Viviana Power Tech Ltd Q2 FY26 – From Wires to Windmills: The Powerhouse That Shocked the Grid with ₹90.6 Cr Revenue & 115% PAT Growth!

1.At a Glance

If the power sector were a Bollywood blockbuster,Viviana Power Tech Ltd (VPTL)would be the high-voltage villain turned hero — shockingly profitable, occasionally overleveraged, and always in the news. At ₹892 per share and a market cap of ₹903 crore, this Vadodara-based EPC dynamo has electrified investors with 74% annual returns and a 151% 3-year CAGR.

With aQ2 FY26 revenue of ₹58.9 croreandPAT of ₹5.59 crore, Viviana posted a dazzling40.7% YoY sales growthand40.9% profit growth— not bad for a company that once began stringing transmission lines in the dusty plains of Kutch. ItsROE stands at a charged 46.5%, whileROCE is a sizzling 42.9%.

Debt, however, isn’t entirely insulated — with ₹71.6 crore borrowings and a1.02 debt-to-equity ratio, this power player walks the thin wire between expansion and overextension. But with₹1,300 crore+ new contractsandMoUs worth ₹2,448 croresigned with the Gujarat government, even the skeptics are sweating like a transformer in May.

The cherry on top? A3:5 bonus issueand a100% acquisition of Viviana Engineering, because nothing says “we’re serious” like issuing free shares and buying your namesake cousin.

2.Introduction

Every once in a while, the Indian SME circuit spits out a company that jolts even the most voltage-hardened analysts.Viviana Power Tech Ltd— born in 2014 and wired straight into India’s transmission backbone — has gone from humble contractor to full-blown EPC powerhouse, all while keeping its wires untangled and auditors surprisingly chill.

The story reads like an electrician’s dream. Viviana doesn’t just pull cables; it builds 400 kV transmission lines, commissions substations, and now, even manufactures transformers. It has cracked the secret sauce of Indian infrastructure — government contracts, timely execution, and the occasional bonus share to keep retail investors charged up.

In FY25, the company clocked ₹219 crore in revenue with ₹21 crore PAT, and in the trailing twelve months, that surged to ₹261 crore revenue and ₹24 crore PAT. Meanwhile, the company is already preparing to supercharge to ₹550 crore revenue in FY26 and ₹850 crore in FY27 — because why stop at 440 volts when you can go full 220kV?

But what’s more interesting than numbers is the energy shift — Viviana isn’t just an EPC contractor anymore. WithMoUs worth ₹2,448 croreand plans to dive intoBattery Energy Storage Systems (BESS)andrenewables, this smallcap is aiming for the high-tension league.

3.Business Model – WTF Do They Even Do?

Viviana Power Tech operates where voltage meets vision. The company is essentially apower EPC (Engineering, Procurement, and Construction)player executing transmission, distribution, and industrial projects. It builds the electrical veins that keep India’s industries alive — from220kV switchyardsto11kV underground cabling networks.

But wait, there’s more. Viviana has diversified intotransformer manufacturing, boasting an annual capacity of 7,000 units (oil-type and dry-type) and plans to crank that up to20,000 unitsby FY27, including transformers up to20.5 MVA. That’s not just scaling — that’s transformer puberty in fast-forward.

And just when you thought it was all cables and copper, Viviana introducescompact substationsand integrated distribution systems — fancy jargon for “we make sure your power doesn’t trip when you turn on your AC and iron at the same time.”

Projects? Over58+ completed, spanning from Gujarat to Uttar Pradesh, featuring heavyweight clients likeAdani Green Energy, GETCO, BHEL, Suzlon, and Cleanmax. Basically, if there’s a tower, transformer, or turbine nearby, Viviana’s fingerprints might be on it.

The revenue streams come from two clear conductors —Supply(materials, equipment) andService(installation, commissioning, maintenance). For machinery-heavy projects, the company even hires additional equipment — a nice blend of asset-light strategy and jugaad economics.

4.Financials Overview (Quarterly Results)

Type: Quarterly (Consolidated Figures in ₹ Crore)

Annualised EPS:₹5.53 × 4 = ₹22.12P/E:₹892 / ₹22.12 =40.3x(Yes, the