Sector Alpha Week of 2026-08-14
Sector Alpha — machine-written from the numbers · Data as of 2026-08-14

Vision Infra Equipment Solutions Ltd

VIESL
Trading

Vision Infra Equipment Solutions Ltd is coiled. The quarters are improving, yet the P/E sits at the 7th percentile of its own 2-year range — the business is moving before the market.

The sharpest disagreement: Foreign institutions moved −2.4 points over 4 quarters while the operating story went the other way — someone close to the numbers is not convinced.

The price is in a confirmed uptrend (48 weeks in) while the P/E sits at the 7th percentile of its own 2-year range. Underneath, the last four quarters read improving — profit +131.6% year on year, and 211% of the last 3 years' profit arrived as cash. What settles it: whether the register turns back in the story’s favour.

Price
₹311
+107.6% 1Y
P/E
11.6×
7th pctile
of its own 2-year range
Revenue (Mar 26)
₹325 Cr
+30.5% YoY
Profit (Mar 26)
₹44.0 Cr
+131.6% YoY
Operating margin
26.0%
flat YoY
ROCE
23%
FY26
ROIC
13.3%
vs WACC 12.0% → +1.3 pp
Cash conversion
211%
of profit, last 3 FY
Unverified figures: Some figures on this page come from a second financial-data feed that could not be cross-checked against the primary source — the two do not share enough overlapping reported history to compare. They are drawn, because they are the only evidence there is, and every section carrying one is marked unverified. PEG is the exception: the quarterly curve is not drawn at all. PEG asks what is being paid for growth — both sides of that division come from the source that could not be checked, so it is withheld instead of marked.
01 · Price story

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Vision Infra Equipment Solutions Ltd trades at ₹311, in a confirmed uptrend and 48 weeks into that stage. That is +13.4% against its own 200-day average. It sits at 66% of a 52-week range of ₹213 to ₹361. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (3 weeks and counting).

Today the stock is in a confirmed uptrend — week 48 of stage 2, confirmed. At ₹311 it trades +13.4% versus its 200-day average and sits at 66% of its 52-week range (₹213–₹361).

Aug 26: ₹311 Weekly closing price (₹) with 50- and 200-day averages; shaded bands mark the price stage (grey base, green advance, amber top, red decline). 2-year window.
+13.4% versus the 200-day line, week 48 of stage 2
Price50-day avg200-day avg
S4S4S2₹380₹310₹240₹170₹99.4₹311₹274Sep 24Mar 25Sep 25Mar 26Aug 26
S4S4S2₹380₹310₹240₹170₹99.4₹311₹274Sep 24Sep 25Aug 26
Beating or trailing, week by week since 2024 Each cell is one week from 2024 to now (107 weeks): the stock's trailing 13-week return minus the NIFTY 500's, green ahead / red behind (±25% ramp). Grey cells are the 13-week warm-up or weeks where the NIFTY 500 reading is not held.
trailing 13-week return vs the NIFTY 500
Sep 24Aug 26

Against the market, two honest reads. Cumulative: over the last 1.9 years the stock moved +45% while the NIFTY 500 moved −1% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (3 weeks and counting; last ahead the week of 2026-07-24) — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

02 · Story check

Story check

Vision Infra Equipment Solutions Ltd's story is not scored yet against the markers our research file set on 31 May 2026. Where it sits in its own cycle: UNKNOWN_THIN_HISTORY. Still open: Order book ₹248 Cr flat YoY vs fleet +29%; management did not provide numeric backlog coverage ratio.

NOT YET CHECKED

Our read, 31 May 2026. Equipment-rental ramp on government capex with PE compressed 42% from its only observed peak — but one concall, a flat order book, and balance-sheet opacity cloud the forward view.

From the numbers. PE 22.6x vs single observed peak 77.95x (Sep 2024). Database labels CYCLE_BOTTOM with one prior peak in history — thin cycle evidence; percentile 38th. FII dropped from 3.0% to 0.6% over 18 months — institutional…

From the price. Price stage 2, week 48 — above its 200-day line, relative strength falling.

From the research. Equipment-rental ramp on government capex with PE compressed 42% from its only observed peak — but one concall, a flat order book, and balance-sheet opacity cloud the forward view.

🚨 Where they disagree. PE 22.6x vs single observed peak 77.95x (Sep 2024). Database labels CYCLE_BOTTOM with one prior peak in history — thin cycle evidence; percentile 38th. FII dropped from 3.0% to 0.6% over 18 months — institutional selling concurrent with PE compression.

What is proven. Equipment-rental ramp on government capex with PE compressed 42% from its only observed peak — but one concall, a flat order book, and balance-sheet opacity cloud the forward view.

What is not proven yet. Order book ₹248 Cr flat YoY vs fleet +29%; management did not provide numeric backlog coverage ratio.

The test written in advance. Order Book Flat Despite Fleet Expansion — Visibility Gap — Order Book Flat Despite Fleet Expansion — Visibility Gap Q1 FY27 revenue per unit (vs FY26 annualized ₹1.13 Cr/unit) by the next result.

The test written in advance. Balance Sheet Opacity: ₹120 Cr OEM Payables Classification — Balance Sheet Opacity: ₹120 Cr OEM Payables Classification Next audited balance sheet classification of OEM payables; auditor comment if any by the next result.

The test written in advance. Refurbishment Margin Compression Below Guide — Refurbishment Margin Compression Below Guide Q1 FY27 refurbishment segment margin (must hold ≥8%) by the next result.

What the company does. FY26 delivered revenue ₹622 Cr (+37% YoY), EBITDA ₹171 Cr (+33%), PAT ₹66 Cr (+94%) on a fleet expansion from 425 to 550+ units across 24 states. PE at 22.6x vs a single observed peak of 77.95x (Sep 2024) — the PE cycle database labels this CYCLE_BOTTOM but history is thin (Bronze conviction, one prior peak in data). FY27 guidance: 25–30% revenue growth, ₹100–125 Cr capex, PAT margin 12–13% steady-state — but the order book is flat at ₹248 Cr despite 29% fleet expansion, raising a visibility question.

The dials — and the exact level that would change the read
DialNowWasWhy it mattersWatch line
Fleet Expansion + Operating LeverageHIGHFleet expanded from 425 to 550+ rental units (+29%) and 150 to 200+ ancillary units (+33%) — revenue leverage on the larger…Q1 FY27 revenue per unit (vs FY26 annualized ₹1.13 Cr/unit)
Government Infrastructure Capex TailwindHIGHGOI allocated ₹11.21 lakh Cr for FY27 infrastructure (3.1% of GDP) and ₹1.87 lakh Cr for NHAI highways — directly expands the…Q1 FY27 revenue per unit (vs FY26 annualized ₹1.13 Cr/unit)
Export Refurbishment Channel (Equipment…MEDIUMExports ₹62 Cr FY26 via related party Equipment Hub FZE — geographic mix ~30% Mexico/South America, 30% Europe, 40% Asia…Q1 FY27 revenue per unit (vs FY26 annualized ₹1.13 Cr/unit)
New Verticals: Captive Paving + Piling…MEDIUM_BUILDINGCaptive asphalt/concrete paving launched H2 FY26 (Jaipur-Somnath 120km validated); piling rigs added; mining entry (Caterpillar…Q1 FY27 revenue per unit (vs FY26 annualized ₹1.13 Cr/unit)
Everything further down this page is evidence for or against these.
the numbers
UNKNOWN_THIN_HISTORY
the price
stage 2, above the 200-day line
the why
BELOW_HISTORIC_MEDIAN
FY25-Q2FY26-Q4
1 · Operating leverageBUILDING
2 · Value-added mixQUIET
3 · Management changeQUIET
4 · Paying down debtQUIET
5 · Regulatory approvalQUIET
6 · Order-book winsBUILDING
7 · ConsolidationQUIET
8 · Demerger or value unlockQUIET
9 · BuybackBUILDING
10 · New geographiesBUILDING
11 · Selling more to existing customersQUIET
12 · New product launchQUIET
13 · Mandatory normsQUIET
14 · A bigger market to sell intoQUIET
15 · Market-share gainsQUIET
16 · Asset qualityQUIET

Lever 6 · Order-book wins — BUILDING. Fleet expanded from 425 to 550+ rental units (+29%) and 150 to 200+ ancillary units (+33%) — revenue leverage on the larger asset base should drive FY27 operating leverage as fixed depreciation per unit falls under SLM. What proves it keeps working: Fleet Expansion + Operating Leverage. It stops working if Q1 FY27 revenue per unit (vs FY26 annualized ₹1.13 Cr/unit).

