Veer Energy & Infrastructure Limited is a **BSE-listed** public company specializing in the development, implementation, and operation of large-scale renewable energy projects. With over **30 years** of technologically proven expertise in the wind energy sector, the company serves as a comprehensive infrastructure developer, providing end-to-end services from site identification and construction to long-term operations and maintenance (O&M). --- ### **Core Business Verticals & Revenue Streams** The company operates through a single reportable segment—**Infrastructure**—but has recently diversified its service offerings to include specialized industrial environments. * **Wind Farm Infrastructure & Development:** Creating the essential facilities required for the installation of **Wind Turbine Generators (WTG)**. This includes land acquisition, power evacuation facilities, and project execution. * **Operations & Maintenance (O&M):** Managing existing renewable energy assets with a focus on high reliability and low operational costs. The company retains O&M contracts even after the sale of physical turbine assets, ensuring recurring service revenue. * **Clean Room Division (New Vertical):** Launched in **February 2024** in **Vapi, Gujarat**, this division provides turnkey infrastructure for controlled environments. Products include: * Cleanroom Wall & Ceiling Panels and Doors. * Cleanroom HVAC systems and Utility Piping. * **Asset Portfolio:** The company currently manages a turbine capacity of **2,450 KW** (comprising **800 KW** and **850 KW** units) located in **Kutch, Gujarat**. --- ### **Financial Performance & Growth Metrics** The company has demonstrated a significant return to profitability and a steady increase in turnover over the most recent fiscal periods. | Metric | FY 2023-24 | FY 2022-23 | | :--- | :--- | :--- | | **Total Turnover** | **₹8.62 Crore** | **₹6.43 Crore** | | **Net Profit After Tax (PAT)** | **₹32.94 Lakhs** | **₹5.34 Lakhs** | | **Profit / (Loss) Before Tax** | **₹29.26 Lakhs (Profit)** | **(₹19.24 Lakhs) (Loss)** | | **Geographical Focus** | **India Only** | **India Only** | **Key Transaction Highlight:** The company recently completed the sale of installed wind turbines valued at **₹4.29 crore**, while retaining the long-term O&m rights for these units. --- ### **Capital Structure & Debt Profile** Veer Energy maintains a conservative, **debt-free** balance sheet, prioritizing financial stability and internal accruals to fund operations. * **Gearing Ratio:** As of **March 31, 2025**, the company reported a **0.00% Gearing Ratio**, with a capital structure composed entirely of equity (**₹6,420.61 Lakhs**). * **Equity Dematerialization:** **99.99%** of the paid-up equity share capital (**14,962,935 shares**) is held in dematerialized form via **NSDL** and **CDSL**. * **Authorized Capital Expansion:** To support future growth, the company increased its authorized share capital from **₹20 Crores** to **₹35 Crores** in September 2024. * **Fundraising (Rights Issue):** In February 2024, the company approved a Rights Issue of **4,987,645 equity shares** at **₹22.50 per share** (including a **₹12.50 premium**), aiming to raise approximately **₹11.50 Crores** for working capital. * **Bonus Issue:** In November 2022, the company rewarded shareholders with a **3:10 bonus issue**. --- ### **Investment & Lending Portfolio** The company actively manages its surplus capital through lending and equity investments. * **Loans and Advances:** Granted **₹17.97 crore** to third parties (excluding subsidiaries/JVs) during FY 2024-25. * **Equity Investments:** Holds **₹2.15 crore** in listed companies and **₹23.32 lakhs** in unlisted companies as of year-end. * **Subsidiary Exposure:** The company maintains **zero** aggregate loans, advances, or guarantees to subsidiaries or joint ventures. --- ### **Governance & Human Capital** The company is led by a board structured for compliance and long-term strategic continuity. * **Board Composition:** **Six Directors** in total, including **3 Independent Directors** and **1 Woman Director**. * **Key Leadership:** * **Mr. Yogesh Shah (MD & Chairman):** Re-appointed for a five-year term (**2024–2029**); specialist in Accountancy and Taxation. * **Mrs. Krupa Jain (Executive Director):** Oversees finance and daily operations. * **Workforce:** **4 permanent employees** as of March 2025. The **median remuneration** stands at **₹5,72,000**, reflecting a **15.79% increase** YoY. * **Audit Oversight:** M/s. Nidhi Shah & Associates appointed as Secretarial Auditors for a five-year tenure through **FY 2029-30**. --- ### **Strategic Risks & Asset Valuation Challenges** Investors should note specific regulatory and valuation risks highlighted in recent audits. **1. Inventory Valuation Risks (Emphasis of Matter)** The company holds significant assets that have faced regulatory hurdles, specifically regarding height permissions from **Ministry of Defence (MOD)** aviation authorities. | Asset Category | Carrying Value | Status / Risk | | :--- | :--- | :--- | | **Power Evacuation Facilities** | **₹5.88 Crore** | Revalued for potential solar use after wind turbine height permissions were denied. | | **Windfarm Land** | **₹4.75 Crore** | Carried at cost since **2015**; **₹1.74 Crore** already written off due to MOD permission rejections at Mota Gunda and Vinjalpur. | * **Critical Warning:** If the company cannot pivot these sites to solar projects or if government policies shift unfavorably, these assets may be written down to **zero value**. **2. Sectoral & Operational Risks** * **Regulatory Hurdles:** The absence of a **single-window clearance system** and shifting government tariffs can delay project timelines. * **Infrastructure Constraints:** High-wind sites are often remote, facing challenges with **grid connectivity** and high initial **Capex**. * **Technological Shift:** Rapid advancements in turbine efficiency and energy storage pose a risk of **technological obsolescence** for older infrastructure. **3. Financial Risk Mitigation** * **Currency Risk:** Insulated from fluctuations as export contracts mandate that **customers bear the exchange rate risk**. * **Liquidity Risk:** Auditors confirm no material uncertainty regarding the company's ability to meet liabilities due within **one year**. * **Credit Risk:** Managed through individual risk limits and periodic financial reliability assessments of counterparties.