Q1 2027 Viviana Power Tech Ltd Earnings Call

August 6, 2026

Speaker #1: Ladies and gentlemen, good day and welcome to the Q1 FY27 earnings conference call for Viviana Power Tech Limited. This conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions, and expectations of the company as on the date of this call.

Operator: Ladies and gentlemen, good day and welcome to Q1 FY27 earnings conference call for Viviana Power Tech Limited. This conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions, and expectations of the company as on date of this call. These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Gopal Chandak from Orim Connect. Thank you, and over to you, sir.

Operator: Ladies and gentlemen, good day and welcome to Q1 FY2027 Earnings Conference Call for Viviana Power Tech Limited. This conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions, and expectations of the company as on date of this call. These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Gopal Chandak from Orim Connect. Thank you, and over to you, sir.

Speaker #1: These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. As a reminder, all participant lines will be in listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes.

Speaker #1: Should you need assistance during this conference call, please signal an operator by pressing star, then zero, on your touchtone phone. Please note that this conference is being recorded.

Speaker #1: I now hand the conference over to Mr. Gopal Chandak from ORIM Connect. Thank you, and over to you, sir.

Speaker #2: Good afternoon, everyone. On behalf of ORIM Connect, I'm pleased to welcome you all to the Q1 FY27 earnings call of Viviana Power Tech Limited. We are joined today by the company's senior management team: Mr. Nikesh Choksi, Managing Director; Mr. Richie Choksi, Whole-time Director; Mrs. Priyanka Choksi, Whole-time Director; Mr. Ajit Sikhrani, Vice President; Mr. Deepesh Patel, Chief Financial Officer; and Mr. Bhavin Parekh, General Manager.

Moderator: Good afternoon, everyone. On behalf of Orim Connect, I'm pleased to welcome you all to Q1 FY27 earnings call of Viviana Power Tech Limited. We are joined today by the company's senior management team, Mr. Nikesh Choksi, Managing Director, Mr. Richi Choksi, Whole Time Director, Mrs. Priyanka Choksi, Full-time Director, Mr. Ajit Sakhranai, Vice President, Mr. Dipesh Patel, Chief Financial Officer, and Mr. Bhavin Parekh, General Manager. Thank you for taking time to join us today. I would like to hand over call to Mr. Richi Choksi for his opening remarks. Follows his address, we will proceed the question and answer session. Over to you, Richi Sir.

Gopal Chandak: Good afternoon, everyone. On behalf of Orim Connect, I'm pleased to welcome you all to Q1 FY2027 earnings call of Viviana Power Tech Limited. We are joined today by the company's senior management team, Mr. Nikesh Choksi, Managing Director, Mr. Richi Choksi, Whole Time Director, Mrs. Priyanka Choksi, Full-time Director, Mr. Ajit Sakhranai, Vice President, Mr. Dipesh Patel, Chief Financial Officer, and Mr. Bhavin Parekh, General Manager. Thank you for taking time to join us today. I would like to hand over call to Mr. Richi Choksi for his opening remarks. Follows his address, we will proceed the question and answer session. Over to you, Richi Sir.

Speaker #2: Thank you for taking time to join us today. I would like to hand our call to Mr. Richie Choksi for his opening remarks followed his address.

Speaker #2: We will proceed the question and answer session. Over to you, Richie sir.

Speaker #3: Thank you, Gopal ji. Good afternoon, everyone, and thank you for joining us. On behalf of the entire management team, I extend a warm welcome to all our shareholders, analysts, investors, and stakeholders to Viviana Power Tech Limited's Q1 financial year 2027 earnings call.

