Vishnusurya Projects and Infra: H1 FY26 Performance and Strategic Outlook

Vishnusurya Projects and Infra Limited has delivered a robust performance in the first half of fiscal year 2026, showcasing significant growth and strategic advancements. The company, a key player in India's burgeoning infrastructure sector, reported a strong financial uplift, reinforcing its position as a maturing mid-size entity in Tamil Nadu. For H1 FY26, Vishnusurya achieved a revenue of ₹168 crore, marking a commendable 21% year-on-year increase. This growth was complemented by an EBITDA of ₹37 crore, reflecting a 16% rise, and a net profit (PAT) of ₹25 crore, which grew by 13% year-on-year. These figures underscore the effectiveness of the company's strategic roadmap and the resilience of its operating model amidst a dynamic market.

The company's growth trajectory is primarily fueled by its core business segments: the production of M-Sand and construction aggregates, construction and infrastructure (EPC), and municipal solid waste management. The increase in revenue from M-sand and construction aggregates was largely driven by higher production volumes, supported by a surge in infrastructure development activities and strong demand from both public and private sector projects. Additionally, improved price realizations, enabled by a favorable product mix and strengthened market conditions, further aided revenue growth. Vishnusurya's strategic placement near major infrastructure projects in Tamil Nadu provides a competitive edge, minimizing transportation costs and ensuring timely supply of materials.

Strategic Initiatives and Diversified Order Book

Vishnusurya's strategic focus on high-growth infrastructure segments is evident in its recent project wins and future outlook. The company, as part of a consortium, secured its largest-ever order: a ₹2,217 crore contract from SIPCOT to develop a 60 MLD seawater desalination plant at Mullakadu, Tuticorin. Vishnusurya's share in this landmark project is ₹220 crore. This Hybrid Annuity Model project, with a 6-month pre-construction phase, 30 months for building, and a 15-year operation and maintenance (O&M) period, is crucial for securing water supply for emerging industries in Tamil Nadu's southern corridor.

Further bolstering its order book, Vishnusurya won a ₹103 crore pipeline contract near Chennai for a desalination transmission project and a ₹24 crore order for a Benzol Storage Facility at SAIL's Bokaro Steel Plant. These projects highlight the company's continued momentum in water and environmental engineering. The company's project pipeline remains healthy and diversified across sectors including transportation, water, marine infrastructure, and biomining, which not only mitigates risk but also strengthens its growth foundation.

Operational Excellence and Financial Discipline

In alignment with national priorities, Vishnusurya is undertaking key internal transformations to reinforce resilience and enhance long-term value creation. The company has rolled out an enterprise-wide cost optimization initiative and is strategically renegotiating with contractors to strengthen margin resilience. Capital allocation discipline is a cornerstone of its strategy, with investments directed toward high-margin, strategically aligned projects to ensure efficient capital deployment and superior risk-adjusted returns. Furthermore, governance reinforcement, including strengthening its enterprise risk management framework and deepening project oversight, is driving execution excellence across all operations.

Management emphasized its commitment to prudent growth, disciplined execution, and uncompromising governance. The company's low net debt to equity ratio of 0.13x in FY25 and comfortable debt repayment schedule underscore its strong financial health. The sanctioned Bank Guarantee limit of ₹15 crore further enhances its ability to support project execution and contractual obligations.

Outlook and Future Prospects

Vishnusurya enters the new fiscal year with renewed optimism, backed by macroeconomic tailwinds and sector-specific opportunities. The Union Budget 2025-26's earmarking of ₹11.21 lakh crore for infrastructure development, along with significant allocations for waste management, positions Vishnusurya favorably. The company anticipates a revenue of ₹375 crore, EBITDA of ₹72 crore, and PAT of ₹45 crore for FY26, with an expected order inflow of ₹350 crore and capex of ₹6-7 crore. The mining segment is projected to contribute ₹140-150 crore, and the waste management segment around ₹40 crore with a target of 20% upwards growth.

Vishnusurya's long-term value creation strategy is deeply intertwined with India's ambitious goal of becoming a US$ 5 trillion economy, which hinges on robust infrastructure development. Flagship initiatives like Gati Shakti, the National Infrastructure Pipeline (NIP), and the Production-Linked Incentive (PLI) scheme reinforce the strategic significance of the sector. The company's strong fundamentals, disciplined execution, and forward-looking strategy are expected to drive sustainable growth and long-term prosperity, further strengthening its leadership position in the Indian infrastructure landscape.