Author: Dev Patel | EQMint | Market News
VVIP Infratech Limited, a two-decade-old EPC and infrastructure development company, has reported a strong financial and operational performance for the first half of FY26, supported by higher execution momentum across its sewage treatment plants (STPs), water supply systems, sewerage networks and electrical distribution projects. The company also strengthened its real estate vertical through its subsidiary, Vibhor Vaibhav Infrahome Pvt Ltd (VVIHPL), which continues to scale residential and commercial developments across NCR.
The company submitted its H1 FY26 Investor Presentation to BSE under Regulation 30, detailing both standalone and consolidated financial results.
Standalone Performance: Revenue Up 17.6% YoY, Strong Profit Growth
On a standalone basis, VVIP Infratech reported a healthy improvement in core infrastructure operations with revenues driven by stronger project execution across Jal Jeevan Mission schemes, STPs, electrical distribution work and sewerage networks.
Key Standalone Highlights – H1 FY26
- Revenue from Operations: ₹1,299.21 Mn, up 17.6% YoY from ₹1,104.36 Mn in H1 FY25
- EBITDA: ₹216.73 Mn, rising 33.1% YoY from ₹162.87 Mn
- EBITDA Margin: improved to 16.7% from 14.7%
- PAT: ₹136.75 Mn, up 34.1% YoY from ₹101.98 Mn
- PAT Margin: rose to 10.5%, compared to 9.2% last year
The strong expansion in profitability was driven by better project mix, improved operating leverage, and disciplined cost control.
The standalone income statement indicates that operating costs grew at a slower pace than revenues, enabling the margin improvement. EBITDA margin expansion of 200 basis points underscores improved execution efficiency across STP and sewerage contracts.
Consolidated Performance: Revenue Up 13.1%, Adjusted PAT Up 4.4%
On a consolidated level, which includes the infrastructure business and the group’s real estate subsidiary VVIHPL, the company recorded:
Key Consolidated Highlights – H1 FY26
- Revenue from Operations: ₹1,932.40 Mn, up 13.1% YoY from ₹1,709.21 Mn
- EBITDA: ₹400.78 Mn (down 6.3% YoY due to margin normalization)
- EBITDA Margin: 20.7%, vs 25% last year
- Adjusted PAT (Post Minority Interest): ₹182.87 Mn, up 4.4% YoY
- PAT Margin: 9.5% vs 10.2% in H1 FY25
The EBITDA decline reflects normalization of unusually high real-estate margins from the previous period and a shift in business mix. Yet, the steady rise in adjusted PAT highlights the underlying resilience of the operational model.
Balance Sheet Strength: Asset Base Expands Sharply
Standalone Balance Sheet (Half Year Ended 30 Sept 2025)
- Total Assets: ₹2,994.9 Mn, up from ₹2,852.2 Mn in March 2025
- Net Worth: strengthened to ₹1,714.1 Mn
- Trade Receivables: rose to ₹612.8 Mn, reflecting higher ongoing execution
- Inventories: increased to ₹845.9 Mn due to project mobilization requirements
Consolidated Balance Sheet
- Total Assets: ₹7,475.3 Mn (vs ₹5,445.8 Mn in March 2025)
- Net Worth: ₹2,172.2 Mn
- Non-Current Borrowings: ₹1,056.7 Mn
- Inventories: ₹3,643.4 Mn – largely attributable to real estate development at VVIHPL
The significant expansion in the consolidated asset base is driven by the company’s real-estate projects under development, particularly VVIP Namah and VVIP Addresses.
Order Book at ₹810 Crore; Strong Visibility for Next 2–3 Years
VVIP’s EPC order book remains one of the strongest in its segment, with a total value of ₹810 crore, spread across core infrastructure categories.
Service-Wise Order Book
- STP & Sewerage: ₹205 crore
- Water Supply & Treatment: ₹207 crore
- Electrical Distribution: ₹278 crore
- Operations & Maintenance: ₹120 crore
This diversified order book provides 2–3 years of execution visibility, supporting stable revenue growth for FY26 and FY27.
Track Record: Over 50 Completed Projects Across UP & Uttarakhand
The company has delivered several major public infrastructure projects, including:
- 56 MLD STP – Ghaziabad (SBR Technology)
- 56 MLD STP – Madhuban Bapudham
- 21 MLD STP – Etawah
- Sewerage Network – Mathura
- Storm Water Reservoir, Drainage Work – Lucknow
- 33 KV electrical distribution upgrades – Meerut, Roorkee, Baghpat
These projects highlight VVIP’s engineering depth in STPs, water networks and sub-transmission systems up to 33 KVA.
Real Estate Subsidiary VVIHPL: Expanding Footprint Across NCR
Vibhor Vaibhav Infrahome Pvt Ltd (VVIHPL), the company’s 90% subsidiary, continues to develop integrated residential and commercial projects.
Key real-estate statistics
- 15+ years of experience
- 75+ lakh sq ft delivered
- 25+ lakh sq ft under development
- Presence across 3 cities in NCR
Ongoing Projects
- VVIP Namah – Ghaziabad
Sale value: ₹500 crore
Booked value: ₹375 crore - VVIP Addresses – Greater Noida West
Sale value: ₹900 crore
Booked value: ₹330 crore - Yamuna Expressway Development (Upcoming)
Expected sale value: ₹700–800 crore
Approvals under process
Real-estate margins remain strong, contributing positively to group profitability.
Industry Tailwinds: Water, STP & Infrastructure Demand Rising
India is committing heavy investments across STPs, sewerage management, and water treatment:
- National Infrastructure Pipeline: ₹108 trillion worth of projects
- Swachh Bharat Mission 2.0: ₹1.41 lakh crore allocation
- Namami Gange: 170+ sewage projects, 5,300 MLD STP capacity addition
- Water treatment market expected to reach USD 1.71 billion by 2029
- These government-led initiatives align directly with VVIP’s core business strengths.
Management’s Outlook: 25–30% Revenue Growth Target for FY26
VVIP expects strong performance in the next financial year driven by:
- Growth Plans
- 25–30% revenue growth in FY26 (standalone)
- EBITDA margins sustained at 17–18%
- Execution of larger ₹300–500 crore tenders
- Expansion into MP, Rajasthan, Haryana & Delhi, beyond UP and Uttarakhand
- Real estate revenue ramp-up from VVIP Namah and VVIP Addresses
The company views the Yamuna Expressway project as a major driver for medium-term growth.
Conclusion
VVIP Infratech has delivered a solid H1 FY26 performance with strong revenue growth, healthier margins, and an expanding asset base. Its ₹810 crore order book, combined with an aggressive but disciplined expansion strategy, positions the company for accelerated growth in both infrastructure and real estate over the next 2–3 years.
The company’s expertise in STPs, water-supply projects, electrical distribution systems, and urban development uniquely aligns with India’s multi-trillion-rupee infrastructure push — giving VVIP a strong runway for long-term value creation.
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Disclaimer: This article is based on information available from public sources. It has not been reported by EQMint journalists. EQMint has compiled and presented the content for informational purposes only and does not guarantee its accuracy or completeness. Readers are advised to verify details independently before relying on them.
