Synopsis: Viviana Power Tech Limited has landed a significant turnkey contract worth over Rs 71.38 crores from Paschim Gujarat Vij Company Limited (PGVCL). This ambitious modernization initiative aims to covertly transform ageing overhead power grids into secure underground networks, all within an 18-month timeline.
By locking in a multi-crore grid modernization mandate from an established state utility partner, the company secures immediate financial visibility, establishing an intensive infrastructure pipeline that positions the group for a powerful revenue cycle, catching public market tracking boards completely by surprise.
Shares of Viviana Power Tech Limited were trading at Rs 781, up by 2.08 percent from the previous close of Rs 765.05. The stock opened at Rs 775.45, touched an intraday high of Rs 792 and a low of Rs 749. The company currently commands a market capitalization of Rs. 795 crore.
Viviana Power Tech Limited has secured a fresh domestic turnkey order worth Rs 71.39 crore (inclusive of taxes) from Paschim Gujarat Vij Company Limited (PGVCL), a leading state-owned electricity distribution utility in Gujarat. The order was notably awarded by an existing client, which demonstrates the utility’s continued confidence in the company’s execution capabilities and its long-term relationship with the utility. The contract is to be executed within 18 months from the date of the Letter of Award (LOA).
As per the contract, Viviana Power Tech will be responsible for converting the existing 11 kV high tension (HT) and low tension (LT) overhead power lines and consumer service connections to an underground cable network integrated with Ring Main System (RMS). Storms, accidents and falling trees can cause outages, but underground cabling makes this less likely. The ring main system means that if there’s a fault in one part of the grid, electricity can be supplied through an alternative route, improving grid reliability and reducing downtime.
This modernisation mandate is not a multi-year grid project with long delay windows, but rather a high-velocity execution loop. The company is legally obligated to complete and deliver the entire underground cable system within a fixed period of 18 months from the official date of the Letter of Award (LOA).
Why does this matter?
This order is more than just incremental revenue; it strengthens Viviana Power Tech’s role as a trusted execution partner for India’s power distribution modernisation programme. State utilities across the country are replacing ageing overhead networks with underground cable systems to improve safety, reduce transmission disruptions and create resilient urban electricity infrastructure. The repeat order from PGVCL is a testament to the company’s ability to win follow-on business, which is often a good sign of successful project execution and client satisfaction.
Financial Highlights
The company has delivered an outstanding performance in H2 FY26 with revenue soaring to Rs 432 crore, which represents a sequential growth of 525.9 percent from Rs 69 crore in H1 FY26 and a year-on-year growth of 208.6 percent from Rs 140 crore in H2 FY25. Operating profit grew 400 per cent sequentially to Rs 60 crore from Rs 12 crore and 233.3 per cent YoY from Rs 18 crore. The operating profit margin moderated to 14 percent from 17 percent in H1 FY26, but the sharp expansion in revenue translated into strong earnings growth. Profit before tax was at Rs 56 crore, up 522.2 per cent sequentially and 229.4 per cent on-year, driven by improved operating leverage, despite higher finance costs.
The momentum in earnings was equally impressive, with net profit rising to Rs 43 crore, up 514.3 percent over Rs 7 crore in H1 FY26 and 230.8 percent over Rs 13 crore in H2 FY25. EPS surged to Rs 42.73 from Rs 6.85 and Rs 12.52, respectively. Profitability ratios were also strong, with a return on capital employed of 50.7 percent and a return on equity of 57.2 percent. It has delivered 86 percent compounded sales growth and impressive 119 percent compounded profit growth over the past five years, reflecting its strong execution and scalable business model.
The balance sheet saw a giant expansion for FY26, with total assets growing nearly 3 times to Rs 555 crore from Rs 186 crore in FY25. One of the key highlights was the sharp increase in reserves to Rs 104 crore from Rs 55 crore, indicating healthy profit retention and a strengthening net worth that can support future expansion without excessive equity dilution. The company has a debt-to-equity ratio of 0.81 and a current ratio of 1.02. The price-to-earnings multiple of 15.8x and the above-57 percent ROE suggest that the company continues to generate strong shareholder returns.
Viviana Power Tech continues to consolidate its position in the power transmission and distribution EPC space with yet another order from an existing government utility. The new contract provides the company with greater revenue visibility for the next 18 months and improves its credentials to bid for future grid modernisation and underground cabling projects across India.
Viviana Power Tech Limited is an EPC Company working on Power Transmission & Distribution Infrastructure Projects in India. The Company offers turnkey execution of substations, transmission lines, underground cabling and electrical distribution networks for government utilities and industrial clients and has expertise in projects up to 400 kV systems.
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