Vascon Engineers has received a Letter of Intent valued at ₹131.58 crore (excluding GST) from Reliance Industries Limited for the construction of 04 Nos G+12 FLL Type Buildings for Sector-3 at the RG Expansion Project in Jamnagar. The work has been awarded on a Bill of Quantities (BOQ) basis and is to be completed within 19 months from the date of receipt of order.

Order Details

The key details of the contract are summarised below:

Significance of the Contract

The ₹131.58 crore deal with Reliance Industries Limited highlights Vascon Engineers' ability to secure high-value contracts from marquee clients. The project involves the construction of multi-storey residential-type buildings at the RG Expansion Project in Jamnagar, reflecting the company's capabilities in large-scale construction. This order is expected to contribute meaningfully to the company's order book, reinforcing its position in the construction and engineering sector. The company has also confirmed that the contract does not fall under related party transactions and that no promoter or promoter group has any interest in the awarding entity.

Vascon Engineers held its Board of Directors meeting on May 11, 2026, approving the standalone and consolidated audited financial results for the quarter and year ended March 31, 2026, pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The board meeting commenced at 2:00 PM and concluded at 4:00 PM. In addition to the financial results, the board transacted several significant governance matters, including leadership changes and committee reconstitutions.

Financial Performance: FY26 Results

The company reported its audited standalone and consolidated financial results for the quarter and year ended March 31, 2026. The key financial highlights are presented below:

Segment Performance

Vascon Engineers operates across two primary business segments — Engineering, Procurement and Construction (EPC) and Real Estate Development. The segment-wise revenue and results for the year ended March 31, 2026 are summarised below:

Balance Sheet Highlights

The standalone and consolidated balance sheet positions as at March 31, 2026 are outlined below:

Cash Flow Summary

The standalone and consolidated cash flow statements for the year ended March 31, 2026 are presented below:

Leadership and Board Changes

The board approved several significant governance and leadership changes effective May 15, 2026:

Consequent to the change in board composition, all board committees were reconstituted with effect from May 15, 2026. The Audit Committee will be chaired by Mr. S. Balasubramanian, the Nomination and Remuneration Committee by Ms. Tara Subramaniam, the Stakeholders Relationship Committee by Ms. Sowmya Iyer, and the Corporate Social Responsibility Committee by Mr. Siddharth Vasudevan Moorthy.

Auditor's Report and Key Notes

The standalone and consolidated financial results were audited by Sharp & Tannan Associates, Chartered Accountants (Firm Reg. No. 109983W), represented by CA Pramod Bhise (Membership No. F047751). The auditors issued an unmodified opinion on both standalone and consolidated financial statements. An emphasis of matter was drawn regarding the company's divestment of its entire shareholding in Almet Corporation Limited under a Share Transfer Agreement dated March 31, 2025. Due to a dispute among the transferees, the agreement has been kept in abeyance, and the matter remains under review.

Notably, during the quarter ended March 2026, Vascon Engineers acquired a 100% stake in Kanchi Properties Private Limited, which consequently became a wholly owned subsidiary with effect from March 31, 2026. Pre-acquisition reserves of the subsidiary amounting to Rs. 33.45 Lakhs were recognised as Capital Reserve in the Consolidated Financial Statements. Additionally, the company recognised an incremental employee benefit expense of Rs. 59.02 Lakhs during the reporting period, arising from plan amendments related to the Government of India's notification of four Labour Codes on November 21, 2025. In the quarter ended June 2025, the company entered into a Share Purchase Agreement with M/s. Samhi Hotels Limited to sell its investment in optionally convertible redeemable debentures of Ascent Hotels Private Limited for a consideration of Rs. 45 Crs, recording a profit from the sale of investment of Rs. 17.50 Crores (net of cost of investment and other direct expenses).

The intimation was issued by Neelam Piyush Pipada, Company Secretary and Compliance Officer (M No. A31721), on behalf of Vascon Engineers Limited, from its registered and corporate office at Vascon Weikfield Chambers, Pune-Nagar Road, Pune.