Vishnu Prakash R Punglia Ltd (NSE: VPRPL) Q4 2025 Earnings Call dated May. 30, 2025
Corporate Participants:
Purvangi Jain — Investor relations
Manohar Lal Punglia — Managing Director
Sanjay Kumar Punglia — Director and Chief Executive Officer
James Kunglia — Director
Analysts:
Rajesh Bhandari — Analyst
Sahil Patan — Analyst
Krishit Shah — Analyst
Unidentified Participant
Lokesh Kashikar — Analyst
Presentation:
Operator
Foreign Ladies and gentlemen, good day and welcome to the VPRP Limited’s Q4 and FY25 earnings conference call. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation. Continue. Should you need assistance during the conference call, please signal an operator by pressing Star then zero on your touchstone phone. I now hand the conference over to Ms. Purvangi Jain from Valeram Advisors. Thank you. And over to you, ma’ am.
Purvangi Jain — Investor relations
Good evening everyone and a warm welcome to you all. My name is Parvangi Jain from Valorum Advisors. We represent the investor relations of Vishnu Prakash R. Pongaliya limited on behalf of the company, I would like to thank you all for participating in the company’s earnings call for the fourth quarter and full financial year ended 2025. Before we begin, let me mention a short cautionary statement. Some of the statements made in today’s earnings call may be forward looking in nature. Such forward looking statements are subject to risks and uncertainties which could cause actual results to differ from those anticipated. Such statements are based on management’s belief as well as assumptions made by and information currently available to the management.
Audiences are cautioned not to place any undue reliance on these forward looking statements in making any investment decisions. The purpose of today’s earnings call is purely to educate and bring awareness about the company’s fundamental business and financial quarter under review. Now let me introduce you to the management part participating with us in today’s earnings call and hand it over to them for their opening remarks. We have with us Mr. Manoharlal Pongalia, Managing Director, Mr. Jain Pongalia, Project Coordinator and Mr. Sarfaraz Eman, Chief Financial Officer. Without any delay, I hand it over to Mr. Manoharlal Pongalya. Thank you. And over to you sir.
Manohar Lal Punglia — Managing Director
Thank you ma’ am. Thank you ma’ am. Virtual call May Apka Pele Co. K Apti Sanct Vivran Kesat BPRPlector Vikargay Nikayo Sarnik Chatoki Co. Mr. Bank Perios now or Niji Nikan with Karnaka Co. Go Pungla Anubavi Engineers. Yodan yogdan prate karam silta lagan company nirantar vikasar paris salon samandi mukibati company nmasa railway period now company k pass lakbad point bhavan lak road or vishtar ke rashi lakshmilate those are patrice chabiski gangay mission second test by sajar panzo nirman treatment plant sewer pipeline phasers pipeline network or front. Dapki with Verse Doja Vigor infrastructure sector Kafi Dabamirai or Mari company B is payment capital Iskasar company Get turnover by margin per Bipara Asa company of Navikas company Name. Yes. May Anawala company go Niranta Vikasi or Badna Kilieri company Vivian Agencies company May be companies. Thank you.
Sanjay Kumar Punglia — Director and Chief Executive Officer
Thank you sir. Good evening everyone. Starting with the fourth quarter of financial year 25, our revenue from operation is food at 405 crores which decreased by around 38% year on year basis. The ETA was reported at around 46 crore which decreased by around 57% year on year basis. With the EBITDA margin reported at 11.26%. Net profit for the quarter stood at around 16 crore which has declined by 76% year on year basis. PET margin for the quarter stood at 4%. Now coming to the financial highlights. For the full year our revenue from operation stands at 1237 crore. We decreased by around 16% year on year EBITDA was around 155 crores representing a year on year decline around 26%. With EBITDA margin at 12.56%. Net profit for the whole year was approximately 59 crores reflecting 52% decline. Year on year basis the pat margin stood at 4.74%. The key factor behind the revenue decline was. Over the year was the persistent delay in payment realization which affected execution timeline and overall billing. On the profitability front, the impact came from higher finance costs and increased provisioning taking during the year to account for working capital pressure and associated risk. Despite these temporary setbacks, we remain confident in the long term fundamentals of the business. With the government having extended several infrastructure scheme and budget allocation now flowing through, we expect a significant improvement in execution in the coming quarters. Now I will request Mr. James Kunglia to provide the operational highlights for the quarter and the review.
