Financial Performance - Standalone (Infrastructure Business)

For FY2026, standalone revenue was ₹2,606.35 million, down 5.93% from ₹2,770.51 million in FY2025. Half-yearly performance showed H2FY26 revenue of ₹1,307.13 million compared to ₹1,666.14 million in H2FY25, a decrease of 21.54%.

Standalone EBITDA for FY2026 was ₹369.81 million (EBITDA margin 14.19%), down 7.47% from ₹399.65 million (EBITDA margin 14.43%) in FY2025. H2FY26 EBITDA was ₹153.08 million (margin 11.71%) compared to ₹236.78 million (margin 14.21%) in H2FY25.

Standalone PAT for FY2026 was ₹226.67 million, down 13.68% from ₹262.62 million in FY2025. H2FY26 PAT was ₹89.94 million compared to ₹160.65 million in H2FY25, a decrease of 44.5%.

Diluted EPS for FY2026 was ₹9.08 per share, down from ₹11.48 per share in FY2025. H2FY26 diluted EPS was ₹3.60 compared to ₹7.02 in H2FY25.

Depreciation for FY2026 increased to ₹15.3 million from the previous year. Finance cost for FY2026 was ₹63.4 million, up 28% from FY2025 due to higher working capital requirements.

Financial Performance - Consolidated (Infrastructure + Real Estate)

Consolidated revenue for FY2026 was ₹3,464.93 million, down 6.52% from ₹3,706.67 million in FY2025. H2FY26 consolidated revenue was ₹1,532.53 million compared to ₹1,997.46 million in H2FY25, a decrease of 23.28%.

Consolidated EBITDA for FY2026 was ₹715.48 million (EBITDA margin 20.65%), down 8.35% from ₹780.70 million (EBITDA margin 21.06%) in FY2025. H2FY26 consolidated EBITDA was ₹314.69 million (margin 20.53%) compared to ₹352.85 million (margin 17.66%) in H2FY25.

Consolidated PAT for FY2026 was ₹300.72 million, down 16.69% from ₹360.98 million in FY2025. H2FY26 PAT was ₹117.75 million compared to ₹185.83 million in H2FY25, a decrease of 36.63%.

Adjusted PAT (post minority interest) was ₹117.7 million in H2FY26 and ₹300.7 million in FY2026.

Depreciation and amortization for FY2026 was ₹25.14 million, higher than ₹17.7 million in FY2025. Finance cost increased to ₹70.3 million in FY2026 from ₹53.8 million in FY2025.

Business & Operational Highlights

The company maintains a healthy infrastructure order book of approximately ₹7.6 billion across construction and O&M contracts as of March 2026.

VVIP recently received a Letter of Acceptance from the Office of the Superintending Engineer, Circle Office, Madhopur, Sigra, Uttar Pradesh Jal Nigam (Rural), Varanasi, for a project with aggregate contract value of ₹809 million under the National Mission for Clean Ganga (Namami Gange Programme) on a Design, Build, Operate and Transfer (DBOT) basis.

The company remains active in tenders under central and state programmes including Namami Gange, Jal Jeevan Mission, AMRUT 2.0, and RDSS Scheme of Electrical.

Execution Across Verticals

  • Water & Wastewater (STP & Sewerage): Projects across Etawah, Kasganj, Shahjahanpur, Mathura and Ghaziabad using SBR technology with long-term O&M contracts
  • Water Supply (Jal Jeevan Mission): Large rural water supply schemes in Rampur, Farrukhabad and Kasganj with 10-year O&M responsibilities
  • Electrical Distribution: Distribution network projects in Uttar Pradesh and Uttarakhand including Meerut, Roorkee, Moradabad and Baghpat

Real Estate Business (VVIP Realtech Pvt Limited)

The company is developing three residential projects:

  • VVIP Namah (Ghaziabad): Mid-income project with ~300 flats, 6.93 lakh sq ft saleable area, 77% sold, ₹352.8 crore booked, ₹280.5 crore collected. ~85% construction complete with delivery expected in 9 months. Balance ~₹320 crore converts to revenue as POCM milestones cross.
  • VVIP Addresses (Greater Noida West): Mid-income semi-luxury project with ~300 flats, 8.55 lakh sq ft saleable area, 55% sold, ₹409.2 crore booked, ₹118.1 crore collected. 125 flats booked in early months. Revenue recognition triggers at 25% construction (tentatively FY27).
  • VVIP Yamuna (Yamuna Expressway): Launched February 2026 with RERA registration for Sector 22D, Yamuna Expressway. Comprises 484 residential units and 18 commercial shops, 10.02 lakh sq ft saleable area, 53% sold, ₹396.4 crore booked, ₹60.6 crore collected in 3 months.

Total across 3 active projects: 25.49 lakh sq ft saleable area, ₹1,158.4 crore booked, ₹459.2 crore collected. Balance receivables ~₹699 crore on sold inventory with 47% unsold area remaining.

Additional land bank: Madhuban Bapudham with ~17,385 sq m land, estimated project cost ~₹650 crore, launch expected within 6 months with estimated revenue potential of ₹900+ crore.

Revenue recognition from real estate remains milestone-based, triggered after achieving 25% physical and financial progress.

Management Commentary

Mr. Vaibhav Tyagi, Managing Director, commented that FY2026 saw government infrastructure spending delays affecting order flows industry-wide. The company maintained stable margins through project selection discipline and execution. Early signs of recovery are visible, including a Letter of Award from Bhadohi for an STP project worth ₹81 crore. Real estate demand remained measured but consistent with improved collections through the year.

Forward Guidance

Management guides for standalone (infrastructure EPC business) revenue growth of 50-55% for FY2027, with standalone EBITDA margin of 14-16% and standalone PAT margin of 9-11%. This is supported by an effective order book of ~₹837 crore providing 2 years of revenue visibility.

FY2027 catalysts include:

  • Namah delivery in 9 months (~₹320 crore balance recognition)
  • Addresses GNW crossing 25% construction triggering POCM on ₹409 crore booked
  • Yamuna sales velocity continuation
  • Madhuban-Bapudham launch in 6 months adding ~₹900+ crore to topline visibility
  • Bhadohi LOA (₹81 crore) conversion to reported order book
  • New wins under AMRUT 2.0 / RDSS / JJM cycles

The company is selectively pursuing ₹300-500 crore tenders alongside the ₹50-150 crore cadence.