Lever 1 · Operating leverage — BUILDING. GOI allocated ₹11.21 lakh Cr for FY27 infrastructure (3.1% of GDP) and ₹1.87 lakh Cr for NHAI highways — directly expands the addressable fleet rental demand for road-construction equipment. What proves it keeps working: Government Infrastructure Capex Tailwind. It stops working if Q1 FY27 revenue per unit (vs FY26 annualized ₹1.13 Cr/unit).

Lever 10 · New geographies — BUILDING. Exports ₹62 Cr FY26 via related party Equipment Hub FZE — geographic mix ~30% Mexico/South America, 30% Europe, 40% Asia; management states no GST or tariff impact. What proves it keeps working: Export Refurbishment Channel (Equipment Hub FZE). It stops working if Q1 FY27 revenue per unit (vs FY26 annualized ₹1.13 Cr/unit).

Lever 9 · Buyback — BUILDING. Captive asphalt/concrete paving launched H2 FY26 (Jaipur-Somnath 120km validated); piling rigs added; mining entry (Caterpillar tippers, iron ore crushing) targeted for FY27 — none with disclosed revenue contribution. What proves it keeps working: New Verticals: Captive Paving + Piling Rigs + Mining. It stops working if Q1 FY27 revenue per unit (vs FY26 annualized ₹1.13 Cr/unit).

Sources: our stock research file (31 May 2026) · quarterly results through Mar 26 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes.

The whole page in one table — every row jumps to its section
SectionWhere it is nowVs a year agoThe one thing to watch nextRead
Revenue₹325 CrFleet Expansion + Operating Leverage
Margin26%Government Infrastructure Capex Tailwind
Ownershipsee the sectionNew Verticals: Captive Paving + Piling Rigs + Mining
03 · Revenue

Revenue Revenue is the top line: everything the company billed its customers in the period.

Vision Infra Equipment Solutions Ltd reported ₹325 Cr of revenue in the Mar 26 quarter, +30.5% year on year. That is the 3rd straight quarter of year-on-year growth. Over 3 years it has compounded at 19.0% a year. The last full year, FY26, came in at ₹607 Cr. The last four reported quarters add to ₹1,050 Cr.

Why this happened. The fleet expansion from FY25 to FY26 grew fixed assets from ₹419 Cr to ₹603 Cr (+44%). With SLM depreciation now adopted (H2 FY26 partial benefit, FY27 full benefit), the per-unit depreciation charge smooths, improving reported PAT margin. Management targets 12–13% PAT margin steady-state vs ₹66 Cr / ₹622 Cr = 10.6% in FY26 — implying ~200 bps margin expansion from full SLM effect and fleet utilization.

FY26 revenue came in at ₹607 Cr (+37.0% on the year), capping 3 years at 19.0% compound. The latest quarter (Mar 26) printed ₹325 Cr, +30.5% year on year — the 3rd consecutive quarter of year-over-year growth.

FY26 revenue ₹607 Cr (+37.0% YoY) Revenue bars, ₹ Cr (left); YoY growth-% line (right). 4-year window. A bar is red when it is lower than the year before.
19.0% a year over 3 years
RevenueYoY growth
656592%492411%328231%16450%0−131%₹ Cr%₹60737%FY23FY24FY26
656592%492411%328231%16450%0−131%₹ Cr%₹60737%FY23FY24FY26
Mar 26: ₹325 Cr (+30.5% YoY) Quarterly revenue bars, ₹ Cr (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
3rd straight quarter of growth
Revenue (quarterly)YoY growth
351279%263213%176146%8879%012%₹ Cr%₹32530.5%Mar 24Mar 25Mar 26
351279%263213%176146%8879%012%₹ Cr%₹32530.5%Mar 24Mar 25Mar 26

Pace check: the last four quarters averaged +112.3% growth against the decade's 19.0% — the current year is running faster than its own long-run rate.

FY26-Q2. revenue ₹282 Cr and profit ₹22 Cr as reported.

FY26-Q4. revenue ₹325 Cr and profit ₹44 Cr as reported.

Why-sources: our stock research file (31 May 2026) and the company’s own results for those quarters.

Watch next
MetricFleet Expansion + Operating Leverage
ThresholdQ1 FY27 revenue per unit (vs FY26 annualized ₹1.13 Cr/unit)
Which resultthe next result
04 · Operating margin

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Vision Infra Equipment Solutions Ltd's operating margin is 26.0% in the Mar 26 quarter, +0.0 percentage points against the same quarter a year ago. Across the last four quarters the operating margin has moved +1.0 percentage points. Across 4 fiscal years the operating margin has ranged 16.0% to 26.0%. The current quarter sits inside that band.

Why this happened. VIESL's rental revenue depends on active highway and expressway projects. FY27 central budget maintained infrastructure priority; Maharashtra allocated ₹2.93 lakh Cr through MSRDC, MSIDC, PWD. VIESL is executing on marquee projects: Ganga Expressway, Noida International Airport, Navi Mumbai Airport. This is a demand-side anchor for the rental model.

The latest quarter's operating margin is 26.0%, +0.0 pp against the same quarter a year ago. Across 4 fiscal years the operating margin has ranged 16.0%–26.0%.

Why the margin moved: operating margin went +1.1 pp year on year while gross margin went +4.8 pp — the gain came mostly from the gross line: input costs and pricing.

FY26: 26.0% Operating margin by fiscal year, %, line (left); year-on-year change in the margin, in percentage points, line (right). 4-year window.
within a 16.0–26.0% band over 4 years
operating marginYoY change (pp)
27%9.7%24%7.1%21%4.5%18%1.9%15%−0.7%%%26%0%FY23FY24FY26
27%9.7%24%7.1%21%4.5%18%1.9%15%−0.7%%%26%0%FY23FY24FY26
Mar 26: 26.0% operating margin (+0.0 pp YoY) Quarterly operating margin, %, line (left); year-on-year change in the margin, in percentage points, line (right). Last 12 quarters. Operating profit as a share of revenue, per quarter.
Operating marginYoY change (pp)
26.1%1.1%25.8%0.8%25.5%0.5%25.2%0.2%24.9%−0.1%%%26%0%Mar 24Mar 25Mar 26
26.1%1.1%25.8%0.8%25.5%0.5%25.2%0.2%24.9%−0.1%%%26%0%Mar 24Mar 25Mar 26

FY26-Q2. revenue ₹282 Cr and profit ₹22 Cr as reported.

FY26-Q4. revenue ₹325 Cr and profit ₹44 Cr as reported.

Why-sources: our stock research file (31 May 2026) and the company’s own results for those quarters.

Watch next
MetricGovernment Infrastructure Capex Tailwind
ThresholdQ1 FY27 revenue per unit (vs FY26 annualized ₹1.13 Cr/unit)
Which resultthe next result
05 · Net profit

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Vision Infra Equipment Solutions Ltd earned ₹44.0 Cr of net profit in the Mar 26 quarter, +131.6% year on year. It is the 3rd consecutive quarter of growth. Full-year FY26 profit was ₹66.0 Cr. That is 13.5% of the quarter's revenue. The same quarter a year earlier earned ₹6.0 Cr.

Mar 26 profit was ₹44.0 Cr, +131.6% year on year — the 3rd consecutive quarter of growth. On the full year, FY26 printed ₹66.0 Cr (+94.1%).

