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₹380Cr
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VISHNUINFR
VS
| Quarter | Sep 2025 |
|---|
|
Growth YoY Revenue Growth YoY% | | | 48.7 |
| 29 | 89 | 44 |
Operating Profit Operating ProfitCr |
| 22.1 | 24.9 | 22.1 |
Other Income Other IncomeCr | 0 | 0 | 0 |
Interest Expense Interest ExpenseCr | 1 | 2 | 2 |
Depreciation DepreciationCr | 2 | 2 | 2 |
| 6 | 26 | 9 |
| 3 | 1 | 5 |
|
Growth YoY PAT Growth YoY% | | | 32.3 |
| 7.9 | 20.5 | 7.0 |
| 1.2 | 9.9 | 1.6 |
| Financial Year | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2025 |
|---|
|
| | 40.9 | 20.9 | 73.1 | |
| 39 | 55 | 61 | 100 | 221 |
Operating Profit Operating ProfitCr |
| 13.3 | 12.9 | 20.9 | 24.4 | 18.3 |
Other Income Other IncomeCr | 1 | 0 | 20 | 1 | 1 |
Interest Expense Interest ExpenseCr | 3 | 3 | 2 | 4 | 5 |
Depreciation DepreciationCr | 2 | 2 | 4 | 7 | 6 |
| 2 | 3 | 30 | 22 | 39 |
| 0 | 1 | 8 | 5 | 10 |
|
| | 25.9 | 842.0 | -19.6 | |
| 4.1 | 3.6 | 28.2 | 13.1 | 10.9 |
| 4.1 | 12.6 | 24.9 | 25.3 | 10.6 |
| Financial Year | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2025 |
|---|
Equity Capital Equity CapitalCr | 4 | 4 | 4 | 9 | 25 |
| 27 | 31 | 37 | 50 | 134 |
Current Liabilities Current LiabilitiesCr | 35 | 47 | 50 | 36 | 104 |
Non Current Liabilities Non Current LiabilitiesCr | 13 | 13 | 27 | 25 | 39 |
Total Liabilities Total LiabilitiesCr |
Current Assets Current AssetsCr | 37 | 47 | 62 | 66 | 146 |
Non Current Assets Non Current AssetsCr | 43 | 49 | 56 | 55 | 156 |
Total Assets Total AssetsCr |
| Financial Year | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2025 |
|---|
Operating Cash Flow Operating Cash FlowCr | 6 | 22 | -11 | 11 | 8 |
Investing Cash Flow Investing Cash FlowCr | -1 | -3 | -7 | -11 | -63 |
Financing Cash Flow Financing Cash FlowCr | -4 | -18 | 18 | -1 | 56 |
|
Free Cash Flow Free Cash FlowCr | 4 | 19 | -17 | 0 | 8 |
| 306.5 | 946.7 | -50.5 | 61.8 | 26.5 |
CFO To EBITDA CFO To EBITDA% | 93.5 | 265.1 | -68.3 | 33.2 | 15.7 |
| Financial Year | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2025 |
|---|
Valuation Ratios Valuation Ratios |
Market Cap Market CapitalizationCr | 0 | 0 | 0 | 0 | 417 |
Price To Earnings Price To Earnings | 0.0 | 0.0 | 0.0 | 0.0 | 14.2 |
Price To Sales Price To Sales | 0.0 | 0.0 | 0.0 | 0.0 | 1.5 |
Price To Book Price To Book | 0.0 | 0.0 | 0.0 | 0.0 | 2.6 |
| 4.4 | 1.6 | 2.0 | 1.0 | 9.8 |
Profitability Ratios Profitability Ratios |
| 100.0 | 98.7 | 95.7 | 102.1 | 100.7 |
| 13.3 | 12.9 | 20.9 | 24.4 | 18.3 |
| 4.1 | 3.6 | 28.2 | 13.1 | 10.9 |
| 9.2 | 13.2 | 42.3 | 27.6 | 18.4 |
| 5.9 | 6.6 | 53.0 | 29.2 | 18.6 |
| 2.3 | 2.4 | 18.2 | 14.3 | 9.7 |
Operational Ratios Operational Ratios |
Solvency Ratios Solvency Ratios |
Liquidity Ratios Liquidity Ratios |
### **Overview**
Vishnusurya Projects and Infra Ltd (VPIL), established in 1996 and headquartered in Chennai, Tamil Nadu, is a diversified infrastructure company with over 28 years of experience in **Engineering, Procurement, and Construction (EPC)**, **mining & manufacturing of aggregates and manufactured sand (M-Sand)**, and **municipal solid waste management**. Operating across key sectors such as transportation, water, rail, housing, marine infrastructure, and renewable urban solutions, VPIL has positioned itself as a full-cycle infrastructure player focused on sustainable development and government-backed projects.
