WEBSITE BSE:0 NSE: Inc. Year: 2014 Industry: Engineering - Construction My Bucket: Add Stock
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1. Business Overview
Viviana Power Tech Ltd. is an Indian company primarily engaged in the Engineering, Procurement, and Construction (EPC) sector, with a specific focus on power infrastructure projects. The company's core business involves providing end-to-end solutions for power transmission and distribution projects. This includes services such as survey, design, engineering, supply of materials, erection, testing, and commissioning of various power systems like transmission lines, substations, and distribution networks. The company makes money by bidding for and executing projects, primarily for government utilities, public sector undertakings (PSUs), and private sector clients, earning revenue upon the completion of project milestones and final handover.
2. Key Segments / Revenue Mix
While specific detailed revenue breakdowns are not readily available without deep dive into annual reports, Viviana Power Tech's primary revenue segment is its EPC services for power infrastructure. This broadly covers:
Transmission Line Projects: Construction of high-voltage transmission lines.
Substation Projects: Development and upgrading of power substations.
Distribution Network Projects: Installation and maintenance of electricity distribution infrastructure.
Its revenue is likely dominated by income generated from project execution and associated services.
3. Industry & Positioning
Viviana Power Tech operates within the highly competitive Indian Engineering - Construction sector, specifically targeting the power infrastructure segment. This industry is project-driven, characterized by cyclicality, intense competition from both large diversified players and smaller regional contractors, and a significant dependence on government spending and policy. The industry structure involves a mix of large integrated EPC players (e.g., L&T, KEC International) and numerous mid-to-small sized specialized contractors. Viviana Power Tech is likely positioned as a regional or mid-sized player, competing on factors such as project execution capabilities, cost-effectiveness, timely delivery, and a track record of successful project completion. Its market share is likely a small portion of the overall Indian power EPC market.
4. Competitive Advantage (Moat)
Viviana Power Tech's competitive advantages are likely moderate. Potential moats might include:
Execution Track Record: A history of successful project completion can build client trust and lead to repeat business or eligibility for larger tenders.
Specialized Expertise: Niche expertise in specific types of power infrastructure projects (e.g., difficult terrains, certain voltage levels) can provide an edge.
Local Relationships: Strong relationships with local authorities, suppliers, and skilled labor in its operating regions.
Cost Efficiency: Ability to execute projects at competitive costs due to efficient project management, procurement strategies, or lower overheads.
However, these are generally not considered strong, wide moats in the highly commoditized and competitive EPC sector, where switching costs for clients are relatively low, and brand power for mid-sized contractors is limited.
5. Growth Drivers
Key factors that can drive Viviana Power Tech's growth over the next 3-5 years include:
Government Infrastructure Push: Continued high levels of government spending on infrastructure development, particularly in power generation, transmission, and distribution under schemes like the National Infrastructure Pipeline.
Renewable Energy Integration: Growth in renewable energy capacity (solar, wind) necessitates significant investments in grid infrastructure for evacuation and transmission, creating project opportunities.
Smart Grid Initiatives: Modernization and digitalization of the grid to improve efficiency, reduce losses, and enhance reliability will drive demand for new technologies and infrastructure upgrades.
Industrialization & Urbanization: Increasing demand for reliable power from growing industries and urban centers requires expansion and strengthening of existing power networks.
International Opportunities: Potential for geographic expansion into other developing markets, though this typically requires significant capital and risk management.
6. Risks
Project Execution Risks: Delays in project execution, cost overruns, unforeseen site conditions, and challenges in obtaining regulatory approvals can impact profitability and cash flows.
Intense Competition: The presence of numerous large and small players leads to aggressive bidding, potentially impacting project margins.
Working Capital Management: EPC projects are working capital intensive, and delays in client payments or inadequate funding can strain liquidity.
Commodity Price Volatility: Fluctuations in prices of key raw materials like steel, aluminum, and copper can impact project costs if not adequately hedged or covered by contract terms.
Regulatory & Policy Risks: Changes in government policies, environmental regulations, or tender conditions can affect project viability and future opportunities.
Dependency on Government Spending: A significant portion of projects comes from government and PSU clients, making the company susceptible to budgetary constraints or shifts in priorities.
