One of the Micro-cap stocks engaged in mining, construction and infrastructure development, real estate projects, and providing drone services for various applications. The stock is in focus after the company expects Rs. 211-241 crore in revenue and Rs. 18-23 crore in net profit in the next two quarters.
Stock Price Movement
With a market capitalization of Rs. 625.09 crores, the share of Vishnusurya Projects and Infra Limited has reached an intraday high of Rs. 257 per equity share, rising nearly around 4.90 percent from its previous day’s close price of Rs. 245. Since then, the stock has retreated and is currently trading at Rs. 254 per equity share.
Company Overview
Vishnusurya Projects and Infra Limited (VPIL) was established in 1996 and based in Chennai, India. The company specializes in engineering, procurement, and construction (EPC) projects. Part of the Agni Group, VPIL manages turnkey projects in transportation, railways, and institutional development, while also engaging in mining operations.
Management Guidance
Vishnusurya Projects and Infra Limited has announced guidance targets for FY25, projecting revenue of Rs. 350-380 crore and PAT of Rs. 40-45 crore, marking substantial growth from FY24’s revenue of Rs. 231 crore and PAT of Rs. 28 crore.
Based on the projected growth, Vishnusurya Projects and Infra Limited expects a significant revenue upside of 64.50% and a net profit increase of 60.71% in FY25
The company has demonstrated strong performance in H1 FY25 with Rs. 139 crore revenue and Rs. 22 crore net profit. With projected H2 FY25 revenues of Rs. 211-241 crore and anticipated net profit of Rs. 18-23 crore, Vishnusurya is well-positioned for sustained growth and profitability.
The company’s EBITDA guidance for FY25 stands at Rs. 70-80 crore, reflecting operational efficiency and profitability. Moreover, an expected order inflow of Rs. 250-300 crore aligns with Vishnusurya’s ambitious growth plans, supported by strong performance across sectors such as waste management and infrastructure.
Order Book
The company’s total order book value of Rs. 337.35 crore, with a significant reliance on direct government projects, which account for 83.7% of the portfolio, while 16.3% comprises government projects undertaken as sub-contracts.
The order book’s key contributors include JWIL-VKMCPL Joint Venture (Rs. 123.34 crore) and JWIL Infra Limited (Rs. 75.5 crore). Notable projects involve VSPIPL-JWIL JV (Rs.
37.53 crore) and Gorantla Geosynthetics (Rs. 33.28 crore). Smaller projects like SPL Infrastructure (Rs. 7.92 crore) add diversity, showcasing a balanced portfolio.
Installed Capacity
The company’s installed capacity is distributed across two divisions, such as Aruppukottai and Vandavasi. In the Aruppukottai Division, aggregates are produced at 175 MT/hour (9,80,000 MT/year) and M-sand at 70 MT/hour (2,60,000 MT/year), both operating at 90% capacity utilization.
In the Vandavasi Division, aggregates are produced at 245 MT/hour (13,75,000 MT/year) with 70% capacity utilization, while M-sand production stands at 105 MT/hour (3,93,000 MT/year) at 90% utilization.
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Strategic Initiatives
Vishnusurya Projects and Infra Limited is making strategic moves into waste management, focusing on integrated processing and bio-mining. With expected revenues of Rs. 15-20 crore in FY25 from waste processing and ongoing bio-mining projects in Chennai, the company is expanding its portfolio. They’re also bidding for a Rs. 200 crore project in Delhi, targeting 15-20% profit margins.
Client Base
Vishnusurya Projects and Infra Limited’s marquee clients include NHAI, SPK Group, Concrete OEM, KNR Constructions, L&T, Tamil Nadu Water Supply and Drainage Board, The India Cements Ltd, JWIL Sustainable Water Management, RDC Concrete, SPL Infrastructure, and Adani Cement, showcasing partnerships across infrastructure, water, and construction sectors.
Shareholding Pattern
In September 2024, Vishnusurya Projects and Infra Limited had a majority stake held by the promoters at 62.24 percent, foreign institutional investors at 0.02 percent, and the public at 37.74 percent.
Recent quarter results and ratios
Vishnusurya Projects and Infra Limited’s revenue has increased from Rs. 101 crore in H1 FY24 to Rs. 139 crore in H1 FY25, which has grown by 37.62 percent. The net profit of Vishnusurya Projects and Infra Limited has also down by 4.35 percent, from Rs. 23 crore in H1 FY24 to Rs. 22 crore in H1 FY25.
Vishnusurya Projects and Infra Limited’s revenue and net profit have grown at a CAGR of 50.52 percent and 130.03 percent, respectively, over the last four years.
In terms of return ratios, the company’s ROCE and ROE should be 34.5 percent and 29.4 percent, respectively. The debt-to-equity ratio of the company is to be 0.25x, which shows the company is almost debt-free. Vishnusurya Projects and Infra Limited’s EPS is to be Rs. 10.8.
Written By – Nikhil Naik
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