Investor presentationJun 2026
Jun 2026 · PPT
Source: Nse
V.L.Infraprojects Ltd. (VLINFRA)
SME CapInfra stocks · SME cap · NSE
V.L. Infraprojects Ltd. is an EPC contractor specializing in water infrastructure, sewerage, and irrigation projects. It holds AA-class government contractor licenses across Gujarat, Karnataka, Telangana, and Madhya Pradesh, focusing on strengthening execution and expanding multi-state presence.
₹23.2
-0.95 · -3.93%
Market cap ₹37.9 Cr
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals17 Oct 2026 · screener
Latest result01 Jun, 07:42 pm IST
Score22 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Infra P/E 15.4 (n=87)
Technical timing lens
Trend score and candlestick chart
27Bearishfull bear SMA stack · SMA20 -7.4% / mo · MACD − · sector -2.2pp vs Nifty 500 (3M)
Stock trend: 19
Sector RS: 38
Sector 3M: -7.9% vs Nifty 500 -5.6%
Infra FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
VLINFRAD candles · FIT view-29.8%Latest close ₹23.20 on 2026-10-21
Bar
-0.9%
RSI
36
MACD hist
-0.06
52W pos
24%
2026-10-21O ₹23.40H ₹23.40L ₹23.20C ₹23.20Vol 3,000 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
VLINFRANifty InfraNifty 500
- VLINFRA
- -15.6%
- Nifty 500
- -6.5%
- Nifty Infra
- -8.6%
- Vs Nifty 500
- -9.1 pp
Chart stats
21 Oct 2026- From 52W high
- -41.4%
- 52W range position
- 24%
- ATR (14)
- 3.4%
- Volume vs 20D
- 0.39x
- Avg traded value
- ₹0 Cr
- 20D price channel
- ₹23.2 - ₹27.1
₹39.6
₹18 - ₹39.6
₹0.8
Latest completed session
20-session average
32.6% annualized volatility
Research snapshot
What the evidence says now
Investable fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · UNDERVALUED67
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Good62
Revenue +70.6% · PAT +33.3% YoY
Technical
Bearish27
Price trend and sector-relative-strength timing.
Valuation
Legacy model+81.3%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence64
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 31 Mar 2026
Good · 62/100Rev +71% YoY · PAT +33% YoY · +38% QoQ · margin compression
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹87 Cr | +70.6% | +38.1% |
| EBITDA | ₹9 Cr | NDF | +12.5% |
| Operating margin | 10.0% | NDF | -200 bps |
| PAT | ₹4 Cr | +33.3% | +0.0% |
| PAT margin | 4.6% | NDF | -175 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 4.51
- P/B
- 0.76
- EV/EBITDA
- 3.88
- Market Cap
- 37.90Cr
Profitability
- ROE
- 18.30%
- ROCE
- 22.40%
- ROA
- 7.55%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 37.00%
- EPS 5Y
- 59.00%
- Revenue 3Y
- 49.00%
- EPS 3Y
- 56.00%
Balance Sheet
- Debt/Equity
- 0.55
- Interest Coverage
- 4.00×
- Altman Z
- 2.96
- Book Value
- 32.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- -4.00 Cr
- EPS TTM
- 5.36
Shareholding
- Promoter Hold
- 65.70%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 29%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 87.0+38.1% vs prev
Net Profit
₹ CrLatest: 4.0+0.0% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 36.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~8.0% over last month) — short-term momentum negative.
- RSI(14) at 36 — falling, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 41% off 52W high · 29% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
39
RS percentile
Stage 4 Downtrend
1M return
-11.3%
3M return
-14.7%
6M return
+14.3%
1Y return
-36.9%
RS 1D
+4
RS 20D
+18
Sector rank
#17
Industry rank
#68
Stage evidence
- Price is 12.3% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -1.6%.
