Valiant Communications Limited held its 33rd Annual General Meeting (AGM) on September 30, 2026, where shareholders approved all proposed resolutions, including a dividend of ₹1.50 per equity share.

The meeting was conducted via Video Conferencing and Other Audio Visual Means in compliance with Ministry of Corporate Affairs circulars. The company reported that all five ordinary resolutions were passed with the requisite majority, reflecting strong shareholder support for the management's proposals.

Key Resolutions Passed

The agenda items transacted at the meeting included:

• Adoption of audited standalone and consolidated financial statements for FY26.
• Declaration of a final dividend of ₹1.50 per equity share of face value ₹10 each.
• Re-appointment of Inder Mohan Sood and Davinder Mohan Sood as directors retiring by rotation.

The statutory auditors' report and secretarial audit report did not contain any qualification, reservation, adverse remark, or disclaimer. Whole-time Director Gaurav Mohan Sood provided insights into the company's AI initiatives at the operations and product levels during the session.

Voting Results Overview

Voting was conducted through remote e-voting and e-voting during the AGM. The total number of shareholders on the record date was 10,537. The following table summarizes the voting outcome for the key financial resolution regarding the dividend declaration:

What the Numbers Show

A distinct pattern emerges in the voting participation data: while promoters and promoter group members voted 100% of their holding (4,618,962 shares), public institutional investors voted only 7.02% of their holding (38,929 out of 554,585 shares). This low institutional turnout contrasts with the higher participation from public non-institutional shareholders, who voted 17.36% of their holding. Despite this disparity in engagement levels between institutional and retail segments, the overwhelming majority of votes cast were in favour, with only a single vote recorded against across all resolutions.

Valiant Communications has secured a confirmed work order valued at Rs 40.25 crore from a domestic private system integrator. The contract involves the supply of communication and Grid-protection solutions as per technical requirements.

The project timeline for this specific order extends until December 31, 2028. This disclosure follows a series of significant wins by the company in recent weeks, reinforcing its position with key industry players.

ORDER IN FINANCIAL CONTEXT

The Rs 40.25 crore order represents approximately 16.63% of the company's average quarterly revenue of Rs 24.20 crore. When combined with recent wins, the total disclosed order book stands at Rs 4515.00 crore (sum of the 4 orders disclosed across the last 3 fiscal quarters shown in the table below). This backlog provides coverage for 186.57 quarters of average quarterly revenue, offering significant visibility into future earnings streams. The high coverage ratio suggests that execution capacity, rather than order acquisition, is likely the primary growth driver in the near term.

COMPANY ORDER TRACK RECORD

Order inflow has been concentrated in Q2FY27, where the company recorded Rs 4515.00 crore in wins from Indian Power Utilities, Large System Integrators, and Private System Integrators. This follows a period of lower disclosed activity in previous quarters, indicating a potential acceleration in contract awards during the current fiscal period. The consistency in awarding entities suggests strong relationships with key system integrators and power utilities.

EXECUTION AND REVENUE QUALITY

The company has demonstrated consistent revenue growth and margin expansion over the last three quarters. Operating profit margins improved from 34.78% in Q3FY26 to 42.72% in Q1FY27, reflecting efficient cost management and favorable product mix. Net profit followed a similar trajectory, rising from Rs 6.00 crore to Rs 7.80 crore over the same period.

REVENUE GROWTH - ORDER WINS TRANSLATING TO REVENUE

As Valiant Communications has sustained order wins, its annual revenue has grown from Rs 52.70 crore in FY25 to Rs 84.87 crore in FY26, representing a YoY growth of +61.0% based on the latest annual data. This acceleration aligns with the increasing order inflow observed in recent quarters, confirming that past contract awards are successfully converting into top-line growth.

WORKING CAPITAL AND EXECUTION CAPACITY

The balance sheet reflects strong liquidity with a current ratio of 7.41x, indicating ample capacity to fund working capital requirements for existing backlogs. Total Liabilities/Equity stands at a conservative 0.16x, suggesting minimal leverage risk. However, operating cashflow was modest at Rs 0.80 crore in FY25, while free cashflow remained negative at -Rs 2.20 crore, implying that cash generation has not yet fully kept pace with capital expenditures and working capital needs.

WHAT TO WATCH

• Execution rate: Monitor quarterly revenue run-rate against the substantial backlog to assess conversion efficiency.
• OPM trajectory: Track whether the expanding operating margins of 42.72% can be sustained as new contracts execute.
• Client concentration: Evaluate the dependency on Large System Integrators, Indian Power Utilities, and Private System Integrators, which accounted for the majority of recent disclosed orders.
• Cash conversion: Observe if operating cashflows improve to support free cashflow generation amidst growing order volumes.

KEY OBSERVATIONS

• Backlog signal: Book-to-bill of 186.57x. At this level, execution capacity becomes the binding constraint.
• Margin expansion: Operating profit margins have risen consistently from 34.78% in Q3FY26 to 42.72% in Q1FY27, indicating improving profitability dynamics.