VPRPL

Vishnu Prakash R Punglia financials

Market cap
₹452 Cr
Sector
Construction
Calls analysed
3
Latest concall · Q2 FY26 · call held 17 Nov 2025

Vishnu Prakash R Q2 FY26

Operating Revenue ₹296 cr −12%EBITDA ₹24 cr −50%EBITDA Margin 8.25% Net Profit ₹4 cr

What went well

  • Order book of ₹5,001 crores provides strong revenue visibility for the next two to three years.
  • Significant promoter support with interest-free unsecured loans increasing to ₹229 crores, reducing dependence on borrowings.
  • External banking and non-banking financial company exposure reduced by ₹160 crores to ₹488 crores.

What to watch

  • Q2 FY26 operating revenue declined by 12% YoY to ₹296 crores.
  • Q2 FY26 EBITDA declined by 50% YoY to ₹24 crores, with EBITDA margin at 8.25%.
Read the full call →

What Vishnu Prakash R Punglia Limited does

Vishnu Prakash R Punglia Limited (VPRPL) is an ISO 9001:2015 certified integrated engineering, procurement and construction (EPC) company that designs, builds and commissions infrastructure projects across water supply, railways, roads and irrigation/sewage. It specializes in water supply schemes — laying pipelines and building water treatment plants, pumping stations, reservoirs and household tap connections, including work under the Jal Jeevan Mission and AMRUT scheme — and also executes railway track, station, signal/telecom and bridge works (including RDSO-accredited steel bridge girder fabrication) plus road and highway EPC contracts. The company runs an integrated, backward-integrated model with its own construction equipment fleet, RMC plants, crushing units and material-testing facilities, reducing dependence on third-party contractors, and executes projects for central and state government departments, autonomous bodies and PSUs.

Segments

  • Water Supply Projects (WSP)
  • Railway Projects
  • Road Projects
  • Irrigation & Sewage/Civil Projects
Construction equipment fleet
500+ (owned)
Geographic presence
11 states across India
Water Supply Projects executed (cumulative)
75+ over 3 decades
Projects in current order book
56 (across 11 states)
Road & Civil projects executed
15 (7 completed, 8 ongoing)
On-time project delivery rate
90%+
Founded 1986Headquarters Jodhpur, Rajasthan Company website

Guidance record · Q2 FY26

what the last two calls moved 5 tracked 0 delivered 2 missed 3 open
  • Payment Normalization Timeline missed said Q4 FY25 Promised: It will take two quarters sir... In a couple of quarters it will get better. Q2 FY26: 2 quarters have passed. Receivables increased to 790 cr. Timeline pushed again to 'two, three quarters' / Q3 and Q4.
  • Revenue Growth at risk said Q4 FY25 Promised: Minimum 10% to 15% we expecting. Q2 FY26: Revised guidance back down to 10-20%. H1 FY26 actual is -3% YoY.
  • Interest Costs open said Q2 FY26 Promised: we expect interest costs to be declined... in the second half of the year. Q2 FY26: Guided for lower interest costs in H2 due to debt reduction and promoter infusion.

All 5 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue down 50.0%, net profit down 657.1% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue335 241 405 276 296 −12%177 −27%102 −75%138 −50%
EBITDA49 28 46 32 24 −51%-13 −146%-125 −372%-34 −206%
Net profit24 4 16 7 4 −83%-30 −850%-131 −919%-39 −657%
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 −70.1% 1Y

₹20₹40₹60₹80₹100₹120Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 17 Nov 2025

1Y: ₹120.77 on 10 Sept 2025 → ₹36.17. High ₹120.77 (10 Sept 2025), low ₹25.19 (11 Jun 2026).

How the price took the results

close before → close after

Q2 FY26
−2.6%
17 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 24.0% a year over 2 years, FY24 to FY26. Operating margin narrowed to -9.6%.

