VL Infra gave two different order book numbers in the same earnings call.
The infrastructure contractor said its order book was ₹280 cr in its opening remarks. Twenty minutes later, in Q&A, the number was ₹218 cr.
What's new
- VL Infra's FY26 revenue grew 23.8% to ₹150.04 cr, with PAT up ~20% to ₹8.42 cr.
- Management guided for 20-25% revenue growth in FY27-FY28 and an EBITDA margin of 12-13%.
- Jal Jeevan Mission has been extended to 2028, creating new demand after a two-year cyclical slowdown.
Themes from the call
Order Book
Management quoted a ₹280 cr order book in prepared remarks, then ₹218 cr in Q&A, a contradiction left unresolved.
Execution
On-time delivery is cited as a competitive advantage, but management admitted only 10-12% of historical projects finished within their original timelines.
Growth
FY27 growth target of 20-25% is backed by a ₹218 cr order book and ₹150 cr in the bid pipeline, with a 25% historical win ratio.
Guidance watch
- FY27-FY28 revenue growth target: 20-25% YoY.
- EBITDA margin target: 12-13%+, up from 11.02% in FY26.
- PAT margin expected to stabilize at 5-6% indefinitely.
Risk flags
- The ₹62 cr variance in stated order book size within a single call was not explained and raises a question about internal reporting.
- Competitive bidding environment with a 25% win ratio limits visibility on order inflows.
- Operating cash flow was negative ₹4 cr in FY26 due to inventory build.
Key quotes
-
"...closed the year with 18 ongoing projects, and maintained an order book of approximately 280 crores."
— VL Infraprojects management, prepared remarks -
"At present, as per our order book, 218 crores of balances are there."
— VL Infraprojects management, Q&A session -
"Within the original time limit, there were about two or three projects that made up around 10-12% of the total projects where that occurred."
— VL Infraprojects management, Q&A session
The brief
VL Infraprojects' quarterly call contained two material contradictions in a single session. In its prepared remarks, management said the company finished FY26 with an order book of roughly ₹280 cr. In the Q&A that followed, the number was ₹218 cr. That's a 22% gap. No bridge was offered. For a listed contractor where order book is the primary forward indicator, this is a credibility problem, not an accounting detail.
The second contradiction was about on-time delivery. Management's opening pitch said timely execution draws clients. In the same call's Q&A, it disclosed that only 10-12% of projects have historically been completed within their original timelines. The company is clearly winning work, having executed ₹151 cr in orders this year, but the delivery claim doesn't match its own numbers.
Set those contradictions aside and the business story is straightforward. Revenue grew 24% to ₹150 cr. EBITDA came in at ₹16.53 cr, an 11% margin. Management is guiding for 20-25% growth in FY27, backed by the Jal Jeevan Mission extension to 2028 and a ₹150 cr bid pipeline. The target is achievable on a ₹218 cr order book. It's not achievable on a ₹280 cr one. The two numbers can't both be right.
Two order-book numbers, one delivery promise that doesn't hold. The business may be fine, but the call didn't inspire confidence.