Vascon Engineers Limited (NSE: VASCONEQ, BSE: 533156) shared its February 2026 investor presentation following the board meeting, outlining steady execution momentum across its EPC business, a growing order book skewed toward government projects, and improved banking support, even as quarterly profitability moderated year on year.
9M FY26 key highlights
- Total EPC order book stood at ₹2,825 crore as of Dec. 31, 2025, providing about 2.8x of FY25 EPC revenues in visibility.
- External EPC order book was ₹2,470 crore, with a higher contribution from government projects (about 77%), supporting faster execution and steadier cash flows.
- New orders worth ₹646 crore were received from projects including Royal Rides Pvt Ltd (Goa), Saudamini Building (MSEBHCL) and Navi Mumbai Hospital (NMMC).
- Net debt stood at ₹73 crore as of Dec. 31, 2025, reflecting a moderate leverage position.
- Real estate sales bookings reached ₹86 crore in 9M FY26, with collections of ₹105 crore.
- The company entered into an MoU with the Adani Group as an execution partner to pursue opportunities in large infrastructure projects.
Q3 FY26 and 9M FY26 financial performance
For Q3 FY26, standalone revenue from continuing operations declined to ₹249.3 crore from ₹294.3 crore a year earlier, reflecting the phasing of project execution. EBITDA fell to ₹17.5 crore, with the EBITDA margin at about 7%, compared with 8% in Q3 FY25. Profit after tax from continuing operations stood at ₹9.35 crore, down from ₹76.1 crore in the prior-year quarter, which included an exceptional item.
For the nine months ended Dec. 31, 2025, standalone revenue from continuing operations was ₹695.6 crore, broadly flat year on year. EBITDA increased to ₹70.5 crore, with the EBITDA margin improving to about 10% from 8% in the prior-year period. PAT for 9M FY26 stood at ₹42.9 crore, compared with ₹92.7 crore a year earlier, which included exceptional gains. Consolidated numbers tracked similar trends.
Order book and execution mix
The EPC order book of ₹2,825 crore comprised external orders of ₹2,470 crore and internal orders of ₹355 crore linked to real estate projects. Key ongoing EPC projects include medical colleges and hospitals in Bihar, Uttar Pradesh, Maharashtra and Chhattisgarh, Navi Mumbai hospital works, Capgemini IT Park in Tamil Nadu, Pune police staff quarters, and Vedanta’s Barmer project.
The company highlighted that its EPC division has executed over 225 projects covering 45 million sq. ft., with current execution running at about 3.7 million sq. ft. per annum and utilisation close to 90%.
Real estate development pipeline
In real estate, Vascon reported ongoing projects in Coimbatore, Pune and Mumbai, including Tulip Phase III (Coimbatore), Tower of Ascend (Kharadi, Pune), GoodLife (Talegaon) and Orchids (Santacruz, Mumbai). The near-term launch pipeline includes Powai (Mumbai) and redevelopment projects in Santacruz and Pune, with a combined expected sales potential of over ₹1,100 crore attributable to Vascon. The company continues to follow an asset-light JV/JDA model to limit upfront capital outlay.
Banking support and working capital
The presentation outlined sanctioned working capital limits of about ₹745 crore, with unutilised limits of around ₹370 crore, which management said can support additional order inflows. Lender-led collateral optimisation and revised assessments by SBI were cited as steps to improve liquidity and execution flexibility.
Summary
Vascon Engineers reported steady execution in 9M FY26, supported by a healthy EPC order book dominated by government projects and improving banking support. While quarterly profitability moderated due to execution phasing and the absence of exceptional gains, the order book, MoU with Adani Group, and a growing real estate pipeline provide medium-term revenue visibility across EPC and development businesses.