Vascon Engineers Limited (VASCONEQ)
₹33.53 +11.17% last close, 16 Oct
Latest quarterly results (Q4 FY26)
In its latest reported quarter, Q4 FY26, Vascon Engineers' revenue was ₹253 Cr (-34.6% year on year, +13.1% on the previous quarter), and net profit ₹5.7 Cr (-83.5% year on year); the operating margin was 4.2%.
| Q4 FY26 (₹ Cr) | Value | YoY vs Q4 FY25 | QoQ |
|---|---|---|---|
| Revenue | ₹253 | -34.6% | +13.1% |
| Operating profit | ₹10.6 | -71.9% | -52.6% |
| Net profit | ₹5.7 | -83.5% | -66.9% |
| EPS (₹) | 0.25 | -83.8% | -68.4% |
| Operating margin | 4.2% | — | — |
VASCONEQ delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 5.67% of the VASCONEQ shares traded on NSE were taken to delivery, against the stock's own 20-session average of 56.49%. The price rose 11.17% on unusually low delivery, so more of the move than usual was intraday trading. It traded 27.1 times its average daily volume.
Delivery in the last 5 sessions: 51.0% · 61.1% · 58.2% · 61.4% · 5.7%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Vascon Engineers Limited disclosed under Regulation 30 that its statutory auditor, M/s. Sharp & Tannan Associates, Chartered Accountants, has converted into a Limited Liability Partnership (LLP). The firm will now operate as M/s. Sharp & Tannan Associates LLP (FRN 109983W/W101313). The company confirmed that this structural conversion involves no change in the audit engagement, and the auditors will continue to serve for their remaining term.
- Auditor M/s. Sharp & Tannan Associates converted into an LLP under the Limited Liability Partnership Act, 2008
- New registered entity name is M/s. Sharp & Tannan Associates LLP with FRN 109983W/W101313
- Company confirmed no change in audit engagement or obligations for the remaining tenure
- Announcement dated October 16, 2026 submitted pursuant to Regulation 30 of SEBI LODR Regulations
Vascon Engineers Limited has secured a Letter of Acceptance for an EPC contract valued at ₹198.00 crore (excluding taxes) from the State Bank of India. The project involves the construction of SBILD, residential flats, and other commercial outfits at Hinjewadi, Pune. The contract is slated for completion within 24 months. At ₹198 crore, the order represents approximately 21.4% of the company's TTM revenue of ₹924 crore and about 29.3% of its current market capitalization of ₹676 crore.
- Received Letter of Acceptance for ₹198.00 crore (excluding taxes) from State Bank of India
- Scope covers construction of SBILD, residential flats, and commercial outfits at Hinjewadi, Pune
- Execution timeline set at 24 months
- Contract awarded under EPC mode domestically with no promoter or related party interest
Vascon Engineers Limited has submitted its Reconciliation of Share Capital Audit Report under Regulation 76 of SEBI Regulations for the quarter ended September 30, 2026. The company's total issued and listed capital stands unchanged at 23,16,97,111 shares with a face value of Rs 10 each. CDSL holds 59.91% (13,88,04,894 shares) and NSDL holds 40.09% (9,28,92,217 shares), with 0 shares in physical form. The company reported a total of 94,049 individual shareholder accounts at the end of the quarter, with no changes in share capital during the period.
- Total issued and listed capital is 23,16,97,111 equity shares of Rs 10 face value
- 100% of shares are dematerialised: 59.91% in CDSL and 40.09% in NSDL
- Total individual shareholder count stands at 94,049 as of September 30, 2026
- Nil changes in share capital occurred during the quarter
Vascon Engineers has received a Letter of Intent/work order valued at ₹660.79 crore (inclusive of taxes) from Qualcomm India Private Limited. The contract entails the 'Design and Build, GMP Contract' for an office facility (Block K) comprising three basements, Ground + 12 floors, and infrastructure in Bengaluru. The execution period is 30 months from the date of site handover. This single order represents approximately 71.5% of Vascon's TTM revenue of ₹924 crore and nearly 88.6% of its current market capitalization (₹746 crore).
