Valplast Technologies Limited – H1 FY27 Results Summary

Financial Performance (H1 FY27 vs H1 FY26)

  • Revenue from operations: Increased by 4.3% Year-over-Year to ₹36.36 crore (compared to H1 FY26).
  • Material cost: Reduced to 54.4% of revenue (an improvement of over 500 basis points).
  • Employee benefit expenses: Rose to ₹5.78 crore (from ₹3.85 crore in H1 FY26).
  • Other expenses: Increased to ₹4.46 crore (from ₹2.46 crore in H1 FY26).
  • Depreciation: Increased to ₹2.79 crore (from ₹1.67 crore in H1 FY26).
  • EBITDA: Stood at ₹6.35 crore, with an EBITDA margin of 17.5% (moderated from 22.2% in H1 FY26).
  • Finance costs: Eased to ₹1.19 crore (from ₹1.24 crore in H1 FY26).
  • Profit After Tax (PAT): ₹2.04 crore.

The company's business is historically weighted towards the second half. In FY26, H1 contributed ₹34.85 crore and H2 contributed ₹67.51 crore to the full-year revenue of ₹102.36 crore.

Balance Sheet (Standalone as of September 30, 2026, vs March 31, 2026)

  • Net worth: Increased to ₹66.13 crore (from ₹64.09 crore).
  • Total borrowings: Increased to ₹24.59 crore (from ₹20.38 crore), resulting in a debt-to-equity ratio of 0.37x.
  • Dues to micro and small enterprises: Reduced significantly to ₹2.63 crore (from ₹9.94 crore).

Order Book and New Contracts

New Orders Secured (Since April 2026): The company reported three new contracts aggregating ₹241.81 crore. These are in the areas of railway power supply installations, railway infrastructure works, and tunnel rehabilitation. This amount is approximately 2.4 times the company's FY26 revenue from operations of ₹102.36 crore.

Outstanding Order Book: The outstanding quantified order value stands at ₹325.15 crore across eight fixed-value projects. This is equivalent to approximately 3.2 times FY26 revenue. The portfolio spans railway infrastructure, tunnel construction and rehabilitation, MEP works, grouting, slope stabilisation, and waterproofing.

Project-wise Order Book Details:

| Project | Client | Project Value (₹ crore) | Outstanding Value (₹ crore) as on 30/09/2026 |

| J&K twin-tube tunnel – Package 2 | Sarala Projects Works Pvt. Ltd. | 80.13 | 2.87 |

| Chindwara – grouting | Mosh Varaya Infrastructure Ltd. | 12.50 | 6.67 |

| Kottavallasa–Koraput tunnel | KSR Infracon Pvt. Ltd. | 80.00 | 55.80 |

| Kasara–Igatpuri tunnel (Apr 2024) | Mosh Varaya Infrastructure Ltd. | 17.28 | 9.90 |

| Mangalore – slope protection | Mosh Varaya Infrastructure Ltd. | 15.00 | 8.16 |

| Kasara–Igatpuri tunnel (Jun 2026) | Mosh Varaya Infrastructure Ltd. | 13.93 | 13.93 |

| Konkan Railway – transmission | Ajanma Industries LLP | 72.24 | 71.20 |

| Konkan Railway | Nalanda Engicon Pvt. Ltd. | 156.61 | 156.61 |

| Total Quantified Orders | | 447.69 | 325.15 |

Additionally, there are three open orders for which the remaining contract value is not quantified:

1. East Coast Railway – waterproofing (Client: KSR Infracon Pvt. Ltd.)

2. East Coast Railway – waterproofing (Client: Ram Steel Infra Ltd.)

3. Rishikesh–Karnaprayag – waterproofing (Client: Megha Engineering Ltd.)

Total work executed through September 30, 2026, amounts to ₹127.09 crore, which includes ₹4.55 crore executed on the open orders.

IPO Proceeds Utilization

The gross IPO proceeds of ₹28.09 crore, raised in October 2025, were fully utilized by September 30, 2026.

As approved by shareholders through a special resolution, ₹4.95 crore originally allocated for the purchase of machinery was reallocated to working capital.

| Utilization Object (₹ crore) | As per Prospectus | Revised (per special resolution) | Utilized to Sep 30, 2026 |

| Purchase of machinery | 4.95 | – | – |

| Working capital | 14.00 | 18.95 | 18.95 |

| General corporate purposes | 6.03 | 6.03 | 6.03 |

| Issue expenses | 3.11 | 3.11 | 3.11 |

| Total | 28.09 | 28.09 | 28.09 |

Management Commentary

Mr. Sanjay Kumar, Managing Director, commented on the performance:

  • The first half was a period of building, with new orders secured worth ₹241.81 crore.
  • Revenue grew modestly, in line with the company's traditional second-half weighting.
  • Material efficiency improved by over 500 basis points.
  • Margins were lower due to investments in strengthening teams and execution capacity for larger contracts.
  • The priority is now timely, disciplined execution of the order book, careful working capital management, and selective bidding in tunnelling, railway, and power infrastructure, where a strong pipeline is seen.

Outlook and Guidance

  • The company expects to execute approximately 35% of its ₹325 crore unexecuted order book in H2 FY27.
  • It will continue to focus on timely execution, cost discipline, and working capital management.
  • The company will pursue opportunities in tunnelling, railway, and power infrastructure.