{"id":180361,"date":"2026-02-11T03:14:28","date_gmt":"2026-02-11T08:14:28","guid":{"rendered":"https:\/\/alphastreet.com\/india\/?p=180361"},"modified":"2026-02-11T05:59:06","modified_gmt":"2026-02-11T10:59:06","slug":"vascon-engineers-limited-reports-steady-9m-fy26-execution-order-book-provides-revenue-visibility","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/vascon-engineers-limited-reports-steady-9m-fy26-execution-order-book-provides-revenue-visibility\/","title":{"rendered":"Vascon Engineers Limited reports steady 9M FY26 execution; order book provides revenue visibility"},"content":{"rendered":"\n<p><strong>Vascon Engineers Limited (NSE: VASCONEQ, BSE: 533156)<\/strong> 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.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">9M FY26 key highlights<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Total EPC order book stood at \u20b92,825 crore<\/strong> as of Dec. 31, 2025, providing about <strong>2.8x of FY25 EPC revenues<\/strong> in visibility.<\/li>\n\n\n\n<li><strong>External EPC order book was \u20b92,470 crore<\/strong>, with a higher contribution from <strong>government projects (about 77%)<\/strong>, supporting faster execution and steadier cash flows.<\/li>\n\n\n\n<li><strong>New orders worth \u20b9646 crore<\/strong> were received from projects including Royal Rides Pvt Ltd (Goa), Saudamini Building (MSEBHCL) and Navi Mumbai Hospital (NMMC).<\/li>\n\n\n\n<li><strong>Net debt stood at \u20b973 crore<\/strong> as of Dec. 31, 2025, reflecting a moderate leverage position.<\/li>\n\n\n\n<li><strong>Real estate sales bookings reached \u20b986 crore<\/strong> in 9M FY26, with <strong>collections of \u20b9105 crore<\/strong>.<\/li>\n\n\n\n<li>The company entered into an <strong>MoU with the Adani Group<\/strong> as an execution partner to pursue opportunities in large infrastructure projects.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Q3 FY26 and 9M FY26 financial performance<\/h2>\n\n\n\n<p>For Q3 FY26, <strong>standalone revenue from continuing operations declined to \u20b9249.3 crore<\/strong> from \u20b9294.3 crore a year earlier, reflecting the phasing of project execution. <strong>EBITDA fell to \u20b917.5 crore<\/strong>, with the <strong>EBITDA margin at about 7%<\/strong>, compared with 8% in Q3 FY25. <strong>Profit after tax from continuing operations stood at \u20b99.35 crore<\/strong>, down from \u20b976.1 crore in the prior-year quarter, which included an exceptional item.<\/p>\n\n\n\n<p>For the nine months ended Dec. 31, 2025, <strong>standalone revenue from continuing operations was \u20b9695.6 crore<\/strong>, broadly flat year on year. <strong>EBITDA increased to \u20b970.5 crore<\/strong>, with the <strong>EBITDA margin improving to about 10%<\/strong> from 8% in the prior-year period. <strong>PAT for 9M FY26 stood at \u20b942.9 crore<\/strong>, compared with \u20b992.7 crore a year earlier, which included exceptional gains. Consolidated numbers tracked similar trends.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Order book and execution mix<\/h2>\n\n\n\n<p>The <strong>EPC order book of \u20b92,825 crore<\/strong> comprised <strong>external orders of \u20b92,470 crore<\/strong> and <strong>internal orders of \u20b9355 crore<\/strong> linked to real estate projects. Key ongoing EPC projects include <strong>medical colleges and hospitals in Bihar, Uttar Pradesh, Maharashtra and Chhattisgarh<\/strong>, <strong>Navi Mumbai hospital works<\/strong>, <strong>Capgemini IT Park in Tamil Nadu<\/strong>, <strong>Pune police staff quarters<\/strong>, and <strong>Vedanta\u2019s Barmer project<\/strong>.<\/p>\n\n\n\n<p>The company highlighted that its EPC division has executed <strong>over 225 projects<\/strong> covering <strong>45 million sq. ft.<\/strong>, with current execution running at about <strong>3.7 million sq. ft. per annum<\/strong> and utilisation close to <strong>90%<\/strong>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Real estate development pipeline<\/h2>\n\n\n\n<p>In real estate, Vascon reported ongoing projects in <strong>Coimbatore, Pune and Mumbai<\/strong>, including <strong>Tulip Phase III (Coimbatore)<\/strong>, <strong>Tower of Ascend (Kharadi, Pune)<\/strong>, <strong>GoodLife (Talegaon)<\/strong> and <strong>Orchids (Santacruz, Mumbai)<\/strong>. The near-term launch pipeline includes <strong>Powai (Mumbai)<\/strong> and redevelopment projects in <strong>Santacruz<\/strong> and <strong>Pune<\/strong>, with a combined expected sales potential of over <strong>\u20b91,100 crore<\/strong> attributable to Vascon. The company continues to follow an <strong>asset-light JV\/JDA model<\/strong> to limit upfront capital outlay.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Banking support and working capital<\/h2>\n\n\n\n<p>The presentation outlined <strong>sanctioned working capital limits of about \u20b9745 crore<\/strong>, with <strong>unutilised limits of around \u20b9370 crore<\/strong>, 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.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Summary<\/h2>\n\n\n\n<p>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.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 Q3 FY26 and 9M FY26 financial [&hellip;]<\/p>\n","protected":false},"author":2409,"featured_media":125416,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[5,1941,392],"tags":[16243,15062,16245],"class_list":["post-180361","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest","category-stock-analysis","category-earnings","tag-infrastructure-construction","tag-q3-fy26-results","tag-real-estate-development-2"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":180258,"url":"https:\/\/alphastreet.com\/india\/pnc-infratech-limited-announces-unaudited-financial-results-for-3q-9m-ended-31-12-2025\/","url_meta":{"origin":180361,"position":0},"title":"PNC Infratech Limited\u00a0 Announces Unaudited Financial Results for 3Q &amp; 9M Ended 31.12.2025","author":"Staff Correspondent","date":"February 10, 2026","format":false,"excerpt":"About PNC Infratech Limited PNC Infratech Limited (NSE: PNCINFRA) is an Indian infrastructure development and construction company, headquartered in Agra, Uttar Pradesh. 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