Vishnu Prakash R Punglia Limited (VPRPL)
₹27.69 +2.75% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Vishnu Prakash's revenue was ₹138 Cr (-50.1% year on year, +35.2% on the previous quarter), and net profit ₹-39.3 Cr (against a profit a year earlier); the operating margin was -24.7%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹138 | -50.1% | +35.2% |
| Operating profit | ₹-34.0 | to loss | loss narrowed |
| Net profit | ₹-39.3 | to loss | loss narrowed |
| EPS (₹) | -3.15 | to loss | loss narrowed |
| Operating margin | -24.7% | — | — |
VPRPL delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 61.45% of the VPRPL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 50.48%. That is close to its usual level. Turnover was only ₹85 lakh, so a handful of trades can move this figure. Volume was 0.5 times its average, well below normal.
Delivery in the last 5 sessions: 51.9% · 54.8% · 62.6% · 66.9% · 61.5%
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
Vishnu Prakash R Punglia Limited (VPRPL) announced the scrutinizer's report for its 13th AGM held on September 30, 2026, where all resolutions were approved by requisite majority. Total voter turnout stood at 44.15% (5,50,33,219 votes polled out of 12,46,44,000 shares). Crucially, shareholders passed special resolutions approving the conversion of unsecured loans from Director-Promoters into equity and the issuance of fully convertible warrants on a preferential basis to non-promoter public investors (each receiving over 99.99% votes in favour). These moves could provide equity relief to the company's leveraged balance sheet (debt of ₹650 Cr against net worth of ₹630 Cr).
- Shareholders approved conversion of unsecured loans from Directors-Promoters into equity shares with 99.9962% votes in favour (Item 10)
- Approved issuance of fully convertible warrants on preferential basis to Non-Promoter Public Category with 99.9962% votes in favour (Item 11)
- Total voter participation was 44.1523%, representing 5,50,33,219 polled shares out of 12,46,44,000 total outstanding shares
- Remuneration to Whole-time Director Ajay Pungalia in case of absence/inadequacy of profits was approved via special resolution (Item 5)
Vishnu Prakash R Punglia Limited (VPRPL) conducted its 13th Annual General Meeting on September 30, 2026. Key special resolutions tabled included the conversion of unsecured loans from promoter-directors into equity shares and the issuance of fully convertible warrants to non-promoter public investors. Additionally, the company sought shareholder approval to increase its authorised share capital and pay minimum managerial remuneration to executive directors in case of inadequate profits. Detailed voting results under Regulation 44 will follow within two working days.
- 13th Annual General Meeting held on September 30, 2026, commencing at 12:30 PM and concluding at 1:10 PM
- Special resolution proposed for conversion of unsecured loans of Directors-cum-Promoters into equity shares
- Special resolution proposed for issuance of fully convertible warrants on a preferential basis to non-promoter public investors
- Proposal placed to increase the Authorised Share Capital and alter the Capital Clause of the Memorandum of Association
Vishnu Prakash R Punglia Limited issued a corrigendum to its 13th AGM notice scheduled for September 30, 2026. The update details the proposed preferential allotment of convertible warrants to non-promoter public investors, including 42.00 lakh warrants (2.88% post-issue) to MGO High Conviction Fund and 31.00 lakh warrants (2.13%) to PMC Fincorp Limited. Crucially, the disclosure also reveals widespread delays in principal repayments of short-term working capital borrowings to lenders including Oxyzo Financial Services, SG Finserve, and Poonawalla Fincorp, with multiple tranches exceeding 60-75 days overdue.
