1. At a Glance – Shock, Voltage, and Current
Viviana Power Tech Ltd is that one SME stock which looks like it drank Red Bull mixed with transformer oil. ₹801 stock price, ~₹811 Cr market cap, ROCE flirting shamelessly at ~43%, ROE screaming at ~46%, and quarterly profit growth north of 40%. In the last reported quarter (Q2 FY26), the company clocked ₹58.94 Cr in revenue and ₹5.59 Cr in PAT, up ~41% YoY. Order book? Casual ₹1,300–1,400+ Cr pipeline. Bonus issue done. Promoters still holding ~70%. EPC, transformers, compact substations, and now battery energy storage systems (BESS) also knocking on the door. The stock corrected a bit in recent months, but operationally, Viviana is behaving like a small-town engineer who suddenly cracked a PSU tender jackpot. The question is simple: is this sustainable execution brilliance, or is the voltage a little too high for the wiring? Let’s open the panel.
2. Introduction – Welcome to the EPC Power Soap Opera
Viviana Power Tech is not a legacy PSU dinosaur, nor a flashy Silicon Valley unicorn. It’s an EPC contractor that decided boring infrastructure can also mint serious money if executed properly. Incorporated in 2014, the company quietly spent a decade laying transmission lines, erecting towers, and dealing with government utilities that test patience harder than Indian traffic.
And suddenly, boom. Revenue growth of 234% TTM, profit growth of 206% TTM, and a stock market that finally noticed. Viviana operates in a sector where payment delays, cost overruns, and tender nightmares are normal breakfast items. Yet here we have a company posting 16–20% operating margins in EPC, which usually runs on “margin bhi mile toh bhagwan ka prasad” logic.
The recent narrative twist includes transformer manufacturing, compact substations, aggressive order wins, and BESS contracts running into hundreds of crores. The company is no longer just stringing cables; it’s plugging itself deeper into India’s power infrastructure story. But before we get emotional, let’s inspect the nuts, bolts, and balance sheet.
3. Business Model – WTF Do They Even Do?
Imagine a state electricity board says: “Bhai, power chahiye.” Viviana replies: “Full package milega.”
The company operates primarily in the Power EPC segment, executing turnkey projects covering supply, civil work, erection, testing, and commissioning of
electrical systems. Transmission and distribution projects go up to 400 kV, including 66 kV, 132 kV, 220 kV, and even 400 kV lines. Switchyards, underground and overhead cabling, substations—if electricity flows through it, Viviana probably bids for it.
Then comes distribution transformer manufacturing. Current capacity sits around 7,000 units annually, with plans to scale up to 20,000 units by FY27, and transformer ratings expanding up to 20.5 MVA. This vertical brings backward integration, better margins, and less dependence on third-party suppliers.
Add compact substations to the mix—plug-and-play power solutions that utilities and renewable players love because they save time, land, and headaches.
Operationally, Viviana runs a hybrid model: owns core machinery but hires specialized equipment when needed. Translation: capital-light where possible, asset-heavy only where necessary. They’ve completed 58+ projects, employ ~350 professionals, and work with clients like GETCO, Adani Group, Suzlon, Waaree, BHEL, and state utilities. Not exactly roadside electricians.
4. Financials Overview – Numbers That Actually Spark
Result Type Detected: Quarterly Results (Q2 FY26). EPS annualisation locked accordingly.
Quarterly Comparison Table (₹ Crore)
| Metric | Latest Qtr (Sep 2025) | YoY Qtr (Sep 2024) | Prev Qtr (Jun 2025) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 58.94 | 41.90 | 31.68 | 40.7% | 86.1% |
| EBITDA | 11.23 | 6.23 | 6.46 | 80.2% | 73.8% |
| PAT | 5.59 | 3.98 | 3.27 | 40.9% | 70.9% |
| EPS (₹) | 5.53 | 3.98 | 3.27 | 38.9% | 69.1% |
Annualised EPS (Quarterly × 4) ≈ ₹22.1.
Margins remain healthy, EBITDA nearly doubled YoY, and sequential growth is aggressive. EPC companies rarely show this consistency without either execution strength or accounting gymnastics. Given order inflow visibility, this growth looks operational rather than magical. But EPC investors should always keep one eyebrow raised.
5. Valuation Discussion – Fair Value Range
