Viviana Power Tech Ltd

- The company is preparing for a mainboard listing and has started the process with a merchant banker. - They are securing additional working capital; currently INR 150 crores, expected to increase to INR 250+ crores soon. - For BESS projects, funding will come from approximately 75% long-term loans and 25% equity infusion. - Specific loan amounts discussed include term loans around INR 180 crores for a INR 300-350 crore BESS project, with viability gap funding and subsidies also expected. - There is no explicit mention of an immediate fresh equity fundraising, but capital infusion for BESS projects will happen next financial year, possibly indicating some internal equity or external raise. - Plans seem focused on debt funding for project capex and working capital enhancement, supporting near-term growth targets.

- Viviana Power Tech is making significant capex in the BESS (Battery Energy Storage System) segment, with an approximate INR 300 crores investment per project. - Around 75%-80% of this capex is financed through term loans; the company will infuse about INR 40-50 crores equity per project. - Subsidies of approximately INR 59 crores are expected for these projects. - BESS projects follow a BOO (Build, Own, Operate) model with revenues spread over 12 years, generating around INR 40 crores revenue per year per project. - Future capex depends on project viability; the company has secured two BESS projects and is bidding for more to build its technical credentials. - Capex is planned to enhance capability to bid for larger Ministry of Power projects (e.g., INR 250-300 crores+ projects). - Manpower hiring has doubled recently to support growth, especially targeting IITs/NITs for leadership roles. - Working capital limits are expanding to INR 250 crores+ to support strong growth.

- FY27 revenue guidance excluding BESS projects is INR 900+ crores; the company is confident in meeting this target and preparing for FY28 with a higher target of INR 1300+ crores (Page 14-15). - Order book expected to grow significantly with tender season starting from April-May; by September next year, order book might reach INR 1,500-1,600 crores (Page 13). - BESS segment addition is expected to bring incremental revenues through tariff rent spread over 12 years, starting post-execution (Page 14). - The company is targeting larger scale transmission and distribution projects worth INR 250-300 crores by FY28 onwards (Page 17). - Revenue from BESS projects is expected to start contributing after execution, with two projects secured and more bids in pipeline (Pages 13-18). - Overall, strong order inflow and execution capabilities are expected to drive substantial revenue growth across business verticals (Page 4, 13, 17).

- The company projects strong revenue growth, targeting INR 900+ crores in FY '27 and INR 1300+ crores by FY '28. - Q4 is expected to be the largest revenue-generating quarter, with Q3 results to be released to enhance investor confidence. - EBITDA margins have improved significantly, with Q2 FY26 EBITDA margin at 19.05%, up 420 bps YoY; H1 FY26 margin at 19.52%, up 392 bps YoY. - EPS growth is robust: EPS for Q2 FY26 stood at 10.47 versus 6.61 in Q2 FY25, and H1 FY26 EPS grew 106% YoY to 15.14. - For BESS projects, operating profits are expected with an EBITDA margin of around 80%, though revenue realization is spread over 12 years. - The company is confident about meeting or exceeding FY '26 targets and preparing well to achieve higher FY '27 and FY '28 targets, backed by strengthened order books and improved execution capabilities.

- Current unexecuted order book is around INR 900 crores, excluding BESS projects. - Total order book including BESS is approximately INR 1,400 crores: - INR 400 crores from BESS projects. - INR 150 crores from power transmission lines (220 kV and 400 kV). - Around INR 750 crores from power distribution. - Expect to add INR 350-400 crores of new orders by March FY'26 end. - Planning to add around INR 500-600 crores of new orders in first half of FY'27. - The order execution timelines vary between 9 months to 2 years. - BESS orders are for 12 years on a BOO (Build, Own, Operate) model. - Major orders and bidding targeted in Gujarat and other promising states like Punjab and Uttarakhand.