Vishnu Prakash R Punglia Limited — Investor Meet, 18-11-2025: Analysts/Institutional Investor Meet/Con. Call Updates

VPRPL reported H1 FY26 revenue of ₹572 Cr and PAT of ₹11 Cr (1.87% margin), hit by payment delays and initial project costs. Q2 results showed ₹296 Cr revenue and ₹4 Cr PAT (1.25% margin). Management expects H2 to see 10-20% revenue growth and 13-13.5% EBITDA margins as execution picks up.

Promoters boosted liquidity with ₹229 Cr interest-free loans, cutting external debt. The ₹5,001 Cr order book provides 2-3 years visibility, with focus shifting to faster-paying railway and PSU projects. While ₹790 Cr in receivables (70% from water projects) remains a challenge, October collections showed improvement. Management is cautiously optimistic for future performance.