Valplast Technologies Limited reports Rs 325.15 crore backlog

Valplast Technologies Limited reported quantified outstanding orders of Rs 325.15 crore as of September 30, 2026, equal to about 3.2 times its FY26 revenue of Rs 102.36 crore. Two Konkan Railway assignments accounted for Rs 227.81 crore of that backlog, while management estimated that about 35% would be executed in H2 FY27.

What makes up Valplast’s Rs 325.15 crore quantified order book?

Valplast’s quantified backlog comprises eight fixed-value projects with Rs 325.15 crore left to execute at September 30, 2026. The company’s schedule puts the original value of those quantified projects at Rs 447.69 crore and says Rs 127.09 crore of work had been executed across the project list, including Rs 4.55 crore on three open orders.

The schedule also contains three open orders whose remaining values have not been quantified: East Coast Railway waterproofing work for KSR Infracon Pvt. Ltd., East Coast Railway waterproofing for Ram Steel Infra Ltd., and Rishikesh-Karnaprayag waterproofing for Megha Engineering Ltd. These contracts are excluded from both the Rs 447.69 crore quantified project value and the Rs 325.15 crore outstanding figure, so the disclosed backlog is not a total value for every live assignment.

Among the fixed-value jobs, the largest residual amounts were Rs 156.61 crore for a Konkan Railway project awarded to Nalanda Engicon Pvt. Ltd., Rs 71.20 crore for Konkan Railway transmission work for Ajanma Industries LLP, and Rs 55.80 crore for the Kottavallasa-Koraput tunnel project for KSR Infracon Pvt. Ltd. The project list spans railway infrastructure, transmission, tunnel work, grouting and slope protection.

How concentrated is Valplast’s backlog in Konkan Railway projects?

Valplast’s two Konkan Railway projects represented Rs 227.81 crore of quantified outstanding work at September 30, 2026, or roughly 70% of the Rs 325.15 crore total. The larger contract, listed simply as Konkan Railway and executed for Nalanda Engicon Pvt. Ltd., had its full Rs 156.61 crore project value still outstanding, while the transmission project for Ajanma Industries LLP had Rs 71.20 crore remaining from a Rs 72.24 crore award.

This concentration means the disclosed quantified schedule is led by two railway assignments rather than by Valplast’s tunnel and waterproofing work. The next-largest balance, the Rs 55.80 crore Kottavallasa-Koraput tunnel project, was about one-quarter of the two Konkan balances combined, based on the project-level figures supplied by Valplast.

The residual position differs materially across the older projects. The J&K twin-tube tunnel Package 2 had only Rs 2.87 crore outstanding from an Rs 80.13 crore project value, whereas the June 2026 Kasara-Igatpuri tunnel order had all Rs 13.93 crore outstanding. The April 2024 Kasara-Igatpuri contract retained Rs 9.90 crore from Rs 17.28 crore, showing that the disclosed backlog includes projects at substantially different execution stages.

When does Valplast expect to execute the outstanding work?

Valplast estimates that approximately 35% of its quantified outstanding order book will close before March 31, 2027, which falls in H2 FY27. Applied to the disclosed Rs 325.15 crore balance, that estimate indicates roughly Rs 113.80 crore of execution, although the company states the percentage rather than a rupee target.

Management described timely and disciplined execution, cost discipline and working-capital management as its priorities after securing Rs 241.81 crore of new orders since April 2026. Those new contracts cover railway power-supply installations, railway infrastructure works and tunnel rehabilitation, and their aggregate value was about 2.4 times FY26 revenue of Rs 102.36 crore.

The company’s stated estimate is forward-looking rather than a reported result. Valplast cautioned that outstanding values can change with execution, variations, cancellations or other contractual developments, while execution may also be affected by timing, client payments, material and labour availability, government policy and general economic conditions.

How does the order book compare with Valplast’s revenue and H1 performance?

Valplast’s Rs 325.15 crore quantified order book was approximately 3.2 times FY26 revenue from operations of Rs 102.36 crore. For the half year ended September 30, 2026, revenue rose 4.3% year on year to Rs 36.36 crore, compared with Rs 34.85 crore in H1 FY26.

The company said its revenue profile is weighted toward the second half. In FY26, H2 revenue was Rs 67.51 crore against Rs 34.85 crore in H1, making the second-half contribution nearly twice the first-half level and producing the Rs 102.36 crore full-year total. Management cited that historical pattern when discussing the modest H1 FY27 revenue increase and its expectation of backlog execution in H2 FY27.

Profitability and costs changed during H1 FY27 as Valplast prepared for larger contracts. Earnings before interest, tax, depreciation and amortisation, or EBITDA, were Rs 6.35 crore and the EBITDA margin was 17.5%, down from 22.2% in H1 FY26; employee-benefit expense rose to Rs 5.78 crore from Rs 3.85 crore, while other expenses rose to Rs 4.46 crore from Rs 2.46 crore. Finance costs eased to Rs 1.19 crore from Rs 1.24 crore, and profit after tax was Rs 2.04 crore.

Conclusion

Valplast’s September 30, 2026 project schedule shows a quantified Rs 325.15 crore execution pipeline, dominated by Rs 227.81 crore across two Konkan Railway assignments. The balance is substantially larger than FY26 revenue of Rs 102.36 crore, but it excludes three open railway and waterproofing orders whose remaining values have not been stated.

The next disclosed milestone is management’s estimate that about 35% of the quantified backlog will be executed before March 31, 2027. The pace of execution on the Rs 156.61 crore Konkan Railway assignment, the Rs 71.20 crore transmission project and the Rs 55.80 crore Kottavallasa-Koraput tunnel balance will determine progress toward that estimate.