Synopsis: Viviana Power Tech has secured formal turnkey work orders worth ₹128.35 crore from PGVCL, strengthening its already robust order pipeline of over ₹1,000 crore as the company accelerates its transition into manufacturing and energy storage businesses.
India’s power transmission and distribution sector is entering a multi-year investment cycle driven by the country’s target of achieving 500 GW of non-fossil fuel capacity by 2030. Industry estimates indicate transmission investments of nearly ₹9.2 lakh crore between FY25 and FY32, supported by rising electricity demand, renewable integration, battery storage deployment and grid modernization initiatives.
This structural opportunity is creating sustained order inflows for EPC companies specializing in substations, transmission lines and distribution network upgrades, particularly firms with execution capabilities in extra high-voltage infrastructure.
Shares of Viviana Power Tech Ltd, with a market capitalisation of Rs. 740 crore, were trading at Rs. 731, up 3.7 percent in Wednesday’s trade. The stock remains nearly 37 percent below its 52-week high of Rs. 1,162.50 and is up around 29 percent from its 52-week low of Rs. 565. Over the past year, the stock has declined by approximately 2.5 percent.
What’s the News?
Viviana Power Tech Limited informed the NSE on July 22, 2026, that it has received multiple turnkey work orders worth ₹128.35 crore, inclusive of taxes, from Paschim Gujarat Vij Company Limited (PGVCL), one of Gujarat’s leading state power distribution companies.
The contracts involve the supply, installation, testing and commissioning of 11 KV medium voltage covered conductors and associated accessories across various feeders under PGVCL’s Bhuj and Rajkot Rural circles under the System Improvement Scheme.
The company clarified that the contracts had already been included in its previously disclosed order book and that the current exchange filing formalizes the receipt of the work orders, which were received on July 21, 2026. The projects are scheduled for execution within 12 months and do not involve any related-party transactions or promoter interest.
Financial & Business Analysis
The ₹128.35 crore order further strengthens Viviana’s already substantial execution pipeline. Management recently disclosed that the company currently has order bookings exceeding ₹1,000 crore, while additional projects worth approximately ₹240 crore remain at the L1 stage awaiting letters of intent.
The bidding pipeline remains even stronger, with the company actively participating in tenders exceeding ₹1,500 crore, providing significant medium-term revenue visibility.
FY26 marked a major scale inflection for the company, with consolidated revenue rising to ₹533 crore and profit after tax reaching ₹53.46 crore. Management described FY26 as an “absolute inflection point,” highlighting the benefits of operating leverage and improved execution efficiency.
For FY27, management has guided for consolidated revenue exceeding ₹900 crore while maintaining PAT margins in the range of 8.5 percent to 10 percent, implying another year of strong growth.
Repeat order inflows from PGVCL also indicate strong execution credentials and deepen the company’s relationship with Gujarat’s state utilities, potentially supporting future order wins in transmission and distribution projects.
Strategic Expansion: Viviana 2.0
Beyond EPC contracting, the company is pursuing a strategic transformation toward becoming an integrated power infrastructure player. Viviana has approved nearly ₹100 crore of capex for a transformer manufacturing facility near Vadodara on a 14-acre site. Production of transformers up to 10 MVA is expected to commence shortly, with plans to scale capabilities to 63 MVA and 132 KV by FY28 and eventually to 500 MVA and 400 KV by FY30.
Management is also entering the Battery Energy Storage System (BESS) segment, not primarily for utility returns but to build technical qualifications required for bidding on larger transmission and Ministry of Power projects that typically command higher margins.
The company has already secured financing for its Rajasthan BESS project and expects major capital deployment from the next financial year.
Additionally, its real estate subsidiary, Viviana Life Spaces, is being developed to create collateral assets that could reduce dependence on cash collateral requirements and improve working capital efficiency.
Viviana Power’s presence across EPC, transformer manufacturing, and energy storage positions it to benefit from India’s accelerating investments in transmission and power infrastructure. Its expertise in high-voltage projects creates strong entry barriers and supports long-term growth opportunities.
The company’s backward integration into transformer manufacturing could improve margins, reduce supply-chain dependence, and open export opportunities, with management targeting UL certification for entry into the US and Canadian markets. However, investors should monitor execution risks, working capital requirements, and customer concentration within Gujarat state utilities.
Company Overview
Viviana Power Tech Limited is a Vadodara-based EPC company engaged in the erection, installation, testing and commissioning of power transmission and distribution infrastructure up to 400 KV. The company serves state power utilities, renewable energy developers and private sector clients and is currently expanding into transformer manufacturing, battery energy storage systems and commercial real estate development.
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