VVIP H1FY27 revenue rises 36% as EBITDA margin falls to 19%

In H1FY27, VVIP Infratech Limited (VVIP) reported consolidated revenue of Rs 263.2 crore, up 36.2% year-on-year, while earnings before interest, tax, depreciation and amortisation (EBITDA) margin fell to 19.0% from 21.5%; adjusted profit after tax (adjusted PAT) rose 68.2% to Rs 30.8 crore.

How did VVIP's consolidated H1FY27 earnings change?

VVIP's consolidated earnings increased in absolute terms in H1FY27, with revenue rising Rs 70 crore year-on-year and EBITDA increasing Rs 8.3 crore to Rs 49.9 crore. H1 denotes the first half, H2 the second half and FY the financial year. Revenue was also 71.8% above the Rs 153.3 crore recorded in H2FY26, while EBITDA was 50.3% higher than the Rs 33.2 crore reported in that preceding half-year.

VVIP's adjusted PAT, described in the presentation as post-minority, rose from Rs 18.3 crore in H1FY26 and Rs 11.8 crore in H2FY26. The Rs 30.8 crore H1FY27 figure was Rs 0.7 crore above the full-year FY26 adjusted PAT of Rs 30.1 crore, although the presentation does not provide a line-by-line reconciliation for the adjustment.

Why did VVIP's EBITDA margin decline to 19.0%?

VVIP's consolidated EBITDA margin declined by 2.5 percentage points year-on-year to 19.0% in H1FY27, despite EBITDA increasing to Rs 49.9 crore. The margin was also below the 21.7% reported in H2FY26, meaning VVIP generated more operating profit in rupee terms but retained a smaller share of consolidated revenue.

The presentation attributes the year-on-year margin movement to marginally higher operating costs, but does not quantify cost categories within the consolidated accounts. Adjusted PAT margin moved in the opposite direction, rising to 11.7% in H1FY27 from 9.5% in H1FY26 and 7.7% in H2FY26, alongside the 68.2% increase in adjusted PAT.

How much of FY26 revenue has VVIP already reached?

VVIP's H1FY27 consolidated revenue of Rs 263.2 crore equalled 76% of its Rs 346.5 crore consolidated revenue for FY26. The comparison places first-half revenue close to three quarters of the prior full-year total, against Rs 193.2 crore in H1FY26 and Rs 370.7 crore for FY25.

The consolidated result includes businesses beyond the standalone infrastructure operation. On a standalone basis, VVIP reported H1FY27 revenue of Rs 167 crore, up 28.6% from Rs 129.9 crore in H1FY26, EBITDA of Rs 23.9 crore and PAT of Rs 15 crore. Its standalone EBITDA margin was 14.3%, down from 16.7% a year earlier but above the 11.7% reported in H2FY26.

VVIP separately disclosed real-estate H1 revenue of Rs 96.2 crore and PAT of Rs 15.8 crore, which it said represented 51% of group adjusted PAT. That segment disclosure helps explain the difference between Rs 167 crore of standalone infrastructure revenue and Rs 263.2 crore of consolidated revenue, although the presentation does not provide a complete consolidated segment reconciliation.

What changed in VVIP's consolidated balance sheet?

VVIP's consolidated balance sheet expanded to Rs 967.56 crore at 30 September 2026 from Rs 849.85 crore at 31 March 2026, an increase of Rs 117.71 crore. Inventory was the largest asset movement, rising Rs 179.21 crore to Rs 642.12 crore, while trade receivables fell Rs 55.08 crore to Rs 72.97 crore.

VVIP's net worth rose Rs 30.77 crore to Rs 259.84 crore over the six months. At the same time, total borrowings rose Rs 53.47 crore across long-term and short-term categories, other non-current liabilities increased Rs 97.14 crore, and cash declined Rs 19.58 crore. Other current liabilities fell Rs 62.50 crore to Rs 230.98 crore, while trade payables decreased Rs 1.15 crore to Rs 75.81 crore; the presentation does not explain these balance changes.

What is VVIP's stated outlook after H1FY27?

VVIP management reiterated guidance for 50% to 55% FY27 standalone revenue growth and for standalone EBITDA margin of 14% to 16%. It said H1FY27 standalone EBITDA margin of 14.3% was within that range, while standalone PAT margin of 9.0% was within its stated 9% to 11% range.

Management said Rs 383 crore of orders won during FY27 had not been billed by 30 September 2026 and were expected to start billing in H2. It identified new orders of Rs 81 crore in Bhadohi, Rs 104 crore from Amax and Rs 198.5 crore from Delhi Jal Board. VVIP reported an unexecuted order book of Rs 988 crore at 30 September 2026, described as 2.5 times FY27 guided revenue.

Management also said sewage treatment plant and sewerage work, which it describes as its highest-margin work, represented 54% of the order book. In real estate, VVIP disclosed Rs 1,570 crore still to collect across Namah, Addresses and Yamuna, comprising Rs 670 crore of booked receivables and about Rs 900 crore of unsold inventory. These are management disclosures and plans rather than consolidated financial guidance.

Conclusion

VVIP's H1FY27 results show faster revenue and adjusted-PAT growth, with revenue rising 36.2% to Rs 263.2 crore and adjusted PAT rising 68.2% to Rs 30.8 crore. EBITDA margin fell to 19.0% from 21.5%, while the balance sheet expanded through a Rs 179.21 crore inventory increase alongside higher borrowings and other non-current liabilities.

The next disclosed milestones are H2 billing from Rs 383 crore of FY27 order wins, the planned Namah handover in two to three months, and proposed launches of Madhuban-Bapudham and Namah Phase II in three to four months. Management has also stated an objective of reaching Rs 1,000 crore in consolidated revenue within three to four years, while formal FY27 revenue guidance applies only to the standalone infrastructure business.