Vishnusurya Projects and Infra LtdQ3 FY25Other Construction Materials

Vishnusurya Projects and Infra Ltd

Q3 FY25 Earnings Call Analysis

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

Yes

Order

Yes

Capex

Yes

3 of 5 growth signals are positive.

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.

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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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.

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.

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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