---
### **Core Business Segments**
#### **1. EPC (Engineering, Procurement & Construction)**
VPIL is a top-tier EPC service provider with a strong focus on **centrally funded and internationally financed projects** to ensure payment security. It avoids credit exposure by steering clear of state or municipal bodies and instead partners with agencies like:
- **JICA (Japan International Cooperation Agency)**
- **NABARD**
- **SIDBI**
- **World Bank**
- **Central Government and its PSUs**
- **Project Execution Excellence**: Achieved **zero backlog in EPC execution for FY21, FY22, and FY23**.
- **Turnkey Capabilities**: Leverages an **in-house engineering team** to deliver integrated solutions including **design, engineering, procurement, construction, and O&M**.
- **Cumulative Income**: Over **₹390 crores** earned from EPC projects to date; ₹184 crores in FY25 alone.
- **Order Book Strength**: Held **₹330 crore order book in FY25**, with visibility rising further by Nov 2025.
- **Flagship Project**: The **NH-48 (Chennai–Bangalore) Highway Extension**, a marquee infrastructure project under NHAI.
##### **EPC Divisions by Sector**
| Sector | Key Projects & Focus |
|-------|------------------------|
| **Water & Sewerage** | Actively executing **4 projects under Jal Jeevan Mission and AMRUT 2.0** with TN’s TWAD Board; strategic shift toward exclusive participation in water projects. |
| **Marine** | Building **fish landing centers, ponds, auction halls**; JV with SF Marina India to develop **concrete floating jetties** across 5 coastal states (Tamil Nadu, Andhra Pradesh, Karnataka, Kerala, Puducherry). |
| **Rail & Metro** | Delivered station and track construction for **Chennai Metro Rail Limited (CMRL)**; led by Mr. Anil Kumar (ex-L&T), with deep expertise in metro/rail systems. |
| **Transportation** | Major work on **NH-48**, bridge construction, and road infrastructure; expanding into lift irrigation (e.g., Palamu project in Jharkhand). |
| **Housing & Institutional** | Completed **10.5 lakh sq. ft.** of construction, including a **184-apartment residential complex** and a **fish landing center at Tiruchendur**. |
##### **Recent EPC Wins (Nov 2025)**
- **₹220 crore share** in a **₹2,217 crore desalination plant** in **Tuticorin** under a **Hybrid Annuity Model** (consortium-led).
- **₹103.07 crore turnkey contract** from **JWIL Infra** to supply and erect **MS pipelines** for **Chennai’s 400 MLD Perur desalination plant**, including **17-month execution + 20-year O&M**.
- **₹24 crore contract** at **SAIL’s Bokaro Steel Plant**.
- **₹123.34 crore pipeline irrigation project** in Jharkhand (under JWIL-VKMCPL JV).
##### **Strategic EPC Approach**
- **Conservative Growth Model**: Enters large-scale projects via **consortiums (10% initial equity share)** with intent to increase stake in future.
- **Partner-Led Expansion**: Collaborates with industry leaders like **Jindal SAW (water projects)** to co-bid and build technical credibility.
- **Focus Shift**: Exclusively targeting **water and sewerage projects** aligned with **National Water Policy, Jal Jeevan Mission, and AMRUT 2.0**.
- **Future Pipeline**: Bidding on major **desalination (SIPCOT, 60 MLD)**, **legacy waste (Cuttack, Rs 52 cr)**, **landfill systems (NFC Tuticorin, Rs 4 cr)**, and **rail projects (Southern Railway, Rs 7.5 cr)**.
---
#### **2. Mining & Aggregates (M-Sand)**
VPIL owns and operates **three advanced quarries** in Tamil Nadu, strategically located near national highways and urban centers for logistical advantage.
##### **Quarry Facilities (as of May 2025)**
| Location | Land (acres) | Crusher Capacity (MT/year) | M-Sand Plant (MT/year) | Key Market |
|--------|--------------|-------------------------------|--------------------------|----------|
| **Aruppukottai** | 110 | 980,000 | 260,000 | Madurai, Thoothukudi |
| **Vandavasi** | 42 | 1,375,000 | 393,000 | Chennai |
| **Hosur** | 79 | 1,325,000 | 393,000 | Bengaluru |
- **Total Crushing Capacity**: ~**4 million tonnes per annum (MTPA)** of aggregates and M-Sand.
