Viviana Power Tech LtdQ1 FY27
Viviana Power Tech Ltd Q1 FY27 Earnings Call Analysis
Revenue, margin, capex, fundraise and order book outlook from management commentary.
Price: ₹725P/E: 13.4Market Cap: ₹738 CrSector: Construction
Management growth scorecard
Revenue
Category 2
Margin
Category 3
Fundraise
Yes
Order
Yes
Capex
Yes
3 of 5 growth signals are positive.
Full analysisRevenue guidance
Category 2- →Viviana Power Tech aims to scale its manufacturing segment revenue to INR 400-600 crores standalone by FY30.
- →By FY32, power equipment division targets INR 1,000-1,200 crores segment revenue at 9-10% PAT margins.
- →FY27 guidance targets consolidated revenue of over INR 900 crores with stable PAT margins.
- →The transformer business under leadership aims INR 400-600 crores revenue by FY30.
- →Order book stands strong at over INR 1,000 crores, with significant new orders expected from active bids exceeding INR 1,500 crores.
- →Target to carry forward INR 700-800 crores orders into the next financial year.
- →BESS projects set to become operational next year, enabling access to larger tenders with higher margins.
- →Active expansion in manufacturing with new transformer capacities increasing from 2,000 MVA to 5,000 MVA by next year.
- →Real estate subsidiary (Viviana Life Spaces) aims IN₹100+ crores of commercial asset collateral by FY30, contributing rental income and supporting infrastructure growth.
Margin guidance
Category 3- →Viviana Power Tech targets consolidated revenue of over INR 900 crores for FY27 while maintaining PAT margins between 8.5% to 10%, indicating steady profitability growth.
- →Long-term, the transformer business under leadership is expected to generate INR 400-600 crores in revenue by FY30, with stable 9%-10% PAT margins.
- →Manufacturing segment aims for standalone revenues between INR 400-600 crores by FY30 and INR 1,000-1,200 crores by FY32 with robust profitability.
- →Battery Energy Storage System (BESS) projects forthcoming, expected to improve internal rate of return (IRR) as lithium prices correct.
- →Order book remains strong at INR 1,000+ crores with active bids over INR 1,500 crores, supporting revenue visibility and growth.
- →EPS growth is implied through robust revenue scaling, margin expansion, and disciplined capital allocation driving operating leverage.
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Fundraise plans
Yes- →Regarding new fundraising, the company indicated they are currently working on potential plans but did not provide specific details.
- →Richi Choksi mentioned it "won't be appropriate to speak today itself" about any upcoming equity dilution or fund raise.
- →The company is managing its capital through internal accruals and structured financial arrangements, especially for manufacturing capex and ongoing projects.
- →They currently have Non-Convertible Debentures (NCDs) of INR 45 crores at 12% interest.
- →They aim to maintain a conservative debt-to-equity ratio of 1.2x to 1.5x, ensuring financial resilience without explicitly announcing new debt plans.
- →Any developments regarding fundraising will be communicated in due course to stakeholders.
Order book
Yes- →Viviana Power Tech Limited has a robust order book exceeding INR 1,000 crores as of June 2026.
- →The project execution cycle ranges from 6 to 24 months; orders carried forward from FY25 were executed in FY26.
- →EPC order booking stands at around INR 540 crores, with an additional INR 240 crores expected post Letter of Intent (LOI).
- →Significant participation in ongoing bids worth more than INR 1,500 crores is expected to convert into new orders.
- →For FY27, the company targets carrying forward orders worth INR 700 to 800 crores after current order executions.
- →The company has started executing a major transformer order of 3,000 units from Gujarat utilities, with 1,900+ transformers already supplied.
- →New orders and active bidding pipeline indicate strong expected growth and order inflow in the coming years.
Capex plans
Yes- →**Greenfield Manufacturing Plant:** Over INR 100 crores capex for a new plant near Vadodara, funded through internal accruals and structured financing; starting next month-end with production of transformers up to 10 MVA initially.
- →**Transformer Manufacturing Expansion:**
- → - By FY26 end: type testing for transformers up to 18.5 MVA.
- → - By FY27 end: manufacture transformers up to 63 MVA, 132 kV ratings.
- → - By FY30: manufacturing capacity targeting transformers up to 500 MVA, 400 kV.
- →**BESS Projects Capex:** INR 300 crores planned (approx. INR 60 crores equity, INR 60 crores subsidy, INR 180 crores debt) with operations starting next financial year.
- →**Viviana Life Spaces:** Real estate subsidiary developing co-working, commercial, and residential assets to create debt-free hard collateral (~INR 100+ crores target by FY30), supporting working capital needs.
- →**Other Electrical Equipment:** Manufacturing reactors and furnace transformers planned beyond FY30 (approx. 3+ years away).
How does Viviana Power Tech Ltd rank vs peers in Construction?
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