FY26 profit ₹66.0 Cr (+94.1% YoY) Net profit bars, ₹ Cr (left); YoY growth-% line (right). 4-year window. A bar is red when it is lower than the year before.
Net profitYoY growth
71497%53388%36280%18172%064%₹ Cr%₹6694.1%FY23FY24FY26
71497%53388%36280%18172%064%₹ Cr%₹6694.1%FY23FY24FY26
Mar 26: ₹44.0 Cr (+131.6% YoY) Quarterly net profit bars, ₹ Cr (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
3rd straight quarter of growth
Net profit (quarterly)YoY growth
48230%36181%24132%1282%033%₹ Cr%₹44131.6%Mar 24Mar 25Mar 26
48230%36181%24132%1282%033%₹ Cr%₹44131.6%Mar 24Mar 25Mar 26

Why profit moved: revenue contributed +30.5% and the margin +0.0 pp — the quarter was revenue-led, with the margin roughly flat.

Pace comparison, last four quarters: profit +131.7% vs revenue +112.3%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

FY26-Q2. revenue ₹282 Cr and profit ₹22 Cr as reported.

FY26-Q4. revenue ₹325 Cr and profit ₹44 Cr as reported.

Why-sources: our stock research file (31 May 2026) and the company’s own results for those quarters.

06 · Cash flow — the router

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 211% of Vision Infra Equipment Solutions Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹177 Cr of operating cash against ₹66.0 Cr of profit. After ₹248 Cr of capital spending, ₹−71.0 Cr was left as free cash.

FY26: operating cash of ₹177 Cr against reported profit of ₹66.0 Cr, leaving free cash of ₹−71.0 Cr after ₹248 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 211% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

FY26: CFO ₹177 Cr vs profit ₹66.0 Cr Operating cash flow and net profit by fiscal year, ₹ Cr; the line is free cash flow (CFO minus capital spending). 3-year window, annual resolution. FY25 reflects an acquisition year — point shown clipped.
211% of 3-year profit arrived as cash
Operating cashNet profitFree cash
19712553−19−91₹ Cr₹177₹66₹−71FY24FY25FY26
19712553−19−91₹ Cr₹177₹66₹−71FY24FY25FY26
FY26: CFO = 268% of profit (three-year rate 211%) Operating cash as a share of net profit, per fiscal year, % (line). Dashed line = 100% — every unit of profit arriving as cash; outlier years shown pinned.
Conversion100%
320%248%177%105%33%%268%FY24FY25FY26
320%248%177%105%33%%268%FY24FY25FY26

Why conversion sits at 211%: the cash cycle stretched 194 days between FY23 and FY26 — more of each rupee of profit waits inside the cycle before arriving.

Router verdict: the bigger cash user is investment — capital spending ran 3.7× depreciation over three years, so the next section's job is to check what that build-out is buying.

07 · Where the cash goes

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Vision Infra Equipment Solutions Ltd's cash conversion cycle runs 194 days in FY26, up from 0 days in FY23. Capital spending ran ₹379 Cr over the last 2 years. At FY26 sales of ₹607 Cr each day of that cycle holds about ₹1.7 Cr, so roughly ₹323 Cr sits inside the business at any moment.

FY26: debtors at 104 days, inventory at 133 days — roughly 4.4 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 194 days, looser than FY23's 0.

The full loop: cash goes out to suppliers and production on day 0; stock waits 133 days to sell; customers pay about 104 days after that; and suppliers themselves are paid at 43 days — netting out to the 194-day cycle.

In money terms: at FY26 sales of ₹607 Cr, each day of the cycle holds about ₹1.7 Cr — so the 194-day loop keeps roughly ₹323 Cr sitting inside the business at any moment.

FY26: a 194-day cash cycle Debtor days, inventory days, payable days and the cash conversion cycle by fiscal year. 4-year window.
+194 days vs FY23
Cash cycleInventory daysDebtor daysPayable days
526385244102−39days194d133d104d43dFY23FY24FY26
526385244102−39days194d133d104d43dFY23FY24FY26

On the investment side: capital spending of ₹379 Cr over the last 2 fiscal years against ₹103 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹44.0 Cr (FY26) — capacity paid for but not yet earning.

FY26: capex ₹248 Cr, work-in-progress ₹44.0 Cr Capital spending per fiscal year, ₹ Cr (bars); capital work-in-progress, ₹ Cr (line). Quarterly capital-spending history is not held for India — annual is the honest resolution.
a build-out
CapexWork-in-progress
268201134670₹ Cr₹248₹44FY25FY26
268201134670₹ Cr₹248₹44FY25FY26

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

08 · Return on capital

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.⚠ unverified

Vision Infra Equipment Solutions Ltd earns a ROCE of 23% in FY26. Return on invested capital clears the cost of that capital by +1.3 percentage points, so growth here adds value rather than only size. The wiring behind it is 10.9% net margin on 0.69× asset turns.

FY26 ROCE is 23%.

Why the return is what it is — the wiring (FY26): 10.9% net margin × 0.69× asset turns × 3.33× balance-sheet leverage ≈ 25.0% on equity. Margin does its share; leverage is a meaningful part of the equation.

The capstone test — ROIC − WACC: 13.3% − 12.0% = a +1.3 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Positive but thin — value creation with little room for error.

FY26: ROCE 23% Return on capital employed by fiscal year, % (line); ROIC by fiscal year, % (line). 2-year window, dips included. Dashed line = the 12.0% cost of capital used on this page.
the full ladder
ROCEROIC (annual)WACC
24%21%18%14%11%%23%15.6%FY25FY26
24%21%18%14%11%%23%15.6%FY25FY26
H2 FY26: ROCE 20.8% (TTM) Trailing-twelve-month ROCE, per quarter, %. Last 4 quarters, put on a trailing-twelve-month basis and anchored to the annual figure.
ROCE (TTM)
22%18%15%12%8.4%%20.8%H1 FY25H2 FY25H2 FY26
22%18%15%12%8.4%%20.8%H1 FY25H2 FY25H2 FY26
09 · Debt

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.⚠ unverified

Vision Infra Equipment Solutions Ltd carries total debt of ₹377 Cr against shareholder equity of ₹263 Cr as of Mar 26, a debt-to-equity of 1.43. On the annual view that ratio went from 1.69 in FY25 to 1.43 in FY26. Read the returns elsewhere on this page with that leverage in mind.

Mar 26: total debt of ₹377 Cr against shareholder equity of ₹263 Cr — a debt-to-equity of 1.43. On the annual view, debt-to-equity went from 1.69 (FY25) to 1.43 (FY26). Read the returns on this page with that leverage in mind.

FY26: debt ₹377 Cr at 1.43× equity Total debt by fiscal year, ₹ Cr (bars); debt-to-equity, × (line). 2-year window.
Total debtDebt-to-equity
4071.71×3051.64×2041.56×1021.48×01.41×₹ Cr×₹3771.43×FY25FY26
4071.71×3051.64×2041.56×1021.48×01.41×₹ Cr×₹3771.43×FY25FY26
Mar 26: debt ₹377 Cr, debt-to-equity 1.43 Total debt per quarter, ₹ Cr (bars); debt-to-equity, × (line). Last 4 quarters. India reports the full balance sheet half-yearly, so the intervening quarter carries the prior reading forward.
Total debt (quarterly)Debt-to-equity
4071.9×3051.8×2041.7×1021.5×01.4×₹ Cr×₹3771.43×Sep 24Mar 25Mar 26
4071.9×3051.8×2041.7×1021.5×01.4×₹ Cr×₹3771.43×Sep 24Mar 25Mar 26
10 · Ownership

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Domestic institutions cut 3.6 points of Vision Infra Equipment Solutions Ltd over 4 quarters, the biggest move on the register. That takes domestic institutions to 2.9% of the company. Foreign institutions moved −2.4 points over the same window, to 0.6%. The register is read on the four disclosed classes only; nothing is inferred between filings.

Why this happened. These three extensions represent potential PAT-accretive adjacencies, but management declined to provide revenue targets, mix percentages, or margin guidance for any. Mining is explicitly exploratory with long procurement lead times and no committed orders. Until Q1/Q2 FY27 actuals show contribution, this is an option rather than a driver in the base case.

The register over the last two years — Domestic institutions: −3.6 points over 4 quarters to 2.9%; Foreign institutions: −2.4 points over 4 quarters to 0.6%; Promoters: −0.5 points over 4 quarters to 69.7%.

