Vivid Electromech Limited Says Rs 307 Crore Book Covers Two Quarters

Vivid Electromech Limited said on October 28, 2026, that its approximately Rs 307 crore executable order book as of October 26 provides revenue visibility for the coming two quarters. The book included Rs 115 crore of data-centre work, Rs 46 crore of metro-rail orders and Rs 146 crore from other industries.

What revenue visibility does Vivid Electromech’s order book provide?

Vivid Electromech said its approximately Rs 307 crore executable order book provides revenue visibility for the coming two quarters. Management disclosed the figure as of October 26, 2026, while stating that its typical order-execution cycle ranges from two to nine months, depending on project requirements and delivery schedules.

The order book follows H1 FY27 revenue from operations of Rs 91.53 crore, up 29.7% from Rs 70.57 crore in H1 FY26. Total income increased 30.0% to Rs 92.15 crore from Rs 70.89 crore, as the company executed customer orders across its operating industries.

Vivid Electromech’s EBITDA margin rose to 20.62% in H1 FY27 from 19.49% a year earlier, while profit after tax increased 38.5% to Rs 13.08 crore. Management attributed the profitability change to product mix, operating leverage and execution efficiencies alongside revenue growth.

Which sectors make up Vivid Electromech’s order book?

Vivid Electromech’s order book comprised Rs 115 crore of data-centre orders, Rs 46 crore of metro-rail orders and Rs 146 crore from other industries. Data centres were the largest specifically identified order-book segment, while other industries were the largest combined category.

Data centres also accounted for approximately 52% of H1 FY27 revenue, ahead of infrastructure and real estate at 24% and industrial manufacturing at 17%. Solar and other industries supplied the remaining 7%, making data centres the largest disclosed revenue industry during the half year.

Vivid Electromech identified STT Global Data Centres, CtrlS Datacenters and AdaniConneX among its data-centre relationships. Its offerings for the segment include customised electrical-distribution systems and specialised power distribution units, alongside low-voltage and medium-voltage electrical panels.

Low-voltage panels generated 82% of H1 FY27 revenue, while medium-voltage panels contributed 17% and traded products and services made up the balance. The portfolio also includes power control centres, motor control centres, variable frequency drives, vacuum circuit-breaker panels and ring main units.

How much of Vivid Electromech’s order book is from exports and existing customers?

Vivid Electromech had approximately Rs 66 crore of export orders, representing nearly 22% of its approximately Rs 307 crore order book. Management said its exports had expanded across Tanzania, Kenya, Mali, Burkina Faso and Ghana.

Export revenue was approximately Rs 8.1 crore in H1 FY27, compared with Rs 2.5 crore for the whole of FY26. Exports represented 9% of H1 FY27 revenue, whereas domestic business accounted for approximately 91%, so the export share of the order book exceeded its share of half-year revenue.

Existing customers contributed approximately 89% of order-book value and new customers accounted for the remaining 11%. The order book covered 43 customers, while Vivid Electromech served 71 customers in H1 FY27 and reported average revenue per customer of approximately Rs 1.28 crore.

Maharashtra generated 77% of H1 FY27 revenue, despite Vivid Electromech having an execution presence in more than 15 Indian states. The company’s Rs 66 crore export order book adds geographic exposure beyond its principal reported state revenue base.

Can Vivid Electromech execute the backlog with its manufacturing capacity?

Vivid Electromech reported 95% capacity utilisation at both its Navi Mumbai and Pune facilities in H1 FY27. Phase one of its Ambernath manufacturing facility had entered equipment installation and operational-readiness assessment, with commercial operations expected by the end of November 2026, subject to statutory approvals.

The Ambernath facility is expected to lift installed capacity to 22,500 verticals annually from 7,500 verticals annually on completion. Management said automation, robotic fabrication and in-house testing capabilities are expected to improve manufacturing efficiency and support execution of larger and more complex orders.

Vivid Electromech spent approximately Rs 34 crore on capital expenditure in H1 FY27, primarily on manufacturing expansion and related investments. Cash outflow from investing activities was Rs 28.23 crore, reflecting investment in property, plant and equipment, intangible assets and capital work in progress, partly offset by other inflows.

The company also introduced 800-volt low-voltage panels type-tested at Central Power Research Institute, Bhopal, under IEC 61439. It acquired a 99% partnership interest in Mechtech Infrasolutions, a Siemens-licensed partner for SIEPAN 8PU low-voltage switchboards, to broaden electrical and automation capabilities.

What could affect Vivid Electromech’s conversion of orders into cash?

Vivid Electromech reported negative operating cash flow of Rs 55.49 crore in H1 FY27 as procurement and project execution raised working-capital requirements. Inventory increased to Rs 17.29 crore at September 30, 2026, from Rs 6.66 crore at March 31, 2026, while trade receivables rose to Rs 119.75 crore from Rs 116.50 crore.

Management attributed the operating cash outflow to higher inventory and short-term advances, lower trade payables, increased other bank balances and income-tax payments. It said working-capital pressure is expected to ease and operating cash flow to improve over coming quarters as projects progress and customer collections materialise.

Total borrowings declined to Rs 24.27 crore at September 30, 2026, from Rs 33.30 crore at March 31, 2026. Long-term borrowings fell to Rs 1.76 crore from Rs 19.66 crore following repayments of approximately Rs 23.02 crore, while short-term borrowings increased to Rs 22.51 crore for working-capital needs.

Of Rs 104.56 crore in fresh initial public offering proceeds, Vivid Electromech had used Rs 81.64 crore by September 30, 2026, leaving Rs 22.92 crore unutilised. Shareholders approved a Rs 9 crore reallocation from Ambernath facility capital expenditure to working capital at the 36th annual general meeting on August 25, 2026.

Conclusion

Vivid Electromech’s approximately Rs 307 crore executable order book gives management’s stated two-quarter revenue visibility after H1 FY27 revenue rose 29.7% to Rs 91.53 crore. Data centres account for Rs 115 crore of the book, while metro rail, other industries and Rs 66 crore of export orders broaden the order mix.

The next event to watch is the expected start of Ambernath commercial operations by the end of November 2026, subject to statutory approvals. Management also plans to convert the order book into execution and collections, while operating cash flow remains tied to the reduction of inventory and working-capital pressure over coming quarters.