Vdeal System Limited (VDEAL)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, Vdeal System's revenue was ₹28.4 Cr (+16.4% year on year, +69.2% on the previous half-year), and net profit ₹2.9 Cr (+5.1% year on year); the operating margin was 18.8%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹28.4 | +16.4% | +69.2% |
| Operating profit | ₹5.3 | +26.1% | +127.4% |
| Net profit | ₹2.9 | +5.1% | +125.0% |
| EPS (₹) | 5.89 | +5.2% | +124.8% |
| Operating margin | 18.8% | — | — |
VDEAL delivery percentage and bulk deals
NSE end-of-day data for
On Fri, 16 Oct 2026, 100.0% of the VDEAL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 84.11%. That is higher than usual for this stock. Turnover was only ₹1 lakh, so a handful of trades can move this figure. Volume was under a tenth of its average. 1 bulk or block deal was reported in VDEAL in the last 60 days: ₹0.26 Cr sold, none bought.
Delivery in the last 5 sessions: 90.9% · 100.0% · 84.6% · 100.0% · 100.0%
| Date | Side | Counterparty | Value | Price | Quantity | Type |
|---|---|---|---|---|---|---|
| 29 Sep | Sell | Roopesh Talwar | ₹0.26 Cr | ₹104.01 | 25,200 | Bulk |
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
Vdeal System Limited reported the voting results of its 17th Annual General Meeting held on September 28, 2026. Out of 8 resolutions, 7 were approved, including financial statement adoption, auditor appointment, and material related-party transactions with Reveal Ai Technologies. However, Resolution 6 concerning the revision of remuneration for Mrs. Tapaswini Panda (Whole-time Director and CFO) failed to pass due to lack of a 75% special majority, securing only 64.71% non-promoter votes in favour (with promoters abstaining).
- Resolution No. 6 on remuneration revision for WTD & CFO Mrs. Tapaswini Panda was not passed, receiving 35.29% votes against from voting public shareholders
- Promoter group holding 32,76,560 shares (67.0% stake) abstained from voting on related party and director remuneration resolutions (Resolutions 5 to 8)
- Appointment of M/s. BAPS & Associates as Statutory Auditors for 5 consecutive years was approved unanimously with 100% votes polled
- Approval of material related-party transactions with Reveal Ai Technologies Private Limited was passed by public non-institutional voters
Vdeal System Limited announced the proceedings and shareholder approvals of its 17th Annual General Meeting held on September 28, 2026. Shareholders approved the appointment of M/s. BAPS & Associates as Statutory Auditors for a 5-year term through the 22nd AGM in 2031. Additionally, Ms. Tapaswini Panda was re-appointed as Whole-Time Director, and Mr. Tapan Kumar Tarania was regularised as an Independent Director for a 5-year term ending May 24, 2031. These actions represent standard corporate governance matters with no direct impact on immediate financial performance.
- Shareholders approved appointment of M/s. BAPS & Associates as Statutory Auditors for a 5-year term until 2031
- Re-appointment of Ms. Tapaswini Panda as Whole-Time Director (liable to retire by rotation)
- Regularisation of Mr. Tapan Kumar Tarania as Independent Director for a 5-year term from May 25, 2026 to May 24, 2031
- AGM held on September 28, 2026, at 11:30 AM at the registered office in Khordha, Odisha
Vdeal System Limited has secured a domestic purchase order valued at ₹5.40 crore (₹54,035,573.36) for the supply of a Power Distribution System from existing client Mogli Labs (India). The contract is scheduled to be fully delivered by January 15, 2027. This order represents approximately 6.8% of the company's TTM revenue of ₹79 crore, providing additional revenue visibility for FY27. The contract is executed in the normal course of business with no promoter interest or related-party involvement.
- Received domestic order worth ₹54,035,573.36 (₹5.40 Cr)
- Contract awarded by existing client Mogli Labs (India)
- Delivery completion scheduled by January 15, 2027
- Scope covers supply of Power Distribution System
Vdeal System Limited has secured an order worth ₹14,54,423 (approx. ₹0.15 crore) from existing domestic client NALCO. The contract entails the supply of a Power Distribution System and is scheduled for execution by January 12, 2027. Relative to the company's TTM revenue of ₹79 crore, this contract represents less than 0.2%, indicating negligible revenue impact.
