Viviana Power Tech Ltd

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.

Viviana Power Tech Ltd trades at ₹752, in a downtrend and 4 weeks into that stage. That is −1.2% against its own 200-day average. It sits at 32% of a 52-week range of ₹596 to ₹1,085. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (12 weeks and counting).

Today the stock is in a downtrend — week 4 of stage 4, confirmed. At ₹752 it trades −1.2% versus its 200-day average and sits at 32% of its 52-week range (₹596–₹1,085).

Against the market, two honest reads. Cumulative: over the last 4.0 years the stock moved +1,174% while the NIFTY 500 moved +49% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (12 weeks and counting; last ahead the week of 2026-06-25) — 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.

Story check

Viviana Power Tech Ltd's story is not scored yet against the markers our research file set on 27 June 2026. Where it sits in its own cycle: EARNINGS_DRIVEN_COMPRESSION.

Our read, 27 June 2026. Gujarat T&D EPC contractor with eight times revenue growth over three years now entering transformer manufacturing — priced at 16 times trailing earnings with five management transparency failures across two concalls.

From the numbers. The price-to-earnings ratio at 16.1 times sits at the 0th percentile of the available 10-year history — the current multiple is the lowest on record. The compression is entirely earnings-driven: per-share earnings grew…

From the price. Price stage 4, week 4 — below its 200-day line, relative strength rising.

From the research. Gujarat T&D EPC contractor with eight times revenue growth over three years now entering transformer manufacturing — priced at 16 times trailing earnings with five management transparency failures across two concalls.

🚨 Where they disagree. The price-to-earnings ratio at 16.1 times sits at the 0th percentile of the available 10-year history — the current multiple is the lowest on record. The compression is entirely earnings-driven: per-share earnings grew from Rs 6.82 in FY24 to Rs 52.08 in FY26 while the multiple compressed from a December 2024 peak of 199.2 times to the present 16.1 times. At the current price of Rs 838, the stock is priced at 0.41 times the historical median multiple of 38.8 times despite three consecutive years of accelerating earnings. FII holding of 0.12% and DII of 0.23% — no institutional signal either way. The 0th percentile reading is authentic rather than distorted: the quarterly results table shows…

What is proven. Gujarat T&D EPC contractor with eight times revenue growth over three years now entering transformer manufacturing — priced at 16 times trailing earnings with five management transparency failures across two concalls.

🚨 What would change our mind. If H1 FY27 combined revenue for the April-through-September 2026 period comes in below Rs 200 crore, the extreme second-half concentration persists at Rs 900 crore scale and makes the full-year guidance mathematically impossible without another unprecedented fourth-quarter flush. Simultaneously, a sixth management cross-call contradiction in any FY27 concall — particularly on capital allocation across the three active spending fronts — would confirm a systemic pattern rather than individual…

The test written in advance. Real estate scope creep — undisclosed subsidiary now an active Rs 370 crore developer — Real estate scope creep — undisclosed subsidiary now an active Rs 370 crore developer by the next result.

The test written in advance. Management transparency — five cross-call contradictions across two concalls — Management transparency — five cross-call contradictions across two concalls by the next result.

🚨 What the surface reading misses. The surface reading is: 663% EPS growth over two years signals strong earnings acceleration The research reads it further: The growth comes from three compounding factors: revenue scaled eight times from Rs 66 crore to Rs 531 crore off a small base; operating leverage as EPC revenue scales at a capital-light model; and Q4 seasonal concentration means FY26 full-year EPS is dominated by a single quarter. The one-off scan of quarterly data shows no exceptional items, tax anomalies, or interest expense spikes that would create artificial EPS. The growth is operational and multi-year, not a single-quarter artifact.

Lever 6 · Order-book wins — BUILDING. Government push for 500 GW renewable integration and Rs 9.2 lakh crore planned transmission spend keeps tender volumes open continuously across all state Discoms and Transcos. What proves it keeps working: T&D electrification mandate — continuous tender pipeline.

Sources: our stock research file (27 June 2026) · quarterly results through Jun 26 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes.

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

Viviana Power Tech Ltd reported ₹72.4 Cr of revenue in the Jun 26 quarter, +128.5% year on year. That is the 7th straight quarter of year-on-year growth. Over 4 years it has compounded at 100.3% a year. The last full year, FY26, came in at ₹531 Cr. The last four reported quarters add to ₹572 Cr.

Why this happened. As of the June 2026 concall, the order book exceeded Rs 1,000 crore with Rs 240 crore at L1 stage pending letter of intent. Active bid pipeline exceeds Rs 1,500 crore. Project execution cycles run 6-24 months; a Rs 1,000 crore book against Rs 900 crore FY27 guidance implies near-full-year visibility. The prior December 2025 book of Rs 1,400 crore included Rs 500 crore of BESS plus Rs 900 crore of EPC — with BESS moving to construction phase, the current EPC book is the primary FY27 revenue driver.

