Viviana Power Tech in FY26: mainboard migration, ₹531 crore revenue, and a big bet on transformers and BESS

Viviana Power Tech Limited’s FY26 investor presentation frames the year as a step-change in scale and ambition. The company reported consolidated revenue of ₹531 crore for FY26, alongside an order book of ₹1,000+ crore at year-end. On the standalone income statement, sales rose sharply to ₹501.67 crore in FY26 from ₹188.37 crore in FY25, while operating margin improved to 14.25% and net profit increased to ₹50.18 crore. The presentation also highlights the company’s migration from NSE Emerge to the NSE mainboard, with approval received on 21 May 2026 and mainboard listing completed on 2 June 2026.

The operating profile remains rooted in power transmission and distribution EPC, covering transmission lines, EHV substations, distribution networks, underground cable laying, and system upgrade work. But the strategic narrative is shifting. Management describes FY26 as a transformational year and outlines a plan to turn Viviana from a pure-play EPC contractor into a more vertically integrated power T&D platform by expanding into transformer manufacturing, adding a BESS development portfolio, and building a separate infrastructure development engine designed to generate collateral for working capital needs.

FY26 performance: rapid scale-up, with working capital dynamics visible

In FY26, the standalone P&L shows the operating leverage of a scaling EPC business. Operating profit increased to ₹71.49 crore from ₹26.10 crore in FY25, and profit before tax rose to ₹65.32 crore. Net profit margin improved to 10.00% in FY26 from 9.03% in FY25, while diluted EPS increased to ₹49.80.

The presentation also provides operational indicators that explain how revenue and cash movements can diverge in an EPC model. It notes pronounced seasonality in both order inflow and project execution, attributed to DISCOM ordering patterns. This timing effect is reflected in the company’s trade receivable days, which increased to 147 days in FY26 from 125 days in FY25. At the same time, trade payable days improved to 108 days in FY26 from 85 days in FY25, and net working capital days improved to 44 days from 49 days, suggesting suppliers are extending better credit terms as scale increases.

Cash flow, however, highlights the financing intensity that often accompanies rapid EPC growth. Standalone operating cash flow in FY26 is ₹0.79 crore, while investing cash outflow is ₹54.21 crore and financing inflow is ₹52.57 crore. Year-end cash and cash equivalents are shown at ₹0.01 crore. The balance sheet also reflects higher leverage as the company scales, with long-term borrowings rising to ₹28.24 crore and short-term borrowings rising to ₹63.65 crore in FY26.

Strategy shift: from EPC contractor to integrated power T&D platform

The presentation’s central strategic pivot is transformer manufacturing. Management states it is planning a greenfield multi-product power transformer and equipment manufacturing facility near Vadodara, capable of producing transformers up to 400 kV in a phased manner, with production expected to commence by the end of FY28. The transformer division slide further describes setting up a 220 kV class power transformer manufacturing unit on 14 acres in Vadodara district, intended to be expanded to 400 kV over time.

This push is positioned as an extension of earlier steps taken in distribution transformer manufacturing. The company states it acquired 75% in Aarsh in FY24 as its first step into transformer manufacturing, and that it completed type-testing of oil-type transformers up to 500 kVA. It also discloses a nearer-term capacity roadmap: increasing rating capacity to 7 MVA in FY25–26 and to 20 MVA in FY26–27, along with upgrades to production lines and testing facilities.

The presentation lays out three strategic initiative clusters for the transformer division: product expansion for solar and BESS applications, manufacturing capacity scaling to high-voltage classes, and world-class testing infrastructure including a dedicated 400 kV testing facility and an in-house HV lab. The intended commercial logic is vertical integration: supplying key electrical equipment can support the EPC business while creating an additional revenue stream.

BESS entry: ₹511.20 crore of orders, and an attempt at credential-building

A second strategic pillar is the company’s move into the battery energy storage system segment. Viviana states it has entered BESS with ₹511.20 crore of secured orders across two BOO projects:

1. A 100 MW / 200 MWh standalone BESS project in Rajasthan for RVUNL valued at ₹302.46 crore (including GST), with land acquired and financial closure in process.

2. A 65 MW / 130 MWh BESS project in Gujarat for GUVNL valued at ₹208.74 crore (including GST), with BESPA signed and land acquisition under process.

Beyond the immediate project pipeline, the deck frames BESS as a strategic credential. It argues that executing 2 to 3 BOO BESS projects could unlock eligibility for larger-ticket tenders such as Ministry of Power TBCB and, eventually, HVDC bidding, presenting a “credential ladder” that steps from state DISCOM EPC to larger tenders over FY28 to FY30.

This framing matters because it positions BESS less as a standalone margin story and more as a pathway to larger project opportunities. However, the statuses disclosed indicate both BESS projects are still at early stages, with land and financial closure activities in progress.

Life Spaces: a collateral engine meant to support EPC working capital

The third strategic piece is Viviana Life Spaces, described as an infrastructure development business intended to generate collateral assets that can support the EPC working capital requirement without pledging factory assets or promoter shares. The deck targets ₹100+ crore of commercial asset collateral by FY30 and indicates rental income from retained commercial assets could be ₹6 to ₹8 crore per year at steady state. It also states a revenue target of ₹350+ crore over four years at a 15% to 20% PAT margin.

This is an unconventional structure for a power EPC company, but the stated objective is straightforward: reduce balance sheet pressure on the manufacturing venture by creating a separate pool of collateral for working capital facilities.

Targets and what investors will track next

The company provides a forward financial target table that outlines a path to ₹2,000+ crore consolidated revenue by FY30E and a consolidated PAT margin of 10% to 12% by FY30E, with a stated consolidated PAT target of ₹200+ crore by FY30. Segment revenue targets include transformer manufacturing rising to ₹400 to ₹600 crore by FY30E, suggesting the manufacturing business is expected to become meaningful within four years.

Management also states it expects to maintain a Debt/Equity level between 1.0x and 1.5x based on projections.

The immediate investment debate, based strictly on the deck, is likely to revolve around execution. The opportunity set described is large, with the presentation citing substantial transmission capex in India and framing transformer demand as tight in global scenarios. But the business plan includes multiple parallel build-outs: scaling EPC, ramping transformer manufacturing capability to higher voltage classes, progressing BESS projects through land and financial closure to commissioning, and executing a collateral-building Life Spaces plan.

The FY26 financials show the scale-up in revenue and profitability, but also show signs of a working-capital-heavy profile, including increased receivable days and minimal year-end cash on standalone numbers. For investors, the next milestones will be the pace of manufacturing capacity additions, clarity on capex funding and testing readiness, and progress updates on the two BESS projects from “in process” to operational execution.