Richi Choksi: Thank you, Gopalji. Good afternoon, everyone, and thank you for joining us. On behalf of entire management team, I extend a warm welcome to all our shareholders, analysts, investors, and stakeholders to Viviana Power Tech Limited's Quarter One Financial Year 2027 Earnings Call. We appreciate your continued trust and support as we discuss our financial and operational performance for the quarter ended on 30 June. I am pleased to say that we have started Financial Year 2027 on a strong note, delivering the robust financial performance while similarly taking strategic initiatives that will strengthen our long-term growth trajectory. During the quarter, revenue from operations increased to INR 71.86 crore, registering a strong year-on-year growth of 246%. EBITDA stood at INR 11.56 crore, up 232% year-on-year, while profit after tax increased to INR 6.93 crore.

Richi Choksi: Thank you, Gopalji. Good afternoon, everyone, and thank you for joining us. On behalf of entire management team, I extend a warm welcome to all our shareholders, analysts, investors, and stakeholders to Viviana Power Tech Limited's Quarter 1 Financial Year 2027 Earnings Call. We appreciate your continued trust and support as we discuss our financial and operational performance for the quarter ended on 30 June. I am pleased to say that we have started Financial Year 2027 on a strong note, delivering the robust financial performance while similarly taking strategic initiatives that will strengthen our long-term growth trajectory. During the quarter, revenue from operations increased to INR 71.86 crore, registering a strong year-on-year growth of 246%. EBITDA stood at INR 11.56 crore, up 232% year-on-year, while profit after tax increased to INR 6.93 crore.

Speaker #3: We appreciate your continued trust and support as we discuss our financial and operational performance for Q1, as of June 30th. I'm pleased to say that we have started financial year 2027 on a strong note.

Speaker #3: Delivering robust financial performance while similarly taking strategic initiatives that will strengthen our long-term growth trajectory. During Q1, revenue from operations increased to ₹71.86 crore, registering a strong year-on-year growth of 246%.

Speaker #3: EBITDA stood at ₹11.56 crores, up 232% year-on-year, while profit after tax increased to ₹6.93 crores. Despite executing larger and more complex projects, we maintained healthy profitability with an EBITDA margin of more than 16%, and a PAT margin of more than 9.65%.

Richi Choksi: Despite executing larger and more complex projects, we maintained healthy profitability with an EBITDA margin of more than 16% and a PAT margin of more than 9.65%. The Indian power sector continues to witness strong structural tailwinds, driven by rising electricity demand, renewable energy integration, power transmission network expansion, and grid modernization. Supported by these industry opportunities and our strong execution capabilities, we remain confident about our long-term growth prospects. Along with delivering strong operational performance, the board has taken an important strategic decision during the quarter by approving the proposed disinvestment of our shareholding in Viviana Lifespaces Private Limited and Aarsh Transformers Private Limited, subject to the execution of agreements, regulatory approvals, and customary closing conditions. I would like to highlight the reason why we are undertaking this restructuring now. The answer is simple.

Speaker #3: The Indian power sector continues to witness strong structural tailwinds driven by rising electricity demand, renewable energy integration, power transmission network expansion, and grid modernization.

Speaker #3: Supported by this industry opportunities and our strong execution capabilities, we remain confident about our long-term growth prospects. Along with delivering strong operational performance, the board has taken an important strategic decision during the Q1 by approving the proposed risk investment of our shareholdings in Viviana Life Species Private Limited and Arch Transformer Private Limited, subject to the execution of agreements regulatory approval and customary closing conditions.

Speaker #3: I would like to highlight the reason why we are undertaking this restructuring now. The answer is simple: over the last few years, Viviana Power Tech has grown significantly in scale and diversified into multiple verticals.

Richi Choksi: Over the last few years, Viviana Power Tech has grown significantly in scale and diversified into multiple verticals. Each of these business has now reached a stage where it requires a dedicated management focus, independent capital allocation, and its own tailored growth strategy. The board believes this is the right time to create focused businesses that can maximize long-term shareholder value. This is a proactive strategic decision driven by growth opportunities, not by financial stress. It is equally important to clarify what remains within Viviana Power Tech after this restructuring. Post completion of this transaction, Viviana Power Tech will continue to focus exclusively on its core power infrastructure business, including power transmission and distribution, EPC projects, power transformer manufacturing, renewable energy integration, battery energy storage system, and other emerging opportunities in India's energy transition.

