIIs 0.0%, Public 29.7%.Sep '25: Promoters 70.3%, FIIs 0.1%, DIIs 0.2%, Public 29.4%.Mar '26: Promoters 70.6%, DIIs 0.0%, Public 29.3%.Jun '26: Promoters 70.8%, FIIs 0.0%, DIIs 0.4%, Public 28.8%.
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.
- Priyanka Richi Choksi +0.13 pp 2.09% held
- Hiralal Choksi newly disclosed 0.00% held
The same filing shows 0 holders trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Viviana Power Tech Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Nikesh Kishorchandra Choksi | 66.61% | unchanged |
| Priyanka Richi Choksi | 2.09% | +0.13 pp |
| Richi Nikeshbhai Choksi | 1.98% | unchanged |
| Rajesh Kumar Singla | 1.74% | unchanged |
| Sunil Pranjivanbhai Shah | 0.06% | unchanged |
| Ravindra Shrinivas Pagedar | 0.04% | unchanged |
| Pooja Ravindra Pagedar | 0.01% | unchanged |
| Hitendra Kishorchandra Choksi | 0.00% | unchanged |
| Maheshbhai P Shah | 0.00% | unchanged |
| Gitaben Pranjivan Shah | 0.00% | unchanged |
| Nainish Kishorchandra Choski | 0.00% | unchanged |
| Amruta Ashish Kulkarni | 0.00% | 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 (3)
Read the Q4 FY26 call →Learn to analyse Viviana Power Tech Limited
Guides on how to read this kind of business and the numbers that matter.