- Order size is ₹14,54,423 from domestic client NALCO
- Scope covers the supply of a Power Distribution System
- Execution timeline specifies delivery to be completed by January 12, 2027
- Contract represents under 0.2% of TTM revenue of ₹79 crore
Vdeal System Limited has announced that its 17th Annual General Meeting (AGM) will be held on Monday, September 28, 2026, at 11:30 AM at its registered office in Khordha, Odisha. The company has fixed Monday, September 21, 2026, as the cut-off date to determine shareholder eligibility for remote e-voting. Remote e-voting will commence on September 25, 2026 (9:00 AM) and conclude on September 27, 2026 (5:00 PM). The share transfer books and register of members will remain closed from September 22 to September 28, 2026.
- 17th AGM scheduled for September 28, 2026, at 11:30 AM at Jatni, Khordha, Odisha
- Shareholder eligibility cut-off date for e-voting set for September 21, 2026
- Remote e-voting window open from September 25, 2026 (9:00 AM) to September 27, 2026 (5:00 PM)
- Book closure period scheduled from September 22, 2026, to September 28, 2026
Vdeal System Limited has issued the notice for its 17th Annual General Meeting (AGM) scheduled for September 28, 2026. Key agenda items include the adoption of FY2025-26 audited financial statements, appointment of M/s. BAPS & Associates as statutory auditors for 5 years, and approval of managerial remuneration revisions. Proposed compensation adjustments include raising MD & CEO Dhiraj Kochar's remuneration up to ₹45.00 Lakhs per annum and WTD & CFO Tapaswini Panda's remuneration from ₹25.00 Lakhs to ₹32.50 Lakhs per annum starting FY2026-27.
- 17th Annual General Meeting scheduled for Monday, September 28, 2026 at 11:30 AM IST.
- Cut-off date for e-voting eligibility set as September 21, 2026; remote e-voting runs September 25-27, 2026.
- Proposed revision of MD & CEO remuneration to ₹45.00 Lakhs per annum from FY 2026-27.
- Proposed hike in WTD & CFO Tapaswini Panda's remuneration from ₹25.00 Lakhs to ₹32.50 Lakhs per annum.
- Re-appointment of statutory auditors M/s. BAPS & Associates for a term of 5 consecutive years.
Vdeal System Limited convened a Board meeting on September 03, 2026, approving the notice for its 17th Annual General Meeting (AGM) scheduled for September 28, 2026. The cut-off date for e-voting is set as September 21, 2026, with remote e-voting taking place between September 25 and September 27, 2026. The Board approved the re-appointment of Whole-time Director Ms. Tapaswini Panda (holding 4,70,140 shares or 9.61% stake) and the regularisation of Mr. Tapan Kumar Tarania as an Independent Director, both subject to shareholder approval at the AGM.
- 17th Annual General Meeting convened for Monday, September 28, 2026, at 11:30 AM IST
- Record/Cut-off date for e-voting established as Monday, September 21, 2026
- Remote e-voting opens September 25, 2026 (9:00 AM) and closes September 27, 2026 (5:00 PM)
- Re-appointment of Whole-time Director Ms. Tapaswini Panda, who holds 4,70,140 equity shares (9.61% stake)
- Regularisation of Mr. Tapan Kumar Tarania as Non-Executive Independent Director approved
Vdeal System Limited has secured a new domestic order worth ₹16.17 lakh from an existing client, Jindal. The contract involves the supply of a Power Distribution System and is scheduled for completion by November 22, 2026. While the win reinforces the company's relationship with large industrial clients, the order value is small, representing only approximately 0.2% of the company's TTM revenue of ₹79 Cr. This follows the company's strategy of deepening ties with existing large-scale industrial players.
- New order valued at ₹16,17,426.00 for the supply of a Power Distribution System.
- Contract awarded by Jindal, an existing domestic client.
- Execution and delivery deadline set for November 22, 2026.
- Order value represents approximately 0.2% of the company's TTM revenue of ₹79 Cr.
Vdeal System Limited has secured a domestic order worth ₹78.64 lakhs from NALCO for the supply of Power System & Automation Panels. The contract is scheduled for completion by March 31, 2027. While the order value is relatively small, representing approximately 1% of the company's TTM revenue of ₹79 Cr, it signifies a successful bid with a major Public Sector Undertaking (PSU). This aligns with the company's stated strategy to expand its footprint in the industrial automation and power systems sector.
