Viviana Power Tech has received a work order valued at Rs 139.49 crore from Paschim Gujarat Vij Company Limited (PGVCL) for underground cable network conversion works in Rajkot. The order was disclosed to the exchange on September 17, 2026.

Viviana Power Tech has now received multiple orders from state distribution companies in Gujarat, reflecting continued activity in the power infrastructure sector.

Order Details

Order History: Q2FY27 and Prior Disclosures

Company Order Track Record

The pre-computed quarterly order summary below reflects data as provided. The new PGVCL order is included in the updated totals below.

Note: Data for Q1FY27 and Q4FY26 is not available in the provided quarterly summary.

Order in Financial Context

The total disclosed order book for the last three fiscal quarters stands at Rs 537.16 crore across 5 orders. This provides coverage of approximately 3.72 quarters of average quarterly revenue, based on an average quarterly revenue of Rs 144.38 crore over the last four quarters. On an annualised basis, the order book represents approximately 0.93 years of revenue at the current run-rate. The trailing twelve-month revenue stands at Rs 577.5 crore.

Execution and Revenue Quality

Viviana Power Tech has reported significant revenue volatility across recent quarters, with Q4FY26 recording Rs 326.40 crore in revenue followed by Rs 73.30 crore in Q1FY27. Operating profit margins have remained above 11% across the last three reported quarters.

Revenue Growth: Order Wins Translating to Revenue

Annual revenue has grown from Rs 219.60 crore in FY25 to Rs 531.25 crore in FY26, a YoY increase of 141.9%. Net profit grew 154.7% YoY over the same period, from Rs 20.70 crore to Rs 52.72 crore.

Working Capital and Execution Capacity

The balance sheet reflects tight liquidity conditions. The current ratio stands at 1.07x, and the Total Liabilities/Equity ratio is 4.35x. This figure includes trade payables and other non-debt liabilities, as separate borrowings data is not isolated in the source. Operating cashflow has been negative for three consecutive years, standing at -Rs 14.10 crore in FY25, -Rs 3.00 crore in FY24, and -Rs 11.30 crore in FY23.

What to Watch

• Execution Rate: The disclosed order book covers approximately 3.72 quarters of average quarterly revenue. Continuous order replenishment is required to sustain the current revenue run-rate.
• Cash Conversion: Negative operating cashflow persists despite profit growth. Receivables and working capital cycles remain a key monitoring point given the low current ratio of 1.07x.
• Margin Quality: Orders span underground cabling, overhead conversion, and transmission-level XLPE cable works. Any variation in OPM across these contract types should be tracked as projects execute.
• Client Concentration: The order book remains concentrated among Gujarat-based entities, including distribution companies (Mgvcl, Dgvcl, Pgvcl) and a transmission entity (Getco). Regulatory or payment delays from these entities could disproportionately affect cash flows.

Key Observations

• Leverage flag: Total Liabilities/Equity of 4.35x; balance sheet carries elevated liabilities, and ability to fund working capital for the existing backlog should be monitored.
• Cash conversion: Operating cashflow of -Rs 14.10 crore in FY25; backlog is not converting to cash efficiently, and receivables or working capital cycle may be stretched.
• Valuation check (as of 17 Sep 2026): P/E of 12.8x against ROCE of 45.34%. (P/E is price-derived and will change; ROCE is from audited financials)
• Entity diversification: The company continues to receive orders from multiple state distribution and transmission entities in Gujarat.

Viviana Power Tech has been named the top bidder for a ₹139.49 crore project to convert overhead 11 KV HT lines to underground cable networks.

Project details

The contract involves converting existing overhead 11 KV high-tension lines into underground cable networks. The following table summarises the key details of this order win:

Order book position

With this addition, the total value of Viviana Power Tech's order book exceeds ₹1,850 crore. This reflects the company's continued activity in power infrastructure projects involving underground cabling and high-tension network upgrades.

Key highlights

• Named top bidder for a ₹139.49 crore underground cable network project
• Project scope covers conversion of overhead 11 KV HT lines to underground cable networks
• Total order book value exceeds ₹1,850 crore