Current/ Expected Orderbook/ Pending Orders?

As of Q2 FY25, Vascon Engineers has an order book of approximately Rs. 3,300 Crores with an execution timeline of around two years. Rs. 400 Crores of new orders were booked in H1 FY25, with an additional Rs. 600 Crores expected in H2 FY25, totaling a target of Rs. 1,000 Crores new orders for FY25. The company aims for Rs. 1,200 Crores order booking in FY26, implying around 25-30% annual growth in the order book. Out of the current order book, Rs. 2,781 Crores are external EPC projects and Rs. 486 Crores are internal projects. Approximately 82% of orders come from government projects. Bank guar

Any current/future new fundraising through debt or equity?

The planned QIP (Qualified Institutional Placement) of Rs. 100-150 Crores is currently on hold due to unfavorable market conditions and high dilution concerns for existing shareholders. The company prefers private equity at the project level or short-term debt for funding new real estate projects instead of equity dilution. They are exploring structured debt options with low interest rates and back-ended repayments for key projects. Temporary borrowings from sources like Arka Capital have been used to maintain project timelines without delays. The sale proceeds from GMP (around Rs. 110

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

Post divestment of GMP, Vascon received net cash flow of Rs. 100–110 Crores intended as growth and opportunity capital for both real estate and EPC divisions. Part of these funds will be used to create assets for the EPC division, to serve as collateral to augment EPC working capital limits. The company is focusing on scaling real estate projects, including land in Thane (~20-25 acres) for future project development or monetization. Pune projects: Planning to launch 1-2 projects in FY25-26, including Baner-Pashan Link Road (~1 million sq.ft) and Kharadi (~0.5 million sq.ft). No aggress

Future growth expectations in sales/revenue/volumes?

Targeting Rs. 1,000 Crore EPC revenue in FY25, with Rs. 400 Crores achieved in H1 and Rs. 600 Crores expected in H2. Order booking target of Rs. 1,500 Crores for the year, with Rs. 350 Crores already secured; confident to achieve remaining Rs. 1,000 Crores in H2. Anticipate order book growth of approximately 25%-30% year-on-year. EPC segment expected to grow revenue by around Rs. 200 Crores this year, offsetting GMP business divestment impact. Real estate revenue expected to start contributing significantly in 2-2.5 years, projected to reach Rs. 250-300 Crores by then. Scale expansio

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

EPC segment is expected to grow steadily with revenue targets of around Rs. 1,000 Crores for FY25 and scaling up to Rs. 1,200 Crores and Rs. 1,500 Crores in subsequent years. EPC margins are targeted to improve from current 8% PBT to around 10% with scale and operational efficiencies. Real estate segment margins target around 15%-18% PBT, expected to grow and contribute increasingly to revenue and blended margins over the next 2-3 years. Blended margins currently skewed towards EPC; as real estate revenue share rises (targeting Rs. 250-300 Crores in ~2 years), overall margins expected to

Vascon EngineersQ2 FY25Realty

Vascon Engineers Q2 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

Targeting Rs. 1,000 Crore EPC revenue in FY25, with Rs. 400 Crores achieved in H1 and Rs. 600 Crores expected in H2.
Order booking target of Rs. 1,500 Crores for the year, with Rs. 350 Crores already secured; confident to achieve remaining Rs. 1,000 Crores in H2.
Anticipate order book growth of approximately 25%-30% year-on-year.
EPC segment expected to grow revenue by around Rs. 200 Crores this year, offsetting GMP business divestment impact.
Real estate revenue expected to start contributing significantly in 2-2.5 years, projected to reach Rs. 250-300 Crores by then.
Scale expansion from Rs. 1,000 Crores this year to Rs. 1,200 Crores in the next year, and Rs. 1,500 Crores within two years.
Focus on increasing EPC margins from current ~8% PBT towards 10% with efficiency improvements and design-build projects.

Margin guidance

Category 2

EPC segment is expected to grow steadily with revenue targets of around Rs. 1,000 Crores for FY25 and scaling up to Rs. 1,200 Crores and Rs. 1,500 Crores in subsequent years.
EPC margins are targeted to improve from current 8% PBT to around 10% with scale and operational efficiencies.
Real estate segment margins target around 15%-18% PBT, expected to grow and contribute increasingly to revenue and blended margins over the next 2-3 years.
Blended margins currently skewed towards EPC; as real estate revenue share rises (targeting Rs. 250-300 Crores in ~2 years), overall margins expected to improve.
EBITDA margins for EPC aiming at 11%-12%, supporting profit growth.
QIP is on hold; growth funded through project equity, short-term debt, and internal cash flows.
CRISIL rating upgrade expected to reduce interest cost, improving profitability.
Real estate revenue recognition timing may cause quarter-to-quarter margin fluctuations.

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

Fundraise plans

Yes

The planned QIP (Qualified Institutional Placement) of Rs. 100-150 Crores is currently on hold due to unfavorable market conditions and high dilution concerns for existing shareholders.
The company prefers private equity at the project level or short-term debt for funding new real estate projects instead of equity dilution.
They are exploring structured debt options with low interest rates and back-ended repayments for key projects.
Temporary borrowings from sources like Arka Capital have been used to maintain project timelines without delays.
The sale proceeds from GMP (around Rs. 110 Crores net) will be partly used for real estate projects and some portion for creating collateral to augment EPC working capital limits.
The company does not have immediate plans to drastically reduce the cost of borrowing and expects short-term collateral-free borrowings around 12%.
Overall, debt will be the preferred option in the near term if QIP is not viable.

Order book

Yes

As of Q2 FY25, Vascon Engineers has an order book of approximately Rs. 3,300 Crores with an execution timeline of around two years.
Rs. 400 Crores of new orders were booked in H1 FY25, with an additional Rs. 600 Crores expected in H2 FY25, totaling a target of Rs. 1,000 Crores new orders for FY25.
The company aims for Rs. 1,200 Crores order booking in FY26, implying around 25-30% annual growth in the order book.
Out of the current order book, Rs. 2,781 Crores are external EPC projects and Rs. 486 Crores are internal projects.
Approximately 82% of orders come from government projects.
Bank guarantee limits are sufficient to support ~Rs. 1,000 Crore of additional order bookings in the near term.
Bidding processes are active, with confidence to achieve order booking targets despite election-related delays earlier in the year.

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

Capex plans

Yes

Post divestment of GMP, Vascon received net cash flow of Rs. 100–110 Crores intended as growth and opportunity capital for both real estate and EPC divisions.
Part of these funds will be used to create assets for the EPC division, to serve as collateral to augment EPC working capital limits.
The company is focusing on scaling real estate projects, including land in Thane (~20-25 acres) for future project development or monetization.
Pune projects: Planning to launch 1-2 projects in FY25-26, including Baner-Pashan Link Road (~1 million sq.ft) and Kharadi (~0.5 million sq.ft).
No aggressive plans currently for large greenfield projects in extended Mumbai beyond owned land in Thane.
Exploring structured debt options with low interest rates for funding real estate launches and EPC projects as a part of capital strategy.
QIP plans are on hold considering current market conditions; funding will rely on project-level private equity and short-term debt instead.

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Vascon Engineers Q2 FY25 Earnings Call Analysis

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