Financial Performance
Viviana Power Tech demonstrated exceptional scaling in FY26, with consolidated turnover reaching ₹533 crore. On a standalone basis, the company reported revenue of ₹501.67 crore, compared to ₹188.75 crore in the previous fiscal. This growth was mirrored in profitability, as net profit rose to ₹50.18 crore from ₹17.01 crore.
Operating Profit Margins (OPM) saw a steady improvement to 14.25%, up from 13.86% in FY25. The company’s Return on Equity (ROE) remains a standout metric at 45.38%, reflecting high capital efficiency during this phase of rapid expansion. The fourth quarter alone contributed ₹322.75 crore to the top line, indicating strong execution momentum at the end of the fiscal year.
Management Outlook
Management has laid out a clear long-term growth trajectory, aiming for a revenue target exceeding ₹2,000 crore and a PAT of ₹200 crore by FY30. For the upcoming fiscal year 2027, the company has provided a revenue guidance range of ₹875 crore to ₹925 crore. The cornerstone of this future growth is a planned ₹100 crore greenfield investment in a 220kV and 400kV transformer manufacturing unit.
By producing critical components in-house, the company intends to transition from a pure EPC player to a vertically integrated entity. This shift is expected to mitigate supply chain risks and improve long-term margins by capturing more value within the transmission and distribution ecosystem.
Business and Sector Overview
The company operates in the power electric utilities sector, focusing on the engineering, procurement, and construction of power transmission lines and substations. Viviana has recently diversified its portfolio to include Battery Energy Storage Systems (BESS), securing orders worth ₹511 crore in this emerging segment. The broader sector is benefiting from India's push for grid modernization and renewable energy integration.
Viviana's client list now includes heavyweights such as Adani, GUVNL, RVUNL, and Reliance Industries. While management expressed confidence in demand visibility, they noted the inherent seasonality of DISCOM-led projects, which often results in a back-ended revenue profile for the financial year.
What to Watch
- Progress on the ₹100 crore greenfield manufacturing facility and its impact on backward integration.
- Execution of the current ₹1,000 crore order book against the guided ₹875–925 crore revenue target for FY27.
- Maintenance of operating profit margins above the 14% mark as the company scales into manufacturing.
- Stabilization of cash flows from operating activities, which were negative in the recent annual reporting period.
Strategic Evolution
Transitioning from pure EPC to a vertically integrated power platform.