Interest Rate Risk: Higher interest rates can increase borrowing costs for project financing and working capital.
7. Management & Ownership
Viviana Power Tech Ltd., like many Indian companies of its size, is likely promoter-driven. This implies that the founders or their families hold a significant ownership stake and are deeply involved in the strategic and operational management of the company. The quality of management is critical, encompassing their experience in the EPC sector, project execution capabilities, financial prudence, and corporate governance practices. Promoter-led companies often benefit from long-term vision but can also concentrate decision-making. Information on specific management quality, board independence, and detailed ownership structure (institutional vs. public) would require a review of their latest annual reports and corporate filings.
8. Outlook
Viviana Power Tech faces a mixed outlook. The Indian power infrastructure sector offers substantial growth opportunities driven by government focus on infrastructure development, renewable energy targets, and the need for grid modernization. This environment could provide a robust pipeline of projects for companies with strong execution capabilities. However, the company also operates in a highly competitive and capital-intensive industry. Profitability can be volatile due to project-specific risks, commodity price fluctuations, and intense bidding pressure. Success will largely depend on its ability to secure new projects at favorable margins, execute them efficiently, manage working capital effectively, and adapt to evolving technological and regulatory landscapes within the power sector. The balance between seizing growth opportunities and managing inherent operational and financial risks will be key to its performance.
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Market Cap ₹792 Cr.
Stock P/E 38.3
P/B 10.4
Current Price ₹782.7
Book Value ₹ 75.2
Face Value 10
52W High ₹1162.5
Dividend Yield 0%
52W Low ₹ 511.3
Price goes above X
Price falls below X
PE goes above X
PE falls below X
₹ | |
| #(Fig in Cr.) | Mar 2022 | Mar 2023 | Dec 2023 | Jun 2024 | Sep 2024 | Dec 2024 | Jun 2025 | Sep 2025 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 19 | 17 | 14 | 6 | 42 | 36 | 32 | 59 | 118 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 |
| Total Income | 19 | 17 | 14 | 6 | 42 | 36 | 32 | 59 | 119 |
| Total Expenditure | 16 | 14 | 11 | 5 | 36 | 30 | 25 | 48 | 104 |
| Operating Profit | 3 | 3 | 3 | 1 | 6 | 6 | 7 | 11 | 15 |
| Interest | 0 | 1 | 1 | 1 | 1 | 1 | 2 | 3 | 2 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Exceptional Income / Expenses | 0 | 0 | 0 | -0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 2 | 2 | 2 | 1 | 5 | 5 | 5 | 8 | 12 |
| Provision for Tax | 1 | 1 | 1 | 0 | 1 | 1 | 2 | 2 | 5 |
| Profit After Tax | 2 | 2 | 1 | 0 | 4 | 3 | 3 | 6 | 8 |
| Adjustments | -0 | 0 | 0 | -0 | 0 | 0 | 0 | -1 | 0 |
| Profit After Adjustments | 2 | 2 | 1 | 0 | 4 | 3 | 3 | 6 | 8 |
| Adjusted Earnings Per Share | 73.7 | 2.8 | 1.5 | 0.5 | 4 | 3.4 | 3.3 | 5.5 | 7.8 |
| #(Fig in Cr.) | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|
| Net Sales | 36 | 66 | 219 | 245 |
| Other Income | 0 | 0 | 1 | 1 |
| Total Income | 36 | 66 | 220 | 246 |
| Total Expenditure | 31 | 54 | 186 | 207 |
| Operating Profit | 5 | 12 | 33 | 39 |
| Interest | 1 | 3 | 4 | 8 |
| Depreciation | 0 | 0 | 0 | 0 |
| Exceptional Income / Expenses | 0 | -0 | -0 | 0 |