- Proposed preferential warrant issue includes 42,00,000 warrants (2.88% post-issue shareholding) to MGO High Conviction Fund
- PMC Fincorp to be allotted 31,00,000 warrants representing 2.13% post-issue shareholding
- Multiple delays reported in principal repayments of unsecured short-term borrowings to lenders such as Oxyzo Financial Services (e.g. single tranches up to INR 33.80 million)
- Significant overdue amounts listed with SG Finserve, including unpaid tranches delayed by up to 74 days
- AGM scheduled for September 30, 2026 via video conferencing
Infomerics Valuation and Rating Ltd has downgraded Vishnu Prakash R Punglia Limited's (VPRPL) bank loan facilities totaling Rs 960.00 crore. The long-term rating was downgraded to IVR C+/Stable and the short-term rating to IVR A4. The rating agency cited instances of delays in servicing principal debt obligations on unsecured short-term working capital bank borrowings as disclosed in VPRPL's FY26 Annual Report. Financial metrics deteriorated significantly in FY26, with tangible net worth dropping to Rs 583.62 crore, overall gearing worsening to 1.12x, and DSCR falling to -0.37x alongside elongated working capital cycles of 237 days.
- Infomerics downgraded ratings on Rs 960.00 crore total bank loan facilities to IVR C+/Stable and IVR A4
- Downgrade triggered by reported delays in servicing principal debt obligations for unsecured short-term working capital borrowings in FY26
- Working capital cycle stretched to 237 days in FY26 (from 188 days in FY25), driven by inventory days rising to 309 days
- Debt service indicators deteriorated severely in FY26 with DSCR turning negative at -0.37x and ISCR at -1.11x
- Company retains an unexecuted order pipeline of approximately Rs 4,391 crore, though conversion remains constrained
CARE has migrated Vishnu Prakash R Punglia Limited's (VPRPL) bank facilities to the 'Issuer Not Cooperating' (INC) category with a 'CARE D' rating. The company clarified that it had formally rejected CARE's prior review on 25th February 2026 due to factual discrepancies and had engaged a new SEBI-registered rating agency, whose rating was disseminated on 26th August 2026. Management emphasized that debt servicing continues as per agreed terms with lenders and no information was provided to CARE during the transition. With VPRPL carrying debt of Rs 650 Cr against net worth of Rs 630 Cr, default-grade ratings warrant significant scrutiny.
- CARE migrated VPRPL's bank facilities to 'Issuer Not Cooperating' with a 'CARE D' rating
- Company formally communicated non-acceptance of CARE's review on 25th February 2026
- New SEBI-registered rating agency was appointed and rating disclosed on 26th August 2026
- VPRPL stated it continues to service debt obligations according to agreed lender terms
- Company carries total debt of Rs 650 Cr against a net worth of Rs 630 Cr (D/E of 1.03)
Vishnu Prakash R Punglia Limited has announced that its 13th Annual General Meeting (AGM) will be held on Wednesday, September 30, 2026, at 12:30 PM IST via video conferencing. The company has dispatched the FY 2025-26 Annual Report and AGM Notice electronically. The cut-off date to determine shareholder voting eligibility is September 23, 2026, with the remote e-voting period open from September 27 to September 29, 2026.
- 13th Annual General Meeting scheduled for Wednesday, September 30, 2026, at 12:30 P.M. IST
- Shareholder voting cut-off date set for Wednesday, September 23, 2026
- Remote e-voting starts at 9:00 A.M. IST on September 27, 2026, and concludes at 5:00 P.M. IST on September 29, 2026
- Annual Report and Notice dispatched to shareholders registered as of September 07, 2026
Vishnu Prakash R Punglia Limited (VPRPL) has scheduled its 13th Annual General Meeting (AGM) for Wednesday, September 30, 2026, at 12:30 PM IST via Video Conferencing. The company has published its Annual Report for FY 2025-26 along with the AGM notice. The cut-off date to determine shareholder voting eligibility is set as September 23, 2026, with remote e-voting running from September 27 to September 29, 2026.
- 13th AGM scheduled for Wednesday, September 30, 2026, at 12:30 P.M. IST via VC/OAVM
- Cut-off date for e-voting eligibility set for Wednesday, September 23, 2026
- Remote e-voting window runs from September 27 (9:00 AM) to September 29, 2026 (5:00 PM)
- Electronic distribution sent to shareholders registered as of September 07, 2026
Vishnu Prakash R Punglia Limited has issued a notice regarding its 13th Annual General Meeting (AGM) scheduled for September 30, 2026, via video conferencing. The cut-off date to determine shareholder voting eligibility is set for September 23, 2026. Remote e-voting opens at 9:00 AM IST on September 27, 2026, and closes at 5:00 PM IST on September 29, 2026. The company has also shared access links to its Annual Report and AGM Notice for FY 2025-26.