- Work order size of ₹660.79 crore (including taxes)
- Contract awarded by Qualcomm India Private Limited on a Design and Build, GMP Contract basis
- Scope involves developing Block K with 3 basements and Ground + 12 floors in Bengaluru
- Execution timeline is 30 months from the date of site handover
- Order value constitutes ~71.5% of Vascon's TTM revenue of ₹924 crore
Vascon Engineers Limited has announced updated credit ratings from CRISIL Ratings Limited. The rating agency assigned/reaffirmed a 'CRISIL BBB+/Stable' rating for the company's long-term bank facilities and 'CRISIL A2' for its short-term facilities. With total debt at Rs 299 Cr (D/E of 0.26), maintaining an investment-grade rating with a stable outlook supports the company's borrowing capability for its ongoing EPC and real estate operations.
- CRISIL Ratings assigned/reaffirmed 'CRISIL BBB+/Stable' rating for Long Term Facilities.
- CRISIL Ratings assigned/reaffirmed 'CRISIL A2' rating for Short Term Facilities.
- Rating release issued by CRISIL on August 21, 2026.
Vascon Engineers released its Q1 FY27 earnings call transcript, reporting an EPC order book of ₹2,850 crore (external ₹2,531 crore, internal ₹319 crore), which provides roughly 3x coverage on annual revenue. Management acknowledged Q1 FY27 execution moderated due to temporary cash flow constraints on two key government projects, expecting fund flows to resume from August 2026. The company is targeting ₹1,500 crore to ₹2,000 crore in fresh EPC order inflows in FY27, backed by a recent ₹295 crore CPWD win and a ₹126 crore LOI from Maharashtra PWD. In real estate, bookings stood at ₹66 crore in Q1 FY27 alone versus ₹113 crore in the entire FY26.
- Total EPC order book stood at ~₹2,850 crore as of June 30, 2026 (~308% of TTM revenue)
- Secured ₹295 crore CPWD Guwahati order and received ₹126 crore LOI from Maharashtra PWD on August 12, 2026
- FY27 new EPC order intake target set between ₹1,500 crore and ₹2,000 crore
- Real estate pre-sales achieved ₹66 crore in Q1 FY27 vs ₹113 crore in full-year FY26
- Available unutilized banking limits stood at ~₹355 crore out of ₹760 crore sanctioned
Vascon Engineers Limited has informed stock exchanges regarding the availability of the audio recording for its analyst meet held on August 14, 2026. The meet covered the unaudited standalone and consolidated financial results for the quarter ended June 30, 2026. The audio link has been hosted on the company's investor portal pursuant to SEBI Listing Regulations. No new financial data or corporate events were introduced in this compliance filing.
- Analyst/investor meet was conducted on August 14, 2026.
- Discussion pertained to unaudited financial results for the quarter ended June 30, 2026.
- Audio recording made accessible on the company website under Regulation 46(2)(oa)(i) of SEBI LODR.
Vascon Engineers Limited has secured a Letter of Intent (LoI) worth ₹126.39 crore from the Maharashtra Public Works Department (PWD) for the development of a 300-bedded general hospital in Wardha Nagpur. This order represents approximately 13.7% of the company's TTM revenue of ₹924 crore, providing significant revenue visibility. The project is to be executed on an item-rate basis over a 24-month period. This win aligns with the company's stated strategy to scale its EPC business to ₹1,400+ crore by FY27 through government-funded infrastructure projects.
- Order value of ₹126.39 crore (excluding GST) awarded by PWD, Arvi Division, Wardha Nagpur.
- Execution timeline set at 24 months from the date of receipt of the order.
- The contract is awarded on an 'Item Rate Basis' for a 300-bedded general hospital.
- Order value represents approximately 17.6% of the company's current market capitalization of ₹718 crore.
Vascon Engineers reported a weak Q1FY27 with consolidated revenue falling 31% YoY to ₹152 Cr and PAT dropping to ₹2 Cr from ₹22.5 Cr. The company attributed the execution shortfall to cash flow constraints in two major government projects, though monthly fund inflows are expected to resume from August 2026. Despite the quarterly dip, the order book remains robust at ₹2,850 Cr (approx. 3x FY26 EPC revenue), supported by a fresh ₹295 Cr win from CPWD. Net debt increased significantly to ₹152 Cr from ₹91 Cr in the previous quarter.
- Total Order Book stands at ₹2,850 Cr, providing revenue visibility of ~3x FY26 EPC revenues.