50-DMA
price below
200-DMA
price below
Sector
lagging
Industry
lagging
Relative-strength line vs Nifty 500 (base 100)
234 observations
21 Oct 2026Value 71.05-2.04%
RS vs Nifty 50071
Valuation & peers
U-Score 67 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 67 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Deep Value
Fundamental score breakdown
U band · UNDERVALUEDValuation30/30
Growth23/25
Quality10/20
Balance Sheet9/15
Cash Flow0/10
Piotroski
6/9 (+3)
Penalties
-8
Raw sum
67
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
67/100 · legacy band UNDERVALUED
Positive drivers
- Fair-value margin of safety is positive at 81.3%.
- Valuation contributes 30/30 to the score.
- Growth contributes 23/25 to the score.
Main drags
- Penalty bucket subtracts 8 points.
- Cash flow is weaker at 0/10; verify the latest quarterly trend.
- Quality is weaker at 10/20; verify the latest quarterly trend.
Sector valuation model
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Primary lens
EV/EBITDA and PE against execution quality and margin stability.
Secondary checks
Order book, receivables, working capital, debt, operating cash flow.
Main risk check
Order wins matter only if they convert into cash and margins.
PE
4.5
PB
0.8
EV/EBITDA
3.9
ROE
18.3%
ROCE
22.4%
FCF Yield
—
Debt/Equity
0.6
MoS
+81.3%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 22 Oct 2026
v4.3-runtime-valuation
Final score
67
Previous: 67
Legacy U-Score band
UNDERVALUED
Previous: UNDERVALUED
Margin of safety
+81.3%
Previous: +81.3%
Score history
12 stored score snapshots. Latest stored move: +0 points.
22 Oct 2026
v4.3-runtime-valuation
67
67
67
67
67
67
67
67
67
67
67
67
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹62.12
+62.7% MoS
Growth-justified P/E
23.1
Growth-justified Value
₹123.82
+81.3% MoS
PEG
0.08
Comparable companies
Peers
Business-comparable peers in Infra — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
MANAV
SME
Manav Infra Projects Ltd.
Construction & Engineering
match 90
68
12.5
40.3%
+45%
UNDERVALUED
K2INFRA
SME
K2 Infragen Ltd.
Construction & Engineering
match 89
56
4.0
16.0%
+84%
FAIR VALUE
RILINFRA
SME
Rachana Infrastructure Ltd.
Construction & Engineering
match 88
73
5.7
10.1%
+75%
UNDERVALUED
TGL
SME
Teerth Gopicon Ltd.
Construction & Engineering
match 88
64
—
27.0%
+95%
UNDERVALUED
MAYASHEEL
SME
Mayasheel Ventures Ltd.
Construction & Engineering
match 84
78
4.4
35.4%
+73%
DEEP VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-10-05T07:45:40.023Z
Management commentary snapshot
VLINFRA reported strong FY26 performance with Total Income up 23.76% YoY to 150.02 Cr, EBITDA up 25.67% YoY to 16.53 Cr, and Net Profit up 19.94% YoY to 8.42 Cr, driven by project execution and efficient resource utilization.
The company delivered healthy growth in FY26, surpassing 150 Cr revenue, supported by strong execution in water infrastructure. A robust order book and favorable government initiatives in water security provide multi-year growth visibility, though geographic concentration and working capital management remain key areas to monitor.
Current business mix
Revenue by Segment (FY26)
Latest issuer-disclosed distribution across 4 reported categories.
Water Infrastructure76.8%
Building Construction19.2%
Irrigation Projects3.0%
Road Construction1.1%
Growth engines
Water Infrastructure EPC
Leading EPC contractor specializing in water infrastructure, sewerage, and irrigation projects, which is the primary revenue driver.
Expanding Multi-State Presence
Leveraging strong credentials to expand across states and secure repeat + new project wins, with established presence across 8 states.
Higher-Value EPC Opportunities
Focused on higher-value EPC opportunities and strengthening order book and execution pipeline.
O&M Services
Increasing share of O&M services and driving repeat order inflow from existing clients.