James Kunglia — Director
Thank you sir. Good evening everyone. The company has successfully secured new orders worth rupees 1851 crores during the current financial year of railway, water supply, civil works and other sectors reflecting strong business growth and sustained market confidence. As on 31st March 2025, our total order book stands at approximately 5362 crores, providing strong revenue visibility for the coming years. Internally, we remain committed to operational efficiency, backward integration and maintaining cost discipline. We continue to invest in capabilities such as in house manufacturing, testing labs and maintenance infrastructure to support project delivery and margin stability. On the growth front, we see significant headroom ahead.
Our building pipeline remains robust with potential orders worth Rs. 4,500 crores expected to be finalized in the coming months. We remain active in pursuing opportunities across our core verticals to sustain a healthy and growing order book, thereby ensuring long term business continuity and stability. To conclude, we are optimistic about the year ahead despite sectoral headwinds, we are confident in our ability to deliver on growth, execute efficiently and create long term value for all stakeholders. With this, we can now open the floor for question and answer sessions.
Questions and Answers:
Operator
Thank you very much sir. We will now begin the question and answer session. Anyone who wishes to ask a question may press Star and one on their touchstone telephone. If you wish to withdraw yourself from the question queue, you may press star and two participants are requested to use handset while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. It. The first question is from the line of Rajesh Bhandari from Nakoda Engineers. Please go ahead.7
Rajesh Bhandari
Good afternoon sir.
Sanjay Kumar Punglia
Good afternoon sir.
Rajesh Bhandari
Sir, now coming to the performance part but Intragandar just even problem I guess or coffee company of a given Johan sir [Foreign Speech]
Sanjay Kumar Punglia
Three to four months from next two to three years perspective. Kabi okay. Or Koi diversification. My last question, epca Jesse to epc Matlab state government, Valley, Karangay government companies, central government, just industries. Word of caution, NTPC is a direct India also water related projects.
Rajesh Bhandari
Thank you, sir. Thank you, sir. Thank you very much.
Operator
Thank you. The next question is from the line of Sahil Patani from Strokes Capital. Please go ahead.
Sahil Patan
Hi. So two questions. One is I want to understand in the opening remarks it was said that the execution will be improving in the next few quarters. So just if you can elaborate. What, what gives you that sense of confidence that the execution is going to improve? Are we seeing the the receivables will be lower going forward or just want to.
Sanjay Kumar Punglia
To get a sense of why we think that execution but slower payment realization or because of government contracts. So just execution be slower but slow to opening remarks over the next few quarters in FY26. Sir, like since government of India extension announced, we are expecting key funds in coming months and looking to that.
Sahil Patan
Okay. Usually last year apnea guidance City 10 to 15% was the conservative guidance or you know, for whatever reasons FY25 revenues and EBITDA. So for FY26, even on a conservative basis
Sanjay Kumar Punglia
Existing position because of certain reasons.
Sahil Patan
Okay, improvement the money was not coming in. So Kabi FY26A Q1 may upcoming improvement decree. Do you think it is still lagging behind and or for that to normalize?
Sanjay Kumar Punglia
Sir, like we are like working in 11 states, right? So okay, contracts order book. So is there any order book orders closer that.
Sahil Patan
You know that that will be significant for this year. Whether Jaljee one, whether it’s Railways. Is there anything significant that you are expecting over the next few months?
Sanjay Kumar Punglia
Okay. Alright.
Sahil Patan
Thank you so much.
Operator
Thank you. The next question is on the line of Krishit Shah from B Fly India. Please go ahead.
Krishit Shah
Yeah. Thank you for giving the chance. My most of the questions are already answered. So I just want to know the. So what are your future guidance like in terms of revenue and margin? Conservative side 10 to 15% but multiple challenges. Okay.
Sanjay Kumar Punglia
Hello. Hello. Hello. Hello. Hello.
Krishit Shah
Hello from the management team. Can you hear us, sir? Okay. Krishit sir, your line has. Sorry, has your question been answered?
Sanjay Kumar Punglia
Yeah. Okay. Thank you.
Operator
The next question is from the line of Venkat, an individual investor. Please go ahead sir.
Unidentified Participant
Hi sir, this is Venkat. Amna. Thanks for giving the opportunity. Senior VP, you mentioned now that there are 4,500 crore feature order book is in the pipeline. So my question is there is a total book value. Order book order bid value or it’s expected to win that 4,500. It is the bidding value, sir. So?
Sanjay Kumar Punglia
So it’s a bidding value. So obviously what’s the winning percentage out of 4,500? Maybe a percentage. Sir, 16%. 15% average. 16% ratio success ratio.
Krishit Shah
Only 16%. 15 to 16%, sir
Sanjay Kumar Punglia
Yes
Krishit Shah
Okay. So what is the. So in the FY26 what is the operating margins we can expect? Sir, next year 2026
Sanjay Kumar Punglia
It will be better than FY25, sir. And we will try to maintain the last historic percentage of our margin ratio. This is a specific year. There are. Their payments are.