- Q1FY27 consolidated revenue fell to ₹152 Cr from ₹221 Cr in Q1FY26, a 31% YoY decline.
- EBITDA margins compressed sharply to 6% in Q1FY27 from 14% in Q1FY26.
- Net debt rose to ₹152 Cr as of June 30, 2026, compared to ₹91 Cr in March 2026.
- Secured a new order worth ₹295 Cr from CPWD for the construction of RBI Colony in Guwahati.
Vascon Engineers reported a sharp decline in profitability for Q1 FY27, with consolidated Profit Before Tax (PBT) falling to ₹2.45 Cr from ₹27.05 Cr in the same quarter last year. This 91% YoY drop is partially attributed to a high base in Q1 FY26, which included a ₹17.50 Cr one-off gain from the sale of an investment in Ascent Hotels. The company is currently raising ₹80 Cr via a preferential warrant issue priced at ₹40 per share, which is a significant premium over the current market price of ₹32. Additionally, a legal dispute has emerged regarding the divestment of its subsidiary Almet Corporation, leading to the transaction being held in abeyance.
- Consolidated PBT declined 91% YoY to ₹2.45 Cr for the quarter ended June 30, 2026.
- Preferential issue of 2,00,00,000 warrants at ₹40 each to raise ₹80 Cr, representing ~11% of current market cap.
- Company has received 25% of the warrant allotment money (₹20 Cr) as of July 27, 2026.
- EPC segment profit stood at ₹23.46 Cr, while Real Estate contributed ₹2.36 Cr before unallocable expenses.
- Divestment of subsidiary Almet Corporation Limited is stalled due to a dispute among transferees, though control is relinquished.
Vascon Engineers has scheduled its earnings conference call for the quarter ended June 30, 2026, on Friday, August 14, 2026, at 11:30 AM IST. The management, including the Group CEO and CFO, will discuss the unaudited financial results and recent developments. This follows a fiscal year (FY26) where the company reported TTM revenue of Rs 924 Cr and a PAT of Rs 57 Cr. Investors will be looking for updates on the company's stated goal to scale the EPC business to Rs 1,400+ Cr by FY27.
- Earnings conference call scheduled for August 14, 2026, at 11:30 AM IST
- Management to discuss unaudited financial results for the quarter ended June 30, 2026
- Company highlights a track record of 225+ projects delivered over 40+ years
- Operations span 30+ cities with over 50 million sq. ft. of projects delivered to date
Vascon Engineers Limited has reported the successful passage of all six resolutions at its Annual General Meeting held on August 07, 2026. Key approvals include the adoption of FY26 audited financial statements and the ratification of material related party transactions with Vascon Developers LLP. The resolution for related party transactions passed with 97.57% of valid votes in favor, following the mandatory exclusion of 7.04 crore promoter shares. Additionally, shareholders approved the appointment of two independent directors, ensuring board continuity.
- All 6 resolutions passed with requisite majority at the AGM held on August 07, 2026.
- Resolution 6 regarding Material Related Party Transactions passed with 97.57% of valid public votes in favor.
- 7,03,92,245 promoter shares were excluded from the Related Party Transaction vote as per SEBI regulations.
- Total of 8,79,54,898 shares were voted, representing 37.96% of the total paid-up share capital.
- Appointment of Mr. Divya Maneklal Shah as Independent Director approved for a 5-year term starting May 15, 2026.
Vascon Engineers Limited concluded its 41st Annual General Meeting on August 07, 2026, where shareholders considered the adoption of FY26 audited financial statements. The company reported FY26 revenue of ₹923.66 Cr and a net profit of ₹56.92 Cr, reflecting a decline from FY25 levels. Key resolutions included the approval of material related party transactions with Vascon Developers LLP and the appointment of new independent directors. Management reiterated its strategic goal to scale the EPC business to ₹1,400+ Cr by FY27, targeting a 20% CAGR.
- 41st Annual General Meeting held on August 07, 2026, to adopt standalone and consolidated FY26 financial statements.
- Approval sought for material related party transactions with Vascon Developers LLP.
- Appointment of Mr. Divya Maneklal Shah as Independent Director for a 5-year term effective May 15, 2026.
