Viviana Power Tech Limited (VIVIANA)
₹796.10 -11.87% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Viviana Power's revenue was ₹72.4 Cr (+128.5% year on year, -83.6% on the previous quarter), and net profit ₹6.0 Cr (+84.1% year on year); the operating margin was 15.7%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹72.4 | +128.5% | -83.6% |
| Operating profit | ₹11.4 | +76.1% | -80.4% |
| Net profit | ₹6.0 | +84.1% | -86.3% |
| EPS (₹) | 5.94 | +88.6% | -86.3% |
| Operating margin | 15.7% | — | — |
EPS restated for the 3:5 bonus of Nov 2025: Q1 FY26 ₹5.04 to ₹3.15.
VIVIANA delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 45.8% of the VIVIANA shares traded on NSE were taken to delivery, against the stock's own 20-session average of 54.48%. That is close to its usual level. It traded 3.7 times its average daily volume.
Delivery in the last 5 sessions: 42.1% · 61.7% · 51.7% · 36.3% · 45.8%
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
Viviana Power Tech announced that its Board of Directors has unanimously decided not to proceed with a proposed issuance of fully convertible warrants on a preferential basis. The Board concluded that avoiding equity dilution aligns better with its current financial needs, capital structure, and strategic priorities. With TTM PAT at ₹64 Cr, a 51% ROCE, and debt of ₹92 Cr against net worth of ₹114 Cr, existing cash flows and debt appear sufficient for near-term operations. The decision removes immediate equity dilution risk for public shareholders.
- Board unanimously voted not to proceed with preferential issuance of fully convertible warrants on October 15, 2026
- Meeting commenced at 4:30 PM and concluded at 6:00 PM on October 15, 2026
- Decision prevents potential equity dilution for existing shareholders at a current market cap of ₹852 Cr
- Decision taken after evaluating capital requirements, potential dilution, and shareholder alignment
Viviana Power Tech Limited announced that its Board of Directors considered a proposal to raise funds via fully convertible warrants on a preferential basis on October 10, 2026. The Board resolved to further evaluate and deliberate upon the proposal and its funding requirements. The terms and final decision regarding the warrant issuance have been scheduled for the next Board meeting on October 15, 2026. Specific details regarding issue size, pricing, and potential dilution were not disclosed in this filing.
- Board evaluated raising funds via preferential issue of fully convertible warrants on October 10, 2026
- Final decision and issue terms deferred to the next Board meeting on Thursday, October 15, 2026
- Meeting commenced at 6.30 pm and concluded at 8.15 pm on October 10, 2026
- Specific issue size, dilution amount, and pricing details were not disclosed
Viviana Power Tech Limited has secured a significant domestic turnkey EPC contract valued at ₹466.74 crore (inclusive of taxes) from existing client Madhya Gujarat Vij Company Limited (MGVCL). The order equals approximately 67.6% of the company's TTM revenue (₹690 crore) and 60.5% of its ₹772 crore market capitalization. The scope entails converting HT O/H 11 kV open lines to MVCC overhead conductors and underground cabling under the SI Scheme – Robust-III. Execution is slated over an 18/16-month period from the dates of Letters of Award (LOAs).
- Contract value stands at ₹466,73,61,738.00 (inclusive of taxes)
- Execution timeline is set at 18/16 months from the date of LOAs
- Awarded by existing domestic client Madhya Gujarat Vij Company Limited (MGVCL)
- Work received on 09th October 2026 at 5:36 pm covers HT O/H 11 kv line conversion under SI Scheme – Robust-III
Viviana Power Tech Limited announced that shareholders approved an amendment to its Articles of Association (Article 87) at its 12th AGM held on September 29, 2026. The alteration enables Debenture Trustees to appoint a Nominee Director to the Board in accordance with SEBI regulations and debt terms. This enables compliance and lender governance for debt securities, matching standard debt financing conditions. No financial figures or immediate borrowings were disclosed in the filing.
- Shareholders approved the alteration of Article 87 at the 12th AGM held on September 29, 2026
- Provision enables a Debenture Trustee to nominate a Director on the Board upon issuance of debt securities
- Nominee Directors will not be required to hold qualification shares and will not be liable to retire by rotation
Viviana Power Tech Limited announced the results of its 12th Annual General Meeting held on September 29, 2026. Shareholders approved all 6 resolutions with requisite majorities, including the adoption of FY26 financial statements and a final dividend of 10% (Re 1 per share). Key special business items approved include material related-party transaction limits with Viviana Life Spaces Private Limited and an alteration to the Articles of Association regarding a Debenture Trustee nominee director. A total of 7,457,131 votes were cast across 61 voting members, with promoters contributing 7,174,622 votes.