🚨 Why the register moved: domestic institutions drove it (−3.6 points), alongside foreign institutions (−2.4 points) — distribution into the market’s bid.

Fiscal-year ends: promoters +0.0 pts from Mar 25 to Mar 26 Shareholding at each fiscal-year end (March quarter), % of the company. 2 year-ends held.
PromotersForeign inst.Domestic inst.Public
76%56%35%15%−5.0%%70.3%0.6%2.8%26.3%Mar 25Mar 26
76%56%35%15%−5.0%%70.3%0.6%2.8%26.3%Mar 25Mar 26
Domestic institutions cut 3.6 points over 4 quarters Shareholding by holder class, % of the company, quarterly, last 5 quarters.
PromotersForeign inst.Domestic inst.Public
76%56%35%15%−5.0%%69.7%0.6%2.9%26.8%Sep 24Sep 25Jul 26
76%56%35%15%−5.0%%69.7%0.6%2.9%26.8%Sep 24Sep 25Jul 26
Watch next
MetricNew Verticals: Captive Paving + Piling Rigs + Mining
ThresholdQ1 FY27 revenue per unit (vs FY26 annualized ₹1.13 Cr/unit)
Which resultthe next result
11 · Safety line

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Vision Infra Equipment Solutions Ltd: the Z-score reads 2.00. A Z-score above roughly 3 reads as safe and below roughly 1.8 as the distress zone, so this sits in the grey band between the two. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure.

Why it matters: a Z-score of 2.00 sits in the grey band — neither clearly safe nor clearly distressed.

The safety line in one sentence: the Z-score reads 2.00.

12 · Valuation

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Vision Infra Equipment Solutions Ltd trades at 11.6× P/E, near the bottom of its own range — cheaper only 7% of the time. Its long-run median P/E is 15.0×, measured across 1.8 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 11.6× is near the bottom of its own range — cheaper only 7% of the time, against a long-run median of 15.0× measured over 1.8 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

P/E 11.6× vs a 15.0× long-run median P/E, weekly (left axis); earnings per share, trailing twelve months, weekly (right axis). 1.8-year window; loss-period spikes above 25× shown pinned at the top. The eps (ttm) bars are red where the reading is lower than the quarter before.
near the bottom of its own range — cheaper only 7% of the time
P/EMedianEPS (TTM) (quarterly)
26.2×₹29.022.1×₹21.717.9×₹14.513.8×₹7.29.7×₹0.0×11.60×₹27Nov 24May 25Oct 25Apr 26Aug 26
26.2×₹29.022.1×₹21.717.9×₹14.513.8×₹7.29.7×₹0.0×11.60×₹27Nov 24Oct 25Aug 26
P/E
11.6×
7th percentile of 2y

Why the multiple sits where it does: over the past year annual EPS moved +93.8% against a +107.6% price move — the price outran earnings, pushing the multiple UP its own range.

Put together: the multiple is low against its own past, so the story rests on the earnings line underneath it, not the multiple.

A quarterly PEG curve, which only the second data source carries, is not drawn on this page: its two data sources do not share enough overlapping reported history to be compared. A figure nobody could check is not used to price growth — the gap is a decision, not missing data.

13 · Stage: No read

Stage: No read Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Vision Infra Equipment Solutions Ltd reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read.

Growth, year by year: revenue +37.0% in FY26, profit +94.1% Year-over-year growth per fiscal year, %: revenue (left axis); net profit and EPS (right axis — profit growth swings far wider). Zero line drawn. Turnaround-year spikes shown pinned (▲).
Revenue YoYProfit YoYEPS YoY
592%316%411%257%231%197%50%137%−131%77%%%37%94.1%FY23FY24FY26
592%316%411%257%231%197%50%137%−131%77%%%37%94.1%FY23FY24FY26
Three growth curves, twelve quarters Year-on-year growth of trailing-twelve-month revenue (left axis), profit and EPS (right axis — they swing far wider), % at each quarter-end. Where the trailing-twelve-month history is short, the curve falls back to single-quarter year-on-year growth — noisier, and the classifier smooths and caps base-effect spikes before reading. A missing point means that reading is not held for the quarter.
the trajectory the stage is read from
RevenueProfit
279%230%213%181%146%132%79%82%12%33%%%30.5%131.6%Mar 24Mar 25Mar 26
279%230%213%181%146%132%79%82%12%33%%%30.5%131.6%Mar 24Mar 25Mar 26
ROCE Annual readings — the quarterly balance-sheet pieces this curve needs are not held for this stock, so the returns read moves once a year and carries less weight in the call.
the return curve, annual readings
ROCE
23.2%22.4%21.5%20.6%19.8%%23%FY25FY26
23.2%22.4%21.5%20.6%19.8%%23%FY25FY26

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

Compound annual growth rate (%) Compound annual growth rate over each window, %. Revenue, profit and EPS from fiscal-year figures; share price is the price CAGR over the same spans. A dash = that window is not held, or the base was a loss.
1yr3yr5yr10yr
Revenue+37.0%+19.0%
Profit+94.1%
EPS+93.8%
Share price+107.6%
Revenue YoY (Mar 26)
+30.5%
latest quarter vs a year ago
Profit YoY (Mar 26)
+131.6%
latest quarter vs a year ago
Revenue 10y
19.0%
long-run compound pace
14 · 4-Factor Sector Score

4-Factor Sector Score

58.7/100 — rank 10 of 49 in Trading · 56% evidence confidence

Vision Infra Equipment Solutions Ltd scores 58.7 out of 100 against the 49 companies it is compared with in Trading, ranking 10. Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

The four contributions add to the total exactly: 19 + 19.8 + 11.2 + 8.7 = 58.7. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

