Vishnu Prakash R Punglia Ltd
NSE:VPRPL
Vishnu Prakash R Punglia Ltd
Vishnu Prakash R Punglia Ltd is a IN-based company operating in Construction & Engineering industry. The company is headquartered in Jodhpur, Rajasthan. The company went IPO on 2023-09-05. Vishnu Prakash R Punglia Limited is an integrated engineering, procurement and construction (EPC) company. The firm is engaged in design and construction of various infrastructure projects for the Central and State Government, autonomous bodies, and private bodies across nine States and one Union territory in India. Its principal business operations are divided into four categories: Water Supply Projects; Railway Projects; Road Projects and Irrigation Network Projects. The firm operates a fleet of approximately 484 construction equipment and vehicles. Its services include detailed engineering of the project, procurement of materials, and project execution at the sites with overall project management up to the commissioning of these projects. The firm also undertake operation and maintenance of projects in accordance with its contractual arrangements, as well as construction of sewerage treatment plants, sewer tank drain, and construction and commissioning of tube settlers.
Vishnu Prakash R Punglia Ltd is a IN-based company operating in Construction & Engineering industry. The company is headquartered in Jodhpur, Rajasthan. The company went IPO on 2023-09-05. Vishnu Prakash R Punglia Limited is an integrated engineering, procurement and construction (EPC) company. The firm is engaged in design and construction of various infrastructure projects for the Central and State Government, autonomous bodies, and private bodies across nine States and one Union territory in India. Its principal business operations are divided into four categories: Water Supply Projects; Railway Projects; Road Projects and Irrigation Network Projects. The firm operates a fleet of approximately 484 construction equipment and vehicles. Its services include detailed engineering of the project, procurement of materials, and project execution at the sites with overall project management up to the commissioning of these projects. The firm also undertake operation and maintenance of projects in accordance with its contractual arrangements, as well as construction of sewerage treatment plants, sewer tank drain, and construction and commissioning of tube settlers.
Revenue Decline: Q2 operating revenue was INR 296 crores, down 12% year-on-year, with H1 revenue at INR 572 crores, down 3% year-on-year.
Margin Pressure: Q2 EBITDA fell 50% year-on-year to INR 24 crores with an EBITDA margin of 8.2%; H1 EBITDA was INR 56 crores, down 32% with a margin of 9.84%.
Profit Drop: Q2 net profit was INR 4 crores (PAT margin 1.2%), and H1 profit after tax was INR 11 crores (PAT margin 1.87%).
Temporary Headwinds: Management cited higher working capital utilization, delayed payments, and new project mobilization as reasons for lower margins, expecting improvement as execution picks up and receivables flow normalize.
Strengthened Balance Sheet: Debt exposure reduced from INR 648 crores (March '25) to INR 488 crores (September '25); promoters provided significant support increasing interest-free loans from INR 60 crores to INR 229 crores.
Order Book Visibility: Order book stands over INR 5,001 crores, ensuring strong execution pipeline for 2-3 years; bidding pipeline remains healthy at over INR 3,000 crores.
Receivables & Payments: Collections improved in October, aided by release of payments from the Rajasthan government; management expects further improvement in liquidity and margin recovery in H2.
