Viviana Power Tech Limited (**VPTL**) is a fast-growing Indian Engineering, Procurement, and Construction (**EPC**) firm specializing in power transmission, distribution, and industrial electrical infrastructure. Headquartered in Vadodara, Gujarat, the company has evolved from a regional service provider into a diversified energy infrastructure conglomerate with operations across **11 Indian states**. Currently listed on the **NSE SME Emerge** platform, the company is in the process of migrating to the **Main Board** of the **NSE** and **BSE** to support its "Viviana 2.0" growth strategy. --- ### **Strategic Business Verticals & Revenue Streams** VPTL operates through a multi-pillar model designed to capture value across the entire power infrastructure lifecycle, from manufacturing components to long-term asset operation. #### **1. Power Infrastructure & EPC (Core Pillar)** The company provides turnkey solutions for government utilities and private entities. * **Transmission & Distribution:** Supply, testing, and commissioning of systems up to **±500 KV HVDC** and **400/220/132/66/33 KV** systems. * **Substations:** Development of **Extra High Voltage (EHV)** substations and underground cable laying. * **Specialized Works:** Modification of existing power systems and **11 kV MVCC** (Medium Voltage Covered Conductor) installations. * **Liaisoning:** Handling complex regulatory approvals and utility clearances. #### **2. Advanced Manufacturing (Aarsh Transformers)** Through its **75%** owned subsidiary, VPTL has integrated backward to improve margins and supply chain reliability. * **Current Capacity:** **7,000 units per annum** (up to **1.00 MVA**) at the Por-Vadodara facility. * **Expansion Roadmap:** Scaling to **20,000 units per annum** and increasing ratings to **20.5 MVA** by **FY27**. * **Product Focus:** Transitioning toward high-margin **Renewable Energy Transformers** and large-scale **Power Transformers** (currently undergoing type testing). #### **3. Battery Energy Storage Systems (BESS)** A high-growth segment operated via **Asoj Energy Storage Systems** on a **Build, Own, and Operate (BOO)** model. * **Current Portfolio:** **₹511.20 Crore** order book, including a **100 MW / 200 MWh** project in Rajasthan and a **65 MW / 130 MWh** project in Gujarat. * **Revenue Model:** **12-year** tariff-based recovery cycles providing long-term cash flow stability. #### **4. Real Estate & Civil Infrastructure** Diversified via **Viviana Life Spaces** (**90%** stake) to include residential/commercial development and general civil contracting. --- ### **Financial Performance & Growth Trajectory** VPTL has demonstrated aggressive scaling, with **9M FY26** revenue growing **117%** year-on-year. | Metric (Consolidated) | 9M FY26 | FY25 (Full Year) | FY24 (Full Year) | | :--- | :--- | :--- | :--- | | **Revenue from Operations** | **₹182.95 Cr** | **₹218.96 Cr** | **₹83.18 Cr** | | **EBITDA** | **₹31.18 Cr** | **₹32.19 Cr** | **₹14.70 Cr** | | **Profit After Tax (PAT)** | **₹17.99 Cr** | **₹20.69 Cr** | **₹8.17 Cr** | | **EBITDA Margin** | **17.04%** | **14.70%** | **17.67%** | | **Return on Equity (ROE)** | — | **39.96%** | — | **Future Revenue Guidance:** * **FY26 Target:** **₹550 Crore** * **FY27 Target:** **₹850 – ₹900+ Crore** * **FY28 Target:** **₹1,300+ Crore** --- ### **Order Book & Project Pipeline** As of late 2025, the company maintains a massive order book providing high revenue visibility for the next **24 months**. | Segment | Order Value | Key Clients / Details | | :--- | :--- | :--- | | **Total Unexecuted Order Book** | **> ₹1,400 Crore** | Combined EPC, BESS, and Manufacturing | | **Power T&D EPC** | **₹765 Crore** | PGVCL, GETCO, PSPCL, Adani Green | | **BESS (BOO Model)** | **₹509 Crore** | Rajasthan and Gujarat State Utilities | | **Manufacturing (Aarsh)** | **₹65.87 Crore** | Supply of **3,000+** transformers to Gujarat | --- ### **Capital Structure & Solvency Metrics** To support its transition to the Main Board and fund large-scale BESS projects, the company has optimized its balance sheet. * **Credit Rating:** **ACER BBB (Stable)** assigned for **₹100 crore** NCDs. * **Leverage:** Net Adjusted Leverage stands at **1.64x** (9M FY26); Debt-Equity ratio improved to **0.49x**. * **Capital Raising:** Raised **₹19.16 crore** via preferential issue in FY25; completed a **3:5 Bonus Issue** in November 2025 to bolster net worth for **HVDC** project bidding. * **Working Capital:** Limits enhanced to **₹150 crore+** (targeting **₹250 crore**), with a rotation efficiency of **2.5x to 3x** annually. * **BESS Capex:** **₹300 Crore** planned investment, funded via **75-80% debt** and internal accruals. --- ### **Operational Risks & Governance Observations** Investors should monitor the following sensitivities and historical compliance notes: * **Execution & Concentration:** The rapid expansion into **38 parallel projects** requires stringent resource management. Delays in environmental clearances or land acquisition remain inherent risks in the EPC sector. * **Margin Pressure:** Intense competition from unorganized players and fluctuations in raw material prices can impact EBITDA, though **price variation clauses** in contracts act as a partial hedge. * **Regulatory Compliance:** The company has faced historical "clerical oversights," including delayed SEBI filings for preferential issues and delays in capturing **Unpublished Price Sensitive Information (UPSI)** in digital databases. Management has been advised by the **NSE** to strengthen internal controls. * **Contingent Liabilities:** Includes **₹10.45 Crore** in bank guarantees and minor tax/subcontractor disputes totaling approximately **₹18 Lakhs**. * **Director Transactions:** Auditors previously flagged a temporary **₹6.37 crore** debit balance in a director's account, which management clarified as a timing difference in cheque clearances. --- ### **Investment Thesis Summary** Viviana Power Tech Limited is positioned as a high-growth proxy for India’s grid modernization and renewable energy transition. The company is successfully moving away from "commodity" EPC work toward specialized **BESS** and **high-rating transformer manufacturing**, which offer superior margin profiles. With a **₹1,400+ crore** order book against an FY25 revenue of **₹219 crore**, the primary catalyst for the stock remains the successful execution of its **BESS** portfolio and the impending migration to the **Main Board**.