Year endingFY24FY25FY26
Revenue₹1.5k Cr₹1.2k Cr₹851 Cr
Operating profit₹210 Cr₹157 Cr₹-82 Cr
Operating margin14.3%12.7%-9.6%
Interest₹44 Cr₹68 Cr₹75 Cr
Depreciation₹12 Cr₹16 Cr₹21 Cr
Net profit₹121 Cr₹59 Cr₹-150 Cr
Net margin8.2%4.8%-17.6%
Cash from operations₹-316 Cr₹-207 Cr₹142 Cr
Free cash flow₹-368 Cr₹-280 Cr₹106 Cr
ROCE25.0%11.0%-7.0%
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₹28 Cr₹28 Cr₹93 Cr₹125 Cr₹125 Cr₹125 Cr
Reserves₹85 Cr₹131 Cr₹221 Cr₹596 Cr₹666 Cr₹505 Cr
Borrowings₹111 Cr₹177 Cr₹250 Cr₹396 Cr₹717 Cr₹650 Cr
Other liabilities₹107 Cr₹163 Cr₹261 Cr₹425 Cr₹522 Cr₹601 Cr
Total liabilities₹331 Cr₹498 Cr₹825 Cr₹1.5k Cr₹2.0k Cr₹1.9k Cr
Fixed assets₹55 Cr₹81 Cr₹135 Cr₹176 Cr₹237 Cr₹249 Cr
Capital work in progress₹0 Cr₹0 Cr₹6 Cr₹6 Cr₹8 Cr₹3 Cr
Investments₹0 Cr₹1 Cr₹1 Cr₹1 Cr₹1 Cr₹0 Cr
Other assets₹275 Cr₹415 Cr₹684 Cr₹1.4k Cr₹1.8k Cr₹1.6k Cr
Total assets₹331 Cr₹498 Cr₹825 Cr₹1.5k Cr₹2.0k Cr₹1.9k 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 +29.91 pp while promoters trimmed −29.78 pp. The shareholder count shrank 4% to 1,21,778.

Promoters
38.0%
FIIs
0.0%
DIIs
4.1%
Government
0.2%
Public
57.6%

Since Jun 2025

  • Public +29.91 pp
  • Promoters −29.78 pp
  • FIIs −0.10 pp

How it drifted, 12 quarters

Over this window the public went from 22.6% to 57.6% — +35.1 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 67.8%, FIIs 4.7%, DIIs 4.9%, Public 22.6%.Dec '23: Promoters 67.8%, FIIs 3.1%, DIIs 5.0%, Public 24.2%.Mar '24: Promoters 67.8%, FIIs 1.1%, DIIs 4.2%, Public 26.9%.Jun '24: Promoters 67.8%, FIIs 1.1%, DIIs 4.1%, Public 27.0%.Sep '24: Promoters 67.8%, FIIs 0.1%, DIIs 4.1%, Public 28.0%.Dec '24: Promoters 67.8%, FIIs 0.9%, DIIs 4.1%, Government 0.2%, Public 26.9%.Mar '25: Promoters 67.8%, FIIs 0.2%, DIIs 4.1%, Government 0.2%, Public 27.7%.Jun '25: Promoters 67.8%, FIIs 0.1%, DIIs 4.1%, Government 0.2%, Public 27.7%.Sep '25: Promoters 58.7%, FIIs 1.3%, DIIs 4.1%, Government 0.2%, Public 35.7%.Dec '25: Promoters 52.6%, FIIs 0.1%, DIIs 4.1%, Government 0.2%, Public 42.9%.Mar '26: Promoters 44.6%, FIIs 0.3%, DIIs 4.1%, Government 0.2%, Public 50.8%.Jun '26: Promoters 38.0%, FIIs 0.0%, DIIs 4.1%, Government 0.2%, Public 57.6%.

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 4 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 Vishnu Prakash R Punglia Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Manohar Lal Punglia 6.59%unchanged
Vishnu Prakash Punglia 5.83%−2.73 pp
Ajay Pungaliya 5.34%unchanged
Kamal Kishor Pungalia 4.53%unchanged
Sanjay Kumar Punglia 4.29%unchanged
Quant Mutual Fund - Quant Small Cap Fund Mutual fund4.08%unchanged
Vijay Punglia 3.62%unchanged
Anil Punglia 2.06%−0.59 pp
Sidhpur Commodities Private Limited 2.05%newly disclosed
Pushpa Devi Pungalia 2.03%−0.69 pp
Pooja Punglia 1.13%unchanged
Nitu Punglia 0.73%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 Q2 FY26 call →

Learn to analyse Vishnu Prakash R Punglia Limited

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