Vascon Engineers Limited — Investor Meet, 18-11-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Vascon Engineers reported Q2 FY26 consolidated income up 14% YoY to INR 229 Cr, with PAT from continued operations soaring 44% to INR 11 Cr. H1 FY26 total income rose 18% to INR 471 Cr, and PAT doubled to INR 34 Cr, driven by cost efficiency despite modest EPC revenue growth due to monsoons.

Management anticipates strong H2 execution, targeting 20% annual EPC revenue growth to INR 1,200 Cr for FY26 and INR 1,400+ Cr for FY27, with EPC EBITDA margins targeted at 10-12%. A 5-year MOU with Adani Limited for Mumbai projects (13 million sq ft) is a key long-term pipeline. The current order book stands robust at INR 2,800 Cr.

Vascon needs to secure INR 1,100 Cr in new EPC orders this fiscal year, actively bidding on INR 5,000-6,000 Cr projects. Real estate sales are slower in some projects, but the future pipeline is strong. KMP share sales were for ESOP funding, not speculation. Management holds a cautiously optimistic view, prioritizing execution and order book growth.