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Swing Capital

Vishnu Prakash R Punglia Ltd

NSE: VPRPL BSE: 543974Infra

"VISHNU PRAKASH R PUNGLIA LIMITED” is one of India's fastest-growing Infrastructure Development Companies. Incorporated in 1986, Vishnu Prakash R Punglia Limited is engaged in the business of designing and constructing infrastructure projects for the Central and State Governments, autonomous bodies, and private bodies across 9 States and 1 Union territory in India.[1]

₹37.8
52W: ₹29.5 — ₹195
PE 68.5 · Book ₹63.4 · -40% vs book
Market Cap₹471 Cr
Stock P/E68.5Price to Earnings
ROCE11.4%Return on Capital
ROE7.81%Return on Equity
Div. Yield0%Face Value ₹10

Strengths

  • +Stock is trading at 0.62 times its book value

Weaknesses

  • −Though the company is reporting repeated profits, it is not paying out dividend
  • −Company has low interest coverage ratio.
  • −Promoter holding has decreased over last quarter: -8.04%
  • −Contingent liabilities of Rs.601 Cr.
  • −Promoters have pledged 87.7% of their holding.
  • −Company has high debtors of 217 days.
  • −Working capital days have increased from 107 days to 157 days

Shareholding Pattern

Promoters44.61%
FIIs0.27%
DIIs4.08%
Public50.8%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters67.81%67.81%67.81%67.81%67.81%58.66%▼9.252.64%▼6.044.61%▼8.0
FIIs1.08%0.1%▼1.00.89%▲0.80.17%▼0.70.11%▼0.11.34%▲1.20.11%▼1.20.27%▲0.2
DIIs4.08%4.1%▲0.04.14%▲0.04.09%▼0.04.09%4.09%4.08%▼0.04.08%
Public27.02%27.99%▲1.026.9%▼1.127.68%▲0.827.74%▲0.135.66%▲7.942.93%▲7.350.8%▲7.9

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales296242657257335241405276296177
Expenses258208552223286213359244271191
Operating Profit3834105344928463224-13
OPM %13%14%16%13%15%11%11%12%8%-7%
Net Profit211767152441674-30
EPS ₹1.71.395.391.181.90.311.30.560.29-2.41

AI Insights

Revenue Trend

TTM revenue at ₹1,155Cr, down 6.6% YoY. OPM at 8%.

Debt Position

Borrowings at ₹717Cr. Debt-to-equity ratio: 1.08x. High leverage — monitor closely.

Capex Cycle

CWIP at ₹8Cr (3% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 4.08% (-0.86pp change). FIIs: 0.27% (-4.39pp change). Promoters hold 44.61%.

Margin & Efficiency

ROCE improving from 0% (Mar 2018) to 11% (Mar 2025). Working capital days: 157.

Valuation

PE 68.5x with 11.4% ROCE. Price is -40% above book value of ₹63.4. Dividend yield: 0%.

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