### **Overview** Vishnu Prakash R Punglia Limited (VPRPL) is a well-established, integrated Engineering, Procurement, and Construction (EPC) company founded in **1986** and incorporated as a public limited entity in **2013**. With over **39 years** of experience in India’s infrastructure sector, VPRPL specializes in mission-critical public infrastructure projects across four core business segments: - **Water Supply Projects (WSPs)** - **Railway Infrastructure** - **Road & Highway Projects** - **Irrigation & Urban Water Networks** The company primarily serves central and state government agencies, autonomous bodies, public sector undertakings (PSUs), and private clients across **12 Indian states and 1 Union Territory**, including recent expansion into **Goa, Tamil Nadu, Telangana, Assam, Chhattisgarh, and Uttar Pradesh**. VPRPL exclusively operates under the **EPC model**, with or without Operations & Maintenance (O&M), and does **not participate in BOT or HAM models**, enabling stronger risk management, working capital control, and predictable cash flows. --- ### **Business Segments & Revenue Mix (as of FY2025)** 1. **Water Supply Projects (Core Segment):** - Accounts for **~75% of revenue** and **59–74% of the order book**. - Includes turnkey execution of water treatment plants, pumping stations, pipeline networks, reservoirs, and household tap connections under flagship schemes like **Jal Jeevan Mission** and **AMRUT**. - As of March 2025, the WSP order book stood at **₹36,546 million**. 2. **Railway Projects (Growing Focus):** - Revenue contribution increased from **12% in FY2024 to 18% in FY2025**. - Core activities: Track laying, station renovations, platform extensions, rail over-bridges, foot-over bridges, and associated civil/electro-mechanical works. - Strategic milestone: Achieved **RDSO Vendor Directory Registration (Dec 2024)** for **steel bridge girder fabrication**, enabling in-house production—boosting margins and execution certainty. - Railway order book stood at **₹16,589 million as of June 30, 2025**. 3. **Road & Highway Projects:** - Contributes **~6% of revenue**, with focus on national/state highways, bridges, flyovers, and urban infrastructure. - Order book for roads stood at **₹1,381 million (June 2024)** and grew steadily through FY2025 tenders. - Avoids HAM/BOT models to maintain asset-light, efficient operations. 4. **Diversification into New Verticals:** - **Wastewater Treatment:** Secured a **30 MLD Sewage Treatment Plant (STP)** contract in Jaipur, aligning with **Namami Gange** objectives. - **Institutional Buildings:** Entered new domain with **Fintech Digital Institute projects in Jaipur and Jodhpur** (LoI value: ₹31.34 crore). - **Renewable Energy-Linked Construction**: Targeting upcoming tenders in this space. --- ### **Financial Performance (FY2025, ended March 31, 2025)** - **Revenue from Operations:** ₹1,237.4 crore - **Net Profit:** ₹58.6 crore - Lower profitability attributed to **upfront mobilization costs** for new projects. - **On-Time Project Delivery Rate:** Exceeds **90%**, reflecting strong execution capabilities. --- ### **Order Book & Growth Pipeline** - **Total Order Book as of March 31, 2025:** ₹5,363.4 crore (*first time crossing ₹5,000 crore*) - **Revised Order Book as of September 30, 2025:** ₹5,001 crore (slight moderation due to project execution) - **As of November 2025:** Approximately **₹50,011 million (₹5,001 crore)**, providing **24–36 months of revenue visibility**. - **Segment-wise Breakdown (Mar 2025):** - Water: ₹36,546 million - Railways: ₹16,589 million - Roads: ~₹1,500 million - Others (Institutional, Wastewater): Growing share - **New Orders in FY2025:** ₹1,855 crore - Key projects: - Bikaner Railway Station Renovation: ₹382 crore - Ajmer-Chanderiya Railway Track: ₹270 crore - BHEL Civil Contract (Chhattisgarh): ₹248 crore - **Tenders Under Evaluation (Nov 2025):** Over ₹30,000 million - Focus areas: Roads, bridges, urban infrastructure, renewable energy-linked construction - **Bidding Pipeline:** Additional ₹5,000 crore of upcoming opportunities expected to drive near-term order inflows. --- ### **Integrated EPC Model & Competitive Strengths** VPRPL maintains a **vertically integrated, asset-light, and largely self-reliant** execution model, reducing dependence on third parties and enhancing cost efficiency, quality, and speed. #### **Key In-House Capabilities:** - **Design & Engineering:** Full-cycle in-house team for end-to-end project design - **Ready-Mix Concrete Plants:** Own units in Rajasthan and expanding locations - **Crushing Units & Hot Mix Plants** - **Material Testing Laboratories (ISO 9001:2015 certified)** - **Steel Bridge Girder Fabrication Unit (RDSO-accredited)** - **Fleet of ~550 Construction Vehicles & Equipment**, including line pumps, cranes, excavators, JCB rock breakers, transit mixers, and fuel dispensers - **Machinery Maintenance Workshops:** Reduce downtime and repair costs This backward integration supports **timely delivery, margin protection, and superior bid competitiveness**, particularly in complex, time-bound government contracts. --- ### **Geographic Presence & Expansion Strategy** - Operates in **12 states and 1 UT** (up from 10 states in FY2024), including: - **Rajasthan (historical base)** - Uttar Pradesh, Madhya Pradesh, Chhattisgarh, Uttarakhand, Gujarat, Maharashtra, Goa, Assam, Manipur, Tamil Nadu, Telangana - **63% of current projects originate outside Rajasthan**, reducing regional concentration risk - Strategic push into **Southern India (Tamil Nadu, Telangana)** and **Northeastern states** - Expansion supported by joint ventures and direct bidding, especially under State Water & Sanitation Missions and Namami Gange programs --- ### **Government Initiatives & Market Tailwinds** VPRPL is well-positioned to benefit from large-scale national infrastructure programs: - **Jal Jeevan Mission (extended to 2028)** - **AMRUT 2.0 / Urban Rejuvenation** - **Namami Gange Mission-II (INR 22,500 crore for 2025–26)** - **Bharatmala Pariyojana (Roads & Highways)** - **Indian Railways Capex (INR 2.52 lakh crore in FY26)** – focusing on track electrification, safety, station redevelopment - **National Infrastructure Pipeline (NIP)** – long-term public investment roadmap - **2024–25 Interim Budget:** Allocates **INR 11.1 trillion (3.4% of GDP)** to infrastructure VPRPL has already secured contracts funded by World Bank, RDSO, BHEL, Jaipur Development Authority, U.P. Jal Nigam, and NWR. --- ### **Leadership & Workforce** - Promoter group includes **13 members** actively involved across operations, strategy, and execution - Promoters bring **over 36 years of combined experience** in infrastructure - Workforce of **1,200+ professionals**, including: - 115+ engineers, managers, and finance experts - Skilled supervisors and technical staff - Company culture emphasizes **operational excellence, agility, and client trust** ---