- **Technology**: Uses **Metso crushers** and **CDE Asia double-wash sand plants** (Hosur) for high-purity M-Sand.
- **M-Sand Advantage**: Serves as a **sustainable substitute for river sand**, increasingly mandated in public infrastructure.
- **Proximity Edge**: Located within **75 km radius** of major urban hubs; mines near RMC plants to minimize logistics costs.
##### **Mining Expansion & Strategy**
- **Forward-Looking Land Acquisition**: Secured **100–120 acres** (vs. current need of ~50 acres) to ensure seamless mine transition.
- **Hosur Mine Economics**:
- **Capex**: ₹45 crores
- **Capacity**: 1.325 MTPA
- **FY26 Revenue Expectation**: ₹40–50 crores
- **Projected Operating Margin**: ~25%
- **Post-Mining Land Reuse**: Exhausted sites (e.g., **Hosur**) expected to revalue from **₹30 lakh/acre to ₹130 lakh/acre** due to urbanization.
- **Future Expansion**: Targeting **Tuticorin** due to **₹35,000 crore harbor development** by the Indian government; **one new mine every six months** capability.
---
#### **3. Waste Management & Sustainable Urban Solutions**
VPIL has strategically expanded into **municipal solid waste management**, positioning itself as a leader in **legacy waste treatment and bio-mining**.
##### **Core Activities**
- **Integrated Processing** of **wet and legacy waste**
- **Bio-mining**: Segregation and recovery of **metals, recyclables, and inert materials**
- **Scientific Landfills & Waste-to-Energy** readiness
##### **Current Projects & Revenue**
- **₹5 crores revenue in FY25**, growing to **₹40 crores expected in FY26**
- **Active Sites in Chennai**:
- **Pallikaranai**
- **Sattangadu**
- **Athipattu**
- **Secured Contracts**:
- **₹36 crore** bio-mining project with **Tambaram City Municipal Corporation** (Kolathur site)
- **₹150 crore** in geosynthetics and bio-mining works awarded
- **Bidding Pipeline**: ~₹100 crore in **Cuttack & Aligarh**, ₹200 crore **Delhi legacy waste project (30 lakh MT)** in FY25–26.
##### **Team Expertise**
- Led by **Praveen Kumar Gorantla** (Consultant), Director of **Gorantla Geosynthetics Pvt Ltd**, with **40+ MSW projects executed** across India.
---
### **Strategic Partnerships & JVs**
VPIL leverages partnerships to enhance technical depth and bidding strength:
- **SF Marina India Pvt Ltd**: Joint venture for **floating concrete jetties and marinas**.
- **JWIL Infra**: Collaboration on **desalination and pipeline projects**.
- **Jindal SAW**: Co-bidding in **water infrastructure**.
- **Gorantla Geosynthetics**: Waste management execution partner.
- **VKMCPL**: Consortium partner in **Jharkhand irrigation project**.
---
### **Geographical Presence & Future Growth**
- **Primary Operations**: **Tamil Nadu**, with growing footprint in **Andhra Pradesh**, **Jharkhand**, **Karnataka**, and **Delhi-NCR**.
- **Strategies for Expansion**:
- Establish **captive mines in Mumbai and Delhi** for pan-India project support.
- Expand **mining footprint across Tamil Nadu** and **coastal clusters**.
- Bid on **large-scale central government projects (2026–2031)** in **water, sewerage, desalination, and M-Sand supply**.
---
### **Government Alignment & Macro Tailwinds**
- **Union Budget 2025–26**: ₹11.21 lakh crore allocated to infrastructure, including **waste and water** sectors—directly benefiting VPIL.
- **National Missions**:
- **Jal Jeevan Mission**
- **AMRUT 2.0**
- **National Water Policy**
- **Floating Jetty Initiative**: 50 locations identified across South India under central marine infrastructure thrust.
---
### **Key Strengths**
1. **Zero EPC Backlog Record (3 consecutive years)** – strong execution capability.
2. **In-house Design & Engineering** – enables turnkey delivery.
3. **Diversified Project Portfolio** – reduces sector-specific risk (water, roads, rail, marine, waste).
4. **Strategic Mine Locations** – logistical advantage and cost efficiency.
5. **Central/Multilateral Funding Focus** – ensures payment security.
6. **Sustainable Business Models** – M-Sand, bio-mining, urban land revaluation.