| Profit Before Tax | 4 | 9 | 29 | 30 |
| Provision for Tax | 1 | 2 | 8 | 10 |
| Profit After Tax | 3 | 7 | 21 | 20 |
| Adjustments | 0 | 0 | -1 | -1 |
| Profit After Adjustments | 3 | 7 | 20 | 20 |
| Adjusted Earnings Per Share | 3.3 | 6.9 | 19.7 | 20 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 232% | 0% | 0% | 0% |
| Operating Profit CAGR | 175% | 0% | 0% | 0% |
| PAT CAGR | 200% | 0% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | 36% | 93% | NA% | NA% |
| ROE Average | 49% | 32% | 32% | 32% |
| ROCE Average | 43% | 32% | 32% | 32% |
| #(Fig in Cr.) | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|
| Shareholder's Funds | 18 | 24 | 60 |
| Minority's Interest | 0 | 0 | 0 |
| Borrowings | 2 | 2 | 11 |
| Other Non-Current Liabilities | -0 | 0 | 0 |
| Total Current Liabilities | 14 | 26 | 142 |
| Total Liabilities | 34 | 52 | 214 |
| Fixed Assets | 1 | 1 | 5 |
| Other Non-Current Assets | 7 | 15 | 66 |
| Total Current Assets | 26 | 36 | 143 |
| Total Assets | 34 | 52 | 214 |
| #(Fig in Cr.) | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|
| Opening Cash & Cash Equivalents | 1 | 0 | 0 |
| Cash Flow from Operating Activities | -11 | -3 | -14 |
| Cash Flow from Investing Activities | -0 | -2 | -37 |
| Cash Flow from Financing Activities | 11 | 5 | 52 |
| Net Cash Inflow / Outflow | -1 | -0 | 1 |
| Closing Cash & Cash Equivalent | 0 | 0 | 1 |
| # | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|
| Earnings Per Share (Rs) | 3.26 | 6.85 | 19.7 |
| CEPS(Rs) | 3.48 | 7.11 | 20.96 |
| DPS(Rs) | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 18.89 | 25.64 | 59.44 |
| Core EBITDA Margin(%) | 14.82 | 18.1 | 14.84 |
| EBIT Margin(%) | 14.52 | 18.14 | 14.96 |
| Pre Tax Margin(%) | 11.34 | 13.54 | 13.11 |
| PAT Margin (%) | 8.57 | 9.99 | 9.45 |
| Cash Profit Margin (%) | 9.14 | 10.36 | 9.62 |
| ROA(%) | 9.13 | 15.16 | 15.56 |
| ROE(%) | 17.25 | 30.78 | 49.14 |
| ROCE(%) | 18.75 | 34.29 | 42.9 |
| Receivable days | 203.63 | 132.87 | 126.5 |
| Inventory Days | 30.44 | 19.63 | 12.3 |
| Payable days | 113.7 | 34.3 | 122.07 |
| PER(x) | 13.1 | 25.54 | 24.52 |
| Price/Book(x) | 2.26 | 6.83 | 8.13 |
| Dividend Yield(%) | 0 | 0 | 0 |
| EV/Net Sales(x) | 1.39 | 2.81 | 2.44 |
| EV/Core EBITDA(x) | 9.23 | 15.15 | 16.15 |
| Net Sales Growth(%) | 0 | 80.41 | 234.14 |
| EBIT Growth(%) | 0 | 125.36 | 175.63 |
| PAT Growth(%) | 0 | 110.25 | 215.99 |
| EPS Growth(%) | 0 | 110.25 | 187.47 |
| Debt/Equity(x) | 0.56 | 0.68 | 0.86 |
| Current Ratio(x) | 1.85 | 1.42 | 1.01 |
| Quick Ratio(x) | 1.64 | 1.26 | 0.93 |
| Interest Cover(x) | 4.57 | 3.95 | 8.07 |
| Total Debt/Mcap(x) | 0.25 | 0.1 | 0.11 |
| # | Sep 2022 | Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoter | 73.2 | 73.2 | 73.2 | 73.38 | 73.4 | 70.28 | 70.28 | 70.63 |
| FII | 0 | 0 | 0 | 0 | 0.01 | 0.01 | 0.12 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0.23 | 0.03 |
| Public | 26.8 | 26.8 | 26.8 | 26.62 | 26.59 | 29.71 | 29.38 | 29.34 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Sep 2022 | Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoter | 0.44 | 0.44 | 0.44 | 0.44 | 0.44 | 0.44 | 0.44 | 0.72 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.16 | 0.16 | 0.16 | 0.16 | 0.16 | 0.19 | 0.18 | 0.3 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.6 | 0.6 | 0.6 | 0.6 | 0.6 | 0.63 | 0.63 | 1.01 |
* The pros and cons are machine generated.
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