- 13th Annual General Meeting scheduled for Wednesday, September 30, 2026, at 12:30 P.M. IST
- Cut-off date for remote e-voting eligibility set for Wednesday, September 23, 2026
- Remote e-voting window runs from 9:00 A.M. IST on September 27, 2026, to 5:00 P.M. IST on September 29, 2026
- Annual Report for FY 2025-26 and AGM notice distributed electronically to shareholders as of September 07, 2026
Vishnu Prakash R Punglia Limited has issued the notice for its 13th Annual General Meeting scheduled for September 30, 2026, via Video Conferencing. Special business includes seeking shareholder approval for paying remuneration to Whole-time Directors in the event of absence or inadequacy of profits for FY27-FY28. Remote e-voting runs from September 27 to September 29, 2026. As of the shareholding record in the notice, public shareholding stands at 61.97% (7,72,44,724 shares).
- 13th Annual General Meeting scheduled for September 30, 2026 at 12:30 PM
- Remote e-voting window open from September 27, 2026 (9:00 AM) to September 29, 2026 (5:00 PM)
- Approval sought for Whole-time Directors remuneration under inadequate profits from September 30, 2026 to September 29, 2028
- Cost auditor remuneration proposed at Rs 25,000 plus taxes for FY27
- Total public shareholding reported at 61.97% comprising 77,244,724 equity shares
Vishnu Prakash R Punglia Limited has approved a preferential allotment of fully convertible warrants to raise up to Rs 100 crore across 32 investors (promoter and non-promoter categories). The issue price is set at Rs 38 per warrant, a premium over the current share price of Rs 34.3. The announcement corrects a typographical error in an investor's name (updated to MGO High Conviction Fund incorporated VCC Sub-Fund). The total fundraise represents approximately 15.9% of the company's net worth (Rs 630 crore), providing capital to support project execution and balance sheet liquidity.
- Proposed preferential issue of convertible warrants for up to Rs 100 Crore
- Issue price set at Rs 38 per warrant
- Total of 32 investors participating across promoter and non-promoter categories
- Updated investor record to MGO High Conviction Fund incorporated VCC Sub-Fund
Vishnu Prakash R Punglia Limited's board has approved raising up to ₹100 crore via preferential convertible warrants at an issue price of ₹38 per share across 32 investors. In addition, the board recommended converting up to ₹200 crore of outstanding unsecured loans from promoters into equity shares. The fresh funds are intended to augment working capital and support ongoing operations, while the loan conversion will significantly deleverage the company's ₹650 crore debt book. Both measures are subject to shareholder approval at the upcoming Annual General Meeting scheduled for September 30, 2026.
- Approved preferential issue of convertible warrants aggregating up to ₹100 crore
- Issue price fixed at ₹38 per warrant across 32 proposed investors
- Approved conversion of promoter unsecured loans into equity up to ₹200 crore
- 13th Annual General Meeting scheduled for September 30, 2026 for shareholder approval
Vishnu Prakash R Punglia Limited (VPRPL) has closed its trading window for designated persons effective September 01, 2026. The closure precedes an upcoming Board Meeting to consider and approve a proposal for raising funds through the issuance of warrants on a preferential basis. The trading window will remain closed until 48 hours after the conclusion of the board meeting, the date of which will be announced separately.
