Vishnusurya Projects and Infra Ltd Q1 FY27 Earnings Analysis

Future Growth Expectations for Vishnusurya Projects and Infra Limited: - Targeting revenue of approximately INR 450 crores for FY27, maintaining similar levels as FY26. - Expecting additional order inflows of INR 200-250 crores independently, with combined inflows of INR 500-600 crores when including joint/subcontracted work with JWL. - Anticipating 30%-40% year-on-year growth in revenue beyond FY27. - Strategic focus on scaling water infrastructure business and expanding environmental infrastructure, waste management, and bio-mining segments for long-term growth. - Capacity utilization in mining segment expected to improve around 5%-10% from current ~75%. - Plans to expand mining capacities and explore new sites underway. - Waste management segment targeted to grow order book by INR 50-60 crores in the near term, aiming for INR150 crores revenue in the current year. - Long-term growth driven by rising infrastructure investments in water, urban development, and sustainability sectors.

- FY26 EPS stood at INR14.33, demonstrating resilient growth. - Revenue for FY26 increased 30% Y-o-Y to INR352 crores; EBITDA at INR56 crores; PAT up 17%. - Order book ~INR456 crores as of March 2026 provides strong multi-year revenue visibility. - Strategic shift towards higher-value water infrastructure projects expected to boost margins. - Waste management and bio-mining segment poised for strong growth with potentially high EBITDA margins (~35%+). - Expected order inflows for FY27 between INR500-600 crores to support revenue growth. - Mining segment revenues doubled Y-o-Y, capacity utilization at ~75%-85%, indicating scope for expansion. - Rental income from property investment (~INR1 crore/month) starting April 2027 to add steady cash flows. - Overall, management aims for sustained revenue growth with operating margins stabilizing around 15-17% in near term, supported by expanding technical capabilities and project portfolio.

- The company is acquiring land for new mining assets; acquisition process is ongoing (Page 16). - A portion of funds from a preferential issue is held in fixed deposits specifically for land acquisition (Page 16). - Plans exist for capacity expansion in the mining segment, though details will be shared when ready (Page 14). - Investment in a property (INR 50 crores) under construction is expected to generate rental income starting April 2027 (Page 14). - The company aims to build capabilities and order book in waste management; targeting additional INR 150 crores of orders this year and plans for INR 50-100 crores growth thereafter (Page 12). - Ongoing investments in projects are continual as part of EPC company operations (Page 15). - No current plans for raising additional capital (Page 8).

- As of the discussion in the transcript, Vishnusurya Projects and Infra Limited has not planned any new capital raising. - Sanal Kumar mentioned that there is no Board approval or discussion regarding raising additional capital at the moment. - The company has utilized a large portion of the preferential warrants money, with a small portion held in fixed deposits for an ongoing land acquisition. - There is no indication of immediate plans for raising new debt or equity. - The focus remains on acquiring new mining assets and growing operations without perceivable government risk. - Working capital and liquidity needs are managed through ongoing project investments rather than fresh capital infusion.

- As of March 31, 2026, the order book stood at approximately INR 456 crores, providing strong revenue visibility over the next several years. - For FY27, the company is guiding an indicative order book target of INR 450 crores. - Additional order inflows of about INR 250 crores are expected independently through bids and pipelines. - An additional INR 200-300 crores order flow is anticipated from joint bids or subcontracts with JWL, bringing total expected new orders to INR 500-600 crores for FY27. - The order book mainly comprises water infrastructure (50-60%), waste management (~INR 50 crores), and EPC segments. - Despite some election-related and government transition-related slowdowns, the company expects order flow and execution to normalize within 1-2 months.