VIVIANA - Viviana Power

📊 NSE: VIVIANA 🏢 Transmisson Line Towers / Equipment 📅 Last Updated: 12/14/2025 15:12

💰 Financial Performance

Revenue Growth by Segment

Consolidated Total Operating Income (TOI) grew 234% YoY to INR 218.96 Cr in FY25, driven by EPC execution and real estate sales. Standalone revenue grew 187% to INR 188.37 Cr. H1 FY26 revenue reached INR 90.63 Cr, an 88% YoY increase.

Geographic Revenue Split

Not specifically disclosed by percentage, though operations are centered in Gujarat with clients like GETCO and Torrent Power.

Profitability Margins

Net Profit Margin was 9.03% in FY25, a 10% decline from 9.99% in FY24 due to higher material costs. H1 FY26 Net Profit grew 101% YoY to INR 8.92 Cr. Return on Equity (ROE) improved to 39.96% from 30.85%.

EBITDA Margin

EBITDA margin for H1 FY26 was 19.52%, expanding by 392 basis points YoY. FY25 PBILDT margin was 14.70%, moderating from 17.68% in FY24 due to nascent subsidiary operations and raw material costs.

Capital Expenditure

The company is planning a significant capital allocation of INR 180 Cr towards the Battery Energy Storage System (BESS) segment to diversify its power portfolio.

Credit Rating & Borrowing

Assigned 'CARE BBB-; Stable' rating in September 2025. Debt-Equity ratio improved 28% to 0.49x in FY25 from 0.68x in FY24.

⚙️ Operational Drivers

Raw Materials

Steel, copper, and electrical components for transmission lines and transformers; specific percentage of total cost not disclosed.

Import Sources

Primarily sourced within India, specifically Gujarat, to support EPC projects and transformer manufacturing.

Key Suppliers

Not specifically named in the documents, though the company operates a subsidiary, Aarsh Transformers, for internal supply chain integration.

Capacity Expansion

Expanding into the BESS segment with a target to generate INR 40 Cr revenue per year from the new facility; current EPC capacity handles projects up to 400KV systems.

Raw Material Costs

Raw material costs led to a 298 bps moderation in PBILDT margins in FY25; procurement is managed through cautious bidding strategies to mitigate price volatility.

Manufacturing Efficiency

Net Capital Turnover surged 293% to 22.46x in FY25, indicating highly efficient utilization of working capital to generate sales.

Logistics & Distribution

Not disclosed as a specific percentage of revenue.

📈 Strategic Growth

Expected Growth Rate

60%

Growth Strategy

The company plans to reach INR 350 Cr revenue in FY26 by executing its INR 289 Cr order book and launching the BESS segment. Growth is supported by a 57% 5-year CAGR and expansion into real estate via 'Viviana Westin' which contributed to FY25 revenue.

Products & Services

EPC projects for Power Transmission/Distribution up to 400KV, Transformers, and residential real estate units (Viviana Westin).

Brand Portfolio

Viviana Power Tech, Aarsh Transformers, Viviana Life Spaces.

New Products/Services

Battery Energy Storage Systems (BESS) expected to contribute INR 40 Cr annually with an estimated 80% EBITDA margin.

Market Expansion

Diversification from pure-play EPC into green energy storage and real estate development in the Gujarat region.

Market Share & Ranking

Not disclosed; however, the company is categorized as having a 'moderate scale of operations' by rating agencies.

Strategic Alliances

Consolidation of Viviana Life Spaces Partnership Firm as a step-down subsidiary to handle real estate ventures.

🌍 External Factors

Industry Trends

The industry is shifting toward renewable integration and grid stability, which Viviana is addressing through its new BESS vertical. The EPC sector remains intensely competitive and tender-driven.

Competitive Landscape

Intense competition from other EPC players in the power transmission and distribution space.

Competitive Moat

Moat is built on technical expertise in high-voltage (400KV) systems and established relationships with major power utilities; sustainability depends on maintaining high ROE (39.96%) and efficient capital turnover.

Macro Economic Sensitivity

Highly sensitive to government infrastructure spending and power sector reforms, as revenue is driven by utility-scale EPC contracts.

Consumer Behavior

Shift in utility preferences toward energy storage solutions to manage peak loads, driving demand for BESS.

Geopolitical Risks

Limited direct exposure, but global supply chain disruptions could impact the cost of imported components for BESS and 400KV systems.

⚖️ Regulatory & Governance

Industry Regulations

Compliance with power grid standards for 400KV systems and RERA regulations for the Viviana Life Spaces real estate projects.

Environmental Compliance

Not disclosed in absolute INR values.

Taxation Policy Impact

Not specifically disclosed; standard corporate tax rates apply.

Legal Contingencies

The Independent Auditor's Report for FY25 noted no unfavorable remarks or qualifications under CARO 2020 for the holding company or its subsidiaries.

⚠️ Risk Analysis

Key Uncertainties

Potential capital misallocation toward the BESS segment is a primary investor concern; failure to achieve projected yields could burn cash from the core EPC business.

Geographic Concentration Risk

High concentration in Gujarat, with major projects and subsidiaries located in Vadodara.

Third Party Dependencies

Dependency on state and private utilities (GETCO, Adani) for order flow; loss of a major client would significantly impact the 1.32x order book-to-TOI ratio.