🏗️ At a Glance
CMP: ₹185.48
- 🏦 FY25 Revenue: ₹1,222 Cr (↑6.9% YoY)
- 💰 PAT: ₹122 Cr (↑34.1% YoY)
- 🧾 EPS: ₹10.45
- 📉 Q4 PAT actually declined QoQ
- 🏗️ Order book status: Unclear in filing, but pipeline strong
- 💵 IPO Funds Used: ₹274 Cr from ₹297 Cr net proceeds
- 🧾 Asset-heavy infra model, low D/E
🧱 About the Company
- Vishnu Prakash R Punglia Ltd (VPRPL) is a fast-growing infrastructure EPC company, active in:
- Water supply projects (WSP)
- Railway infrastructure
- Road construction
- Bridges, irrigation, and industrial infrastructure
They came into the spotlight with a blockbuster IPO in 2023 and have since ridden the India infra boom tailwinds — think Bharatmala, Gati Shakti, Jal Jeevan, and other schemes engineers dream of at night.
💼 Key Financials – FY25 vs FY24
| Metric | FY25 | FY24 | Change |
|---|---|---|---|
| Revenue from Operations | ₹1,222 Cr | ₹1,143 Cr | ⬆️ 6.9% |
| Total Expenses | ₹1,156 Cr | ₹1,078 Cr | ⬆️ |
| Profit Before Tax (PBT) | ₹146.65 Cr | ₹122.83 Cr | ⬆️ 19.4% |
| Profit After Tax (PAT) | ₹122.18 Cr | ₹91.12 Cr | ⬆️ 34.1% |
| EPS (Diluted) | ₹10.45 | ₹8.39 | 📈 |
🧾 EBITDA and Margin Data: Not explicitly broken out in screenshot, but Net Margin ≈ 10%
📉 Quarterly Trend (Q4 vs Q3)
| Quarter | Revenue | PAT |
|---|---|---|
| Q3 FY25 | ₹658 Cr | ₹67 Cr |
| Q4 FY25 | ₹406 Cr | ₹16 Cr |
That’s a drop of over 75% in PAT QoQ. Seasonal? Project timing? Or signs of execution slowdown?
💹 Balance Sheet Highlights
| Item | FY25 | FY24 |
|---|---|---|
| Total Assets | ₹12,497 Cr | ₹11,413 Cr |
| Equity (Net Worth) | ₹7,753 Cr | ₹7,214 Cr |
| Total Liabilities | ₹4,744 Cr | ₹4,199 Cr |
| Borrowings (Long Term) | ₹800 Cr | ₹253 Cr |
| Borrowings (Short Term) | ₹6,271 Cr | ₹3,704 Cr |
| Cash & Bank Balances | ₹52 Cr | ₹215 Cr |
💥 Debt shot up sharply. From ₹3,957 Cr → ₹7,071 Cr. Almost 2x leverage in a year.
💸 Cash Flow Situation
| Cash Flow Type | FY25 | FY24 |
|---|---|---|
| Operating Cash | ₹-870 Mn | ₹2,088 Mn |
| Investing Cash | ₹-61 Mn | ₹-41 Mn |
| Financing Cash | ₹254 Mn | ₹-1,659 Mn |
| Net Cash Change | ₹-677 Mn | ₹388 Mn |
⚠️ Operating cash flow turned negative. Despite strong profits, working capital drain due to infra billing cycles.
🧾 IPO Fund Utilization (from ₹2,990 Mn)
| Purpose | Amount Used (₹Mn) |
|---|---|
| Equipment Capex | 444.07 |
| Working Capital | 135.57 |
| Prepaying certain borrowings | 150.00 |
| General Corporate & Contingency | 274.70 |
| Total | ₹1,004.34 Mn |
🧠 Most IPO money was spent as planned — no shady diversions detected.
📊 EduInvesting Take
Vishnu Prakash R Punglia Ltd is your classic post-IPO infra stock:
- Solid IPO returns
- Followed by muted financial performance
- High leverage and order-book heavy
- But a good play on India’s Jal Jeevan Mission, rural infra & transport push
But…
❌ Q4 disappointment is real
❌ Negative cash flow + high debt = concern
✅ Strong full-year PAT growth
✅ EPS of ₹10.45 at CMP ₹185 = P/E ~17.7x (reasonable for EPC)
🚩 Risks & Red Flags
- High working capital requirements
- Delays in government payment cycles
- Inflation in raw materials (steel, cement)
- Sudden QoQ drop in revenue and PAT
- Rising borrowings — nearly ₹7,000 Cr now!
🧠 Should You Track This Stock?
Yes — but don’t sip the infra chai too hot.
VPRPL is in the right sector. But like all EPC stocks:
- Returns are lumpy
- Cash flows are erratic
- And margins are one misstep away from collapse
If they keep execution tight and manage leverage, this ₹185 stock could ride the Bharat infra boom.
If not, it’ll be another “Infra ke sapne, cash flow ke aansu” story.
Tags: VPRPL FY25 Results, Vishnu Prakash R Punglia, EPC stocks India, Jal Jeevan Mission stocks, infra boom India, IPO infra stock, Punglia Q4 results, VPRPL stock analysis
Author: Prashant Marathe
Date: May 29, 2025
