Vascon Engineers Ltd
BSE:533156
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Vascon Engineers Ltd
BSE:533156
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Urbas Grupo Financiero SA
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Vascon Engineers Ltd
Vascon Engineers Ltd. engages in the construction and development of residential and non-residential properties. The company is headquartered in Pune, Maharashtra. The company went IPO on 2010-02-15. The firm is engaged in the business of engineering, procurement and construction services (EPC), real estate development and manufacturing of clean room partitions. Its segments include Engineering, Procurement and Construction (EPC), Real Estate Development and Manufacturing & BMS. The EPC segment is engaged in the construction of residential, commercial, industrial and other constructions. The Real Estate Development segment is engaged in the development of residential, hotel premises, industrial park and others. The Manufacturing & BMS segment is engaged in the manufacturing of clean room partition and building management system. Its real estate projects include Forest Edge, Forest County, Windermere, Goodlife and Xotech-Phase II, among others. The firm's subsidiaries include GMP Technical Solutions Private Limited, Marvel Housing Private Limited and Almet Corporation Limited, among others.
Vascon Engineers Ltd. engages in the construction and development of residential and non-residential properties. The company is headquartered in Pune, Maharashtra. The company went IPO on 2010-02-15. The firm is engaged in the business of engineering, procurement and construction services (EPC), real estate development and manufacturing of clean room partitions. Its segments include Engineering, Procurement and Construction (EPC), Real Estate Development and Manufacturing & BMS. The EPC segment is engaged in the construction of residential, commercial, industrial and other constructions. The Real Estate Development segment is engaged in the development of residential, hotel premises, industrial park and others. The Manufacturing & BMS segment is engaged in the manufacturing of clean room partition and building management system. Its real estate projects include Forest Edge, Forest County, Windermere, Goodlife and Xotech-Phase II, among others. The firm's subsidiaries include GMP Technical Solutions Private Limited, Marvel Housing Private Limited and Almet Corporation Limited, among others.
Revenue Decline: Q3 total income was INR 254 crore, down 15% YoY, mainly due to delayed project approvals, elections in Bihar, and no real estate completions this quarter.
Muted Growth: 9-month FY '26 revenue growth was around 1%, with EPC execution delays and no major real estate project completions cited as reasons.
Profit Drop: Q3 PAT fell to INR 9 crore from INR 76 crore last year, largely due to a one-time gain in the prior period; underlying profitability in line with operations.
EPC Order Book: Order book stands at INR 2,825 crore (2.8x FY '25 EPC revenue), giving visibility for the next 2–3 years; government projects make up 77%.
Guidance Miss: Management acknowledged the previous INR 1,200 crore EPC revenue target for FY '26 is now unachievable, with revenues expected to be flat or slightly better than last year.
Real Estate Sales Slow: Real estate bookings slow due to site progress and registration lag; management expects velocity to improve as construction advances.
Liquidity & Working Capital: INR 370 crore of working capital limits are unutilized, providing execution headroom; recent collateral and cost term improvements from SBI.
Adani Partnership: Strategic tie-up progressing slowly; no revenue expected for at least 6 months, but long-term project pipeline is large.