- All 6 resolutions passed at the 12th AGM held on September 29, 2026
- Final dividend of 10% (Re 1 per equity share) for FY26 approved by shareholders
- Total votes cast stood at 7,457,131 representing 73.6521% of total outstanding shares (10,124,800 shares)
- Approval granted for material Related Party Transaction limits with Viviana Life Spaces Private Limited
- Articles of Association altered to permit appointment of Nominee Director by Debenture Trustee
Viviana Power Tech Limited has formally inaugurated its power transformer manufacturing facility at Por, Vadodara on September 21, 2026. The facility possesses an annual production capacity of up to 1,000 MVA and focuses on power transformers up to 20 MVA rating in 66 kV and 33 kV classes. This marks a strategic backward integration from pure EPC services into equipment manufacturing. While commercial production commencement details will follow in phases, the plant is poised to serve the renewable energy and power transmission sectors.
- Inaugurated manufacturing facility at Por, Vadodara on September 21, 2026
- Annual production capacity designed up to 1,000 MVA
- Focuses on transformers up to 20 MVA rating across 66 kV and 33 kV classes
- Facility planned in a phased manner to also manufacture allied power equipment
Promoter and Director Priyanka Richi Choksi acquired 2,490 equity shares of Viviana Power Tech Limited through an open market transaction on September 17, 2026. Following this acquisition, her individual holding increased from 211,781 shares (2.09%) to 214,271 shares (2.11%) of total voting capital. The total equity share capital remains unchanged at 1,01,24,800 shares. Overall promoter holding in the company stood high at 70.79% as of June 2026.
- Acquisition of 2,490 equity shares via open market on September 17, 2026
- Acquisition represents 0.02% of the company's total voting capital
- Acquirer's holding increased from 211,781 shares (2.09%) to 214,271 shares (2.11%)
- Total share capital stands steady at 1,01,24,800 shares
Viviana Power Tech has been confirmed as the L1 stage successful bidder for a Rs 139.49 crore project from PGVCL. The scope includes converting overhead 11 kV HT lines into underground cable networks with a Ring Main System in Rajkot City Circle. This bid amounts to approximately 20.2% of the company's TTM revenue of Rs 690 crore. With this addition, Viviana's total unexecuted order book exceeds Rs 1,850 crore.
- Confirmed as L1 successful bidder for a PGVCL project valued at Rs 139.49 crore
- Scope covers conversion of overhead 11 kV HT lines to underground networks at Rajkot City Circle
- Total unexecuted order book now exceeds Rs 1,850.00 crore
- Formal Letter of Intent/Award expected to follow
Viviana Power Tech Limited has issued a tax deduction at source (TDS) communication to shareholders regarding its recommended final dividend of Rs 1 (10%) per equity share of face value Rs 10 for FY 2025-26. The dividend is subject to approval at the 12th Annual General Meeting scheduled for September 29, 2026. The record date to determine eligible shareholders is Tuesday, September 22, 2026. Standard TDS of 10% applies to resident shareholders with valid PAN, while a 20% penal rate applies if PAN is not submitted or inoperative.
- Final dividend recommended at Rs 1 (10%) per equity share of face value Rs 10 for FY26
- Record date set as Tuesday, September 22, 2026 for eligibility determination
- 12th Annual General Meeting scheduled for Tuesday, September 29, 2026
- TDS rate of 10% for resident shareholders with valid PAN; 20% for inoperative/missing PAN
- Tax exemption forms and supporting documentation must be submitted by September 22, 2026
Viviana Power Tech Limited has issued a communication to shareholders who do not have registered email addresses, providing weblinks to the Notice and Annual Report for the financial year 2025-26. The company's 12th Annual General Meeting (AGM) is scheduled to be held on Tuesday, September 29, 2026, at 11:30 AM IST via Video Conferencing/OAVM. The cut-off date for dispatching these physical letters was August 28, 2026. The communication also reminds shareholders to complete mandatory KYC updates per SEBI circulars.
- 12th Annual General Meeting scheduled for September 29, 2026 at 11:30 AM IST via VC/OAVM
- Weblink intimation dispatched to shareholders without registered emails as of cut-off date August 28, 2026
- Compliance notice issued pursuant to Regulation 36(1)(b) of SEBI LODR Regulations, 2015
- Shareholders reminded to update KYC details in line with SEBI circular dated May 07, 2024
Viviana Power Tech Limited has scheduled its 12th Annual General Meeting (AGM) for Tuesday, September 29, 2026, to be held via video conferencing. The company has fixed September 22, 2026, as the record date and cut-off date to determine shareholder eligibility for voting and dividend (if declared at the AGM). The book closure period is set from September 23, 2026, to September 29, 2026, with remote e-voting active from September 24 to September 28, 2026.
