Financial Performance Highlights

Consolidated Performance (Infrastructure + Real Estate):

  • Revenue: ₹263.2 crore for H1 FY27, up 36.2% YoY from ₹193.2 crore in H1 FY26, and up 71.8% HoH from ₹153.3 crore in H2 FY26
  • EBITDA: ₹49.9 crore for H1 FY27, up 20.0% YoY from ₹41.6 crore
  • EBITDA margin: 19.0% for H1 FY27, down 250 bps from 21.5% in H1 FY26
  • Adjusted PAT (post minority interest): ₹30.8 crore for H1 FY27, up 68.2% YoY from ₹18.3 crore, and up 161.3% HoH from ₹11.8 crore in H2 FY26
  • H1 FY27 PAT exceeded full year FY26 PAT of ₹30.1 crore

Standalone Performance (Infrastructure Business):

  • Revenue: ₹167.0 crore for H1 FY27, up 28.6% YoY from ₹129.9 crore, and up 27.8% HoH from ₹130.7 crore in H2 FY26
  • EBITDA: ₹23.9 crore for H1 FY27, up 10.1% YoY from ₹21.7 crore
  • EBITDA margin: 14.3% for H1 FY27, down 240 bps from 16.7% in H1 FY26, but up 260 bps from 11.7% in H2 FY26
  • PAT: ₹15.0 crore for H1 FY27, up 9.7% YoY from ₹13.7 crore
  • Depreciation: ₹8.7 crore for H1 FY27, marginally up from H1 FY26
  • Finance cost: ₹3.6 crore for H1 FY27, up 17% YoY due to higher working capital requirements

Real Estate Business Contribution:

  • Real estate contributed ₹96.2 crore to consolidated revenue in H1 FY27 (37% of total)
  • Real estate contributed 33% of consolidated revenue in H1 FY26

Operational Highlights

Order Book Status:

  • Infrastructure order book stood at approximately ₹988 crore as of September 30, 2026
  • Includes construction and O&M contracts providing multi-year revenue visibility

New Contract Wins in H1 FY27:

  • Letter of Acceptance from Executive Engineer, Ambala City PHED for Construction of 60.00 MLD STP at Devi Nagar worth ₹104 crore (2 years Capex + 11 years O&M)
  • Letter of Intent for Sewerage works in proposed DSTP's at Mohammadpur Majri & Kanjhawala, Delhi worth ₹198.50 crore (24-month duration)
  • Letter of Acceptance from Superintending Engineer, Uttar Pradesh Jal Nigam (Rural), Varanasi for project worth ₹80 crore under Namami Gange Programme (DBOT basis) received in May 2026

Active Participation: Company remains active in tenders under central and state programmes including Namami Gange, Jal Jeevan Mission, AMRUT 2.0, and RDSS Scheme of Electrical

Real Estate Business Details

Ongoing Projects:

1. VVIP Namah (Ghaziabad): Mid-income semi luxury project on Delhi-Meerut Expressway

  • Saleable area: 6.22 lakh sq ft
  • Sold: 89% area
  • Flats booked: ₹367.45 crore
  • Collected: ₹302 crore
  • Status: ~95% construction complete; delivery in 3 months

2. VVIP Addresses Greater Noida West: Mid-income luxury project

  • Saleable area: 8.55 lakh sq ft
  • Sold: 56% area
  • Flats booked: ₹417.15 crore
  • Collected: ₹128 crore
  • Status: Construction on full swing; structure work completion in 18 months

3. VVIP Yamuna Expressway: Launched February 2026

  • Saleable area: 10.02 lakh sq ft
  • Sold: 58% area
  • Flats booked: ₹428.71 crore
  • Collected: ₹113 crore
  • Status: Exceptional sales velocity with ~₹113 crore collected in 6 months

Total Ongoing Projects:

  • Total saleable area: 24.79 lakh sq ft
  • Total flats booked: ₹1,213.31 crore
  • Total collected: ₹543 crore
  • Balance receivables: ~₹670 crore on sold inventory
  • 47% unsold area remaining to monetize

Pipeline Projects:

1. Madhuban-Bapudham:

  • Saleable area: ~11.0 lakh sq ft
  • Estimated project value: ~₹800+ crore
  • Land bank: 17,385 sq m
  • Launch planned within 3-4 months
  • Estimated project cost: ~₹550 crore

2. VVIP Namah Phase II:

  • Saleable area: ~5.20 lakh sq ft
  • Estimated project value: ~₹450 crore
  • Land bank: 5,563 sq m
  • Launch planned within 3-4 months
  • Estimated project cost: ~₹250 crore

Revenue Recognition: Real estate revenue recognition remains milestone-based, booked after achieving 25% physical and financial progress, leading to inherent lumpiness between periods

Management Commentary

Mr. Vaibhav Tyagi, Managing Director, commented on the strong H1 FY27 performance, highlighting:

  • Consolidated revenue growth of 36% YoY to ₹263 crore
  • H1 FY27 PAT of ₹30.8 crore exceeded full year FY26 PAT
  • Infrastructure business revenue growth of 28.6% with EBITDA margin recovery
  • Expansion into new geographies (Haryana and Delhi) with recent order wins
  • Order book of ₹988 crore represents 3.8 times FY26 standalone revenue
  • Expansion into Rajasthan and Madhya Pradesh markets
  • Pursuit of larger tenders in ₹300-500 crore range
  • Successful delivery record with possession handed over in all 16 completed projects covering over 62 lakh sq ft
  • Strong sales traction in current projects with ₹1,213 crore bookings and ₹543 crore collections
  • VVIP Namah on track for delivery in next 2-3 months
  • VVIP Yamuna 58% booked within months of February 2026 launch

Forward Guidance

Management provided the following guidance for FY27:

  • Standalone revenue growth: 50-55%
  • Standalone EBITDA margin: 14-16%
  • Standalone PAT margin: 9-11%
  • Effective order book (excl. O&M): ~₹871 crore providing 2 years revenue visibility
  • Bid pipeline: Selectively pursuing ₹300-500 crore tenders alongside ₹50-150 crore cadence

FY27 Catalysts:

  • Namah delivery in 3 months (~₹100 crore balance recognition)
  • Addresses GNW crossing 25% construction triggers POCM on ₹417 crore booked
  • Yamuna sales velocity continuation
  • Madhuban-Bapudham launch in 3 months adding ~₹900+ crore to topline visibility
  • Bhadohi LOA (₹81 crore) into reported book
  • New wins under AMRUT 2.0 / RDSS / JJM cycles