Future growth expectations in sales/revenue/volumes?

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 opportu

Any current/future new fundraising through debt or equity?

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.

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

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 b

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

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 w

Current/ Expected Orderbook/ Pending Orders?

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 bi

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Vishnusurya Projects and Infra LtdQ3 FY26Other Construction Materials

Vishnusurya Projects and Infra Ltd Q3 FY26 Earnings Call Analysis

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

Price: ₹162P/E: 13.8Market Cap: ₹437 CrSector: Other Construction Materials

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

Yes

Order

Yes

Capex

Yes

3 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 2

→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.

Margin guidance

Category 3

→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.

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Fundraise plans

Yes

→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.

Order book

Yes

→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.

Capex plans

Yes

→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.

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