- Order value totaling ₹78,64,000 (approximately ₹0.79 Cr)
- Contract awarded by NALCO, a major domestic public sector entity
- Execution timeline set for completion by March 31, 2027
- Order magnitude represents ~1% of the company's TTM revenue of ₹79 Cr
Vdeal System Limited has secured a new domestic order worth ₹2.42 Cr from a new client, Neelachal Ispat, for the supply of a Power Distribution System. This contract represents approximately 3.06% of the company's TTM revenue of ₹79 Cr. The project is scheduled for completion by February 28, 2027. This win is strategically significant as it helps diversify the company's revenue stream, which has historically been highly concentrated with Kalpataru Projects (83%) and TPWODL (17%).
- New order valued at ₹2,42,13,600 (₹2.42 Cr) from Neelachal Ispat.
- Order represents approximately 3.06% of the TTM revenue of ₹79 Cr.
- Execution and delivery are mandated to be completed by February 28, 2027.
- The contract is from a new client, addressing the company's high client concentration risk.
- The scope involves the supply of a Power Distribution System in the domestic market.
Financial Performance
Revenue Growth by Segment
Not disclosed in available documents; however, the company secured new orders totaling INR 1.48 Cr in Q3 FY26, including INR 1.08 Cr for HV Panels/VFDs and INR 0.25 Cr for LT Panels.
Geographic Revenue Split
100% Domestic (India), based on recent contract awards from Kalpataru Projects International Limited and TPWODL.
Profitability Margins
Not disclosed in available documents. The management emphasizes 'enhanced shareholder value' through timely execution of the INR 1.48 Cr order book.
Operational Drivers
Raw Materials
Components for HV Panels, VFDs (Variable Frequency Drives), LT Panels, and Plant Power Systems. Specific raw material cost percentages are not disclosed.
Strategic Growth
Growth Strategy
Vdeal is pursuing a strategy of deepening relationships with existing large-scale clients like Kalpataru Projects International Limited and TPWODL. The company is expanding its footprint in the power systems and industrial automation space (HV/LT Panels and VFDs) with a focus on timely project commissioning to drive sustained business growth.
Products & Services
HV (High Voltage) Panels, VFDs (Variable Frequency Drives), LT (Low Voltage) Panels, and Plant Power Systems including supply, testing, and commissioning support.
Brand Portfolio
Vdeal System Limited
New Products/Services
Supply and commissioning support for LT Panels and Plant Power Systems, contributing to the current INR 1.48 Cr order pipeline.
Market Expansion
Expanding footprint through domestic infrastructure projects; specifically targeting power distribution and industrial automation sectors.
External Factors
Industry Trends
The industry is shifting toward automated power distribution and energy-efficient motor controls (VFDs). Vdeal is positioning itself as an integrated supplier of both HV/LT hardware and commissioning services to capture this shift.
Competitive Landscape
Competes with other domestic electrical panel manufacturers and industrial automation solution providers.
Competitive Moat
Competitive advantage stems from 'existing client' status with major players like Kalpataru and TPWODL, creating high switching costs and a track record of timely execution in specialized electrical panels.
Macro Economic Sensitivity
Sensitive to Indian infrastructure spending and power sector CAPEX, as evidenced by orders from power distribution and infrastructure companies.
Consumer Behavior
Industrial and utility clients are increasingly demanding end-to-end 'supply, testing, and commissioning' support rather than just hardware procurement.
Geopolitical Risks
Low immediate risk as current contracts are 100% domestic.
Regulatory & Governance
Industry Regulations
Compliance with SEBI (LODR) Regulations 2015 for corporate disclosures and board compositions. Operations must adhere to electrical safety and manufacturing standards for HV/LT panels.
Risk Analysis
Key Uncertainties
Execution risk for the INR 1.48 Cr order book with tight delivery timelines in January 2026.
Geographic Concentration Risk
100% concentration in the Indian domestic market.
Third Party Dependencies
High dependency on the capital expenditure cycles of Kalpataru Projects International Limited and TPWODL.
Technology Obsolescence Risk
Risk of shifting standards in VFD technology and power system automation requiring continuous product updates.
Credit & Counterparty Risk
Exposure to receivables from large infrastructure and utility firms; however, these are 'existing clients' which may mitigate collection risk.