- Trading window closed effective September 01, 2026
- Board to consider fundraise via issuance of warrants on a preferential basis
- Trading window to reopen 48 hours after conclusion of the Board Meeting
- Date of the Board Meeting will be intimated in due course
Infomerics has assigned an 'IVR BB+/Stable' long-term rating and 'IVR A4+' short-term rating to Vishnu Prakash R Punglia Limited's Rs 960.00 crore bank loan facilities. The rating report highlights significant financial stress, with tangible net worth falling to Rs 583.62 crore in FY26 from Rs 773.33 crore in FY25 due to reported losses, alongside gearing rising to 1.12x. Debt service coverage metrics deteriorated sharply into negative territory (DSCR at -0.37x and ISCR at -1.11x) driven by Rs 73.85 crore in finance charges. Operating cycle stretched severely to 237 days in FY26 (inventory at 309 days and collection period at 150 days) despite an unexecuted order book of Rs 4,391 crore.
- Infomerics assigned 'IVR BB+/Stable' (long term) and 'IVR A4+' (short term) ratings for Rs 960.00 crore bank loan facilities.
- Tangible net worth contracted to Rs 583.62 crore in FY26 (down from Rs 773.33 crore in FY25), raising TOL/TNW to 2.14x.
- Debt coverage weakened significantly, with DSCR dropping to -0.37x (from 1.36x) and ISCR to -1.11x (from 2.29x) amid Rs 73.85 crore in finance costs.
- Working capital cycle elongated to 237 days in FY26 vs 188 days in FY25, led by 309 inventory days and 150 collection days.
- Unexecuted order book stands at approximately Rs 4,391 crore across water supply, railway, and road infrastructure.
Vishnu Prakash R Punglia Limited (VPRPL) received a High Court order regarding the contract termination notice by North Western Railway for the Bikaner Railway Station upgradation project awarded to VPRPL-KSIPL BKN JV. The High Court of Judicature for Rajasthan granted liberty to approach a competent forum and ordered a 30-day status quo. Additionally, the court stayed the encashment of the Bank Guarantee and forfeiture of Security Deposit for 45 days from the pronouncement date of 17.08.2026.
- Rajasthan High Court pronounced judgment on 17.08.2026, granting liberty to approach a competent forum
- Encashment of Bank Guarantee and Security Deposit forfeiture stayed for a period of 45 days
- Status quo ordered to be maintained for 30 days from date of pronouncement
- Dispute relates to contract termination notice from North Western Railway for Bikaner Railway Station EPC work
Vishnu Prakash R Punglia Limited's JV (VPRPL-KSIPL BKN JV) has received the full judgment from the Rajasthan High Court concerning the termination notice issued by North Western Railway for the Bikaner Railway Station upgradation EPC project. The court granted the JV liberty to approach a competent forum while ordering status quo for 30 days from pronouncement (17.08.2026). Crucially, the encashment of bank guarantees and forfeiture of performance securities have been stayed for 45 days. VPRPL intends to file an appropriate petition before the competent forum within this period.
- Rajasthan High Court stayed bank guarantee encashment and security deposit forfeiture for 45 days from August 17, 2026.
- Status quo on the dispute ordered to be maintained for 30 days from pronouncement date.
- Litigation stems from a termination notice by North Western Railway for the Bikaner Railway Station EPC contract.
- The JV has been granted liberty to pursue appropriate legal remedies before the competent forum.
Financial Performance
Revenue Growth by Segment
Total Operating Income (TOI) declined by 16.05% YoY to INR 1,237.42 Cr in FY25 from INR 1,473.87 Cr in FY24. The Water Supply Projects (WSP) segment remains the largest contributor, representing 59% of the INR 5,363.4 Cr order book, while the Railway segment has grown to 32% of the order book.
Geographic Revenue Split
The order book is concentrated in Rajasthan at 48%, followed by Uttarakhand at 15%, Uttar Pradesh at 9%, Madhya Pradesh at 8%, and Chhattisgarh at 4%, with the remaining 16% spread across 6 other states.
Profitability Margins
Net Profit After Tax (PAT) margin declined to 4.74% in FY25 from 8.29% in FY24, primarily due to increased provisioning for expected credit losses and higher interest costs. Return on Equity (ROE) fell significantly by 1579 bps to 7.81% in FY25.
EBITDA Margin
PBILDT margin stood at 12.56% in FY25, a decline of 170 bps from 14.26% in FY24, driven by execution delays and elevated cost pressures.
