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 a Q2 FY26 revenue of ₹58.9 crore and PAT of ₹5.59 crore, Viviana posted a dazzling 40.7% YoY sales growth and 40.9% profit growth — not bad for a company that once began stringing transmission lines in the dusty plains of Kutch. Its ROE stands at a charged 46.5%, while ROCE is a sizzling 42.9%.
Debt, however, isn’t entirely insulated — with ₹71.6 crore borrowings and a 1.02 debt-to-equity ratio, this power player walks the thin wire between expansion and overextension. But with ₹1,300 crore+ new contracts and MoUs worth ₹2,448 crore signed with the Gujarat government, even the skeptics are sweating like a transformer in May.
The cherry on top? A 3:5 bonus issue and a 100% 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. With MoUs worth ₹2,448 crore and plans to dive into Battery Energy Storage Systems (BESS) and renewables, 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 a power EPC (Engineering, Procurement, and Construction) player executing transmission, distribution, and industrial projects. It builds the electrical veins that keep India’s industries alive — from 220kV switchyards to 11kV underground cabling networks.
But wait, there’s more. Viviana has diversified into transformer manufacturing, boasting an annual capacity of 7,000 units (oil-type and dry-type) and plans to crank that up to 20,000 units by FY27, including transformers up to 20.5 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 introduces compact substations and 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? Over 58+ completed, spanning from Gujarat to Uttar Pradesh, featuring heavyweight clients like Adani 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) and Service (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)
Source table
Metric
Sep 2025 (Latest Qtr)
Sep 2024 (YoY Qtr)
Jun 2025 (Prev Qtr)
YoY %
QoQ %
Revenue
58.94
41.90
31.68
40.7%
86.0%
EBITDA
11.23
6.23
6.46
80.1%
73.8%
PAT
5.59
3.98
3.27
40.9%
70.9%
EPS (₹)
5.53
3.98
3.27
39.0%
69.1%
Annualised EPS: ₹5.53 × 4 = ₹22.12 P/E: ₹892 / ₹22.12 = 40.3x (Yes, the voltage is premium.)
Commentary: Viviana’s YoY growth is hotter than a power grid on Diwali night. Revenue jumped 40%, EBITDA nearly doubled, and PAT sparkled at ₹5.6 crore. The EBITDA margin remained solid at 19.05%, proving that this isn’t a fluke quarter.
