Vascon Engineers Ltd.

•

vascon.comBSE: 533156NSE: VASCONEQ

Market Cap₹ 692 Cr.

Current Price

High / Low₹ 75 / 27

Stock P/E24.0

Book Value₹ 50

Price to Book0.55

Dividend Yield0.00 %

ROCE6.0 %

ROE4.4 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • EPC: 96.6% • Real Estate Development: 3.4%

AI Sector View

AI GENERATED

Construction

Buy

Construction fundamentals are strong, led by government and infrastructure spending. Capital expenditure was up 66% YoY (2026-06), cement output grew 13.1% YoY (2026-07), and the sector also benefits from improving housing and GFCF conditions. FPI flows turned supportive with INR 1720 crore net inflow over 3 months to 2026-08-31 from INR -9439 crore in the prior 3 months, reinforcing the positive view.

Confidence

80%

View full sector analysis →

PROS

Company has delivered good sales growth of 21.5% CAGR over last 5 years
Company maintains a comfortable, low leverage position

CONS

Operating cash flow has been negative in recent years
Recent results are weak - TTM profit is down 74.5% versus prior year
A large part of profit comes from other income (54.1% of PBT)
Receivables are growing faster than sales - a possible quality concern
Company has a low return on capital employed of 9.3%
Company has a low return on equity of 7.8% over last 3 years

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

ConstructionInfrastructureEngineering - Construction

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	LT	3915.00	32.47	538651.57	0.97	4988.03	15.51	67941.74	6.69	15.98	12.00
2.	RVNL	205.00	47.52	42742.91	0.35	159.52	18.73	4321.23	10.55	10.81	4.41
3.	KPIL	1435.05	21.56	24506.71	0.77	311.53	45.85	6407.97	3.84	18.95	8.77
4.	IRB	19.64	24.86	23721.19	1.32	3062.70	1412.58	21372.72	918.25	7.72	53.93
5.	CEMPRO	1244.10	35.53	21372.09	0.24	140.83	2.64	2720.92	7.02	33.53	10.09
6.	ENGINERSIN	269.20	19.30	15130.18	1.86	157.94	141.49	819.84	-5.80	30.94	20.61
7.	TECHNOE	972.50	26.24	11310.13	0.72	93.33	-31.44	630.34	19.84	14.86	15.79
8.	WELENT	782.75	35.45	10834.34	0.38	56.36	-44.29	773.72	-8.44	16.44	19.49
9.	KEC	406.45	19.54	10819.70	1.35	72.62	-41.72	5023.54	0.01	16.35	5.79
10.	IRCON	113.20	20.33	10646.64	1.68	92.03	-43.92	1955.83	9.49	10.15	9.81
11.	AFCONS	253.95	64.55	9339.89	0.79	303.00	120.52	26710.00	692.49	12.88	9.42
12.	VASCONEQ	29.88	24.34	692.31	0.00	2.01	-91.05	151.94	-31.30	6.04	3.26

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	149	175	205	235	196	200	294	385	221	225	249	253	152
	137	152	185	214	181	186	275	347	209	210	236	242	154
Operating Profit	12	23	20	20	15	14	20	38	12	16	13	11	-2
OPM %	8.05%	13.29%	9.80%	8.63%	7.78%	7.15%	6.63%	9.91%	5.53%	7.04%	5.23%	4.26%	-1.63%
	3	1	2	6	2	2	79	5	21	4	4	6	5
Interest	3	3	4	3	4	5	5	5	5	3	6	2	6
Depreciation	1	2	1	2	1	1	2	2	2	1	2	1	1
Profit before Tax	11	20	16	21	12	10	92	36	27	16	10	13	2
Tax %	0.00%	0.00%	0.00%	30.27%	25.15%	20.14%	17.16%	5.44%	17.28%	25.42%	8.06%	52.99%	18.91%
Net Profit	11	20	16	15	9	8	76	34	22	12	9	6	2
	0.49	0.91	0.73	0.67	0.39	0.35	3.39	1.54	0.97	0.51	0.41	0.26	0.08