Unidentified Participant
Okay, so what my question. So whatever the payments are last year it may reflect in the next year. Sir, next coming quarters we are expecting major payment will be realized in this coming up to second or third quarter. Oh. So in the second or third quarter we may expect whatever the payments we got delayed last financial year that we are going to get it in the next second or third quarter, right?That you are telling.
Sanjay Kumar Punglia
Yes, sir.
Unidentified Participant
So next year now what will be the revenue? Sir, maybe we can expect for full whole year. Because out of 5,300 we have a existing order book, right? 5,300 crores.
Sanjay Kumar Punglia
So there is a visibility of two to three years. As per our order book, it will be better than FY25. Okay. So at least we can expect revenue around more than 1500 crores next year. Around 10.15percent comment on figure, sir. Okay. But it will be better. Sir, I cannot comment on figures. I cannot assure the figure. But I can. I am. We are confident that it will be better. Better than that the president Here at least 10% growth you can expect, right? Sir, Revenue growth minimum.
Unidentified Participant
Yes. I’m not. We are expecting next year, right? Okay, sir. Thank you. Thank you.
Operator
Thank you. The next question is from the line of Lokesh Kashikar from SM IFS limited. Please go ahead
Lokesh Kashikar
.
Yeah. Hi. Am I audible?
Sanjay Kumar Punglia
Yes. Yes, sir. You are.
Lokesh Kashikar
Yeah. Yeah. Sir, out of total receivable of around 734. 3735 crore. How much is basically purchased to Jaliya mission?
Sanjay Kumar Punglia
How much pertains to Jalgivan mission? Struck hair Baki Railways were NHI. Regularize payment distribution. 75% revenue project last year. 70 to 75% to J Mission. Yes sir. J Mission multiple project. There is the am mission also. J Mission also and other normal project also water related to water supply project. Okay. Yes sir. Majorly payment is from Rajasthan sir.
Lokesh Kashikar
Okay. Okay. So sir situation 735cr. So what is the say from the. Let’s say Rajasthan government or from other government. So payment clear.
Sanjay Kumar Punglia
Next your regular working.
Lokesh Kashikar
But sir we were expecting. So it is looking like very promising. Almost 7075 allocation hand. So do you think?
Operator
Hello ladies and gentlemen. Please stay connected. The line for the management has been disconnected. Please hold while we reconnect them. Thank you. SA Foreign Ladies and gentlemen, the line for the management has been reconnected. Yes sir. Please go ahead.
Lokesh Kashikar
Yeah, so I was saying.
Operator
So do you think normalcy? No, but the major issue central government. Those are attached to Khadijah. Oh. Is Karana Abinkay elevation or I Abu Kilir Okay. Profitability effect main reason Yeb A Kamna province.
Lokesh Kashikar
Okay. Okay. Private organization to coffee mutated. I think coffee suppressed. Am I correct? Project. Mil. We are still. Yeah. Sir, sorry. Just booking. Question 15 to 20% possible for effort. 26. And margin better than 30. So 13% plus some other margin. Possible margin.
Sanjay Kumar Punglia
Yes, sir. Correct.
Lokesh Kashikar
And sir, last question. I understand because of the higher receivable days.
Sanjay Kumar Punglia
Average rate of interest minimum nine. Maximum 12. Yes.
Lokesh Kashikar
Thank you.
Operator
Thank you. Before we take the next question we would like to remind participants that you may press star and one to ask a question. The next question is from the line of Rajesh Bhandari from Nokoda Engineers. Please go ahead.
Rajesh Bhandari
Sir. Thank you for giving chance once again. Yes, sir. Yes, sir. Pending payment. Approx.
Sanjay Kumar Punglia
Approx. 70 to 75%. Water supply related. Normal. Normal. The budget issues but Abi Joe domain But sir, part payment treatment or here chemical plant more chances.
Lokesh Kashikar
Thank you sir. Thank you. Thank you.
Operator
Thank you. A reminder to all participants that you may press Star and one to ask a question. Participants who wish to ask a question to the management may press star and 1. As there are no further questions from the participants, I now hand the conference over to the management for closing comments.
Sanjay Kumar Punglia
Thank you all for participating in this earnings phone call. I hope we have been able to answer your questions satisfactorily. If you have any further questions or would like to know more about the company, please reach out to our IR Manager at Velodem Advisors. Thank you. Thank you. Thank you
Operator
On behalf of VP RP limited that concludes this conference. Thank you for joining us and you may now disconnect your lines. Thank you.