Vishnusurya Projects and Infra Ltd Q3 FY26 Earnings Analysis

- The company has a robust order book with full visibility for the next full year and ongoing engagements promising sustained growth. - Mining segment revenue for FY26 is projected around INR140-150 crores, with capacity to scale by adding machinery as raw materials are abundant. - Waste management division anticipates revenue of INR40 crores this year with targeted growth of 20%+ annually. - EPC business, especially water infrastructure and irrigation, is a major growth focus, driven by strong government thrust and international funding. - Expansion plans include opening new mines and exploring opportunities in geographies near major projects like Tuticorin port and airports. - The company aims to be a 360-degree infra player, balancing EPC and mining vertically. - Long term, expecting to expand order book and revenues by leveraging large infrastructure projects funded domestically and internationally. - Real estate monetization and leasing will add predictable annuity income from H2 FY27 onwards.

- The company expects revenue growth driven by expansion in both EPC and mining segments, with full visibility of order book for FY27 and FY28. - Mining segment projected revenue for FY26 is around INR140-150 crores, with throughput efficiency at 70%-90% barring rainy seasons. - Waste management segment anticipated revenue is INR40 crores for the current year, targeting 20%+ growth moving forward. - Order book robust with major projects in water infrastructure, lift irrigation, and waste management, contributing 50%-60% revenue from water infra. - Focus on aggressive scaling in EPC, especially water distribution and irrigation, aligned with government thrust on water projects. - Management expects improving profitability supported by progressive billing and annuity-based income post-project commissioning. - Real estate assets near airports potentially triple investment value, with no immediate impact on balance sheet but possible future monetization. - ROE currently around 13.7% (half yearly), with ROCE at about 17.4%. - Long term vision: Become a 360-degree infrastructure player with simultaneous growth in mining and EPC across multiple verticals.

- Proposed investment of INR30 crores in Tuticorin Desal Private Limited for a 10% stake; includes INR5-5.5 crores as performance bank guarantee and INR25 crores as working capital over 1.5-2 years. - Exploration to acquire mines near major infrastructure projects like Chennai and Parandur airports to supply mining materials with competitive costs. - Focus on expanding EPC projects, especially in water infrastructure, desalination, sewerage, and waste management, supported by international agency-funded contracts. - Investment in rental property development in joint venture with Brigade, expected to be operational by 2027, valued at around INR200 crores with an annual rental income of approx. INR14 crores. - Waste management division aggressively expanding with a dedicated team and consultants identifying viable projects; expecting INR40 crores revenue this year with 20% growth target. - Potential large-scale port expansion project exceeding INR100,000 crores in sanctioned amount under advanced discussions, which could be a game changer.

- The company is planning a primary preferential fundraising primarily for expansion purposes. - The expansion includes acquiring one more location in mines for construction aggregates. - Another purpose of the fundraising is to retire a small portion of existing debt. - The expected cost of debt currently is around 9.5% to 10%. - No specific details on the amount or timeline of the fundraising were provided.

- The company has an order book of INR 526 crores. - Breakdown includes: - Water infrastructure and water distribution projects: INR 300 crores. - Lift irrigation projects: INR 170 crores. - Order book provides full visibility for the next full year (FY26). - Mining business capacity is increasing with plans to open new mines, such as one in Tuticorin. - Company is actively engaging in water and sewerage projects, many funded by international agencies. - EPC business is robust, with multiple ongoing projects in various verticals including water, highways, railways, and waste management. - Progressive billing and milestone-based payment cycles are typical for order execution.