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	240	335	365	366	358	463	767	763	1,075	949	880
	240	320	355	320	374	455	674	687	991	895	842
Operating Profit	-0	15	10	46	-16	7	94	76	84	53	37
OPM %	-0.20%	4.57%	2.80%	12.69%	-4.40%	1.58%	12.19%	9.98%	7.86%	5.64%	4.23%
	44	24	35	17	11	54	10	12	91	35	19
Interest	28	20	23	17	25	22	11	14	20	18	17
Depreciation	7	8	8	9	7	5	6	6	6	6	6
Profit before Tax	8	11	14	38	-37	34	87	68	150	65	41
Tax %	23.47%	0.18%	-7.19%	0.00%	-0.00%	1.79%	0.00%	9.48%	15.12%	24.77%	29.30%
Net Profit	6	11	15	38	-37	33	87	61	127	49	29
EPS	0.00	0.00	0.00	0.00	-2.05	1.68	3.99	2.78	5.62	2.11	—
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	9.01%	0.00%	0.00%	—

COMPOUNDED SALES GROWTH

10 Years:: 11%
5 Years:: 21%
3 Years:: 7%

COMPOUNDED PROFIT GROWTH

10 Years:: 20%
5 Years:: —
3 Years:: -17%

STOCK PRICE CAGR

10 Years:: -2%
5 Years:: 3%
3 Years:: -17%
1 Year:: -46%

RETURN ON EQUITY

10 Years:: 4%
5 Years:: 8%
3 Years:: 8%
Last Year:: 4%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	168	174	178	178	182	217	217	221	226	232
	443	470	494	532	501	579	667	731	861	914
	263	194	237	201	133	109	126	115	135	240
Trade Payables	125	154	168	176	215	256	336	364	479	641
	144	202	163	185	210	210	173	246	422	305
Total Liabilities	1,143	1,194	1,240	1,273	1,240	1,371	1,519	1,678	2,123	2,331
	36	35	34	30	25	27	55	49	50	42
	193	196	192	206	172	181	135	89	85	99
	420	455	483	464	441	439	440	512	591	715
	0	0	0	0	0	0	0	178	212	238
Cash & Bank	45	39	56	57	58	57	89	66	227	203
	448	469	476	516	545	667	800	783	958	1,035
Total Assets	1,143	1,194	1,240	1,273	1,240	1,371	1,519	1,678	2,123	2,331

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	34	7	20	41	44	3	88	-16	-2	-124
Cash from Investing	-15	-5	-0	-21	16	11	-31	-12	75	-17
Cash from Financing	-33	-13	-14	-39	-66	-19	-23	-1	27	76
	1	-10	18	-15	0	-6	30	-29	100	-66

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	31.27	31.27	30.93	31.11	31.11	31.11	30.78	30.38	30.38
	0.40	0.55	0.54	0.72	0.50	1.89	0.48	0.51	0.33
	0.37	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	67.97	68.18	68.53	68.17	68.39	66.99	68.74	69.11	69.28

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-08-24

Credit Rating- Revision

2026-08-24 - Vascon Engineers Limited has informed the Exchange about Credit Rating

2026-08-19

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-19 - Vascon Engineers Limited has informed the Exchange about Transcript

2026-08-14

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-14 - Vascon Engineers Limited has informed the Exchange about Link of Recording

2026-08-13

Copy of Newspaper Publication

2026-08-13 - Vascon Engineers Limited has informed the Exchange about Copy of Newspaper Publication of Unaudited Financial Results for the quarter ended June 30, 2026

2026-08-12

Awarding of order(s)/contract(s)

2026-08-12 - Vascon Engineers Limited has informed the Exchange about Awarding of order(s)/contract(s)

2026-08-12

Investor Presentation

2026-08-12 - Vascon Engineers Limited has informed the Exchange about Investor Presentation

2026-08-12

Outcome of Board Meeting

2026-08-12 - Vascon Engineers Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.

2026-08-10

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-10 - Vascon Engineers Limited has informed the Exchange about Schedule of meet

2026-08-10

Shareholders meeting

2026-08-10 - Vascon Engineers Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on August 07, 2026. Further, the company has informed the Exchange regarding voting results.

News

Recent coverage and analyst commentary for VASCONEQ

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