Any current/future new fundraising through debt or equity?

The company is continuing the QIP (Qualified Institutional Placement) process and expects to raise equity funds within the next 6-8 months to support capital needs for new real estate projects and EPC growth. Post-sale of GMP Technical Solutions, the company anticipates net cash inflows of about Rs 100-110 Crores, which will be used as growth capital for real estate and as collateral to augment EPC working capital. The company has increased its debt recently due to new real estate joint ventures, with net debt rising to Rs 38 Crores over the past year. Short-term borrowing at 11%-12% intere

Any current/future capex/capital investment/strategic investment?

Capital infusion of approximately Rs 170 Crores is planned for launching three real estate projects in Mumbai (two in Santacruz and one in Powai), with about Rs 70 Crores already invested and Rs 100 Crores expected from QIP (Qualified Institutional Placement). Additional capital from the sale of GMP stake (Rs 100-110 Crores expected) will be used as growth and opportunity capital for real estate and to build EPC assets, serving as collateral for working capital. Investment planned for aggregating and developing a 20-25 acre land parcel in Thane, involving land acquisition, levelling, and infra

Future growth expectations in sales/revenue/volumes?

EPC segment targeted to cross Rs 1,000 Crores this fiscal year, aiming for 25% year-on-year growth to Rs 1,250 Crores next year and Rs 1,500 Crores thereafter. Order book stands at Rs 3,400 Crores, with a goal to add Rs 1,000 Crores more before March 2025, driving further growth. Real estate has Rs 1,700 Crores of unrecognized revenue from upcoming and ongoing projects expected to be recognized over the next 4 years. Five new real estate projects totaling Rs 1,400 Crores to be launched in the next 5 quarters; sales and collections are key focus areas. The company expects modest real estate rev

Future growth expectations in earnings/operating earnings/profits/EPS?

EPC division aims for 25% year-on-year revenue growth: Rs 1,000 Crores targeted before March 2025, Rs 1,250 Crores next year, and above Rs 1,500 Crores thereafter. EPC EBITDA expected around 11%-12%, with gross profit margins stable at 14%-15%. EPC PBT targeted to stretch from 8% currently to close to 9% this year and towards 10% over the next 2 years. Real estate segment has Rs 1,700 Crores unrecognized revenue expected to be realized over 4 years, with gross margins between 28%-30% leading to 15%-18% PBT. Consolidated revenues expected to cross Rs 1,000 Crores this year without GMP. Focus on

Current/ Expected Orderbook/ Pending Orders?

Current order book stands at approximately Rs 3,400 Crores. Year-to-date order intake is about Rs 500 Crores, including internal projects. Company targets to add Rs 1,000 Crores more orders by March 2025 to sustain 25% EPC growth. About 82% of orders are from government projects, supporting steady cash flow and faster execution. Company aims to increase project ticket size from Rs 400-500 Crores to Rs 600-800 Crores. Future order mix target: reduce government projects from 80% to 65-70%, increase private projects to 30-35%. Recently bagged a Rs 331 Crores medical college project, expected to s

Vascon EngineersQ1 FY25Realty

Vascon Engineers Q1 FY25 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹32.6P/E: 28.3Market Cap: ₹805 CrSector: Realty

Management growth scorecard

Revenue

Category 2

Margin

Category 2

Fundraise

Yes

Order

Yes

Capex

Yes

3 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 2

EPC segment targeted to cross Rs 1,000 Crores this fiscal year, aiming for 25% year-on-year growth to Rs 1,250 Crores next year and Rs 1,500 Crores thereafter.
Order book stands at Rs 3,400 Crores, with a goal to add Rs 1,000 Crores more before March 2025, driving further growth.
Real estate has Rs 1,700 Crores of unrecognized revenue from upcoming and ongoing projects expected to be recognized over the next 4 years.
Five new real estate projects totaling Rs 1,400 Crores to be launched in the next 5 quarters; sales and collections are key focus areas.
The company expects modest real estate revenue recognition in FY ’25 due to project completion rules.
Targeting to grow private EPC project mix from current 20% to about 30-35% over time, reducing government project dependence.
Overall, a consistent 25% growth in EPC revenues and exponential real estate growth over 3-4 years is expected.

Margin guidance

Category 2

EPC division aims for 25% year-on-year revenue growth: Rs 1,000 Crores targeted before March 2025, Rs 1,250 Crores next year, and above Rs 1,500 Crores thereafter.
EPC EBITDA expected around 11%-12%, with gross profit margins stable at 14%-15%.
EPC PBT targeted to stretch from 8% currently to close to 9% this year and towards 10% over the next 2 years.
Real estate segment has Rs 1,700 Crores unrecognized revenue expected to be realized over 4 years, with gross margins between 28%-30% leading to 15%-18% PBT.
Consolidated revenues expected to cross Rs 1,000 Crores this year without GMP.
Focus on sales and cash flows over revenue recognition in real estate for better predictability.
Operating earnings and profits projected to grow linearly and predictably with clear tracking on PBT and EBITDA margins.
Overall EPS expected to improve with scale, overhead efficiencies, and increasing high-margin projects.

See what Vascon Engineers management said on margin guidance — free account, 30 seconds.

Fundraise plans

Yes

The company is continuing the QIP (Qualified Institutional Placement) process and expects to raise equity funds within the next 6-8 months to support capital needs for new real estate projects and EPC growth.
Post-sale of GMP Technical Solutions, the company anticipates net cash inflows of about Rs 100-110 Crores, which will be used as growth capital for real estate and as collateral to augment EPC working capital.
The company has increased its debt recently due to new real estate joint ventures, with net debt rising to Rs 38 Crores over the past year.
Short-term borrowing at 11%-12% interest may be used strategically to manage project funding needs alongside interest-bearing advances from government projects.
Overall, the focus is on raising equity through QIP and utilizing proceeds from divestment for growth, alongside selective debt usage for working capital.

Order book

Yes

Current order book stands at approximately Rs 3,400 Crores.
Year-to-date order intake is about Rs 500 Crores, including internal projects.
Company targets to add Rs 1,000 Crores more orders by March 2025 to sustain 25% EPC growth.
About 82% of orders are from government projects, supporting steady cash flow and faster execution.
Company aims to increase project ticket size from Rs 400-500 Crores to Rs 600-800 Crores.
Future order mix target: reduce government projects from 80% to 65-70%, increase private projects to 30-35%.
Recently bagged a Rs 331 Crores medical college project, expected to start in 4-5 months, with 13-14% gross margin.
EPC order book projected to cross Rs 1,000 Crores this fiscal, with a target of Rs 1,250 Crores next year.

See what Vascon Engineers management said on order book — free account, 30 seconds.

Capex plans

Yes

Capital infusion of approximately Rs 170 Crores is planned for launching three real estate projects in Mumbai (two in Santacruz and one in Powai), with about Rs 70 Crores already invested and Rs 100 Crores expected from QIP (Qualified Institutional Placement).
Additional capital from the sale of GMP stake (Rs 100-110 Crores expected) will be used as growth and opportunity capital for real estate and to build EPC assets, serving as collateral for working capital.
Investment planned for aggregating and developing a 20-25 acre land parcel in Thane, involving land acquisition, levelling, and infrastructure work.
Short-term borrowing and interest-bearing advances (Rs 60 Crores outstanding) are used strategically for project kick-offs.
Plans to accelerate EPC growth by leveraging collateral to expand BG limits and bid for larger government and private projects (targeting projects above Rs 600 Crores).
No desperation to close real estate redevelopment deals; focus on favorable terms and phased launches.

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Vascon Engineers Q1 FY25 Earnings Call Analysis

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