- Company maintains a target to grow EPC revenue from ₹1,007.2 Cr in FY25 to ₹1,400 Cr by FY27.
- Order book remains heavily weighted toward government projects at 78% of the total portfolio.
Vascon Engineers Limited has finalized July 31, 2026, as the cut-off date to determine shareholder eligibility for voting at its upcoming Annual General Meeting (AGM). The AGM is scheduled to take place on August 07, 2026. This announcement follows a prior communication dated July 16, 2026, and is a standard regulatory requirement under the Companies Act, 2013. Shareholders holding shares as of the cut-off date will be entitled to cast their votes on the resolutions proposed in the AGM notice.
- Cut-off date for voting eligibility is fixed as July 31, 2026
- Annual General Meeting (AGM) is scheduled for August 07, 2026
- Announcement follows the prior intimation sent on July 16, 2026
- Compliance is maintained under Section 108 of the Companies Act, 2013
Vascon Engineers has approved the allotment of 2,00,00,000 convertible warrants on a preferential basis to both promoter and non-promoter groups. The warrants are priced at Rs 40 each, representing a significant premium over the current market price of Rs 32.8. The company has received the mandatory 25% upfront payment (Rs 20 crore), with the remaining 75% (Rs 60 crore) payable within 18 months. This capital infusion will result in an 8.63% equity dilution upon full conversion.
- Allotment of 2,00,00,000 warrants at Rs 40 per unit, totaling a potential Rs 80 crore infusion
- Initial 25% payment of Rs 20 crore already received by the company
- Issue price of Rs 40 is approximately 22% higher than the current market price of Rs 32.8
- Total equity shares to increase from 23.17 crore to 25.17 crore on a fully diluted basis
- Warrant holders have 18 months to pay the remaining 75% balance for conversion
Financial Performance
Revenue Growth by Segment
The EPC segment is the primary driver, generating INR 1,007.2 Cr in FY 2024-25. Real Estate revenue saw a significant decline of 52% to INR 54 Cr in FY 2023-24 from INR 113 Cr in the previous year due to lower project deliveries. Total consolidated income grew 40.5% YoY to INR 1,089.91 Cr in FY 2024-25.
Geographic Revenue Split
The order book is heavily concentrated in Maharashtra at 43%, followed by Bihar at 15%, Tamil Nadu at 13%, Jharkhand at 9%, Goa at 9%, Chhattisgarh at 5%, Uttar Pradesh at 4%, and Rajasthan at 2%.
Profitability Margins
In Q2 FY26, the EPC segment reported a Gross Profit Margin of 13% and an EBITDA margin of 10%. The Real Estate segment, while smaller in revenue, maintained a higher Gross Profit Margin of 30% but reported an EBITDA loss of INR 3.64 Cr due to unallocated costs and timing of project launches.
EBITDA Margin
Consolidated EBITDA for FY 2024-25 was INR 99.90 Cr (9.1% margin), up 14.3% from INR 87.43 Cr in FY 2023-24. For Q2 FY26, the EBITDA margin stood at 10.3% (INR 53.32 Cr), with management targeting 10-12% for the full year FY26.
Capital Expenditure
Not explicitly disclosed in absolute INR Cr for future periods, but the company is following an asset-light strategy in Real Estate to reduce capital intensity and focusing on executing its INR 1,007.2 Cr EPC order book.
Credit Rating & Borrowing
CRISIL upgraded the long-term credit rating from BBB+ to A- with a Stable Outlook. The company maintains a healthy interest coverage ratio projected to be over 7 times over the medium term, with a current Debt to Equity ratio of 0.19.
Operational Drivers
Raw Materials
Key raw materials include cement, steel, and fuel. These are critical as fluctuations in their prices directly impact the cost of construction for the EPC and Real Estate segments.
Import Sources
Sourcing is primarily domestic, leveraging global sourcing strategies where necessary to protect profitability against commodity price variations.
Key Suppliers
Specific supplier names are not disclosed, but the company utilizes a 'global sourcing' approach and leverages its scale to achieve cost efficiency from major vendors.
Capacity Expansion
The company is scaling its EPC operations with a target to increase revenue from INR 1,007.2 Cr in FY25 to INR 1,200 Cr in FY26 and INR 1,400 Cr in FY27, representing a planned 20% annual growth in execution capacity.
