Vectras’ Top 10 Customers Provide 97% of First-Half Revenue

Vectras’ top 10 customers provided 97.29% of revenue from operations, or Rs 69.99 crore, in the six months ended September 30, 2026. The largest customer supplied 23.88%, down from 60.33% in fiscal 2024, but the four largest accounts still generated 78.24% of first-half revenue.

How concentrated was Vectras’ first-half revenue?

Vectras’ first-half revenue was concentrated among its 10 largest customers, which supplied Rs 69.99 crore or 97.29% of revenue from operations in the six months ended September 30, 2026. Customers outside the top 10 therefore accounted for 2.71% of revenue in that period. Vectras states that it is dependent on customers and suppliers for its business.

The largest three customers generated Rs 44.63 crore, or 62.03% of revenue from operations, in the six months ended September 30, 2026. The first four customers generated Rs 56.29 crore, representing 78.24% of revenue, based on their disclosed individual contributions of 23.88%, 19.29%, 18.86% and 16.21%.

Customer 5 contributed Rs 6.29 crore, or 8.74%, in the September 2026 half year. Bharat Petroleum Corporation Limited accounted for Rs 2.51 crore, or 3.50%, while M/s. Vectras, a partnership firm of the promoters, contributed Rs 1.77 crore, or 2.47%. Several customer names were withheld because Vectras said it had not received consent to disclose them in the offer document.

Has Vectras reduced reliance on its largest customer?

Vectras reduced the share of revenue coming from its largest customer from 60.33% in fiscal 2024 to 23.88% in the six months ended September 30, 2026. This was a decline of 36.45 percentage points. The largest customer contributed Rs 32.77 crore in fiscal 2024 and Rs 17.18 crore in the September 2026 half year, although those amounts cover a full year and six months, respectively.

The change was already evident before the latest half year. The largest customer accounted for 47.93% of revenue from operations in fiscal 2025 and 23.92% in fiscal 2026, compared with 23.88% in the six months ended September 30, 2026. The fiscal 2026 and latest-half ratios differ by only 0.04 percentage points.

The reduced reliance on one account did not remove dependence on a small group of customers. Vectras’ top-three-customer share was 89.36% in fiscal 2024, 76.12% in fiscal 2025, 55.28% in fiscal 2026 and 62.03% in the September 2026 half year. The latest ratio was 6.75 percentage points above fiscal 2026, indicating that revenue concentration increased within the three largest accounts during the reported six-month period.

Why did top-10 customer concentration stay high?

Vectras’ top-10 customer concentration stayed high because revenue outside the leading accounts remained limited across all four disclosed periods. The top 10 supplied 97.84% of revenue from operations in fiscal 2024, 96.04% in fiscal 2025, 92.27% in fiscal 2026 and 97.29% in the six months ended September 30, 2026.

The latest top-10 ratio was 5.02 percentage points higher than fiscal 2026 and 0.55 percentage points lower than fiscal 2024. The amount of revenue from the top 10 was Rs 53.14 crore in fiscal 2024, Rs 77.30 crore in fiscal 2025, Rs 110.54 crore in fiscal 2026 and Rs 69.99 crore in the six months ended September 30, 2026. The period amounts cannot be treated as directly comparable because the latest disclosure covers six months.

Fiscal 2026 was the only disclosed full year in which the top-10 share was below 95%, at 92.27%. In the September 2026 half year, the top four customers alone represented 78.24% of revenue, while the last two top-10 positions contributed Rs 43.35 lakh and Rs 41.25 lakh, or a combined 1.17%.

Which factors affect Vectras’ first-half revenue comparison?

Vectras says that revenue recognised between April and September is traditionally lower than revenue recognised in the second half of its financial year. The company uses the percentage-of-completion method, under which contract revenue is not recognised until there is reasonable progress on a contract. The 97.29% concentration ratio therefore measures revenue recognised in the six months ended September 30, 2026 rather than a full-year customer mix.

Project conditions can also affect the timing of recognised revenue. Vectras says severe weather may require it to evacuate personnel, curtail services, damage equipment or facilities, and delay delivery of materials to project sites. High summer temperatures and monsoon conditions may also restrict operations and resource utilisation, affecting the progress used to recognise revenue under the percentage-of-completion method.

The latest customer ranking also differed from fiscal 2026. M/s. Vectras was the third-largest customer in fiscal 2026, contributing Rs 17.06 crore or 14.24% of revenue, but ranked eighth in the September 2026 half year at Rs 1.77 crore or 2.47%. Bharat Petroleum Corporation Limited increased to 3.50% in the latest half year from 2.95% in fiscal 2026, although its Rs 2.51 crore contribution remained below the four largest accounts.

Conclusion

Vectras reduced its reliance on its single largest customer, whose share declined from 60.33% in fiscal 2024 to 23.88% in the six months ended September 30, 2026. However, the broader revenue base remained concentrated: the top 10 customers supplied 97.29% and the top four supplied 78.24% of revenue from operations in the latest period.

The next disclosure to watch is the full-year customer mix after second-half contracts progress under Vectras’ percentage-of-completion method. Vectras said no circumstances had arisen after September 30, 2026 that materially and adversely affected, or were likely to affect, its operations, profitability, asset value or ability to pay material liabilities.