Speaker #3: Each of these businesses has now reached a stage where it requires dedicated management focus, independent capital allocation, and its own tailored growth strategy.

Speaker #3: The board believes this is the right time to create focused businesses that can maximize long-term shareholder value. This is a proactive strategic decision driven by growth opportunities, not by financial space.

Speaker #3: It is equally important to clarify what remains within Viviana Power Tech after this restructuring. Post-completion of this transaction, Viviana Power Tech will continue to focus exclusively on its core power infrastructure business, including power transmission and distribution, EPC projects, power transformer manufacturing, renewable energy integration, battery energy storage systems, and other emerging opportunities in India's energy transition.

Speaker #3: Our strategy is to build a focused power and energy platform with stronger execution capabilities and greater operational synergy. Even after the disinvestment of the real estate business, Viviana Power Tech's strategy of maintaining a strong hard-collateral base to support its EPC business will remain unchanged.

Richi Choksi: Our strategy is to build a focused power and energy platform with stronger execution capabilities and greater operational synergies. Even after the disinvestment of the real estate business, Viviana Power Tech strategy of maintaining a strong hard collateral base to support its EPC business will remain unchanged. The disinvestment doesn't alter the planned course of action, and accordingly, we will be with no impact on the working capital resonance. With respect to the transformer business, the proposed disinvestment of Aarsh Transformers should not be interpreted as an exit from the segment. Our transformer manufacturing expansions remain a key strategic growth initiative, and the company continues to invest in establishing its power transformer manufacturing business to strengthen its position across the power equipment value chain. The primary objective of this restructuring is to unlock long-term value for all our stakeholders.

Speaker #3: The disinvestment doesn't alter the planned course of action, and accordingly, there will be no impact on the working capital rationale. With respect to the transformer business, the proposed disinvestment of Arch Transformers should not be interpreted as an exit. Manufacturing expansion remains a key strategic growth initiative, and the company continues to invest in establishing its power transformer manufacturing business to strengthen its position across the power equipment value chain.

Speaker #3: The primary objective of this restructuring is to unlock long-term value for all our stakeholders. We believe focused businesses with independent growth strategies will improve operational efficiency, strengthen management accountability, enable more disciplined capital allocation, and provide investors with greater transparency in evaluating the performance of the core business.

Richi Choksi: We believe focused businesses with independent growth strategies will improve operational efficiency, strengthen management accountability, and enable more disciplined capital allocation and provide investors with greater transparency in evaluating the performance of the core business. In addition, a simplified corporate structure is expected to enhance strategic flexibility, facilitate sector-specific partnerships and fundraising opportunities, and also support a stronger long-term valuation by allowing each business to be assessed on its own merits while reducing the conglomerate discount. Most importantly, the proposed restructuring is not expected to impact our ongoing operations, execution capabilities, customer relations, and growth outlook. Our order execution remains on track. Our project pipeline continues to be healthy, and we remain focused on disciplined capital allocation and sustainable growth.

Speaker #3: In addition, a simplified corporate structure is expected to enhance strategic flexibility, facilitate sector-specific partnerships and fundraising opportunities, and also support a stronger long-term valuation by allowing each business to be assessed on its own merits while reducing the conglomerate discount.

Speaker #3: Most importantly, the proposed restructuring is not expected to impact our ongoing operations execution capabilities, customer relations, and growth outlook. Our order execution remains on track.

Speaker #3: Our project pipeline continues to be well-healthy and we remain focused on disciplined capital allocation and sustainable growth. The restructuring process will be completed in accordance with all applicable regulatory requirements, including the necessary approvals from the relevant authorities, and we will continue to keep our shareholders informed at every significant milestone.