- 12th Annual General Meeting scheduled for 29-Sep-2026 at 11:30 AM via VC/OAVM
- Record date for dividend eligibility and cut-off date for e-voting set for 22-Sep-2026
- Book closure period fixed from 23-Sep-2026 to 29-Sep-2026
- E-voting period begins 24-Sep-2026 at 09:00 AM and concludes 28-Sep-2026 at 05:00 PM
Viviana Power Tech Limited has fixed September 22, 2026, as the record date to determine shareholder eligibility for its final dividend for FY26. The dividend is subject to approval at the company's 12th Annual General Meeting scheduled for September 29, 2026. If approved, the payout will be completed on or before October 29, 2026, within statutory timelines.
- Record date fixed as September 22, 2026 for dividend entitlement
- 12th Annual General Meeting scheduled for September 29, 2026
- Dividend payment to be executed on or before October 29, 2026
Viviana Power Tech Limited has issued the notice for its 12th Annual General Meeting scheduled for September 29, 2026. The agenda includes shareholder approval for a final dividend of Rs 1 per equity share (10%) for FY26, with a record date set for September 22, 2026. Additionally, the company seeks approval for a material Related Party Transaction (RPT) limit of up to Rs 50 crore with Viviana Life Spaces Private Limited for FY27 capex and property purchases, representing ~43.9% of its net worth (Rs 114 crore).
- 12th AGM scheduled for September 29, 2026 via Video Conferencing.
- Proposed final dividend of Re 1 per share (10%) on 1,01,24,800 equity shares for FY26.
- Record date for dividend entitlement fixed as September 22, 2026.
- Material RPT approval sought for up to Rs 50 crore with Viviana Life Spaces Pvt Ltd for FY27 capex/PPE advances.
- Appointment of M/s KSPS & Co LLP as Secretarial Auditors for a 5-year term (FY27 to FY31).
Viviana Power Tech Limited's Board of Directors approved an alteration to Article 87 of its Articles of Association (AOA) on September 3, 2026. The amendment introduces provisions enabling Debenture Trustees to appoint a Nominee Director to the Board in line with applicable regulatory and debenture trust deed terms. The proposed change is subject to shareholder approval via a Special Resolution at the upcoming 12th Annual General Meeting.
- Board approved amendment to Article 87 of the Articles of Association on September 3, 2026
- Enables Debenture Trustees to nominate and appoint a Nominee Director on the Board
- Nominee Directors will not be required to hold share qualification and will not retire by rotation
- Subject to shareholder approval by Special Resolution at the 12th AGM
Viviana Power Tech Limited's Board of Directors approved convening the 12th Annual General Meeting (AGM) on September 29, 2026, via Video Conferencing. Key proposals for shareholder approval include material Related Party Transaction (RPT) limits with Viviana Life Spaces Private Limited and alteration of the Articles of Association (AoA) to enable appointment of a Nominee Director by Debenture Trustees. Additionally, the Board approved the appointment of M/s. KSPS & Co. LLP as Secretarial Auditors and M/s. Kashyap Shah & Co. as e-voting Scrutinizer.
- 12th Annual General Meeting scheduled for Tuesday, September 29, 2026 at 11:30 a.m. IST
- Material Related Party Transaction limits with Viviana Life Spaces Private Limited placed for shareholder approval
- Articles of Association amendment proposed to allow Debenture Trustee Nominee Director appointment
- Appointed M/s. KSPS & Co. LLP as Secretarial Auditors subject to AGM approval
Financial Performance
Revenue Growth by Segment
Consolidated Total Operating Income (TOI) grew 234% YoY to INR 218.96 Cr in FY25, driven by EPC execution and real estate sales. Standalone revenue grew 187% to INR 188.37 Cr. H1 FY26 revenue reached INR 90.63 Cr, an 88% YoY increase.
Geographic Revenue Split
Not specifically disclosed by percentage, though operations are centered in Gujarat with clients like GETCO and Torrent Power.
Profitability Margins
Net Profit Margin was 9.03% in FY25, a 10% decline from 9.99% in FY24 due to higher material costs. H1 FY26 Net Profit grew 101% YoY to INR 8.92 Cr. Return on Equity (ROE) improved to 39.96% from 30.85%.
