Vishnu Prakash R Punglia navigates headwinds, eyes future growth

Vishnu Prakash R Punglia Limited announced an order book of INR 5,001 crore as of September 30, 2025, providing visibility for the next two to three years. The company's total revenue for the first half of FY26 stood at INR 572 crore, a 3% decrease year-on-year. Q2 FY26 operating revenue was INR 296 crore, a 12% year-on-year decline, with an EBITDA of INR 24 crore and a net profit of INR 4 crore.

The moderation in margins was attributed to higher working capital utilization, slower repayments from water supply projects, and initial mobilization expenses. Promoter investment increased from INR 59 crore in March 2025 to INR 229 crore by September 2025, significantly improving operational liquidity and reducing external borrowing. The company expects interest costs to decline and margins to improve in the second half of the year.

The company plans to capitalize on Indian Railway opportunities, with INR 2.52 lakh crore capital allocated by the government for railway expansion and redevelopment. Its bidding pipeline remains healthy at over INR 3,000 crore, focusing on roads, bridges, urban infrastructure, and renewable link construction.