Vascon Engineers Ltd

- No immediate plan to raise equity in the short term as per recent Board meeting statements (Page 14). - Previously planned QIP for raising about INR100 crores equity when the price was around INR80 did not materialize due to price drop (Page 13). - Company remains open to raising equity in the future if market conditions and valuations are favorable to accelerate growth, especially in real estate (Page 13). - Current fundraising efforts include a QIP intended also to bring in mutual funds and improve market visibility (Page 17). - No specific mention of new debt fundraising; existing Bank Guarantee (BG) limits have been augmented to support bidding on higher-value EPC projects (Page 15). - Strong financial position and improved operating cash flows reduce immediate need for additional debt or equity (Pages 4, 8).

- No significant new capital expenditure or investment expected immediately, as per recent Board meeting discussions (Page 14). - Current real estate projects have already seen most of the required investment done, with only minor additional investments expected (Page 8). - Company's focus is on monetizing and developing existing land parcels, particularly the 5 acres in Kharadi and the Katvi project in Talegaon (Page 12). - Monetization of the 40-acre government corridor land in Thane and accumulation of 20 acres for potential development/sale is planned as medium-term strategic moves (Page 6). - No new equity raising planned in the short term, but possibility exists if market conditions and growth opportunities warrant it (Page 13-14). In summary, Vascon Engineers is prioritizing operational growth and monetization of existing assets over major new capex or strategic investments in the near term.

- EPC segment targets revenue growth from INR1,000 crores in FY '25 to INR1,200 crores in FY '26 (20% growth), scaling to INR2,000+ crores in 3 years. - Aim to double EPC turnover to INR2,000 crores over the next 4 years with steady 20-25% annual organic growth. - Real estate division targets INR200+ crores revenue in FY '26, growing to INR500-700 crores annually within 3-4 years. - Real estate revenue growth percentage expected to be higher than EPC, though EPC will remain larger in volume for next 3-4 years. - Target combined standalone revenue of INR2,000+ crores in 3 years, with real estate contributing significantly along with EPC growth. - Sales velocity improving in ongoing projects, real estate projects like Windermere nearly sold out, and second phase of GoodLife underway with expectations to complete sales this year. - Overall strong confidence in growth driven by solid order book (INR2,825 crores), healthy cash flows, and expanding project pipeline.

- Vascon targets to grow EPC revenue from INR1,000 crores (FY '25) to INR1,200 crores in FY '26, aiming for 20% growth annually. - Over the next 4 years, the EPC division aims to double turnover to INR2,000 crores. - Real estate revenue is expected to rise from INR200 crores currently to INR500-700 crores over 3-4 years, with higher percentage growth than EPC. - EPC gross profit margin anticipated around 14-15%, with stable EBITDA margins at 10-11%, and PBT improving towards around 9% in FY '26. - Real estate gross profit margins are roughly double EPC’s, with EBITDA margins expected around 15-17% as scale improves. - Overall company profit growth is steady, with FY '25 net profit at INR126 crores, up 11% YoY. - EPS growth will mirror top-line and margin expansion driven by execution and scaling in both EPC and real estate segments.

- Current order book stands at INR2,825 crores, approximately 2.8 times the FY '25 EPC revenue. - Out of this, INR2,377 crores are from external EPC projects and INR448 crores from internal projects. - Around 78% of work orders from external projects are government projects, aiding stable cash flow and fixed timelines. - Received 2 new EPC orders in April 2025 totaling INR311 crores, to be executed over 3 years. - Order inflow in FY '25 was about INR300 crores, primarily in Q1 FY '26. - Management targets an order intake of INR1,200 to 1,300 crores in the coming 12-13 months to maintain growth. - If the target order inflow is not met, growth trajectory for FY '27 could be impacted. - Current backlog and new orders provide visibility for at least 20% growth in FY '26.