EBITDA Margin
EBITDA margin for H1 FY26 was 19.52%, expanding by 392 basis points YoY. FY25 PBILDT margin was 14.70%, moderating from 17.68% in FY24 due to nascent subsidiary operations and raw material costs.
Capital Expenditure
The company is planning a significant capital allocation of INR 180 Cr towards the Battery Energy Storage System (BESS) segment to diversify its power portfolio.
Credit Rating & Borrowing
Assigned 'CARE BBB-; Stable' rating in September 2025. Debt-Equity ratio improved 28% to 0.49x in FY25 from 0.68x in FY24.
Operational Drivers
Raw Materials
Steel, copper, and electrical components for transmission lines and transformers; specific percentage of total cost not disclosed.
Import Sources
Primarily sourced within India, specifically Gujarat, to support EPC projects and transformer manufacturing.
Key Suppliers
Not specifically named in the documents, though the company operates a subsidiary, Aarsh Transformers, for internal supply chain integration.
Capacity Expansion
Expanding into the BESS segment with a target to generate INR 40 Cr revenue per year from the new facility; current EPC capacity handles projects up to 400KV systems.
Raw Material Costs
Raw material costs led to a 298 bps moderation in PBILDT margins in FY25; procurement is managed through cautious bidding strategies to mitigate price volatility.
Manufacturing Efficiency
Net Capital Turnover surged 293% to 22.46x in FY25, indicating highly efficient utilization of working capital to generate sales.
Strategic Growth
Expected Growth Rate
60%
Growth Strategy
The company plans to reach INR 350 Cr revenue in FY26 by executing its INR 289 Cr order book and launching the BESS segment. Growth is supported by a 57% 5-year CAGR and expansion into real estate via 'Viviana Westin' which contributed to FY25 revenue.
Products & Services
EPC projects for Power Transmission/Distribution up to 400KV, Transformers, and residential real estate units (Viviana Westin).
Brand Portfolio
Viviana Power Tech, Aarsh Transformers, Viviana Life Spaces.
New Products/Services
Battery Energy Storage Systems (BESS) expected to contribute INR 40 Cr annually with an estimated 80% EBITDA margin.
Market Expansion
Diversification from pure-play EPC into green energy storage and real estate development in the Gujarat region.
Market Share & Ranking
Not disclosed; however, the company is categorized as having a 'moderate scale of operations' by rating agencies.
Strategic Alliances
Consolidation of Viviana Life Spaces Partnership Firm as a step-down subsidiary to handle real estate ventures.
External Factors
Industry Trends
The industry is shifting toward renewable integration and grid stability, which Viviana is addressing through its new BESS vertical. The EPC sector remains intensely competitive and tender-driven.
Competitive Landscape
Intense competition from other EPC players in the power transmission and distribution space.
Competitive Moat
Moat is built on technical expertise in high-voltage (400KV) systems and established relationships with major power utilities; sustainability depends on maintaining high ROE (39.96%) and efficient capital turnover.
Macro Economic Sensitivity
Highly sensitive to government infrastructure spending and power sector reforms, as revenue is driven by utility-scale EPC contracts.
Consumer Behavior
Shift in utility preferences toward energy storage solutions to manage peak loads, driving demand for BESS.
Geopolitical Risks
Limited direct exposure, but global supply chain disruptions could impact the cost of imported components for BESS and 400KV systems.
Regulatory & Governance
Industry Regulations
Compliance with power grid standards for 400KV systems and RERA regulations for the Viviana Life Spaces real estate projects.
Taxation Policy Impact
Not specifically disclosed; standard corporate tax rates apply.
Legal Contingencies
The Independent Auditor's Report for FY25 noted no unfavorable remarks or qualifications under CARO 2020 for the holding company or its subsidiaries.
Risk Analysis
Key Uncertainties
Potential capital misallocation toward the BESS segment is a primary investor concern; failure to achieve projected yields could burn cash from the core EPC business.
Geographic Concentration Risk
High concentration in Gujarat, with major projects and subsidiaries located in Vadodara.
Third Party Dependencies
Dependency on state and private utilities (GETCO, Adani) for order flow; loss of a major client would significantly impact the 1.32x order book-to-TOI ratio.
Technology Obsolescence Risk
Risk in the BESS segment if battery chemistry or storage technology shifts rapidly before the INR 180 Cr investment is recovered.
Credit & Counterparty Risk
Receivables quality is considered satisfactory, supporting a 79% improvement in DSCR to 10.44x.
