Viviana Power Tech's real estate subsidiary was a 'collateral' move. Now it's a ₹370 cr developer.
Nine months after minimizing Viviana Lifespace as a banking tool, management reveals two active Vadodara projects worth ₹370 cr, alongside an accelerated ₹100 cr transformer capex.
What's new
- FY26 consolidated revenue ₹533 cr, 16x growth since listing.
- Order book ₹1,000+ cr; NSE Main Board migration completed.
- ₹100 cr capex approved for greenfield transformer plant on 14 acres.
- Real estate subsidiary developing two Vadodara projects worth ₹370 cr.
Themes from the call
Demand
₹1,000+ cr order book, 500 GW renewable target drives demand.
Margins
FY27 PAT guidance 8.5-9.5%, down from ~10% FY26 due to raw material and interest costs.
Capital allocation
₹100 cr transformer capex accelerated; BESS Rajasthan project pending financial closure; real estate capital-light but adds diversion.
Guidance watch
- FY27 revenue target ₹900+ cr, PAT margin 8.5-9.5%.
- Transformer manufacturing capacity to reach 500 MVA by FY30.
- BESS project revenue expected FY28; IRR currently low.
Risk flags
- Real estate expansion contradicts prior conservative stance; distraction risk.
- Raw material inflation and 12% NCD interest pressure margins.
- BESS IRR in single digits; financial closure still pending.
Key quotes
-
"Viviana has clocked a record-breaking consolidated revenue of 533 crores... 16 times growth in revenue since our listing in 2022."
— Richi Choksi, Whole-time Director -
"We have a 90% owned subsidiary... developing two projects worth 370 crores in Vadodara."
— Management, Jun 2026 call
The brief
Viviana Power Tech delivered a stellar FY26: revenue ₹533 cr, 16x growth from listing. But the real story of the June 2026 concall is what management did not say nine months ago. Then, the real estate subsidiary was a conservative banking tool. Now it is a two-project residential and corporate developer worth ₹370 cr. Hardly a simple collateral play. The same abrupt acceleration applies to transformer manufacturing: a ₹100 cr greenfield capex approved just nine months after management said it would wait 1-1.5 years. The numbers are impressive, but the strategy pivots raise a credibility question. FY27 guidance of ₹900+ cr revenue and 8.5-9.5% PAT margin represents a slowdown from the 10% margin in FY26. Management attributes this to raw material costs and NCD interest. The order book of ₹1,000+ cr provides visibility, but the BESS project has yet to achieve financial closure, and its single-digit IRR adds caution. Not yet a fully bankable pipeline. Viviana is executing well, but two unexplained strategy shifts in nine months make the multi-year roadmap harder to underwrite.
Viviana's numbers are strong, but two strategy pivots in nine months make the roadmap harder to trust.