VVIPL’s Rs 988 crore book is led by Rs 533 crore STP work

VVIPL reported a Rs 988 crore infrastructure order book on 30 September 2026, led by Rs 533 crore of sewage treatment plant (STP) and sewerage work, while operations and maintenance (O&M) accounted for Rs 117 crore. VVIP said the contracted book offered two to three years of execution visibility.

What makes up VVIP’s Rs 988 crore infrastructure order book?

VVIP’s order book comprises Rs 533 crore of STP and sewerage work, Rs 190 crore of water infrastructure, Rs 148 crore of electrical work and Rs 117 crore of O&M. STP and sewerage is therefore the largest segment, representing about 54% of the Rs 988 crore total disclosed as of 30 September 2026.

VVIP said the order book was already won, contracted and under execution across private and government-backed assignments. It compared the Rs 988 crore backlog with standalone revenue of Rs 261 crore in financial year 2026 (FY26), placing the order book at about 3.8 times that reported annual revenue.

The presentation cites new orders worth Rs 198.50 crore in Delhi, Rs 104 crore in Ambala and Rs 81 crore in Bhadohi. All three are identified in the contract schedule as STP and sewerage work, and their cited values total Rs 383.50 crore, or about 39% of the headline order book.

Which contracts account for VVIP’s outstanding order book?

VVIP’s detailed schedules show Rs 870.96 crore outstanding across 14 construction contracts and Rs 116.86 crore across four O&M contracts. The combined Rs 987.82 crore rounds to the reported Rs 988 crore total, with the difference arising from rounding in the segment summary.

The largest individual outstanding construction contract is Rs 198.50 crore for Delhi Jal Board’s STP and sewerage work. Other major outstanding balances are Rs 124.24 crore for Uttarakhand Peyjal Nigam’s Rishikesh STP and sewerage project, Rs 104 crore for Public Health Engineering Department Ambala, and Rs 88.76 crore for the OMIL-JWIL joint venture water-supply assignment.

The detailed STP and sewerage balances for Delhi, Rishikesh, Ambala, Bhadohi and Narendra Nagar total Rs 532.95 crore, closely matching the Rs 533 crore segment total. The contract list records Bhadohi at Rs 80.97 crore outstanding, while the summary rounds the newly won Bhadohi order to Rs 81 crore.

VVIP said no single project or client represented more than 35% of the book. The Rs 198.50 crore Delhi contract equals about 20% of the Rs 988 crore headline total, while electrical work is spread across contracts with Paschimanchal Vidyut Vitran Nigam, Uttarakhand Power Corporation and Noida Authority.

How do VVIP’s STP, electrical and water segments differ?

VVIP’s Rs 533 crore STP and sewerage segment is linked in the presentation to Namami Gange and AMRUT 2.0 programmes. The company says it has delivered STPs of up to 56 million litres per day using sequential batch reactor technology since 2016, and that tenders above five million litres per day require prior execution proof at that scale.

Electrical distribution has an order book of Rs 148 crore and a shorter stated execution period of 18 to 24 months, compared with more than three years for STP projects. VVIP says it has delivered 33/11 kilovolt substations and feeder-separation work for Uttar Pradesh Power Corporation and Uttarakhand Power Corporation under work associated with the Revamped Distribution Sector Scheme.

Water infrastructure totals Rs 190 crore, primarily through rural water-supply contracts associated with the Jal Jeevan Mission. The Rs 88.76 crore OMIL-JWIL balance, Rs 76.24 crore GVPR Engineers balance and Rs 24.76 crore PNC Infratech balance add to Rs 189.76 crore, which rounds to the segment total.

VVIP says water-supply payments are linked to execution milestones and that a two-to-three-month payment delay seen in late 2024 had resolved. It also disclosed that it was bidding in Madhya Pradesh and Rajasthan, but did not disclose the value, timing or outcome of those bids.

What does VVIP’s Rs 117 crore O&M book add?

VVIP’s O&M book totals Rs 116.86 crore across four contracts, rounded to Rs 117 crore in the order-book summary. Two Uttar Pradesh Jal Nigam civil contracts account for Rs 75.09 crore and Rs 35.38 crore outstanding, together making Uttar Pradesh Jal Nigam the largest listed O&M counterparty at Rs 110.47 crore.

The other O&M balances are Rs 4.61 crore for Ghaziabad Development Authority and Rs 1.78 crore for Ghaziabad DA. VVIP says STP and water projects can carry O&M contracts of up to 15 years after commissioning, with the O&M work beginning at handover and requiring no new bidding.

Management says STP and O&M carry the highest margins and expects a higher share of their execution through FY27 and FY28 to lift blended margins. This is management’s stated outlook rather than a reported future margin, and the presentation does not provide a historical O&M revenue figure for comparison.

Management also says the Rs 117 crore O&M book could reach Rs 350 crore to Rs 400 crore within three to four years at the current delivery pace. That projection depends on commissioning additional projects and is not part of the Rs 988 crore contracted order book reported on 30 September 2026.

Conclusion

VVIP’s infrastructure backlog is led by Rs 533 crore of technically specialised STP and sewerage work, with Rs 190 crore of water infrastructure, Rs 148 crore of electrical work and Rs 117 crore of O&M. The Rs 988 crore book is about 3.8 times FY26 standalone revenue of Rs 261 crore, while the detailed schedules support the headline total after rounding.

The next developments to watch are execution of the Rs 198.50 crore Delhi, Rs 104 crore Ambala and Rs 80.97 crore Bhadohi STP and sewerage contracts, as well as commissioning that can add O&M work. Management has identified FY27 and FY28 as periods when STP and O&M mix could increase, and has projected an O&M book of Rs 350 crore to Rs 400 crore within three to four years.