Key Financial Figures - H1FY27 Performance

Standalone Performance:

  • Revenue: ₹167.0 Cr, up 28.6% from ₹129.9 Cr in H1FY26
  • EBITDA Margin: 14.3% compared to 16.7% in H1FY26
  • PAT: ₹15.0 Cr, up 9.7% YoY and 66.8% compared to H2FY26
  • H1FY27 revenue equals 64% of full-year FY26 revenue

Consolidated Performance:

  • Revenue: ₹263.2 Cr, up 36.2% from ₹193.2 Cr in H1FY26
  • EBITDA: ₹49.9 Cr at 19.0% margin compared to 21.5% in H1FY26
  • Adjusted PAT (post-minority): ₹30.8 Cr, exceeding full-year FY26 PAT of ₹30.1 Cr
  • H1FY27 revenue equals 76% of full-year FY26 revenue

Balance Sheet Position (as of September 30, 2026)

Standalone Balance Sheet:

  • Net Worth: ₹195.48 Cr (vs ₹180.48 Cr as of March 31, 2026)
  • Long-term Borrowings: ₹16.27 Cr
  • Short-term Borrowings: ₹52.54 Cr
  • Trade Payables: ₹64.97 Cr
  • Total Assets: ₹359.49 Cr
  • Inventories: ₹96.49 Cr
  • Trade Receivables: ₹81.29 Cr
  • Cash & Cash Equivalents: ₹18.06 Cr

Consolidated Balance Sheet:

  • Net Worth: ₹259.84 Cr (vs ₹229.07 Cr as of March 31, 2026)
  • Long-term Borrowings: ₹160.70 Cr
  • Short-term Borrowings: ₹83.49 Cr
  • Total Assets: ₹967.56 Cr
  • Inventories: ₹642.12 Cr
  • Trade Receivables: ₹72.97 Cr
  • Cash & Cash Equivalents: ₹28.36 Cr

FY27 Guidance and Outlook

  • Reiterating 50-55% standalone revenue growth guidance for FY27
  • ₹383 Cr of new orders won in FY27, none billed by September 30, 2026, with billing to commence in H2FY27
  • Typical revenue split: H1 ~40%, H2 ~60%
  • Full-year EBITDA margins expected to stay within guided range of 14-16%
  • PAT margin guidance of 9-11%
  • Targeting ₹1,000 Cr consolidated revenue in 3-4 years

Order Book Details

Unexecuted Order Book: ₹988 Cr as of September 30, 2026 (2.5x FY27 guided revenue)

Construction Works (₹871 Cr across 14 contracts):

  • DJB, Delhi: STP & Sewerage, ₹198.50 Cr outstanding
  • UKPJN Rishikesh: STP & Sewerage, ₹124.24 Cr outstanding
  • PHED Ambala: STP & Sewerage, ₹104.00 Cr outstanding
  • OMIL-JWIL JV: Water Supply (JJM), ₹88.76 Cr outstanding
  • UPJN Bhadohi: STP & Sewerage, ₹80.97 Cr outstanding
  • Other contracts totaling ₹275.49 Cr outstanding

O&M Works (₹117 Cr across 4 contracts):

  • UP Jal Nigam: Civil, ₹75.09 Cr outstanding
  • UP Jal Nigam: Civil, ₹35.38 Cr outstanding
  • GDA: Civil, ₹4.61 Cr outstanding
  • Ghaziabad DA: Civil, ₹1.78 Cr outstanding

Real Estate Business Performance

VVIP Realtech Pvt Ltd (90.02% subsidiary) Performance:

  • H1FY27 Revenue: ₹96.2 Cr
  • H1FY27 PAT: ₹15.8 Cr (51% of group adjusted PAT)
  • Total Bookings: ₹1,213.31 Cr across three projects
  • Total Collections: ₹543 Cr
  • Total Receivables: ₹670 Cr
  • Total Unsold Inventory Value: ₹900 Cr (estimated)

Active Projects:

  • VVIP Namah, Ghaziabad: 6.22 lakh sq ft, 89% sold, ₹367.45 Cr booked, ₹302 Cr collected, completion by August 2028
  • VVIP Addresses GNW: 8.55 lakh sq ft, 56% sold, ₹417.15 Cr booked, ₹128 Cr collected, completion by October 2029
  • VVIP Yamuna: 10.02 lakh sq ft, 58% sold, ₹428.71 Cr booked, ₹113 Cr collected, completion by October 2030

Pipeline Projects (Expected launch within 3-4 months):

  • Madhuban-Bapudham: ~11.00 lakh sq ft, estimated sale value ~₹800 Cr
  • VVIP Namah Phase II: ~5.20 lakh sq ft, estimated sale value ~₹450 Cr

Management Overview

Board of Directors:

  • Mr. Praveen Tyagi - Promoter & Director
  • Mr. Vaibhav Tyagi - Managing Director
  • Mr. Vibhor Tyagi - Whole Time Director
  • Independent Directors: Mr. Adarsh Rastogi, CS. Nupur Arora, CA. Varun Agarwal

Key Management Personnel:

  • Mr. Rajeev Kumar Singh - CEO
  • Mr. Prashant Wahi - CFO
  • Mr. Arun Sabharwal - Head - Human Resources
  • Mr. D K Sharma - Head-Procurement
  • Ms. Kanchan Aggarwal - Company Secretary & Compliance Officer
  • Mr. Tarun Kumar Singh - Head - Marketing

Operational Highlights

  • 25+ years of execution excellence with zero-default delivery track record
  • 700+ employees including 150+ certified engineers
  • Integrated capabilities across water infrastructure, sewerage systems, electrical infrastructure, and real estate
  • Delivered 50+ complex turnkey projects
  • Recent expansion into Delhi and Haryana with new STP/Sewer Network tenders
  • Debt-to-equity ratio of 0.94x, ROCE of 20%