Viviana Power Tech Limited

Industrials — Engineering & Construction · NSE

₹790.00−₹113.30 (−12.54%)

DalalBaazaar Score

67 / 100

🟢 Good

Verdict

REASONABLE

Risk

High

Driven by moderate debt load, negative free cash flow, micro-cap size, which brings thin liquidity.

In simple words: Strong business and financial position, with both sales and profits growing well. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:10 pm

Mixed / neutral. No major red flags jump out, but nothing here screams "obviously cheap" either. This is a name that needs a peer comparison and a view on near-term earnings triggers before sizing a position.

Understanding the Business

Company site ↗

The 60-second version of Viviana Power Tech Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Viviana Power Tech Limited engages in power transmission, distribution, and industrial engineering, procurement, and construction (EPC) space project businesses in India.

IndustryEngineering & Construction

SectorIndustrials

Employees100

Annual revenue₹531 Cr

How does it make money?

Turns over ₹531 Cr a year. Of every ₹100 of sales, about ₹10 reaches shareholders as profit, with ₹15 left at the operating level before interest, tax and depreciation. Each of its 100 employees supports ₹5.31 Cr of revenue a year, the signature of a capital- or asset-led business.

EBITDA margin14.7%

Net margin9.9%

Revenue / employee₹5.31 Cr

Who are its competitors?

The closest listed comparisons in its industry are LARSEN & TOUBRO LTD., ADANI PORT & SEZ LTD, SIEMENS LTD. These are the companies its valuation and returns are measured against elsewhere in this report.

LARSEN & TOUBRO LTD.P/E 30.1x · ROE 15.2%

ADANI PORT & SEZ LTDP/E 29.9x · ROE 14.1%

SIEMENS LTDP/E 88.8x · ROE 10.5%

What is its competitive advantage?The numbers suggest a real one

ROCE has stayed above 15% in every year available and stands at 35.7%. Returns that high normally get competed away; when they persist, something is protecting them, and its ROE of 45.4% against a peer median of 14.1% is consistent with that. What that something is — brand, scale, switching costs, regulation — the accounts cannot tell you.

ROCE35.7%

ROE45.4%

Peer median ROE14.1%

What has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved +1611% while net margin moved +2% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+1611%

Margin effect+2%

DalalBaazaar Score

67/ 100

Good

Weighted across six categories. Every point is explained below.

✓ Beta of 0.35 — historically steadier than the index
✗ Micro Cap: thinner liquidity and sharper drawdowns are normal
✗ Profits have swung sharply from year to year — earnings are hard to forecast
✗ Negative free cash flow means dependence on external funding

Quality vs. Valuation

Company Quality

71/ 100

Good

How good the business is, ignoring the share price entirely.

Valuation

79/ 100

Cheap

What you are being asked to pay, ignoring how good the business is.

A good business currently available at an undemanding price — the combination this framework is built to look for.

Historical Valuation

Current P/E

12.6x

3Y Median

80.5x

40 monthly readings · mean 87.1x · range 13.5x–246.1x

Sector Median

30.1x

median of 3 sector peers

🟢Current valuation is approximately 84% below its 3y median of 80.5x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

🟢Against its sector it trades 58% below the peer median of 30.1x.

vs. its own history

Cheap

80.5x median over 40 months · -84%

vs. sector peers

Cheap

30.1x median of 3 peers · -58%

vs. generic bands

Cheap

Below 15x

P/E (Trailing)

12.6x

P/B

7.35x

EV/EBITDA

11.5x

PEG

0.08

Dividend Yield

0.13%

What's Good / What's Bad

🟢 What's Going Well5

Return on equity is rising
ROE has improved from 16.8% to 45.4%.
Return on capital is rising
ROCE has improved from 24.2% to 35.7%.
High return on capital employed
ROCE of 35.7% is the mark of a business that converts capital into profit efficiently.
Valuation below its historical average
At 12.6x the stock trades 84% below its own median of 80.5x.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention4

Margins are compressing
EBITDA margin has slipped from 16.6% to 14.7% over 3 years.
Debt is rising
Total debt is up 892% over 3 years — worth checking what it funded.
Free cash flow is negative
The business is not currently covering its capital spending from operations.
Receivables growing faster than sales
Receivables are up 1818% against revenue growth of 1611% — customers are taking longer to pay.

Red Flags

3 items require attention · 3 high

🔴Debt has risen sharplyFinancial
Total debt is up 892% over 3 years, from ₹10 Cr to ₹100 Cr.
🔴Free cash flow negative for 4 yearsFinancial
The business has not covered its capital spending from operations for several years running, which has to be funded externally.
🔴Receivables growing faster than salesFinancial
Receivables up 1818% against revenue up 1611% — sales are being booked faster than they are collected.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Capital compounds at a high rate
ROCE of 35.7% means each rupee reinvested earns well above what capital costs. If the company can keep deploying at this rate, growth creates value rather than just consuming cash.
Priced below its own history
The stock trades 84% below its own median multiple. If the business performs as it has and simply re-rates back to normal, that gap is return on its own.
Cheaper than its peers
It trades 58% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Margins are being competed away
EBITDA margin has fallen from 16.6% to 14.7%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
Sales are being booked faster than collected
Receivables are up 1818% against revenue up 1611%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.
Several serious flags at once
3 high-severity checks triggered. Individually each has an explanation; together they raise the chance that something structural is wrong rather than a one-off.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 118% a year✓ 157.7% CAGR
Latest reported year was 128.5%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 13%✓ 14.7%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✗ -₹6 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 1.3x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 33%✓ 35.7%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

