Vishnu Prakash R Punglia earnings calls.

VPRPL reported a 12% YoY revenue decline to ₹296 croreCurrent reported value: 12% YoY revenue decline to ₹296 crore. No comparable prior figure is available in the source record. in Q2 FY26, with EBITDA collapsing ~50% to ₹24 croreCurrent reported value: ~50% to ₹24 crore. No comparable prior figure is available in the source record. (8.25Current reported value: 8.25. No comparable prior figure is available in the source record.% margin) and PAT at just ₹4Current reported value: 4. No comparable prior figure is available in the source record. crore. The sharp profit deterioration stems from elevated working capital deployment—mobilization costs for newly commenced projects and delayed payment releases from the Jal Jeevan Mission water supply segment. A conservative ECL provision of ₹8.5 croreCurrent reported value: ₹8.5 crore. No comparable prior figure is available in the source record. (based purely on receivables aging) further compressed margins. H1 performance reflects similar pressure with ₹572 crore revenue (-3% YoY)Current reported value: ₹572 crore revenue (-3% YoY). No comparable prior figure is available in the source record. and 9.84% EBITDA margin (-32% YoY)Current reported value: 9.84% EBITDA margin (-32% YoY). No comparable prior figure is available in the source record.. Management characterizes these as temporary impacts, projecting sequential improvement in Q3-Q4 as Rajasthan government payments released in October (₹100-125 crore received) begin normalizing cash flows. The ₹5,000 crore order bookCurrent ₹5,000 crore order book. Reported change: 2-3 years visibility. (~2-3 years visibility) and ₹3,000 crore bid pipelineCurrent ₹3,000 crore bid pipeline. Reported change: Under evaluation. provide execution visibility, though working capital constraints may limit aggressive scaling. Promoter infusion of ₹200.29 croreCurrent reported value: ₹200.29 crore. No comparable prior figure is available in the source record. has reduced external borrowings from ₹648 crore to ₹488 crore, expected to lower interest costs going forward. Railway segment's growing share (33%Current 33%. Reported change: +18pp YoY. of order book vs 15-17% historically) offers partial diversification from the water segment's payment issues. Risk:Current reported value: Risk:. No comparable prior figure is available in the source record. If Jal Jeevan Mission payments do not normalize within 2-3 quarters as management expects, liquidity pressure could intensify.