FY26 revenue came in at ₹531 Cr (+142.5% on the year), capping 4 years at 100.3% compound. The latest quarter (Jun 26) printed ₹72.4 Cr, +128.5% year on year — the 7th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +133.8% growth against the decade's 100.3% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +134.0% over the last 4 quarters against +168.5%/yr over the last 8 — rolling over; TTM profit +146.2% vs +164.9%/yr — rolling over.

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.

Viviana Power Tech Ltd's operating margin is 15.7% in the Jun 26 quarter, −4.7 percentage points against the same quarter a year ago. Across 5 fiscal years the operating margin has ranged 14.0% to 18.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 15.7%, −4.7 pp against the same quarter a year ago. Across 5 fiscal years the operating margin has ranged 14.0%–18.0%.

🚨 Why the margin moved: operating margin went −4.7 pp year on year while gross margin went −21.1 pp — the loss came mostly from the gross line: input costs and pricing.

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

Viviana Power Tech Ltd earned ₹6.0 Cr of net profit in the Jun 26 quarter, +84.1% year on year. It is the 7th consecutive quarter of growth. Full-year FY26 profit was ₹53.0 Cr. The 4-year compound rate is 105.0%. That is 8.3% of the quarter's revenue. The same quarter a year earlier earned ₹3.3 Cr.

Jun 26 profit was ₹6.0 Cr, +84.1% year on year — the 7th consecutive quarter of growth. On the full year, FY26 printed ₹53.0 Cr (+152.4%), and the 4-year compound rate is 105.0%.

Why profit moved: revenue contributed +128.5% and the margin −4.7 pp — the quarter was revenue-led despite a thinner margin.

Pace comparison, last four quarters: profit +114.4% vs revenue +133.8%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.

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 −26% of Viviana Power Tech Ltd's reported profit arrived as operating cash — a gap worth watching. In FY26 that was ₹−4.0 Cr of operating cash against ₹53.0 Cr of profit. After ₹−1.0 Cr of capital spending, ₹−3.0 Cr was left as free cash.

FY26: operating cash of ₹−4.0 Cr against reported profit of ₹53.0 Cr, leaving free cash of ₹−3.0 Cr after ₹−1.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is −26% of profit.

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

🚨 Why conversion sits at −26%: the cash cycle tightened 133 days between FY23 and FY26 — cash that used to wait in the cycle now reaches the bank sooner. Less than 70% of profit arriving as cash is the thing to watch on this page.

Router verdict: the bigger cash user is investment — capital spending ran 3.0× depreciation over three years, so the next section's job is to check what that build-out is buying.

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).

Viviana Power Tech Ltd's cash conversion cycle runs 71 days in FY26, down from 204 days in FY23. Capital spending ran ₹3.0 Cr over the last 3 years. At FY26 sales of ₹531 Cr each day of that cycle holds about ₹1.5 Cr, so roughly ₹103 Cr sits inside the business at any moment.

Why this happened. A leased brownfield facility reached 10 MVA operational capacity by end-May 2026. Type testing to 18.5 MVA is targeted by end-FY27. The greenfield Vadodara plant will run parallel to the leased facility, front-loading FY30-plus volumes. Management targets Rs 400-600 crore transformer revenue by FY30 and Rs 1,000-1,200 crore at a 9-10% profit-after-tax margin by FY32 at full utilization. Manufacturing also qualifies the company for Ministry of Power central tender pre-qualification, unlocking access to multi-thousand-crore TBCB projects.

FY26: debtors at 267 days, inventory at 14 days — roughly 0.5 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 71 days, tighter than FY23's 204.

The full loop: cash goes out to suppliers and production on day 0; stock waits 14 days to sell; customers pay about 267 days after that; and suppliers themselves are paid at 210 days — netting out to the 71-day cycle.

In money terms: at FY26 sales of ₹531 Cr, each day of the cycle holds about ₹1.5 Cr — so the 71-day loop keeps roughly ₹103 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹3.0 Cr over the last 3 fiscal years against ₹1.0 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹0.0 Cr (FY26) — capacity paid for but not yet earning.

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

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

Viviana Power Tech Ltd earns a ROCE of 49% in FY26. That is up from a trough of 34% in FY24. Return on invested capital clears the cost of that capital by +16.7 percentage points, so growth here adds value rather than only size. The wiring behind it is 10.0% net margin on 0.85× asset turns.

FY26 ROCE is 49%, recovered from a FY24 trough of 34% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 10.0% net margin × 0.85× asset turns × 5.36× balance-sheet leverage ≈ 45.6% on equity. Margin does its share; leverage is a meaningful part of the equation.

The capstone test — ROIC − WACC: 28.7% − 12.0% = a +16.7 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. A spread this wide means every rupee reinvested creates more than a rupee of value — the engine compounds.