15 · Related companies · Trading
CompanyScorePrice stageGrowth & earnings/35Capital efficiency/25Valuation/20Relative strength/20
1Onix Solar Energy LtdONIXSOLAR 74.2/100Favorable setup69% evidence 28.8/35 Revenue 26.2% · PAT 100% · OPM change 23 pp 95% evidence 18.3/25 ROCE 32% · OPM 30% 76% evidence 10.6/20 P/E 19.8× · PEG — 15% evidence 16.5/20 RS sector 67.7% · RS bench 94.8% · 1Y 61.3%12 of 12 weeks ahead to 2026-03-08 70% evidence
Exact sum: 28.8 + 18.3 + 10.6 + 16.5 = 74.2 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
2Rashi Peripherals LtdRPTECH 68.7/100Favorable setup75% evidence LEADER 24.5/35 Revenue 40.4% · PAT 50.2% · OPM change -0.3 pp 95% evidence 14.7/25 ROCE 16.8% · OPM 3% 76% evidence 10.7/20 P/E 17.4× · PEG — 15% evidence 18.8/20 RS sector 57.1% · RS bench 82.2% · 1Y 197.6%12 of 12 weeks ahead 100% evidence
Exact sum: 24.5 + 14.7 + 10.7 + 18.8 = 68.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3Magnus Steel & Infra Ltd517320 67.1/100Thin evidence · provisional56% evidence 27.6/35 Revenue 100% · PAT 100% · OPM change 1.6 pp 83% evidence 18.5/25 ROCE 171% · OPM 21.3% 76% evidence 9.2/20 P/E 92.5× · PEG — 15% evidence 11.8/20 RS sector — · RS bench 46.1% · 1Y —4 of 5 weeks ahead to 2026-06-28 25% evidence
Exact sum: 27.6 + 18.5 + 9.2 + 11.8 = 67.1 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
4Nupur Recyclers LtdNRL 67.0/100Favorable setup87% evidence BREAKING OUT 22.2/35 Revenue 40.6% · PAT 29.8% · OPM change 3.6 pp 95% evidence 16.6/25 ROCE 15.1% · OPM 11.6% 95% evidence 9.5/20 P/E 47.1× · PEG — 50% evidence 18.7/20 RS sector 43.1% · RS bench 70.4% · 1Y 66.3%12 of 12 weeks ahead 100% evidence
Exact sum: 22.2 + 16.6 + 9.5 + 18.7 = 67 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5Shankara Buildpro LtdBUILDPRO 63.1/100Mixed-positive evidence63% evidence FADING 25.3/35 Revenue 26.3% · PAT 41.9% · OPM change -0.2 pp 100% evidence 17.4/25 ROCE 39% · OPM 3.2% 100% evidence 10.4/20 P/E 22.8× · PEG — 15% evidence 10.0/20 RS sector — · RS bench — · 1Y —7 of 12 weeks ahead 0% evidence
Exact sum: 25.3 + 17.4 + 10.4 + 10 = 63.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6Mangalam Global Enterprise LtdMGEL 61.0/100Mixed-positive evidence80% evidence 25.3/35 Revenue 41.4% · PAT 100% · OPM change 0.5 pp 95% evidence 16.1/25 ROCE 17% · OPM 1.9% 95% evidence 11.1/20 P/E 13× · PEG — 15% evidence 8.5/20 RS sector -18.9% · RS bench -0.2% · 1Y -9.8%10 of 11 weeks ahead 100% evidence
Exact sum: 25.3 + 16.1 + 11.1 + 8.5 = 61 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7Tembo Global Industries LtdTEMBO 59.9/100Mixed-positive evidence80% evidence TURNING 21.8/35 Revenue 34% · PAT 55.7% · OPM change 5 pp 95% evidence 18.5/25 ROCE 22.8% · OPM 16% 95% evidence 11.3/20 P/E 11× · PEG — 15% evidence 8.3/20 RS sector -17.6% · RS bench -0.1% · 1Y 27.5%4 of 12 weeks ahead 100% evidence
Exact sum: 21.8 + 18.5 + 11.3 + 8.3 = 59.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8Euro Pratik Sales LtdEUROPRATIK 59.7/100Mixed-positive evidence73% evidence BREAKING OUT 15.1/35 Revenue 23.9% · PAT 29% · OPM change -8 pp 100% evidence 19.5/25 ROCE 38.4% · OPM 26% 100% evidence 15.1/20 P/E 34.1× · PEG 0.62 65% evidence 10.0/20 RS sector — · RS bench — · 1Y —8 of 10 weeks ahead 0% evidence
Exact sum: 15.1 + 19.5 + 15.1 + 10 = 59.7 · Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
9Ivalue Infosolutions LtdIVALUE 59.6/100Mixed-positive evidence60% evidence BREAKING OUT 20.3/35 Revenue 5.4% · PAT 22.1% · OPM change 5.6 pp 95% evidence 18.4/25 ROCE 25.4% · OPM 10% 95% evidence 10.9/20 P/E 14.2× · PEG — 15% evidence 10.0/20 RS sector — · RS bench — · 1Y —6 of 10 weeks ahead 0% evidence
Exact sum: 20.3 + 18.4 + 10.9 + 10 = 59.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
10Vision Infra Equipment Solutions Ltdthis pageVIESL 58.7/100Thin evidence · provisional56% evidence FADING 19.0/35 Revenue — · PAT — · OPM change 0 pp 26% evidence 19.8/25 ROCE 22.6% · OPM 26% 95% evidence 11.2/20 P/E 11.6× · PEG — 15% evidence 8.7/20 RS sector -2.5% · RS bench 15.7% · 1Y 93%10 of 12 weeks ahead 100% evidence
Exact sum: 19 + 19.8 + 11.2 + 8.7 = 58.7 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
11Arisinfra Solutions LtdARIS 57.8/100Mixed-positive evidence65% evidence BASING 21.7/35 Revenue 45.3% · PAT 100% · OPM change 2 pp 95% evidence 15.3/25 ROCE 15.6% · OPM 11% 95% evidence 10.8/20 P/E 16.6× · PEG — 15% evidence 10.0/20 RS sector — · RS bench 1.5% · 1Y -7.4%3 of 10 weeks ahead 25% evidence
Exact sum: 21.7 + 15.3 + 10.8 + 10 = 57.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
12Patel Retail LtdPATELRMART 52.8/100Mixed-positive evidence60% evidence FADING 17.7/35 Revenue 42.3% · PAT 59.7% · OPM change -2.2 pp 95% evidence 14.5/25 ROCE 15.3% · OPM 6.1% 95% evidence 10.6/20 P/E 17.6× · PEG — 15% evidence 10.0/20 RS sector — · RS bench — · 1Y -16.2%5 of 10 weeks ahead 0% evidence
Exact sum: 17.7 + 14.5 + 10.6 + 10 = 52.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
13Sudarshan Pharma Industries LtdSUDARSHAN 51.1/100Mixed-positive evidence76% evidence 20.5/35 Revenue 32.9% · PAT 24.3% · OPM change 1.5 pp 95% evidence 13.7/25 ROCE 15.1% · OPM 9.1% 76% evidence 11.3/20 P/E 35.6× · PEG — 50% evidence 5.6/20 RS sector -23.8% · RS bench -7% · 1Y -15.7%2 of 12 weeks ahead to 2026-03-08 70% evidence
Exact sum: 20.5 + 13.7 + 11.3 + 5.6 = 51.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
14Fabtech Technologies LtdFABTECH 50.8/100Thin evidence · provisional52% evidence ASLEEP 17.4/35 Revenue 14.2% · PAT 41% · OPM change 14.8 pp 71% evidence 12.4/25 ROCE 13.6% · OPM 5.7% 95% evidence 11.0/20 P/E 13.5× · PEG — 15% evidence 10.0/20 RS sector — · RS bench — · 1Y —0 of 10 weeks ahead 0% evidence
Exact sum: 17.4 + 12.4 + 11 + 10 = 50.8 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
15Lloyds Enterprises LtdLLOYDSENT 50.5/100Mixed-positive evidence75% evidence FADING 17.9/35 Revenue 33% · PAT -21.4% · OPM change 9 pp 95% evidence 11.3/25 ROCE 3.7% · OPM 16% 76% evidence 9.1/20 P/E 102× · PEG — 15% evidence 12.2/20 RS sector -3.6% · RS bench 15.7% · 1Y -0.2%11 of 12 weeks ahead 100% evidence
Exact sum: 17.9 + 11.3 + 9.1 + 12.2 = 50.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
16BMW Ventures LtdBMW 50.0/100Thin evidence · provisional55% evidence 16.9/35 Revenue 18.5% · PAT 24.2% · OPM change -0.6 pp 95% evidence 12.0/25 ROCE 12% · OPM 3.4% 76% evidence 11.1/20 P/E 12.2× · PEG — 15% evidence 10.0/20 RS sector — · RS bench — · 1Y —0 of 10 weeks ahead to 2026-03-08 0% evidence
Exact sum: 16.9 + 12 + 11.1 + 10 = 50 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
17Yogi LtdYOGI 49.6/100Thin evidence · provisional58% evidence 20.2/35 Revenue 97.5% · PAT 68.1% · OPM change -5.9 pp 62% evidence 10.0/25 ROCE 12.8% · OPM 2.6% 76% evidence 9.6/20 P/E 53.7× · PEG — 15% evidence 9.8/20 RS sector -7% · RS bench 10.4% · 1Y -8.4%2 of 12 weeks ahead to 2026-03-08 70% evidence
