EPC EBITDA: ₹13 crores with ~9% margin (Q1 FY27) vs 8% margin (Q1 FY26)
Real Estate Revenue: ₹4 crores with EBITDA loss of ₹4 crores (Q1 FY27)
Net Debt: ₹152 crores as of June 30, 2026
Banking Facilities: Total sanctioned limits of ₹760 crores, with ₹355 crores unutilized
Order Book & Project Updates
EPC Business
Total Order Book: ₹2,850 crores as of June 30, 2026
External EPC: ₹2,531 crores
Internal EPC: ₹319 crores
New Orders:
₹295 crores order from CPWD for RBI Colony construction in Guwahati
LOI worth ₹126 crores (ex-GST) from Maharashtra PWD for 300-bed General Hospital at Wardha (received August 12, 2026)
Order Intake Target: ₹1,500-2,000 crores for FY27
Execution Challenges: Temporary cash flow constraints in two major government projects (Bihar Supaul and Sindhudurg projects) impacted Q1 execution. Fund flows expected to commence from August 2026.
Project Status:
Vedanta project resumed after being stalled
Royal Rides (Goa, ₹225 crores) project stalled with only ₹10-15 crores revenue recognized
Vashi Hospital project expected to start in current quarter
Coimbatore and Tower of Ascend (Kharadi) projects targeting completion this year
Real Estate Business
Q1 FY27 Performance:
Booking Value: ₹66 crores (vs ₹113 crores in FY26)
New Sales: 30,690 square feet
Collections: ₹20 crores
Orchid Project: ₹38 crores booking value in Q1, cumulative ₹87 crores
Project Pipeline:
Tranquil Heights (Powai): Launched second week of June 2026
Prakash (Santacruz West): Received RERA approval, launch expected shortly
Tower of Future (Baner, Pashan, Pune) and Ajanta (Kharadi) in pipeline
Total pipeline: 1.74 million square feet salable area, ~₹2,000 crores estimated sales value (~₹1,000 crores attributable to Vascon)
Completion Timeline:
Santacruz project: Target completion by end FY27
Powai project: 36-month development timeline
Prakash Society: 24-month development timeline
Capital & Financing
Preferential Issue: Approved issue of up to 2 crore convertible warrants
Funds to be used 60-70% for real estate, balance for EPC working capital and corporate purposes
Funds to come in tranches over 18 months
Strategic investor and promoter family participating
Management Commentary & Outlook
EPC Focus: Accelerate execution, secure large civil construction projects from government and private clients
Real Estate Ambition: Target annual booking value of ₹1,200-1,500 crores by FY31
Capability Building: Strengthened teams in business development, sales/marketing, and quality control
Adani Engagement: Ongoing collaboration on 3-4 projects, but revenue recognition unlikely before Q4 FY27 or FY28
FY27 Revenue Target: Maintained at ₹1,200 crores with expectation of ₹200+ crores from real estate and ₹1,000 crores from EPC
Working Capital: Net working capital cycle increased from 45 days to 65-70 days due to geopolitical instability and local issues
Other Updates
Thane Land Parcel: Acquisition under process but not completed
Government Corridor Acquisition: No progress in last 3-6 months, awaiting decision
Reliance Order: Mutually canceled due to design changes shifting to Mivan construction method
