Viviana Power Tech Ltd

- No equity dilution or preferential allotment is planned for the current financial year ending March 31, 2026. - The promoters have not sold any shares but have acquired additional shares via preferential allotments and warrants, maintaining around 70.52% promoter holding. - For debt, the company plans to add one or two more bank facilities mainly for bank guarantees and letter of credit purposes related to ongoing projects. - They have sufficient financial support from banks and reserves to comfortably fund growth up to around INR 800-900 crores revenue. - No current discussions or decisions have been made for raising fresh equity capital. - Capex for transformers is currently funded through internal accruals and bank facilities; future plant expansion may require capital investment after 1-1.5 years.

- For transformer business, a capex of around INR 9.5 crores has been incurred so far including working capital. The current manufacturing facility is on a lease mode. - Plans to expand manufacturing unit after completing type tests for all transformer ratings, targeting capacity up to 20.5 MVA by FY '27 with production volume increasing from 7,000 to 20,000 units annually. - No immediate capex planned for building own plant; expansion expected after 1 to 1.5 years once product setup and type testing are completed. - For transmission business, no specific capex mention, but bank facilities and financial reserves are in place to support growth and orders up to INR 800-900 crores. - Considering adding one or two more banks for bank guarantees and LC purposes linked with projects. - No equity dilution or preferential allotment planned for current financial year; possible future capital raising undecided.

- Revenue is expected to scale from INR 219 crores in FY '25 to INR 550 crores in FY '26, and further to INR 850 crores in FY '27. - The unexecuted order book stands at over INR 1,000 crores, providing strong visibility for upcoming years. - Single tender bidding capacity is increasing, enabling bids up to INR 250 crores and beyond post FY '27. - Transformer business revenue is projected at around INR 52 crores in current year, growing to INR 80-90 crores next year, contributing about 10% of total revenues. - Transformer volumes are increasing, with current orders for roughly 3,200 units and capacity to manufacture up to 10,000 units. - Business growth is driven primarily by transmission and distribution EPC with gradual expansion into renewable EPC and transformers. - Exponential growth in transformer top-line expected as operations mature, with significant volume scaling planned by FY '27.

- Revenue is expected to scale from INR219 crores in FY '25 to INR550 crores in FY '26, and further to INR850 crores in FY '27. - EBITDA margin is expected to remain around 20%, with management targeting a stable margin (~9% PAT margin). - PAT margin guidance is around 9% for FY '26 and FY '27, consistent with past 2-3 years. - Transformer business is expected to contribute about 10% of revenue in next 2 years, with revenue around INR52 crores in FY '26 and INR80-90 crores in FY '27. - Operating cash flow is expected to improve notably in H1 FY '26 compared to previous years. - Company aims to increase bidding capacity, enabling revenue growth potentially beyond INR800-900 crores in coming years. - Management targets to sustain and possibly exceed current earnings guidance, with a moderate and achievable outlook.

- Current unexecuted order book stands at INR 1,003+ crores (approximately INR 1,052 crores mentioned). - Orders include INR 120 crores in transmission EPC, majority in distribution EPC, and INR 52 crores in transformer supply. - Plans to carry forward INR 800-900 crores of unexecuted orders into the next financial year. - Expected addition of INR 500-600 crores in new orders by June 2026. - Single project bidding capacity increased to INR 260 crores, allowing bidding for larger projects. - Targeting order book growth aligned with revenue guidance: INR 550 crores in FY '26 and INR 850 crores in FY '27. - Transformer orders currently about 10% of revenue; expecting growth in this segment after product expansion.