Exact sum: 20.2 + 10 + 9.6 + 9.8 = 49.6 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
18SG Mart LtdSGMART 48.9/100Mixed-negative evidence90% evidence LEADER 14.1/35 Revenue 10.4% · PAT 14.7% · OPM change 1.4 pp 95% evidence 8.9/25 ROCE 10.2% · OPM 4.5% 95% evidence 8.3/20 P/E 74.6× · PEG 1.92 65% evidence 17.6/20 RS sector 31.8% · RS bench 54.6% · 1Y 125.1%12 of 12 weeks ahead 100% evidence
Exact sum: 14.1 + 8.9 + 8.3 + 17.6 = 48.9 · Decision use: Price leads the evidence: RS versus the benchmark is 54.6%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
19Shiv Aum Steels LtdSHIVAUM 47.2/100Thin evidence · provisional55% evidence TURNING 16.8/35 Revenue — · PAT — · OPM change 1.3 pp 45% evidence 11.4/25 ROCE 8% · OPM 4.7% 95% evidence 7.6/20 P/E 64.1× · PEG — 50% evidence 11.4/20 RS sector — · RS bench 34.1% · 1Y —2 of 2 weeks ahead 25% evidence
Exact sum: 16.8 + 11.4 + 7.6 + 11.4 = 47.2 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
20Adani Enterprises LtdADANIENT 45.2/100Mixed-negative evidence93% evidence LEADER 14.5/35 Revenue 18.1% · PAT 4.2% · OPM change 0 pp 100% evidence 8.5/25 ROCE 5.8% · OPM 15% 100% evidence 7.7/20 P/E 173× · PEG 1.96 65% evidence 14.5/20 RS sector 2.3% · RS bench 22% · 1Y 43.7%12 of 12 weeks ahead 100% evidence
Exact sum: 14.5 + 8.5 + 7.7 + 14.5 = 45.2 · Decision use: Price leads the evidence: RS versus the benchmark is 22%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
21MMTC LtdMMTC 45.0/100Mixed-negative evidence96% evidence ASLEEP 14.8/35 Revenue 0% · PAT 100% · OPM change -1270 pp 100% evidence 8.1/25 ROCE 8.7% · OPM — 84% evidence 14.0/20 P/E 48× · PEG 0.92 100% evidence 8.1/20 RS sector -18.2% · RS bench -1.3% · 1Y 1.7%7 of 12 weeks ahead 100% evidence
Exact sum: 14.8 + 8.1 + 14 + 8.1 = 45 · Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
22State Trading Corporation of India LtdSTCINDIA 42.8/100Thin evidence · provisional54% evidence ASLEEP 18.8/35 Revenue — · PAT 100% · OPM change -14.6 pp 43% evidence 7.4/25 ROCE -0.9% · OPM — 60% evidence 11.5/20 P/E 15.7× · PEG — 50% evidence 5.1/20 RS sector -29.2% · RS bench -5.4% · 1Y -0.9%5 of 11 weeks ahead 70% evidence
Exact sum: 18.8 + 7.4 + 11.5 + 5.1 = 42.8 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
23Riddhi Siddhi Gluco Biols Ltd524480 42.4/100Mixed-negative evidence82% evidence TURNING 12.8/35 Revenue 74.8% · PAT 0% · OPM change -2.8 pp 95% evidence 6.5/25 ROCE 2.7% · OPM -3% 76% evidence 6.6/20 P/E 38.6× · PEG — 50% evidence 16.5/20 RS sector 8.6% · RS bench 29% · 1Y 42.1%11 of 12 weeks ahead 100% evidence
Exact sum: 12.8 + 6.5 + 6.6 + 16.5 = 42.4 · Decision use: Price leads the evidence: RS versus the benchmark is 29%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
24RRP Semiconductor LtdRRP 41.7/100Thin evidence · provisional54% evidence 11.4/35 Revenue -80% · PAT -80% · OPM change 3.3 pp 71% evidence 5.5/25 ROCE -32.7% · OPM — 61% evidence 10.0/20 P/E — · PEG — 0% evidence 14.8/20 RS sector 64.7% · RS bench 6.5% · 1Y 142.7%0 of 1 week ahead 70% evidence
Exact sum: 11.4 + 5.5 + 10 + 14.8 = 41.7 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
25Cropster Agro Ltd523105 40.5/100Mixed-negative evidence65% evidence 15.9/35 Revenue 28.4% · PAT 6.5% · OPM change 2.1 pp 83% evidence 11.3/25 ROCE 12.4% · OPM 8.7% 76% evidence 10.3/20 P/E 31× · PEG — 15% evidence 3.0/20 RS sector -72.9% · RS bench -62.7% · 1Y -70.2%0 of 4 weeks ahead 70% evidence
Exact sum: 15.9 + 11.3 + 10.3 + 3 = 40.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
26Dhunseri Ventures LtdDVL 40.3/100Mixed-negative evidence87% evidence TURNING 12.6/35 Revenue -20% · PAT 31.7% · OPM change -12 pp 95% evidence 9.7/25 ROCE 6.7% · OPM 39% 95% evidence 9.2/20 P/E 4.9× · PEG — 50% evidence 8.8/20 RS sector -21.7% · RS bench -4.2% · 1Y -22.4%4 of 12 weeks ahead 100% evidence
Exact sum: 12.6 + 9.7 + 9.2 + 8.8 = 40.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
27Hardwyn India LtdHARDWYN 39.7/100Mixed-negative evidence87% evidence ASLEEP 13.7/35 Revenue 2.6% · PAT -8.5% · OPM change -0.2 pp 95% evidence 12.4/25 ROCE 4.8% · OPM 13% 95% evidence 11.7/20 P/E 62.6× · PEG — 50% evidence 1.9/20 RS sector -28.8% · RS bench -15.6% · 1Y 23.3%7 of 12 weeks ahead 100% evidence
Exact sum: 13.7 + 12.4 + 11.7 + 1.9 = 39.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
28Blue Pearl Agriventures LtdBPAGRI 39.5/100Mixed-negative evidence69% evidence 20.3/35 Revenue 19.3% · PAT 59.1% · OPM change 0.3 pp 95% evidence 6.3/25 ROCE 2.2% · OPM 3.3% 76% evidence 8.7/20 P/E 514× · PEG — 15% evidence 4.2/20 RS sector -33.9% · RS bench -25.1% · 1Y -48.7%1 of 12 weeks ahead to 2026-03-08 70% evidence
Exact sum: 20.3 + 6.3 + 8.7 + 4.2 = 39.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
29PTC India LtdPTC 39.4/100Mixed-negative evidence82% evidence ASLEEP 13.4/35 Revenue 13.3% · PAT -43.1% · OPM change -3.9 pp 95% evidence 12.7/25 ROCE 13.4% · OPM 3.1% 76% evidence 10.6/20 P/E 9.3× · PEG — 50% evidence 2.7/20 RS sector -24.1% · RS bench -8.7% · 1Y -7.4%3 of 12 weeks ahead 100% evidence
Exact sum: 13.4 + 12.7 + 10.6 + 2.7 = 39.4 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
30Hexa Tradex LtdHEXATRADEX 38.8/100Mixed-negative evidence65% evidence ASLEEP 16.9/35 Revenue 0.4% · PAT 70.3% · OPM change 13.6 pp 71% evidence 6.2/25 ROCE -0.1% · OPM — 80% evidence 10.0/20 P/E — · PEG — 0% evidence 5.7/20 RS sector -23.2% · RS bench -6.9% · 1Y -12.8%0 of 12 weeks ahead 100% evidence
Exact sum: 16.9 + 6.2 + 10 + 5.7 = 38.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
31Neueon Corporation LtdNEUEON 38.0/100Thin evidence · provisional59% evidence ASLEEP 9.1/35 Revenue 17.8% · PAT -80% · OPM change -1039 pp 71% evidence 3.8/25 ROCE -40.4% · OPM — 80% evidence 10.0/20 P/E — · PEG — 0% evidence 15.1/20 RS sector 12.7% · RS bench 44.5% · 1Y —5 of 12 weeks ahead 70% evidence
Exact sum: 9.1 + 3.8 + 10 + 15.1 = 38 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
32Kothari Industrial Corporation LtdKOTIC 33.8/100Adverse evidence63% evidence ASLEEP 18.7/35 Revenue 75.9% · PAT -80% · OPM change -41.8 pp 71% evidence 1.6/25 ROCE -28.9% · OPM -43% 95% evidence 10.0/20 P/E — · PEG — 0% evidence 3.5/20 RS sector -58.8% · RS bench -47.8% · 1Y -68.7%0 of 7 weeks ahead 70% evidence
Exact sum: 18.7 + 1.6 + 10 + 3.5 = 33.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
33BN Agrochem LtdBNAGROCHEM 32.8/100Adverse evidence77% evidence ASLEEP 12.7/35 Revenue 84.5% · PAT -61% · OPM change -9.4 pp 100% evidence 4.4/25 ROCE 4.4% · OPM 2.3% 100% evidence 9.1/20 P/E 140× · PEG — 15% evidence 6.6/20 RS sector -17.1% · RS bench -23.3% · 1Y -22.5%6 of 8 weeks ahead 70% evidence
Exact sum: 12.7 + 4.4 + 9.1 + 6.6 = 32.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
