Vision Infra Equipment Solutions Ltd Q2FY26 – When Road Rollers Become Revenue Rockets and Crushers Print Cash

1. At a Glance

If you ever doubted that renting road rollers and crushers could make you rich, meetVision Infra Equipment Solutions Ltd (VIESL)— the company that just turned heavy machinery into a heavyweight market cap of₹698 crore. The stock is currently chilling at₹283, having rolled over a 64% return in the last six months. In Q2FY26 (Sep 2025), revenue jumped45.4% YoYto ₹281.8 crore, while profit revved up47% YoYto ₹21.6 crore. With aP/E of 17x,ROE of 33.1%, andROCE of 20%, this rental road boss is literally crushing it.

Their business? Simple — if it moves dirt, crushes rocks, or lays asphalt, Vision Infra probably owns it, rents it, refurbishes it, or has already exported it. The cherry on top: a fleet of442 machinesand an order book worth ₹218 crore. For a company that started in 2015, that’s not a bad haul — they’re now playing in the same sandbox as the big infra boys they once rented to.

2. Introduction

There are companies that make apps, and there are companies that make roads. And then there’s Vision Infra — the company that rents out the machines that actuallymakethe roads, airports, and dams everyone brags about on Instagram. Founded in 2015, VIESL has somehow made the unglamorous business of road equipment leasing sound like a tech play in disguise.

Think about it. Instead of writing code, they deal withCompactors,Graders,Bitumen Sprayers, andSlipform Pavers. Instead of “servers”, they manage “asphalt batch mix plants”. The result? The same kind of recurring revenue SaaS companies boast of — except here, it’s “Renting-as-a-Service”, quite literally.

The company’s financials scream operational efficiency —debt-to-equity at 1.61, a decentcurrent ratio of 1.21, andzero promoter pledge. Even their debtor days have dropped from304 to 121, meaning their customers have started paying up faster than government contracts get delayed.

But here’s where it gets fun — almost80% of their refurbished equipment is exported. So yes, Vision Infra isn’t just building India’s highways; it’s selling India’s old bulldozers to the world.

3. Business Model – WTF Do They Even Do?

VIESL’s business model can be summed up as “Rent, Refurbish, Repeat.”

They operate primarily across three verticals:

• a) Renting of Road & Infrastructure Equipment:Clients can either rent by time (hour/day/month) or output (linked to project milestones). It’s like Uber, but for pavers and crushers.
• b) Refurbishment and Trading:They buy used equipment from banks, NBFCs, or contractors, refurbish it, and either deploy it in rental fleet or resell it — often overseas.
• c) Project Services:The company executes jobs likemilling,soil stabilization,recycling, andpaving. These are value-added services where the equipment doesn’t just sit idle but earns performance-linked revenue.

Their client list reads like a who’s who of Indian infrastructure — L&T, Tata Projects, IRB Infra, Afcons, NCC, and GR Infraprojects. From theSamruddhi MahamargtoMOPA Airport, fromJewar InternationaltoKaleshwaram Dam, if there’s a road, rail, or runway, chances are Vision Infra’s machines have been there.

Their 382+ (now 442) machine fleet includes everything fromTandem Rollers, Excavators, and CompactorstoSlipform Pavers, Crushers, and evenPiling Rigs. Imagine Tinder for tippers — clients swipe right, Vision Infra deploys, maintains, and gets paid.

4. Financials Overview (Quarterly Results)

All figures in ₹ crore (Standalone)

Reported data is quarterly; annualised EPS = ₹8.77 × 4 = ₹35.1At CMP ₹283, theannualised P/E ≈ 8.1x, far below the reported trailing 17x, suggesting strong earnings growth ahead.

Commentary:VIESL’s quarterly revenue now exceeds ₹280 crore — not bad