Capacity and execution
Telav Water Supply Project
Expected Completion: January 2027 (Gujarat).
Hadaf Water Supply Project
Expected Completion: June 2027 (Gujarat).
Jalundra Water Supply Project
Expected Completion: December 2026 (Gujarat).
Abdasa Water Supply Project
Expected Completion: August 2027 (Gujarat).
Tailwinds
Government Initiatives
Strong push from programs like Jal Jeevan Mission, AMRUT 2.0, and National Water Mission, with significant budget allocations.
Water Security as National Priority
Water security and sustainable infrastructure are national priorities, creating a strong pipeline of projects across states.
Multi-year Capex Cycle
Policy-led investments and rising demand are driving a multi-year capex cycle in water infrastructure.
Risk radar
Dependence on Government Contracts
High dependence on government contracts (85.76% of order book from government clients).
Revenue Visibility & Execution
Revenue visibility is linked to timely execution of projects.
Cash Flow & Billing
Cash flows are dependent on milestone-based billing and collection processes.
Raw Material Price Fluctuations
Margins are exposed to raw material price fluctuations.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
The presentation explicitly provides H2 FY26 vs H2 FY25 and FY26 vs FY25 figures, indicating annual and half-yearly comparisons are most relevant for assessing growth and performance trends in infrastructure projects.
Sector KPIs management disclosed
Total Income
Total Income for FY26 was 150.02 Cr, a 23.76% YoY growth.
EBITDA Margin
EBITDA Margin for FY26 was 11.02%, up from 10.85% in FY25.
PAT Margin
PAT Margin for FY26 was 5.61%, down from 5.79% in FY25.
Order Book
Total Order Book stands at 217.64 Cr for FY26, with an execution timeline of 12-18 months.
Management forward view
Accelerating Execution
Management's focus remains on accelerating execution across projects.
Expanding Order Book
The company aims to expand its order book and selectively bid for quality projects.
Sustaining Growth Momentum
Management is confident of sustaining growth momentum in FY27.
Geographic Diversification
Strengthen footprint in Telangana, Madhya Pradesh & Karnataka, and enter new markets like Uttar Pradesh & Odisha.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Order Book Growth | 217.64 Cr (FY26) | Sustained growth in order book and conversion of 150 Cr bid pipeline into new orders. |
| Operating Cash Flow | - 4.10 Cr (FY26) | Improvement in cash flow from operating activities, indicating better working capital management. |
| Geographic Diversification | Gujarat 67.16% (FY26) | Increasing revenue contribution from Telangana, Madhya Pradesh, and new states like UP & Odisha. |
| EBITDA Margin | 11.02% (FY26) | Ability to maintain or improve margins despite potential raw material price fluctuations. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
64Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 42nd percentile of the scored universe and 51st percentile within Infra. Main check: cash conversion is weak at 28/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
3 docs text-extracted · 1 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
42nd percentile
overall median 67 · Infra: 51st pctile, median 64 · SME: 51st pctile, median 64
Evidence depth
Financial-only
3 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
28
weak · profit to cash conversion
Balance sheet
73
acceptable · leverage and solvency
Discipline
80
strong · capital discipline
Results
63
acceptable · quarterly consistency
Trust positives
- ▸Promoter holding is 65.7%.
- ▸Promoter pledge is zero.
- ▸ROCE is 22.4%.
- ▸OPM spread across recent quarters is 2%.
Trust risks
- ▸Operating cash flow is negative at ₹-4 Cr.
- ▸Only 0 years of positive FCF.
- ▸ROCE trend is -7.6%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching V.L.Infraprojects Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Concall transcriptJun 2026
Jun 2026 · Transcript
Source: Nse
Annual reportMar 2026
Mar 2026 · Annual Report 2026
Source: Nse
Annual reportMar 2025
Mar 2025 · Annual Report 2025
Source: Nse
Investor presentationFeb 2025
Feb 2025 · PPT
Source: Nse
Investor presentationFeb 2025
Feb 2025 · PPT
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.