34Shanti Overseas (India) LtdSHANTI 32.3/100Thin evidence · provisional56% evidence 11.2/35 Revenue -63.4% · PAT 100% · OPM change -200.5 pp 40% evidence 4.6/25 ROCE -25.2% · OPM -216.5% 71% evidence 13.2/20 P/E 3× · PEG — 50% evidence 3.3/20 RS sector -60.6% · RS bench -49.7% · 1Y -51.6%0 of 12 weeks ahead to 2026-03-29 70% evidence
Exact sum: 11.2 + 4.6 + 13.2 + 3.3 = 32.3 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
35Uniphos Enterprises LtdUNIENTER 30.1/100Adverse evidence69% evidence ASLEEP 12.4/35 Revenue -77.1% · PAT 100% · OPM change -0.9 pp 71% evidence 4.6/25 ROCE 0.8% · OPM — 80% evidence 9.0/20 P/E 32.7× · PEG — 50% evidence 4.1/20 RS sector -43.9% · RS bench -24.1% · 1Y -38%1 of 10 weeks ahead 70% evidence
Exact sum: 12.4 + 4.6 + 9 + 4.1 = 30.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
36Oswal Agro Mills LtdOSWALAGRO 24.3/100Adverse evidence67% evidence ASLEEP 2.7/35 Revenue -80% · PAT -80% · OPM change -21782.3 pp 95% evidence 7.8/25 ROCE 2% · OPM — 80% evidence 10.0/20 P/E — · PEG — 0% evidence 3.8/20 RS sector -50.6% · RS bench -32% · 1Y -50.5%0 of 10 weeks ahead 70% evidence
Exact sum: 2.7 + 7.8 + 10 + 3.8 = 24.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
37Bizotic Commercial LtdBIZOTIC 64.9/100Thin evidence · provisional45% evidence 19.8/35 Revenue — · PAT — · OPM change 0 pp 26% evidence 18.6/25 ROCE 26.8% · OPM 8% 76% evidence 9.7/20 P/E 48.7× · PEG — 15% evidence 16.8/20 RS sector 89.2% · RS bench 102% · 1Y 262%10 of 12 weeks ahead to 2026-03-08 70% evidence
Exact sum: 19.8 + 18.6 + 9.7 + 16.8 = 64.9 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
38Proventus Agrocom LtdPROV 57.0/100Thin evidence · provisional48% evidence BREAKING OUT 19.6/35 Revenue — · PAT — · OPM change 0.2 pp 26% evidence 12.5/25 ROCE 11.5% · OPM 1.8% 95% evidence 13.3/20 P/E 45.4× · PEG — 50% evidence 11.6/20 RS sector — · RS bench 39.7% · 1Y —8 of 8 weeks ahead 25% evidence
Exact sum: 19.6 + 12.5 + 13.3 + 11.6 = 57 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
39Mardia Samyoung Capillary Tubes Company LtdMSCTC 56.6/100Thin evidence · provisional32% evidence 20.8/35 Revenue 100% · PAT 100% · OPM change — 29% evidence 15.2/25 ROCE 22.6% · OPM 15.3% 57% evidence 8.6/20 P/E 687× · PEG — 15% evidence 12.0/20 RS sector — · RS bench 74.6% · 1Y 176.1%6 of 12 weeks ahead to 2026-03-08 25% evidence
Exact sum: 20.8 + 15.2 + 8.6 + 12 = 56.6 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
40SK Minerals & Additives Ltd544584 55.9/100Thin evidence · provisional36% evidence 16.6/35 Revenue — · PAT — · OPM change 1.3 pp 39% evidence 18.9/25 ROCE 26.2% · OPM 10.7% 76% evidence 10.4/20 P/E 25.4× · PEG — 15% evidence 10.0/20 RS sector — · RS bench — · 1Y — 0% evidence
Exact sum: 16.6 + 18.9 + 10.4 + 10 = 55.9 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
41Aayush Art and Bullion LtdAAYUSHBULL 55.4/100Thin evidence · provisional48% evidence 21.1/35 Revenue 100% · PAT — · OPM change 1.6 pp 35% evidence 13.2/25 ROCE 18.9% · OPM 6% 76% evidence 8.9/20 P/E 243× · PEG — 15% evidence 12.2/20 RS sector 0.1% · RS bench 18.5% · 1Y 20.6%10 of 12 weeks ahead to 2026-03-08 70% evidence
Exact sum: 21.1 + 13.2 + 8.9 + 12.2 = 55.4 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
42Monika Alcobev LtdMONIKA 53.9/100Thin evidence · provisional22% evidence 16.4/35 Revenue — · PAT — · OPM change -2 pp 15% evidence 17.0/25 ROCE 21% · OPM 15% 57% evidence 10.5/20 P/E 20.4× · PEG — 15% evidence 10.0/20 RS sector — · RS bench — · 1Y -11.2%0 of 12 weeks ahead to 2026-03-08 0% evidence
Exact sum: 16.4 + 17 + 10.5 + 10 = 53.9 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
43Shah Foods Ltd519031 53.6/100Thin evidence · provisional18% evidence 17.1/35 Revenue — · PAT — · OPM change -10.7 pp 7% evidence 15.3/25 ROCE — · OPM 18% 30% evidence 8.9/20 P/E 248× · PEG — 15% evidence 12.3/20 RS sector — · RS bench 96.2% · 1Y — 25% evidence
Exact sum: 17.1 + 15.3 + 8.9 + 12.3 = 53.6 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
44Pramara Promotions LtdPRAMARA 51.9/100Thin evidence · provisional47% evidence 16.6/35 Revenue — · PAT — · OPM change -1 pp 15% evidence 14.1/25 ROCE 15.2% · OPM 15% 71% evidence 6.9/20 P/E 51.3× · PEG — 50% evidence 14.3/20 RS sector 5.7% · RS bench 29% · 1Y 58.3%10 of 12 weeks ahead to 2026-04-19 70% evidence
Exact sum: 16.6 + 14.1 + 6.9 + 14.3 = 51.9 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
45Manbro Industries Ltd512595 51.3/100Thin evidence · provisional22% evidence 18.3/35 Revenue — · PAT — · OPM change 32.8 pp 5% evidence 13.1/25 ROCE — · OPM 6.6% 23% evidence 10.0/20 P/E — · PEG — 0% evidence 9.9/20 RS sector -17.3% · RS bench 37.2% · 1Y 40.1%12 of 12 weeks ahead to 2026-05-03 70% evidence
Exact sum: 18.3 + 13.1 + 10 + 9.9 = 51.3 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
46Satani Bearings LtdSATANIBRG 46.0/100Thin evidence · provisional38% evidence 20.5/35 Revenue — · PAT 100% · OPM change — 33% evidence 4.5/25 ROCE 1% · OPM -3.7% 76% evidence 8.6/20 P/E 5055× · PEG — 15% evidence 12.4/20 RS sector — · RS bench 116.9% · 1Y 189.8%10 of 10 weeks ahead to 2026-03-08 25% evidence
Exact sum: 20.5 + 4.5 + 8.6 + 12.4 = 46 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
47Le Merite Exports LtdLEMERITE 45.9/100Thin evidence · provisional46% evidence 18.9/35 Revenue — · PAT — · OPM change 0.9 pp 15% evidence 9.1/25 ROCE 8.6% · OPM 2.8% 71% evidence 9.3/20 P/E 87× · PEG — 15% evidence 8.6/20 RS sector -12.1% · RS bench 15% · 1Y 45.9%2 of 12 weeks ahead to 2026-05-17 100% evidence
Exact sum: 18.9 + 9.1 + 9.3 + 8.6 = 45.9 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
48Keto Motors Ltd537392 43.1/100Thin evidence · provisional38% evidence 16.1/35 Revenue — · PAT -41.7% · OPM change — 33% evidence 6.0/25 ROCE -0.3% · OPM 10.7% 76% evidence 8.5/20 P/E 6428× · PEG — 15% evidence 12.5/20 RS sector — · RS bench 341.9% · 1Y — 25% evidence
Exact sum: 16.1 + 6 + 8.5 + 12.5 = 43.1 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
49A-1 LtdA1L 40.8/100Thin evidence · provisional50% evidence 16.2/35 Revenue 8.3% · PAT -30.6% · OPM change -0.9 pp 53% evidence 10.8/25 ROCE 10.6% · OPM 2.9% 57% evidence 8.8/20 P/E 383× · PEG — 15% evidence 5.0/20 RS sector -24.9% · RS bench -16% · 1Y 25.3%6 of 12 weeks ahead to 2026-03-08 70% evidence
Exact sum: 16.2 + 10.8 + 8.8 + 5 = 40.8 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step curve the sector itself is placed on — basing, turning, breaking out, leader, fading, asleep — read from how many weeks running it has led NIFTY 500 and whether that lead is widening or shrinking. It describes where the PRICE stands, not the earnings trajectory and not a recommendation, and it is left blank for a company whose weekly history is too short or too stale to read.

