Whalesbook
Reliance ka ₹131 Cr ka order, par profit mein laga bada jhatka!
Arre bhai, Vascon Engineers ne 18 May 2026 ko announcement kiya ki unhein Reliance Industries se ₹131.58 crore (GST chhod kar) ka Letter of Intent (LOI) mila hai. Yeh order Reliance ke Jamnagar RG Expansion Project ke liye hai, jisme Sector-3 mein G+12 FLL-type buildings banani hain. Yeh contract 19 mahine mein poora karna hai, toh Vascon ke liye revenue ka ek accha source toh pakka ho gaya hai.
Lekin iss order ki khabar ke saath hi company ne apne Q4 FY26 ke results bhi bataye, jo ki kaafi disappointing hain. Net profit 83% gir kar sirf ₹6 crore reh gaya, jabki pichhle saal yeh ₹34 crore tha. Revenue bhi 32% kam ho kar ₹259 crore se ₹385 crore tak pahunch gaya. EBITDA bhi 61% gir gaya aur profit margins bhi 11% se 6% ho gaye. Yaad rahe, pichhle saal ke results mein ₹75 crore ka exceptional gain bhi tha, jo is baar nahi hai.
Order Book toh badhiya, par investors ko doubt kyun?
Achhi baat yeh hai ki Vascon Engineers ke paas abhi bhi ₹2,717 crore ka bada order book hai. Ismein se ₹2,387 crore external EPC orders hain. FY26 mein ₹762 crore ke naye projects bhi mile hain. Yeh sab future revenue ke liye accha hai.
Par bhai, investors ka mood abhi bhi theek nahi hai. Company ke purane project delays, liquidity issues, aur EPC sector mein profit margins par pressure ki wajah se confidence kam hai. Stock bhi 18 May 2026 ko 4.99% gir kar ₹33.32 par band hua aur phir ₹32.51 par lower circuit hit kiya. Logon ko company ki profitability aur execution par doubt hai.
Sector ka pressure aur Vascon ki challenges
India ka infrastructure sector grow kar raha hai, par competition aur tight margins sabke liye headache hain. Vascon jaise small-cap companies ke liye bade players jaise NCC Ltd aur Larsen & Toubro se compete karna mushkil hota hai. Company ka return on equity bhi sirf 4.36% hai aur ₹374 crore ki contingent liabilities bhi hain.
Iske alawa, company ka promoter holding bhi kam (30.4%) hai aur dividends bhi zyada nahi deti. Past mein fund misappropriation ke allegations bhi rahe hain. CEO Santosh Sundararajan ke hote hue bhi, analysts abhi caution dikha rahe hain aur kuch reports toh 'sell candidate' bhi bol rahi hain.
Toh bhai, yeh Reliance order toh ek short-term boost hai, par Vascon ka future iss baat par depend karega ki woh profit kaise manage karti hai aur projects ko kitne acche se execute karti hai. Dekhte hain aage kya hota hai!