Raw Material Costs
Raw material costs are managed through price-escalation clauses in most government and private EPC contracts, which partially mitigates the risk of volatility in steel and cement prices.
Manufacturing Efficiency
Efficiency is tracked via project execution momentum; major projects like the Mumbai Police Staff Quarters and Medical Colleges are key contributors to the current 40.5% revenue growth.
Logistics & Distribution
Not disclosed as a specific percentage of revenue, but logistics costs are embedded in the 'Cost of Sales' which was INR 456.86 Cr in Q2 FY26.
Strategic Growth
Expected Growth Rate
20%
Growth Strategy
The company plans to achieve 20% CAGR by scaling the EPC business to INR 1,400+ Cr by FY27. Strategy includes aggressive bidding for new projects (targeting INR 1,000 Cr in new orders), focusing on mid-to-premium housing redevelopment in Real Estate, and utilizing an asset-light model to ensure lower capital intensity.
Products & Services
EPC services for government and private infrastructure (Medical Colleges, Police Quarters) and residential real estate units (e.g., Tulip Phase 3 in Coimbatore).
Brand Portfolio
Vascon Engineers Limited, Vascon Value Homes, GMP Technical Solutions (divested).
New Products/Services
Focusing on redevelopment projects in the Real Estate segment and expanding the EPC portfolio into more government-funded infrastructure projects.
Market Expansion
Targeting a 20% top-line growth in the EPC segment by expanding execution in existing states like Maharashtra (43% of order book) and Bihar (15%).
Market Share & Ranking
Not explicitly ranked, but the company is a significant player in the Maharashtra EPC and Real Estate market with a net worth of INR 1,092.82 Cr.
Strategic Alliances
JVs and Associates include Phoenix Ventures, Cosmos Premises Pvt Ltd, Vascon Saga Construction LLP, and Vascon Qatar WLL.
External Factors
Industry Trends
The industry is seeing increased competition and pressure on margins. Vascon is positioning itself by shifting toward a higher-scale EPC model (INR 1,400 Cr+ target) to divide fixed costs over a larger revenue base.
Competitive Landscape
Intense competition in the EPC segment is leading to lower bidding margins, which the company plans to counter through operational scale and fixed-cost optimization.
Competitive Moat
Moat is built on a strong execution track record in government EPC projects and a diversified order book across 8 states. Sustainability is supported by an upgraded 'A-' credit rating and a low debt-to-equity ratio of 0.19.
Macro Economic Sensitivity
Sensitive to recessionary trends which impact the award of new jobs and interest rate movements that affect real estate demand and financing costs.
Consumer Behavior
Shift toward mid-to-premium housing and redevelopment projects where demand is more resilient to economic slowdowns.
Geopolitical Risks
Global trade volatility and commodity price fluctuations are identified as enterprise-wide risks that could indirectly affect growth and input costs.
Regulatory & Governance
Industry Regulations
Real estate projects are subject to RERA, environmental clearances, and changing local municipal regulations which can delay project launches.
Environmental Compliance
The company is embedding environmentally responsible practices into its operations, though specific ESG spend in INR is not disclosed.
Taxation Policy Impact
The effective tax rate for Q2 FY26 was approximately 20% (Tax of INR 8.54 Cr on PBT of INR 42.44 Cr).
Legal Contingencies
The company has disclosed pending litigations in Note 30 of its financial statements. Auditors issued an unmodified opinion, indicating that these litigations are appropriately disclosed and do not currently impair the 'true and fair view' of the financials.
Risk Analysis
Key Uncertainties
The primary uncertainty is the impact of competitive bidding on future margins, with a projected 0.5 to 0.75 basis point drop in EBITDA if new projects are bagged at lower rates.
Geographic Concentration Risk
High geographic concentration in Maharashtra, which accounts for 43% of the total order book.
Third Party Dependencies
Dependency on government agencies for 78% of the order book, making the company vulnerable to changes in public infrastructure spending and payment cycles.
Technology Obsolescence Risk
The company is adopting 'advanced quantitative tools' and 'operational excellence initiatives' to stay competitive, suggesting a moderate digital transformation status.
Credit & Counterparty Risk
Risk of delayed payments from developers or government agencies. Mitigated by disciplined working capital management and a diversified client portfolio.
