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Swing Capital

Vascon Engineers Ltd

NSE: VASCONEQ BSE: 533156Infra

Incorporated in 1986, Vascon Engineers Ltd is a is a Pune-based player, engaged in engineering, procurement and construction (EPC), real estate construction and development[1]

₹33.3
52W: ₹26.8 — ₹74.6
PE 15.8 · Book ₹49.6 · -33% vs book
Market Cap₹772 Cr
Stock P/E15.8Price to Earnings
ROCE5.91%Return on Capital
ROE4.36%Return on Equity
Div. Yield0%Face Value ₹10

Strengths

  • +Stock is trading at 0.67 times its book value

Weaknesses

  • −Though the company is reporting repeated profits, it is not paying out dividend
  • −Promoter holding has decreased over last quarter: -0.40%
  • −Promoter holding is low: 30.4%
  • −Company has a low return on equity of 5.70% over last 3 years.
  • −Contingent liabilities of Rs.374 Cr.
  • −Earnings include an other income of Rs.35.2 Cr.
  • −Dividend payout has been low at 3.00% of profits over last 3 years

Shareholding Pattern

Promoters30.38%
FIIs0.51%
DIIs0%
Public69.1%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters31.27%31.27%30.93%▼0.331.11%▲0.231.11%31.11%30.78%▼0.330.38%▼0.4
FIIs0.4%0.55%▲0.20.54%▼0.00.72%▲0.20.5%▼0.21.89%▲1.40.48%▼1.40.51%▲0.0
DIIs0.37%0%▼0.40%0%0%0%0%0%
Public67.96%68.19%▲0.268.53%▲0.368.17%▼0.468.4%▲0.266.99%▼1.468.73%▲1.769.1%▲0.4

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales204.79234.66195.83199.99294.27385.15220.91225.39249.27252.96
Expenses184.72214.41180.6185.69274.76346.97208.69209.53236.24242.19
Operating Profit20.0720.2515.2314.319.5138.1812.2215.8613.0310.77
OPM %9.8%8.63%7.78%7.15%6.63%9.91%5.53%7.04%5.23%4.26%
Net Profit16.214.818.667.8576.1434.4521.9311.629.355.98
EPS ₹0.730.670.390.353.361.520.970.510.410.26

AI Insights

Revenue Trend

Mar 2026 revenue at ₹949Cr, down 11.7% YoY. OPM at 5%.

Debt Position

Borrowings at ₹299Cr. Debt-to-equity ratio: 0.33x. Healthy balance sheet.

Institutional Flow

DIIs: 0% (-0.11pp change). FIIs: 0.51% (+0.00pp change). Promoters hold 30.38%.

Margin & Efficiency

ROCE improving from -13% (Mar 2015) to 6% (Mar 2026). Working capital days: 299.

Valuation

PE 15.8x with 5.91% ROCE. Price is -33% above book value of ₹49.6. Dividend yield: 0%.

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