Vision Infra Equipment Solutions Limited has announced its audited financial results for the half year and full year ended March 31, 2026, delivering its strongest year on record. The company reported broad-based growth across revenue, profitability, return ratios, and cash generation, with Profit after Tax nearly doubling on a year-on-year basis. The Board of Directors approved the audited financial statements at its meeting held on May 11, 2026, with statutory auditors ADV & Associates issuing an unmodified audit opinion. Subsequently, the transcript of the Earnings Conference Call held on May 14, 2026, was uploaded on the company's website pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

FY26 Financial Performance

Vision Infra Equipment Solutions posted robust full-year results, with total revenue and profitability expanding significantly. The following table presents the key financial metrics for the half year and full year ended March 31, 2026 (Rs. in lakhs):

Total Revenue includes Other Income. EBITDA = Profit before Tax + Finance Cost + Depreciation. EPS face value ₹10 per share.

Key full-year highlights include total revenue growing 36.9% Y-o-Y to ₹621.93 crore, EBITDA expanding 33.5% Y-o-Y to ₹171.40 crore with EBITDA margin at 28.74% (FY25: 28.26%), and Profit after Tax rising 93.8% Y-o-Y to ₹66.01 crore with PAT margin expanding 312 bps to 10.61% (FY25: 7.49%). Cash Flow from Operations rose approximately 6x to ₹195 crore (FY25: ₹33 crore). Debtor Days improved by 16 days from 120 days to 104 days, while Return on Equity Capital (ROEC) rose to 23.78% in FY26 from 21.66% in FY25. The Debt-to-Equity ratio strengthened to 1.36x in FY26 from 1.62x in FY25. Gross Fixed Assets grew to ₹602 crore (FY25: ₹419 crore) and Net Block scaled to ₹471 crore (FY25: ₹271 crore).

H2 FY26 Momentum

Second-half performance accelerated meaningfully across every line of the P&L, with Profit after Tax more than doubling both sequentially and year-on-year. The table below summarises H2 FY26 growth metrics:

Revenue grew 16.1% H-o-H to ₹334.10 crore in H2 FY26, while Profit before Tax nearly doubled, up 97.9% H-o-H to ₹57.15 crore. Profit after Tax more than doubled, up 105.4% H-o-H to ₹44.40 crore, delivering a robust PAT margin of 13.29% for the half. Effective October 1, 2025, the company transitioned its depreciation methodology from the Written Down Value (WDV) method to the Straight-Line Method (SLM) to better align depreciation expense with the useful life and utilization pattern of assets. In accordance with AS 10, this change was applied prospectively; as a result, depreciation for the period is lower by ₹2,766.28 lakhs, Deferred Tax income has been lowered by ₹688.32 lakhs resulting in Deferred Tax Expenses, and profit after tax for the period is higher by ₹2,077.95 lakhs.

Segment Performance

Vision Infra Equipment Solutions operates through two reportable segments — Rental Services and Trading & Refurbishment Products. The segment-wise revenue and profit performance for the full year and H2 FY26 are presented below (Rs. in lakhs):

Segment Profit is stated before Finance Costs and Tax. Total Segmental Revenue excludes Other Income of ₹1,492.75 lakhs (FY25: ₹1,114.40 lakhs).

The Rental Services segment was the primary growth driver, with segment revenue rising sharply and segment profit of ₹11,524.98 lakhs in FY26 compared to ₹6,974.72 lakhs in FY25. The Trading & Refurbishment segment also delivered steady growth, with revenue of ₹31,310.10 lakhs and segment profit of ₹3,009.17 lakhs in FY26.

Key Business Developments

The company made several strategic advances during the year. Vision Infra Equipment Solutions expanded its fleet with integrated end-to-end solutions for asphalt and concrete paving, and piling rigs, enhancing execution capabilities and enabling participation in larger and more complex infrastructure projects. A new ERP system was successfully implemented, materially improving operational efficiency, process integration, and enterprise-wide data visibility. The company issued 53,63,336 convertible warrants on a preferential basis at an issue price of ₹250 per warrant, aggregating ₹134 crore, to promoters and select investors; of which 25% (₹33 crore) was received in Q4 FY26. These warrants are exercisable within 18 months from the date of allotment, i.e., on or before July 15, 2027, with the balance expected to be received during FY27. As of March 2026, the company carried a robust rental services order book of approximately ₹250 crore.

At the same Board meeting, the Board also approved the constitution of a Committee and delegated powers for raising funds through the issuance of Non-Convertible Debentures (NCDs) via private placement, in one or more tranches, subject to applicable laws and regulatory approvals. The size, issue price, terms, and proposed investors are yet to be finalized. Additionally, CA Pratik Nandkumar Bhalgat (Membership No.: 186093) was reappointed as Internal Auditor for FY2026-27.

Management Commentary

Commenting on the results, Sachin Gandhi, Managing Director, stated: "FY26 has been a landmark year for VIESL. We delivered record revenue, near-doubling of profitability, and a step-change in cash generation — while strengthening our balance sheet and return ratios. The Company continues to consolidate its position as a leading service provider in the infrastructure and road construction sector, catering to airports, highways, smart cities, metro rail, railways, factories and building projects. Our asset base scaled to 545 machines as of March 2026, powering robust growth across both core verticals — Rental Services and Trading & Refurbishment."

On the outlook, Gandhi added: "Looking ahead, we are targeting revenue growth of ~25–30% in FY27 with a corresponding EBITDA margin. This growth will be supported by deployment of the capital being raised through the ₹134 crore preferential warrants issued to promoters and select investors, together with scale expansion, operational improvements and sustained demand momentum."

FY27 Guidance

The company has provided the following guidance for FY27, to be funded through deployment of capital raised via the ₹134 crore preferential share warrants:

About Vision Infra Equipment Solutions Limited

Vision Infra Equipment Solutions Limited is a leading provider of infrastructure and road construction equipment solutions, engaged in equipment rental, refurbishment, trading, and specialized infrastructure end-to-end services. The company offers specialized services including crushing, soil stabilization, recycling, milling, and paving, and has further expanded its service portfolio with integrated end-to-end paving, milling, and piling rig solutions. Backed by deep industry expertise and a technology-driven approach, the company plays a crucial role in supporting India's infrastructure build-out by bridging the gap between project execution requirements and equipment availability.

This release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially. Vision Infra Equipment Solutions Limited undertakes no obligation to update or revise any forward-looking statements except as required by law.

Vision Infra Equipment Solutions Limited has announced the reappointment of CA Pratik Nandkumar Bhalgat (Membership No.: 186093) as the Internal Auditor of the company. The reappointment was approved by the Board of Directors with the consent of the Audit Committee during a board meeting held on May 11, 2026, in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Reappointment Details

The following table summarises the key details of the reappointment as disclosed under Regulation 30 of the SEBI (LODR) Regulations, 2015, read with SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/1/3762/2026 dated January 30, 2026:

Auditor Profile

CA Pratik Nandkumar Bhalgat holds more than 8 years of experience across the following domains:

• Auditing
• Taxation
• System Audits
• Project Finance

Regulatory Compliance

The intimation was submitted to the National Stock Exchange of India Ltd. in accordance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The disclosure was made by Sachin Vinod Gandhi, Managing Director (DIN: 09857165), on behalf of Vision Infra Equipment Solutions Limited, from its registered office located at 4th Floor, International Business Bay, Gurunanak Nagar, Pune 411042.