9 / 11 checks passed

✓ Strong return on equity (ROE ≥ 15%)
✓ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✗ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✓ Short-term technical trend isn't bearish

Price history

Quick Metrics

6 good · 3 neutral · 2 weak

Market Cap

₹800 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

12.6x

Cheap

Cheap against the generic band

P/B Ratio

7.35x

Rich

Steep premium to book — needs high, durable returns to justify

EPS (TTM)

₹62.54

Profitable

Profitable on a per-share basis

ROE

45.4%

Strong

Strong capital efficiency

ROCE

35.7%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

0.86x

Moderate

Moderate leverage

Revenue Growth (YoY)

128.5%

Healthy

Healthy top-line growth

Profit Growth (YoY)

90.4%

Healthy

Profits growing at a healthy clip

Dividend Yield

0.13%

Modest

Small cash return — most of the return has to come from the price

Free Cash Flow

-₹6 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

CMP

₹790

Operating Margin

15.5%

Good

Healthy core-business profitability

Net Margin

9.7%

Average

Average bottom-line conversion

Current Ratio

1.07

Adequate

Adequate, but no real cushion

Beta (vs Nifty)

0.35

Defensive

Steadier than the market

52W Range Position

18%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

779.3 / 747.6

Bullish alignment (short > long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

58.3

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹31 Cr	₹65 Cr	₹219 Cr	₹531 Cr	+157.7%
EBITDA	₹5 Cr	₹11 Cr	₹32 Cr	₹78 Cr	+147.4%
EBITDA Margin	16.6%	16.9%	14.6%	14.7%	—
PAT (Net Profit)	₹3 Cr	₹7 Cr	₹20 Cr	₹53 Cr	+159.8%
EPS	₹3.59	₹6.85	₹19.96	₹52.33	+144.2%
ROE	16.8%	26.8%	32.7%	45.4%	—
ROCE	24.2%	36.3%	41.1%	35.7%	—
Total Debt	₹10 Cr	₹17 Cr	₹51 Cr	₹100 Cr	+114.9%
Free Cash Flow	-₹12 Cr	-₹4 Cr	-₹15 Cr	-₹6 Cr	—

🟢 Revenue has grown at 157.7% a year over 3 years.

🟢 EBITDA has grown at 147.4% a year over 3 years.

🔴 EBITDA Margin has fallen from 16.6% to 14.7% over 3 years (-1.9 pts).

🟢 PAT (Net Profit) has grown at 159.8% a year over 3 years.

🟢 EPS has grown at 144.2% a year over 3 years.

🟢 ROE has risen from 16.8% to 45.4% over 3 years (+28.6 pts).

🟢 ROCE has risen from 24.2% to 35.7% over 3 years (+11.5 pts).

🔴 Total Debt has grown at 114.9% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹622 Cr

Total Liabilities

₹506 Cr

Total Debt

₹100 Cr

Cash & Equivalents

₹2 Cr

Operating Cash Flow

-₹4 Cr

Capex

-₹2 Cr

Corporate Actions

Dividend Rate

₹1

Ex-Dividend Date

22 Sept 2026

Peer Comparison

Company	P/E	ROE
LARSEN & TOUBRO LTD.	30.1x	15.2%
ADANI PORT & SEZ LTD	29.9x	14.1%
SIEMENS LTD	88.8x	10.5%

Recent News

3 mixed3 general

Viviana Power Tech Share Price and Technical View

Kalkine India, 16 Oct

Viviana Power Tech Secures ₹466.74 Crore Contracts; Shares Rise 7.28%

HDFC Sky, 12 OctPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

Viviana Power Tech Share Price Rise on Strong Valuation

Univest, 01 OctPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

Viviana Power Tech's (NSE:VIVIANA) Shareholders May Want To Dig Deeper Than Statutory Profit

Simply Wall Street, 01 Jun

Viviana Power Tech Ltd. Key Financial Ratios – Valuation, Profitability & More

Value Research, 02 Sept

Buzzing Stocks: Lenskart Solutions shares fall 5% after 1.67% equity block deal; Waterways Leisure jumps...

Moneycontrol.com, 13 OctPrice move

🟡Mixed / dependsA price move rather than a change in the business. If the figures on this page have not moved, the fall is either an opportunity or news they have yet to catch up with.

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

🟢Business QualityStrong15.4/20

🟡Financial HealthAdequate11/20

🟢GrowthStrong14.9/20

🟢ProfitabilityStrong11.8/15

🟢ValuationAttractive10.2/15

🔴RiskHigh4/10

Attractive on both counts

A good business currently available at an undemanding price — the combination this framework exists to look for. The work left is qualitative: whether the advantage the numbers imply is one you can identify and expect to last. 3 high-severity red flags sit above this conclusion and should be read first.

This thesis breaks if

✓Revenue growth stays above 118% a year157.7% CAGR
✓EBITDA margin holds above 13%14.7%
✗Free cash flow remains positive-₹6 Cr
✓Debt / EBITDA stays below 2x1.3x
✓ROCE stays above 33%35.7%