Vishnu Prakash R Punglia Limited is one of India's fastest-growing Infrastructure Development Companies. Incorporated in 1986, Vishnu Prakash R Punglia Limited is engaged in the business of designing and constructing infrastructure projects for the Central and State Governments, autonomous bodies, and private bodies across 9 States and 1 Union territory in India. The company operates as an integrated engineering, procurement and construction (EPC) company, engaged in design and construction of various infrastructure projects.
The company's journey began as a Partnership Firm in the name of `M/s Vishnu Prakash Pungalia` on August 14, 1986. It transitioned to a Joint Stock Company on April 01, 2013, and subsequently converted to a Public Limited Company with the name `Vishnu Prakash R Punglia Limited`. The Company received its Certificate of Incorporation from RoC, Mumbai on May 13, 2013, and was listed on September 5, 2023.
The company's principal business operations are divided into four categories: Water Supply Projects; Railway Projects; Road Projects and Irrigation Network Projects. Water Supply Projects form the major revenue contributor, accounting for 76.0% in H1 FY25 compared to 89% in FY22. The company constructs and develops pipelines, water tanks, reservoirs, tunnels, overhead tanks, water treatment plants, and irrigation projects, having completed over 75 Water Supply Projects (WSPs) as of H1 FY25.
Vishnu Prakash R Punglia Limited 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 Company also undertakes 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.
For Q4 FY25 (March 2025), the company reported revenue of ₹405.06 crore and net profit of ₹16.24 crore. Net profit declined 75.81% to ₹16.24 crore in the quarter ended March 2025 as against ₹67.13 crore during the previous quarter ended March 2024. Sales declined 38.37% to ₹405.06 crore in the quarter ended March 2025 as against ₹657.21 crore during the previous quarter ended March 2024.
For the full year FY25, net profit declined 52.04% to ₹58.60 crore as against ₹122.19 crore in FY24. Sales declined 16.04% to ₹1,237.42 crore in FY25 as against ₹1,473.87 crore in FY24.
• Revenue FY25: ₹1,237.42 crore
• Net Profit FY25: ₹58.60 crore
• Q4 FY25 Revenue: ₹405.06 crore
• Q4 FY25 Net Profit: ₹16.24 crore
• Q3 FY25 Revenue: ₹243.11 crore
• Q3 FY25 Net Profit: ₹3.86 crore
Vishnu Prakash R Punglia Ltd has a market capitalisation of ₹2,247 crore as of May 2025. The company's 52-week high share price is ₹345.85 and 52-week low share price is ₹134.15.
Promoter holding in Vishnu Prakash R Punglia Ltd has been consistent at 67.81 per cent as of March 2025. In the main management, Vishnu Prakash Punglia is the chairman and Neha Matnani is the company secretary.
The company has high debtors of 217 days, and working capital days have increased from 219 days to 342 days. Vishnu Prakash R Punglia Ltd is grappling with significant revenue recognition challenges, highlighted by a sharp decline in turnover and substantial trade receivables, primarily due to delayed government payments. Despite a robust order book and optimism surrounding the extended Jal Jeevan Mission, management remains cautious about future growth, particularly as EBITDA margins are pressured by rising costs and overheads.
Efforts to enhance operational efficiency through in-house manufacturing and diversification into the railway sector are underway, yet the reliance on timely government funding remains critical for financial stability. Analysts express concern over the company's ability to meet revenue targets, emphasizing the need for realistic guidance amid ongoing market uncertainties.
The company recently secured a significant project encompassing a wide range of civil, structural, and architectural works within the power block area. Vishnu Prakash R Punglia was selected as the preferred contractor following a rigorous tender evaluation process, with a total contract value of ₹247.55 crore.
The Board of Directors meeting was scheduled on May 29, 2025, to consider and approve Audited Financial Results for the quarter and year ended March 31, 2025.
Vishnu Prakash R Punglia Limited continues to focus on infrastructure development across multiple states, leveraging its expertise in water supply systems, railways, and road projects while navigating the challenges of delayed government payments and working capital management. With its established presence across 9 states and 1 union territory, the company remains positioned to capitalize on India's infrastructure development initiatives despite current operational headwinds.
