Univastu India Ltd

Q3 FY25 Earnings Call Analysis

Management growth scorecard

Fundraise

Yes

Capex

Yes

Revenue

Category 2

Margin

Category 2

Order

Yes

3 of 5 growth signals are positive.

Full analysis

Fundraise plans

Yes

→The company is currently in the process of raising ₹10 crore debt from Canara Bank, expected to be sanctioned soon.
→This ₹10 crore debt is intended to ease working capital requirements.
→The management has indicated that peak debt could go up to ₹40 crore by FY27 to support the current order book execution.
→No immediate plans for additional equity fundraising; however, the company may consider equity fundraising if they secure a major order to avoid increasing debt.
→The preference is to use debt financing for operational needs and equity financing only if significant new projects warrant it.

Capex plans

Yes

→The company is targeting tech-driven EPC and net-zero projects in Uttar Pradesh, Haryana, and Bihar.
→They have developed an in-house wireless BMS system called Univastu NUOS and floated a company for it.
→Investment in metro E&M segment as a tech-based EPC.
→Planning to increase their CC limit by ₹10 crore for execution of new projects.
→They are acquiring Setubandhan Infrastructure (95% stake) which holds 34% in Biomining India Private Limited, targeting biomining business expansion.
→No current active plans for acquisitions but open to opportunities if they add value.
→Planning to raise ₹10 crore debt from Canara Bank to ease working capital.
→Equity fundraising considered only if a major order is secured; preference to avoid excessive debt.
→Tech segments (sports infra, BMS, metro E&M) targeted for margin improvement and future growth.

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Revenue guidance

Category 2

- Target revenue of ₹200 crore for FY26 and ₹300+ crore for FY27 (consolidated, including acquisitions). - By FY30, aiming to grow sales to ₹1,200 crore, focusing on tech-based EPC contracts. - Future revenue mix: • Minimum ₹500 crore from surf sports segment (e.g., Olympic-level swimming pools with Myrtha Pools partnership). • ₹300-400 crore from E&M metro segment (niche market with few competitors). • Around ₹100 crore from BMS wireless system segment (unique global offering). - Expect growth in metro projects, multiple bids for metro E&M and building management systems. - Opal Luxury acquisition revenue to start from FY27 (~₹5 crore), scaling to ₹20 crore from FY28. - Order book of ₹630 crore, with an additional ₹150 crore from Bootes Infra; active bidding likely to add ₹200 crore in H2FY26. - Conversion ratio of bids is around 40-50%, supported by in-house execution leading to competitive pricing.

Margin guidance

Category 2

→FY26 revenue target: ₹200 crore with ~10% PAT margin.
→FY27 revenue guidance: ₹300+ crore, margin improvement expected due to tech-based segments.
→PAT margin forecast: Around 10% for FY26, expected to improve gradually with tech-driven projects.
→EPS growth: Noted 59.63% YoY improvement to 6.05 in H1FY26; quarter-on-quarter EPS up 77.5%.
→Long-term (FY30) sales target: ₹1,200 crore with a diversified revenue mix—500 crore from sports, 300-400 crore from metro E&M, and 100 crore from BMS segment.
→Margin outlook: Current PAT margin ~10%, with potential improvement as tech-based EPC and net-zero projects scale.
→Debt capacity: Comfortable peak debt up to ₹40 crore aligned with growing order book.
→Equity fundraising: Possible if large orders are secured, to support working capital and reduce debt reliance.

Order book

Yes

→Current order book is around ₹630-635 crore (Standalone) plus ₹150 crore in Bootes Infra, totaling approximately ₹780 crore consolidated.
→From bidding, ₹400 crore projects are targeted, expecting to convert ₹200 crore orders in the second half of the current year.
→FY26 revenue guidance is ₹200 crore; FY27 expected revenue is around ₹300 crore+, including acquisitions.
→New orders expected mainly from sports segment (e.g., Jalgaon Sports Complex ₹90 crore, PCMC ₹120 crore) and metro sector bids.
→Order execution typically spans 24 months.
→The company targets a mix of ₹500 crore from sports, ₹300-400 crore from E&M metro segment, and ₹100 crore from BMS segment in future growth.
→The acquisition of a company with order value ~₹600 crore adds to the order book spread over FY27 and FY28.
→Sustainable project margins are around 10% PAT, expected to improve with tech-based projects.

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