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

Viviana Power Tech Ltd carries total debt of ₹100 Cr against shareholder equity of ₹116 Cr as of Mar 26, a debt-to-equity of 0.86. On the annual view that ratio went from 0.86 in FY22 to 0.86 in FY26. Read the returns elsewhere on this page with that leverage in mind.

Mar 26: total debt of ₹100 Cr against shareholder equity of ₹116 Cr — a debt-to-equity of 0.86. On the annual view, debt-to-equity went from 0.86 (FY22) to 0.86 (FY26). Read the returns on this page with that leverage in mind.

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.

Promoters cut 2.4 points of Viviana Power Tech Ltd over 8 quarters, the biggest move on the register. That takes promoters to 70.8% of the company. Domestic institutions moved +0.4 points over the same window, to 0.4%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Promoters: −2.4 points over 8 quarters to 70.8%; Domestic institutions: +0.4 points over 8 quarters to 0.4%; Foreign institutions: +0.0 points over 8 quarters to 0.0%.

🚨 Why the register moved: promoters drove it (−2.4 points) — distribution into the market’s bid.

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.

Viviana Power Tech Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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.

Viviana Power Tech Ltd trades at 13.7× P/E, near the bottom of its own range — cheaper only 3% of the time. Its long-run median P/E is 37.1×, measured across 3.3 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 13.7× is near the bottom of its own range — cheaper only 3% of the time, against a long-run median of 37.1× measured over 3.3 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Why the multiple sits where it does: over the past year annual EPS moved +163.3% against a −9.8% price move — earnings outran the price, pushing the multiple DOWN its own range.

The price move, decomposed: over 3y, of the +94.1%/yr price move, ~+156.8%/yr came from earnings growth and ~−62.7 pp from the multiple (compressing). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

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.

What the price assumes This reading works the multiple backwards. It asks one question: what yearly rate of profit growth is a buyer at the market price already paying for? The number is the growth rate that makes eleven years of profit — six years growing, then five fading — add up to that day's market price, once each year is discounted at 11% a year.

Solved at its 20 July 2026 price, Viviana Power Tech Ltd was paying for profit growth of about 24.5% a year. Profit itself has compounded 105.0% a year over the past 4 years. Today the market pays 13.7× P/E, the 3rd percentile of its own 3-year range.

What the two numbers say together. The multiple is low against its own past, and the growth the price is paying for is below what this company has actually delivered.

How to hold this number: it is a reading of one day's price, taken on 20 July 2026, not a running figure — every other number on this page, the multiple included, is read off the live quote as of 11 September 2026. A higher price is paying for more growth and a lower price for less, so it moves whenever the price does, and this page does not restate it between measurements.

Stage: Mixed 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).

Viviana Power Tech Ltd reads as mixed on its fundamental arc. Mixed — no clean majority across the growth curves, ROCE lifting at 49.0% — the per-curve reads carry the story. The read is built from 9 quarters across 3 curves, on partial evidence.

Why it matters: when the curves disagree, the per-curve reads above matter more than any single verdict.

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.

A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.

4-Factor Sector Score

60.0/100 — rank 2 of 6 in EPC · 74% evidence confidence

Viviana Power Tech Ltd scores 60.0 out of 100 against the 6 companies it is compared with in EPC, ranking 2. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 19.1 + 18.9 + 9.7 + 12.3 = 60. 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.

Said versus delivered

What Viviana Power Tech Ltd's management promised, set against what actually arrived — 4 tracked promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met.

FY27 Revenue Target Increased Without Reconciliation · 6 August 2026. In the Sep 2025 call, management projected FY27 revenue of INR850 crores. In the Aug 2026 call, management stated a higher range of 875-910 crores while describing its medium-term targets as intact, but did not explain the change; the upper end is approximately 7% above the prior projection.

BESS Strategy Shifted From Exploratory to Significant Growth Priority · 6 August 2026. In the Nov 2024 call, management said it had not yet explored BESS and was focusing on EPC and transformers; in Sep 2025, it indicated that BESS would not become a significant part of the company in the next five years. By Aug 2026, BESS had become one of the company's five stated growth priorities, with management also reporting two secured projects, representing a significant and unexplained change in strategic emphasis.

Real Estate Scope and Strategy Pivot · 25 June 2026. In the Sep 2025 call, management significantly minimized its real estate subsidiary, claiming its only purpose was a conservative administrative move to create bank collateral. However, by the Jun 2026 call, management revealed this division had expanded into an active real estate builder developing completely independent residential and corporate projects worth 370 crores, representing severe strategic scope creep.

Transformer Capex Timeline Accelerated · 25 June 2026. The Sep 2025 call established a conservative capital allocation timeline, with management stating they were using a leased plant and would not even plan to build their own expanded unit for at least 1 to 1.5 years. However, in the Jun 2026 call, just nine months later, management contradicted this timeline by announcing a fully approved 100 crore greenfield manufacturing facility.

Every quote above is taken word for word from the company’s own earnings calls.

Frequently asked questions