Capital Expenditure
The company raised INR 373.11 Cr through an IPO (INR 308.61 Cr) and pre-IPO placement (INR 64.50 Cr), with INR 217 Cr specifically earmarked for working capital and general corporate purposes.
Credit Rating & Borrowing
The long-term bank facilities were downgraded to 'CARE BBB; Negative' from 'CARE BBB+; Stable' in June 2025 due to high working capital intensity and a decline in interest coverage to 2.29x.
Operational Drivers
Raw Materials
Major raw materials include steel, cement, and specialized pipes for water supply projects, though specific percentage splits per material are not disclosed.
Capacity Expansion
VPRPL maintains an in-house equipment fleet and testing labs to execute all projects internally, reducing reliance on third-party subcontractors and improving quality control.
Raw Material Costs
Profitability is susceptible to input price fluctuations; however, a significant portion of the order book includes in-built price escalation clauses to mitigate this risk.
Manufacturing Efficiency
The company follows an EPC-only model using internal resources for all stages of construction to ensure quality assurance and tighter control over project timelines.
Strategic Growth
Expected Growth Rate
15%
Growth Strategy
Growth is targeted through sectoral diversification into Railways (now 32% of order book) and Roads (9%), and geographic expansion into 11 states. The company is leveraging a robust order book of INR 5,363.4 Cr, providing revenue visibility of 4.33x of FY25 TOI.
Products & Services
Engineering, Procurement, and Construction (EPC) services for water supply schemes, railway infrastructure, roads, and urban civic development.
Brand Portfolio
Vishnu Prakash R Punglia Limited (VPRPL)
New Products/Services
Strategic entry into high-value railway projects, with new order wins in this segment totaling INR 1,134 Cr in the recent period.
Market Expansion
Expanding beyond the Rajasthan stronghold into states like Uttar Pradesh, Uttarakhand, and Madhya Pradesh to reduce regional concentration.
Market Share & Ranking
Recognized as a prominent player in the Water Supply Projects (WSP) segment in Rajasthan with a growing national footprint.
Strategic Alliances
Secured joint venture orders to participate in large-scale, multi-disciplinary infrastructure projects.
External Factors
Industry Trends
The infrastructure sector is projected to grow at a CAGR of 10.05% to reach USD 3.03 billion by 2029, driven by central and state government focus on water resource development.
Competitive Landscape
Operates in a highly fragmented and competitive tender-driven industry where projects are awarded based on technical experience and the lowest bid price.
Competitive Moat
Durable advantage stems from 40 years of promoter experience, an established track record with government clients, and an asset-light EPC model supported by an internal equipment fleet.
Macro Economic Sensitivity
Highly sensitive to government infrastructure spending (Jal Jeevan Mission, AMRUT 2.0) and interest rate volatility, which impacts debt servicing capabilities.
Consumer Behavior
Shift in government procurement toward large-scale, multi-disciplinary projects requiring collaborative participation and digital monitoring.
Regulatory & Governance
Industry Regulations
Adheres to SEBI Regulations and the Companies Act; as an 'Infrastructure Company,' it is exempted from certain provisions of Section 186 regarding loans and investments.
Legal Contingencies
No disclosure required for insolvency applications; the company reported no transactions requiring disclosure for major legal disputes in the year under review.
Risk Analysis
Key Uncertainties
Execution risk is high as 34% of the order book is at a nascent stage and 50% of orders are slow-moving due to land and design delays.
Geographic Concentration Risk
Rajasthan accounts for 48% of the total order book, posing a regional concentration risk.
Third Party Dependencies
High dependency on government fund allocations; timely release of funds is crucial as unbilled revenue and work-in-progress have adversely impacted cash flows.
Technology Obsolescence Risk
The company is mitigating technology risks by integrating ERP-based systems to automate processes and enable real-time monitoring of financial data.
Credit & Counterparty Risk
Counterparty credit risk is low as majority orders are from government entities, but liquidity is constrained by high utilization of bank limits (94% for fund-based).
