Read the quarter in context.
A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
ConCallIQ research layer
Signal, with the source still visible.
Use the controls below to narrow the view, then follow the evidence into the next layer of context.
Revenue
₹253.08 Cr
verified against source
Revenue YoY
-9.7%
reported change
EBITDA
₹87 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Vascon Engineers reported a weak FY26 with consolidated revenue of ₹984 crore (down ~10% YoY) and EBITDA of ₹87 crore (down 13% YoY), impacted by cash flow constraints in two large government projects and organizational changes at a private client. PAT fell to ₹49 crore from ₹126 crore, the prior year benefiting from exceptional gains. The EPC order book stood at ₹2,717 crore (2.9x FY26 revenue), with 79% from government-backed projects. Management guided for FY27 revenue of ₹1,200 crore (EPC ₹1,000 crore, real estate ₹200 crore) and aims to build order book to ~₹4,000 crore. Risks include continued slow execution in government projects and aggressive pricing competition. The company is cautiously optimistic, focusing on margin protection and disciplined bidding.
Colored figures show movement against the previous available record.
Guidance to track
- Management targets consolidated revenue of ₹1,200 crore in FY27, comprising EPC of ₹1,000 crore and real estate of ₹200 crore.
- Company aims to end FY27 with an order backlog of approximately ₹4,000 crore, adding ₹1,500 crore in new orders during the year.
- Management indicated willingness to accept EPC margins of 11-12% to be more aggressive in bidding, down from historical 13-14%.
- Capex requirement for EPC is estimated at 4-5% of revenue, translating to about ₹50 crore for FY27, funded via client advances.
Risks flagged
- Two major government projects (Sindhudurg and Bihar) faced cash flow crunches, causing revenue shortfall. Payments resumed from March 2026, but risk of recurrence remains.
- Intense pricing competition in EPC industry led to lower order inflow; management plans to bid more aggressively at 11-12% margins, which could compress profitability.
- Real estate sales booking of only ₹113 Cr in FY26, with slow offtake in Orchids redevelopment project. New launches (Pawai, Prakash) may face similar headwinds.
- Rising inflation could increase labor and material costs; while government contracts have escalation clauses, private projects may not, potentially squeezing margins.
Key quotes
- We do not want to be funding our clients... if funds dry up from our client... we will not put money into it.
- We are going to be aggressive on real estate cautiously aggressive. We will not be putting in equity to buy land.
- We are very capable to execute more than what we did... the shortfall is not due to internal capability.
Research modules