Synopsis: Crossing the Rs.500 crore revenue threshold for the first time, Viviana Power Tech has reported 143 percent revenue growth and 167 percent net profit growth for FY26, while simultaneously announcing a Rs.100 crore greenfield transformer manufacturing facility and receiving NSE Mainboard migration approval though a back-loaded revenue profile and persistently negative operating cash flows are risks that the capex cycle will amplify.
A power transmission and distribution EPC company came into focus after announcing record audited consolidated financials for the year ended March 31, 2026, alongside a major capital allocation decision that reshapes its long-term business model. The results, approved by the board on May 25, 2026, were accompanied by NSE Mainboard migration approval and a Rs. 100 crore greenfield manufacturing commitment developments that together mark a meaningful step-change in the company’s profile.
With a market capitalisation of Rs. 940.59 crore, the shares of Viviana Power Tech Limited were last recorded at Rs.929 per share, up 10.83 percent from its previous close of Rs.838.25. It is trading at a P/E of 15.88.
Viviana Power Tech reported consolidated revenue from operations of Rs. 531.25 crore in FY26, up 143 percent from Rs.218.96 crore a year earlier, the first time the company has crossed the Rs. 500 crore revenue mark. EBITDA rose 136 percent to Rs. 75.91 crore, and net profit grew 167 percent to Rs.52.73 crore. Net profit margin expanded 0.92 percent to 9.93 percent. EPS stood at Rs.52.33 for FY26, compared to Rs. 31.94 in the prior year.
One aspect of the headline numbers that warrants context: approximately Rs.257 crore of FY26’s Rs.531 crore revenue was executed in March 2026 alone, accounting for nearly 48 percent of full-year revenue in a single month. While project completion timelines in EPC are inherently lumpy, this level of back-loading has direct working capital consequences.
Debtor days were already elevated at 207 days as of FY25 and the company itself acknowledged in the filing that receivables rose further in FY26, driven by the March surge. In FY25, the company generated negative operating cash flow of Rs. 14 crore despite reporting Rs.19.72 crore in net profit. With a comparable execution pattern in FY26, free cash flow is likely to remain under pressure even as reported earnings have materially improved.
Order Pipeline
Following a postal ballot in March 2026, the company received approval to migrate from NSE SME to the NSE Mainboard. The move widens access to institutional investors and may improve stock liquidity over time. The order book stands at over Rs.950 crore, including Battery Energy Storage System (BESS)-related opportunities, with an active bidding pipeline of over Rs.1,240 crore figures that provide reasonable near-term revenue visibility, though execution concentration risk remains a live variable in the timing of revenue recognition.
The board has approved a Rs.100 crore capital expenditure to establish a greenfield, multi-product power transformer and equipment manufacturing facility near Vadodara. The facility is designed to produce transformers up to 400 kV in the initial phase with capacity eventually extendable to 765 kV alongside shunt reactors, converter-duty transformers, and unitised package substations. Production is targeted to commence in the second half of FY28.
This investment represents a structural shift for Viviana from a pure-play EPC contractor to a vertically integrated power infrastructure company. The foundation for the expansion is the company’s subsidiary Aarsh Transformers, where it previously built transformer manufacturing capabilities up to 500 kVA, developed CRGO and copper supply chain relationships, and completed the CPRI certification process. Aarsh is being expanded to 7.5 MVA to address the renewable energy segment in the interim.
Management has set internal targets of Rs.1,000–1,200 crore in segment revenue at full scale by FY32, with a 9–10 percent PAT margin, and Rs.200 crore in consolidated PAT by FY30–31. These targets assume timely commissioning, successful CPRI type-testing for high-voltage equipment, and continued power sector capital expenditure. The Rs.100 crore facility will be funded through a mix of internal accruals, equity, and debt in a company that has consistently generated negative operating cash flows, the composition and cost of this funding mix will be a key variable to track as the capex cycle unfolds.
Business Overview
Viviana Power Tech Limited is an EPC company operating across power transmission, distribution, and industrial electrical projects in India. It executes turnkey projects covering the supply, erection, testing, and commissioning of transmission lines and EHV substations at 400/220/132/66/33 kV levels, serving state government utilities, private power entities, and renewable energy developers.
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