Viviana Power Tech has received a work order valued at Rs 9.7402648 crore from Gujarat Energy Transmission Corporation Limited (GETCO) for 66kV XLPE cable works in Rajkot Zone. The order was disclosed to the exchange on August 27, 2026, and carries a 24-month execution period. This is not a related-party transaction and promoter interest is not involved.

Viviana Power Tech has now received orders from both state distribution companies and a state transmission entity in Gujarat, reflecting activity across multiple segments of the state's power infrastructure.

Order Details

Order History: Q2FY27 and Prior Disclosures

Company Order Track Record

The pre-computed quarterly order summary below reflects data as provided. The GETCO order disclosed on August 27, 2026 falls within Q2FY27 but is not reflected in the pre-computed totals below, which are used exactly as provided.

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 387.93 crore across 3 orders, as per the pre-computed summary. This provides coverage of 2.69 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 0.67 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 2.69 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 now 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, now including both 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 27 Aug 2026): P/E of 13.4x against ROCE of 45.34%. (P/E is price-derived and will change; ROCE is from audited financials)
• Entity diversification: The latest GETCO order marks Viviana Power Tech's first disclosed order from a state transmission company in the current quarter, adding to orders from three distribution companies.

Viviana Power Tech Limited reported a standalone net profit of ₹69.33 million for Q1FY27, a 232% increase from ₹20.88 million in the same period last year, driven by a surge in revenue from operations to ₹718.63 million from ₹207.81 million. Consolidated net profit attributable to owners of the parent company rose to ₹60.17 million from ₹32.66 million year-on-year. Alongside the strong financial performance, the Board of Directors approved the disinvestment of the company’s entire shareholding in its two subsidiaries, Viviana Life Spaces Private Limited and Aarsh Transformers Private Limited, aiming to streamline operations and focus on core power transmission activities.

The Board meeting held on August 4, 2026, reviewed the limited review report issued by statutory auditors Mukund & Rohit, Chartered Accountants. The filing was made pursuant to Regulations 30, 33, 52, and 54 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Management highlighted that the strategic restructuring will allow the company to realign resources away from non-core real estate ventures and bring transformer manufacturing directly under its operational umbrella for better integration.

Q1FY27 Financial Performance

Viviana Power Tech demonstrated significant scale-up in its operations during the quarter. Standalone revenue from operations grew by 245.7% year-on-year, while consolidated revenue increased by 129.1% to ₹723.91 million. Despite the revenue surge, the standalone operating margin contracted slightly to 16.08% from 16.75% in Q1FY26, indicating that operating costs scaled alongside revenues. Consolidated operating margin stood at 15.71%, down from 20.38% in the prior-year period.

*Consolidated net profit figures represent profit attributable to owners of the parent company.

Strategic Disinvestment Plans

The company announced the proposed sale of its 90% stake in Viviana Life Spaces Private Limited and its 75% stake in Aarsh Transformers Private Limited. Viviana Life Spaces, engaged in real estate, contributed negligible revenue of ₹1.05 lakh to the consolidated turnover in FY26. Its stake is being acquired by Mrs. Priyanka Richi Choksi, a promoter of Viviana Power Tech, at arm’s length based on a valuation report.

Conversely, Aarsh Transformers, which contributed ₹92.92 lakh (1.75%) to consolidated revenue in FY26, is being sold to Mrs. Renu Sakrani, an external buyer. The management stated that this move facilitates better operational integration by undertaking transformer manufacturing directly within the parent company’s business operations. The transactions are expected to be completed by December 31, 2026, subject to regulatory approvals.

Segment Analysis and Debt Compliance

Under Ind AS 108, the company reports three segments: Erection/Installation of T&D lines, Real Estate, and Manufacturing of Transformers. The core T&D segment generated ₹718.63 million in revenue with a segment result of ₹113.65 million before finance costs. The transformer segment reported a loss of ₹0.74 million, while real estate yielded ₹1.03 million.

The company remains compliant with its debt covenants. Statutory auditors certified that the book value of assets provided as security for listed secured Non-Convertible Debentures (NCDs) stands at ₹1,794.35 million, primarily comprising trade receivables. This provides a security cover ratio of 1.25 times against the outstanding NCD amount of ₹450.00 million. There were no deviations in the utilization of proceeds from the ₹250 million and ₹200 million NCD issues raised in March and April 2026, respectively.