16 · Frequently asked questions

Frequently asked questions

What is Vision Infra Equipment Solutions Ltd's share price today?

Vision Infra Equipment Solutions Ltd trades at ₹311, +107.6% over the past year. The company is valued at ₹766 Cr. The stock sits at 66% of its 52-week range of ₹213–₹361, +13.4% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 48 weeks in. — as of 14 August 2026.

What were Vision Infra Equipment Solutions Ltd's latest quarterly results?

Vision Infra Equipment Solutions Ltd reported revenue of ₹325 Cr and net profit of ₹44.0 Cr for the Mar 26 quarter. Revenue rose 30.5% and profit rose 131.6% year on year. Earnings per share were ₹18.02. The operating margin was 26.0%, 0.0 pp higher than a year earlier. — as of 14 August 2026.

What is Vision Infra Equipment Solutions Ltd's revenue?

Vision Infra Equipment Solutions Ltd reported revenue of ₹325 Cr in the Mar 26 quarter, +30.5% year on year. For the full FY26 fiscal year, revenue was ₹607 Cr (+37.0%). Over the last 3 years revenue compounded at 19.0% a year. — as of 14 August 2026.

What is Vision Infra Equipment Solutions Ltd's profit?

Vision Infra Equipment Solutions Ltd earned ₹44.0 Cr of net profit in the Mar 26 quarter, +131.6% year on year — the 3rd straight quarter of growth. Full-year FY26 profit was ₹66.0 Cr. The operating margin ran 26.0% in the latest quarter. — as of 14 August 2026.

What is Vision Infra Equipment Solutions Ltd's market cap?

Vision Infra Equipment Solutions Ltd's market capitalisation is ₹766 Cr at a share price of ₹311. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 14 August 2026.

What is Vision Infra Equipment Solutions Ltd's P/E ratio?

Vision Infra Equipment Solutions Ltd trades at a P/E of 11.6×, at the 7th percentile of its own 2-year range, against a long-run median of 15.0×. This is a comparison with the stock's own history, not a value call — as of 14 August 2026.

Does Vision Infra Equipment Solutions Ltd pay a dividend?

No — Vision Infra Equipment Solutions Ltd has recorded a dividend payout of 0% of profit in each of its last 3 reported fiscal years, so there is no payout history to quote. That is a reading of the filed annual statements, not an estimate. — as of 14 August 2026.

Is Vision Infra Equipment Solutions Ltd overvalued?

On its own history, Vision Infra Equipment Solutions Ltd looks cheap: its P/E of 11.6× has been cheaper only 7% of the time in 2 years (long-run median 15.0×). That is a percentile read against the stock's own past, not a price opinion or a direction call. — as of 14 August 2026.

Is Vision Infra Equipment Solutions Ltd growing?

Yes — Vision Infra Equipment Solutions Ltd is growing: latest-quarter revenue +30.5% year on year, profit +131.6%, and the margin +0.0 pp at 26.0%. The earnings engine currently reads: improving — as of 14 August 2026.

How is Vision Infra Equipment Solutions Ltd performing?

Vision Infra Equipment Solutions Ltd is in a confirmed uptrend, 48 weeks in. Its latest quarter's revenue rose 30.5% and profit rose 131.6% year on year. Against the NIFTY 500 it has been behind on a trailing-13-week view for 3 weeks. This describes what the data did, not a rating. — as of 14 August 2026.

Is Vision Infra Equipment Solutions Ltd in an uptrend?

Yes — the price is in a confirmed uptrend (week 48 of stage 2), trading +13.4% versus its 200-day average and at 66% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 14 August 2026.

Is Vision Infra Equipment Solutions Ltd beating the market?

Not lately — on a trailing-13-week view Vision Infra Equipment Solutions Ltd is currently behind the NIFTY 500 (3 weeks and counting; last ahead the week of 2026-07-24), the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 1.9 years the stock moved +45% against the NIFTY 500's −1% — ahead of the index over the full window. — as of 14 August 2026.

Will Vision Infra Equipment Solutions Ltd's share price go up?

This page publishes no price forecast for Vision Infra Equipment Solutions Ltd. What it measures instead: the share price is ₹311, the price is in a confirmed uptrend 48 weeks in. Its P/E of 11.6× sits at the 7th percentile of its own 2-year range. — as of 14 August 2026.

Who owns Vision Infra Equipment Solutions Ltd?

Promoters hold 69.7% of Vision Infra Equipment Solutions Ltd, foreign institutions 0.6%, domestic institutions 2.9% and the public 26.8% (latest quarter). The biggest move on the register over the last two years: Domestic institutions cut 3.6 points over 4 quarters. — as of 14 August 2026.

Does Vision Infra Equipment Solutions Ltd have too much debt?

It carries real leverage — Vision Infra Equipment Solutions Ltd's debt-to-equity is 1.43, and operating profit covers the interest bill 4×. FY26 borrowings were ₹377 Cr against equity of ₹263 Cr. Read the returns on this page with that leverage in mind — as of 14 August 2026.

What is Vision Infra Equipment Solutions Ltd's capex?

Vision Infra Equipment Solutions Ltd spent ₹379 Cr on capital expenditure over the last 2 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹248 Cr, with ₹44.0 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 14 August 2026.

What is Vision Infra Equipment Solutions Ltd's cash flow?

Vision Infra Equipment Solutions Ltd generated ₹177 Cr of operating cash flow in FY26 and ₹−71.0 Cr of free cash flow after ₹248 Cr of capital spending. Reported profit that year was ₹66.0 Cr, so operating cash ran ahead of profit. Cash-flow resolution for India is annual. — as of 14 August 2026.

Is Vision Infra Equipment Solutions Ltd's profit real cash?

Yes — over the last 3 fiscal years, 211% of Vision Infra Equipment Solutions Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹177 Cr against reported profit of ₹66.0 Cr. The cash then goes mostly into building capacity. Cash-flow resolution is annual — as of 14 August 2026.

How financially safe is Vision Infra Equipment Solutions Ltd?

On the balance sheet, the Z-score reads 2.00 — above roughly 3 is safe, below roughly 1.8 is the distress zone. That is in the grey band — neither clearly safe nor clearly distressed. — as of 14 August 2026.

Where is Vision Infra Equipment Solutions Ltd in its business cycle?

Vision Infra Equipment Solutions Ltd's FY26 operating margin was 26.0%, against a 4-year band of 16.0%–26.0%: mid-band by its own history — neither the peak that precedes mean-reversion nor the trough that precedes recovery. The latest quarter ran 26.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 14 August 2026.

What could break the Vision Infra Equipment Solutions Ltd story?

The sharpest disagreement: Foreign institutions moved −2.4 points over 4 quarters while the operating story went the other way — someone close to the numbers is not convinced. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 14 August 2026.

Is Vision Infra Equipment Solutions Ltd a stock worth studying right now?

This is not investment advice. The machine read: Vision Infra Equipment Solutions Ltd is coiled. The quarters are improving, yet the P/E sits at the 7th percentile of its own 2-year range — the business is moving before the market. The sharpest open question: whether the register turns back in the story’s favour. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 14 August 2026.

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