🟢 At a Glance:
Vinyas Innovative Technologies just reported a 25% YoY revenue growth for FY25, clocking in at ₹396.6 crore — with a solid ₹19.4 crore PAT and a mind-blowing ₹1,018 crore order book. From defence radars to medtech tie-ups, this SME defence stock is stacking deals faster than DRDO clears tender files.
🏢 What Does Vinyas Even Do?
Don’t let the boring name fool you.
Vinyas Innovative Technologies Ltd is a precision manufacturing partner in:
- 🛡️ Defence & Aerospace
- 🏥 Medical Devices
- 🏭 Industrial Control Units
- 🚆 Railway & Transportation Electronics
Basically, if there’s a missile, a drone, or a diagnostic machine — Vinyas probably builds part of it. Or all of it.
And yes, they are approved for export-controlled programs too — which is like getting into Hogwarts for defence contractors.
🔬 FY25 Financial Highlights
| Metric | FY25 | FY24 | % YoY |
|---|---|---|---|
| 🧾 Revenue | ₹396.6 Cr | ₹317.2 Cr | +25% |
| 💰 EBITDA | ₹44.36 Cr | ₹36.4 Cr | +22% |
| 🧠 PAT | ₹19.42 Cr | ₹15.35 Cr | +27% |
| 📦 Order Wins | ₹737 Cr | — | — |
| 📚 Order Book (EoY) | ₹1,018 Cr | ₹863 Cr | +18% |
| 💳 EPS (Diluted) | ₹15.43 | ₹16.47 | -6% |
So yeah — everything’s up… except EPS. (They raised capital last year, that’s why.)
🚀 H2 FY25 Was Even More 🔥
| Metric | H2 FY25 | H2 FY24 | Growth |
|---|---|---|---|
| Revenue | ₹247.14 Cr | ₹179.95 Cr | +37% |
| EBITDA | ₹26.66 Cr | ₹20.2 Cr | +32% |
| PAT | ₹12.41 Cr | ₹9.70 Cr | +28% |
| EBITDA Margin | 10.67% | 11.16% | (–49 bps) |
Margins dipped a bit, but growth was super solid.
🧱 Order Book = Serious Business
Vinyas’ order book is now worth ₹1,018 Cr — more than 2.5x their FY25 revenue.
This means:
- 📦 Strong revenue visibility for next 2–3 years
- 🧠 Mix includes export-regulated programs — long-term & sticky
- 💉 Includes medical electronics, not just missiles
Key Wins:
- Subsystems for Naval Defence & Smart Airborne Electronics
- Deal with Fresenius Kabi (big in medtech)
- Commissioned new cable harness facility
- Entered commercial aerospace via Tier-1 OEM approval
🛠️ Segment Breakdown
| Segment | FY25 Revenue | Share |
|---|---|---|
| 🛡️ Defence & Aerospace | ₹309.42 Cr | 78% |
| 🏭 Industrial | ₹72.98 Cr | 18% |
| 🏥 Medical | ₹6.73 Cr | 1.7% |
| 📦 Others | ₹7.50 Cr | 1.8% |
So yes — still a defence-heavy play. But medtech and aerospace are heating up.
💡 Expansion Plans
Vinyas isn’t just sitting on this order pile.
They’re:
- 🏗️ Scaling infra for exports
- 🧪 Exploring tech-transfer models with OEMs
- 🌍 Planning global facilities (EU + North America)
- 🛰️ Moving into full system-level integration (not just PCB assembly)
Target: 25–30% CAGR over next 5 years
Vision: Become India’s most export-qualified defence electronics hub
🧾 Balance Sheet Flex
| Metric | FY25 | FY24 |
|---|---|---|
| Net Worth | ₹146.95 Cr | ₹128.19 Cr |
| Total Debt | ₹102.70 Cr | ₹96.69 Cr |
| Debt/Equity | 0.70x | 0.75x |
| DSCR | 3.32x | 2.75x |
| ROCE | 24.9% | 24.3% |
| Cash & Cash Equiv. | ₹11.81 Cr | ₹12.6 Cr |
Healthy capital structure. Efficient asset turnover. And DSCR of 3.32x — textbook lending material.
🧠 EduInvesting Take:
Here’s why Vinyas is not just another SME:
✅ Back-to-back 25%+ growth across revenue & profit
✅ ₹1,000+ Cr order book and 737 Cr new orders in FY25
✅ Entered commercial aerospace + medtech — diversifying
✅ Infra already in place, no capex excuses
✅ Globally qualified for high-reliability, export-restricted programs
If HAL is the DRDO senior, then Vinyas is the bright intern who’s already writing code for missiles.
😬 Risks
- 🔺 Customer concentration (still very defence-heavy)
- 🔺 Working capital cycle stretched
- 🔺 EPS diluted post capital raise
- 🔺 Global expansion = execution risk
But as of now, these are manageable — especially with ₹737 Cr orders incoming.
📌 Tags:
Vinyas Innovative Technologies, Defence SME Stock, FY25 Results, Vinyas Order Book, Aerospace Manufacturing India, EduInvesting, Missile Electronics India
🖊️ Author: Prashant Marathe
📅 Date: June 2, 2025
