Valiant Communications has secured a confirmed work order valued at Rs 13.88 crore from a domestic private system integrator. The contract involves the supply of communication and protection solutions as per technical requirements. The project timeline extends until September 30, 2027.

ORDER IN FINANCIAL CONTEXT

The Rs 13.88 crore order represents approximately 5.74% 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 3127.00 crore (sum of the 3 orders disclosed across the last 3 fiscal quarters shown in the table below). This backlog provides coverage for 129.21 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 3127.00 crore in wins from Indian Power Utilities and Large 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 and Indian Power Utilities, 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 129.21x. 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.

Valiant Communications has scheduled its 33rd Annual General Meeting for September 30, 2026. The meeting will commence at 10:00 am and be conducted through Video Conferencing or Other Audio-Visual Means.

The event is convened in compliance with Regulation 34(1) of the SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015, as well as General Circulars issued by the Ministry of Corporate Affairs and SEBI.

Key Agenda Items

The Board has recommended a final dividend of ₹1.50 per equity share with a face value of ₹10 each for the financial year ended March 31, 2026. Shareholders must hold their shares as of the record date to be eligible for the payout.

Dividend Details

Dividend income is taxable in the hands of shareholders. The company will deduct tax at source as applicable. Holders of physical shares are required to submit KYC details and bank information to ensure electronic payment compliance.

Director Re-appointments

Two executive directors are seeking re-appointment by rotation:

• Inder Mohan Sood: Managing Director and Chief Executive Officer. He holds 15,22,500 equity shares (13.31%).
• Davinder Mohan Sood: Executive Whole-time Director and Chief Financial Officer. He holds 16,04,909 equity shares (14.03%).

Both directors have been associated with the company since its inception. They offer themselves for re-appointment in compliance with Section 152 of the Companies Act, 2013.

Communication Channels

The Notice of the 33rd AGM and the Annual Report will be sent only in electronic mode to the email addresses of members registered with the Company, Registrar and Share Transfer Agent, and Depository Participants.

In compliance with Regulation 36(1)(b) of the SEBI Listing Regulations, 2015, the company has sent a letter providing the web-link of the Annual Report for FY26 to members who have not registered their email addresses. This communication was dispatched on September 3, 2026, to shareholders as on the cut-off date of August 28, 2026.

Shareholders holding physical securities are reminded to update their KYC details, including PAN, address, mobile number, bank account details, specimen signature, and nomination choice. As mandated by SEBI, payments for folios without updated details will be made electronically only. The company requests all security holders to register their email IDs to facilitate online services and receipt of future communications.