1. At a Glance – SME Rocket or Grid Overload?
Viviana Power Tech is currently sitting at ₹775, with a market cap of ₹785 crore, flexing a Stock P/E of 27.4 against an industry median closer to 16. ROE? A spicy 46.5%. ROCE? A thunderous 42.9%. Sales growth (TTM)? A ridiculous 234%. Profit growth? 206%.
And then comes Q3 FY26 (December 2025 quarter):
- Revenue: ₹117.87 crore (+226% YoY)
- PAT: ₹7.91 crore (+130% YoY)
- EPS: ₹7.81 for the quarter
If we annualise Q3 (as per rules: average of Q1, Q2, Q3 × 4), EPS math gives us:
Q1 (Jun 2025) = ₹3.27
Q2 (Sep 2025) = ₹5.51
Q3 (Dec 2025) = ₹7.81
Average = (3.27 + 5.51 + 7.81) / 3 = ₹5.53
Annualised EPS = ₹5.53 × 4 = ₹22.12
At ₹775 CMP, that implies a forward-adjusted P/E of roughly 35x, which is higher than reported TTM P/E of 27.4.
So question is simple:
Is this a smallcap power EPC beast being born…
Or is this working capital about to trip the circuit breaker?
Let’s flip the switch.
2. Introduction – From SME Platform to Mainboard Dreams
Viviana Power Tech is not some 30-year-old PSU dinosaur. It was incorporated in 2014. Young. Hungry. Aggressive.
And boy, it doesn’t think small.
In the last few months alone, this company has:
- Announced migration to NSE/BSE main board
- Raised authorised capital to ₹15 crore
- Issued a 3:5 bonus
- Acquired subsidiaries
- Bagged BESS contracts worth hundreds of crores
- Signed MoUs worth ₹2,448 crore with Gujarat government
This is not sleepy EPC behaviour. This is “we want to be on the big stage” energy.
Revenue in FY22? ₹33 crore.
Revenue in FY25? ₹219 crore.
TTM? ₹343 crore.
That’s 10x-ish growth in 3 years.
But here’s the twist.
Cash flow from operations in FY25 was negative ₹14 crore.
So they’re growing like a startup… but funding like an EPC contractor on steroids.
Are they building transmission lines… or tension lines?
Let’s understand what they actually do.
3. Business Model – WTF Do They Even Do?
Imagine electricity as Mumbai local trains. Someone has to build the tracks, install the signals, maintain the system, and now add battery backup so the whole thing doesn’t collapse when renewables fluctuate.
That’s Viviana.
1️ Power EPC Segment
They do turnkey jobs for:
- Transmission lines up to 400kV
- Switchyards
- Substations
- Civil + erection + testing + commissioning
Basically: “From drawing board to power-on button.”
They’ve handled ±500 kV HVDC lines and large substations. That’s not small stuff.
2️ Distribution Transformer Manufacturing
They produce:
- Oil-type & dry-type transformers
- Up to 1250 kVA currently
