1. At a Glance
Vindhya Telelinks Ltd — the MP Birla Group’s underrated workhorse — just clocked ₹960 crore in Q2FY26 revenue and ₹59 crore profit after tax, flexing a 143% YoY profit jump that would make even Indus Towers blink. The stock trades at ₹1,615 (as of 18 Nov 2025), giving it a modest market cap of ₹1,916 crore — which is less than themarket value of its investments(₹3,098 crore). Yep, you read that right — the company’s investments alone are worth more than its entire market valuation. Bhagavad Gita once said, “Karmanye vadhikaraste ma phaleshu kadachana” — do your karma, don’t chase the results. Vindhya seems to have taken that literally — building cables, EPC projects, and infrastructure across India, while the market blissfully ignores its hidden value.
Trading at 0.45x book value and a P/E of just 7.18, the company’s balance sheet looks sturdier than many hyped-up tech IPOs. Yet, with ROE stuck at 5.03% and debt at ₹1,400 crore, the Birla-backed player has more in common with a reliable but overworked government contractor than a flashy unicorn. Still, a ₹6,150 crore order book and a fresh ₹36.7 crore optical fibre expansion signal that this isn’t your average cable-laying babu anymore — this one’s tightening its wires for the next upgrade cycle.
2. Introduction
Vindhya Telelinks is the kind of company that never makes noise but quietly wires half the country. It’s like that serious student in your college who topped every exam but never showed up at any fest — you only remember him when the placements happen. Incorporated way back in 1983, the company has spent four decades connecting India, literally — from telecom cables to power infrastructure to solar PV wiring.
It’s not just cables — this company builds the roads (figuratively) that digital India runs on. Its EPC segment, which contributes about 60% of total revenue, has its fingerprints all over BharatNet, BSNL, BBNL, and other alphabet soup government projects. The rest comes from manufacturing cables — copper communication, optical fibre, solar PV, and even railway signalling cables — all made in its fortress-like facility in Rewa, Madhya Pradesh.
If that wasn’t enough, it sources its optical fibre from a sister concern (Birla Furukawa Fibre Optics Pvt Ltd) and supplies to another cousin (Birla Cable Ltd). Basically, the MP Birla family reunion happens in the form of balance sheet interlinkages. The firm’s 32% stake in Birla Corporation and 30% in Universal Cables adds to its “investment fortress.” Investors love cash cows; Vindhya’s more like a quiet elephant — it doesn’t moo, it moves heavy things slowly but surely.
3. Business Model – WTF Do They Even Do?
Vindhya operates in two main segments — EPC (Engineering, Procurement & Construction) and Cables — both of which feed into India’s infrastructure and digital backbone.
EPC Segment (60%)This is the big one. Vindhya takes government and PSU contracts to build telecom and energy infrastructure — everything from laying fibre optic networks to connecting rural India under BharatNet. The company’s been active in over 15 states, including Punjab, Haryana, UP, Tamil Nadu, and even J&K. Basically, if you see a government van digging a road to lay a cable — there’s a decent chance Vindhya’s name is on that tender.
Cable Segment (~40%)Here’s where it manufactures the guts of connectivity — copper and optical fibre cables, FRP rods, glass rovings, solar PV cables, and even railway signalling wires. Its Rewa plant churns out a whopping 48 lakh fibre km annually. With the recent ₹36.7 crore capex approved in November
2025, the company’s boosting capacity further, which might help it ride the next telecom or solar wave.
And guess what?They’re also into technological collaborations. Vindhya has an exclusive agreement with Switzerland’s Huber + Suhner AG to manufacture RADOX cables in India — these are like the Rolls Royce of cables, used in high-stress environments like railways, EVs, and defence.
So, what does Vindhyareallydo?Simple — they build the invisible arteries that power and connect India, then quietly send the invoice to the government.
4. Financials Overview
| Metric | Latest Qtr (Sep’25) | YoY Qtr (Sep’24) | Prev Qtr (Jun’25) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | ₹960 Cr | ₹953 Cr | ₹908 Cr | 0.75% | 5.7% |
| EBITDA | ₹72 Cr | ₹48 Cr | ₹61 Cr | 50.0% | 18.0% |
| PAT | ₹59.1 Cr | ₹24 Cr | ₹59 Cr | 143% | 0.1% |
| EPS (₹) | ₹49.9 | ₹20.6 | ₹49.4 | 143% | 1% |
Annualised EPS = ₹49.9 × 4 = ₹199.6 → P/E = 1615 / 199.6 = 8.09x.
Not bad for a company trading below book value. The numbers show that Vindhya is moving from being a slow EPC player to a more stable hybrid business with consistent margins. The jump in profit is primarily due to better mix and operational efficiency.
5. Valuation Discussion – Fair Value Range (Educational Only)
P/E Method:Industry average P/E = 19.2×Vindhya P/E = 7.18×Fair range = 10× to 14× of FY26E EPS (₹200) → ₹2,000 to ₹2,800 per share.
EV/EBITDA Method:EV = ₹3,280 Cr, EBITDA (TTM) = ₹505 Cr → EV/EBITDA = 6.49×Fair range (industry 8–10×) → Implied EV = ₹4,000–₹5,000 Cr → Fair Equity Value ≈ ₹2,300–₹2,900 per share.
DCF Method (simplified):Assuming FCFE growth of 8%, cost of equity 13%, terminal growth 3%, fair value range ≈ ₹2,100–₹2,500 per share.
👉Fair Value Range (Educational Purpose Only): ₹2,000 – ₹2,800.(Disclaimer: This range is for educational discussion, not investment advice.)
6. What’s Cooking – News, Triggers, Drama
November 2025 brought some sizzle to Vindhya’s otherwise quiet kitchen. The board approved ₹36.7 crore capex to expand its optical fibre capacity, signalling bullishness despite an EU tariff slap of 8.3% on its fibre exports earlier that year. Talk about “Make in India” being tested in Europe.
On May
