Vivid Electromech’s record carries two heavy concentrations: nearly three-fifths of revenue sits with five customers, and trade receivables have swollen to 58% of revenue. A prior-year non-compliant loan to a director and a proposed acquisition of a promoter-linked firm add a regulatory edge. The rest is disclosed but uneven: a governance reset that asks shareholders to approve steep pay rises for the two promoter-executives.
Key findings
- Receivables hit 58% of revenue, and five customers drive most sales
Major- Trade receivables reached ₹116.50 crore at FY2026 year-end, equal to 58% of revenue of ₹200 crore, with management pointing to a second-half-heavy execution cycle and large data-centre billings late in the year. The top five customers supplied close to three-fifths of revenue, the Data Centre & Technology segment contributed just under half, and Maharashtra remained the anchor market at over 90% of revenue. Receivable ageing is measured from the transaction date because the due date is not readily ascertainable, and no unbilled or not-due trade receivables existed at the reporting date. - A prior-year director loan breached the Companies Act, and a promoter-linked acquisition is now proposed
Major- During FY2024-25 the company extended a loan to a director that was not in compliance with Section 185 of the Companies Act, 2013. On 21 May 2026 it announced the proposed acquisition of 99% of Mechtech Infrasolutions, a partnership firm, for ₹99,00,000 in cash, stated to be a related-party transaction at arm’s length. - Promoters seek large pay rises, with the WTD’s proposed pay exceeding the MD’s
Minor- Mrs. Meeta Sameer Attavar (Whole Time Director, promoter) seeks a special resolution to revise her annual remuneration to not exceeding ₹70,00,000, while Mr. Sameer Vishvanath Attavar (Chairman & MD, promoter) seeks revision to not exceeding ₹65,00,000, both effective 1 April 2026. The board expanded from three to five directors and KMPs rose from nil to four in the year to 31 March 2026. - Two small disputed claims are disclosed with no provisions
Minor- A contingent liability of ₹19,13,331 relates to a claim by ESDS Software Solution Pvt. Ltd. alleging loss from non-deposit of VAT, which the company disputes and has made no provision for. A legal notice dated 23 January 2026 from Gemini Instratech Limited under Section 138 of the Negotiable Instruments Act for ₹30,85,514 concerns alleged dishonour of cheques and is currently under review and disclosed under contingent liabilities/outstanding litigation.
What to watch
- Trade receivable collection. Management disclosed in the FY2025-26 Annual Report that a significant portion of the ₹116.50 crore trade receivables is expected to be collected in H1 FY2027.
- Promoter remuneration vote. Outcome of the special resolutions for revised remuneration of Mr. Sameer Vishvanath Attavar and Mrs. Meeta Sameer Attavar at the ensuing AGM, per the AGM notice in the FY2025-26 Annual Report.
- Mechtech Infrasolutions acquisition. Completion and terms of the acquisition announced 21 May 2026.
- Gemini Instratech cheque dishonour matter. Resolution or escalation of the matter, under review as of the FY2025-26 reporting period.
Bottom line: This is a disclosed record, but the numbers concentrate risk in a handful of customers, one segment, and one state. The receivables book is large, its ageing is measured from transaction date, and collection hinges on a few big billings. The prior-year director loan and the proposed promoter-linked acquisition sit on the governance side. Watch the H1 FY2027 collection cycle and the shareholder votes on pay.