Richi Choksi: The restructuring process will be completed in accordance with all applicable regulatory requirements, including the necessary approvals from the relevant authorities, and we will continue to keep our shareholders informed at every significant milestone. I would also like to mention the purpose of raising the funds through NCDs during December and January, while we were in the discussion with the bank, for an enhancement of our working capital limit. The approval process was taking longer time than expected. To ensure that the project execution was not impacted by any funding delays, we proactively arranged an NCD facility as a contingency source of liquidity. Now, I would like to mention the benefit of investors through this restructuring. The company has always maintained the high level of transparency in its operation and disclosure. However, this investment further strengthens this transparency by providing investors with greater clarity on company's strategic decisions and directions.

Speaker #3: I would also like to mention the purpose of raising the funds through NCD during December and January while we were in discussion with the bank for an enhancement of our working capital limit.

Speaker #3: The approval process was taking longer time than expected, to ensure that the project execution was not impacted by any funding delays. We proactively arranged an NCD facility as a contingency source of liquidity.

Speaker #3: Now, I would like to mention the benefit to investors through this restructuring. The company has always maintained a high level of transparency in its operations and disclosures.

Speaker #3: However, the disinvestment further strengthens this transparency by providing investors with greater clarity on the company's strategic decisions and directions. Each investor who has entrusted us is equally important to us.

Richi Choksi: Each investor who has entrusted upon us is equally important to us. With the exit from the non-core business, investors can clearly see that the company's resources, management attention, and capital allocation remain firmly focused on its core business. This eliminates any perception of diversification away from the core business, reinforces the company's long-term strategic commitment, and enables investors to evaluate its performance and growth prospects with greater confidence. We believe this strategic restructuring marks the next phase of Viviana Group's evolution. With a focused power and energy platform, disciplined execution, and strong industry opportunities, we remain committed to delivering sustainable long-term value for all our investors. With that, I would now like to invite our Chairman and Managing Director, Mr. Nikesh Choksi, to share his perspective on the business outlook, strategic priorities, and the opportunities ahead.

Speaker #3: With the exit from the non-core business, investors can clearly see that the company's resources management attention and capital allocation remain firmly focused on its core business.

Speaker #3: This eliminates any perception of diversification away from the core business, reinforces the company's long-term strategic commitment, and enables investors to evaluate its performance and growth prospects with greater confidence.

Speaker #3: We believe this strategic restructuring marks the next phase of Viviana Group's evolution, with a focused power and energy platform, disciplined execution, and strong industry opportunities.

Speaker #3: We remain committed to delivering sustainable, long-term value for all our investors. With that, I would now like to invite our Chairman and Managing Director, Mr. Nikesh Choksi, to share his perspective on the business outlook, strategic priorities, and the opportunities ahead.

Speaker #2: Thank you, Nikesh. Good afternoon, everyone. Thank you for joining us today. The Indian power sector is entering one of its most significant investment cycles in decades.

Nikesh Choksi: Thank you, Ritesh. Good afternoon, everyone. Thank you for joining us today. The Indian power sector is entering one of its most significant investment cycles in decades. Rapid industrialization, accelerating renewable energy adoption, rising electricity demand, and unprecedented investment in transmission and distribution infrastructure are creating a compelling long-term growth opportunity for the company. At Viviana Power Tech, we have strategically positioned ourselves to capitalize on these opportunities through a focused EPC platform, strengthened by manufacturing capabilities and continuous technological advancements. Our growth strategy is built on five clear priorities. Firstly, reinforcing our leadership in the power transmission and distribution EPC segment. Secondly, expanding into power equipment manufacturing through our upcoming power transformer manufacturing facility. Thirdly, capturing the significant opportunities in emerging business from renewable energy integration, battery energy storage system, and other next-generation power infrastructure, including data centers.

Speaker #2: Rapid industrialization, accelerating renewable energy adoption, rising electricity demand, and unprecedented frontier investment in transmission and distribution infrastructure are creating a compelling long-term growth opportunity for the company.

Speaker #2: At Viviana Power Tech, we have strategically positioned ourselves to capitalize on this opportunity through a focused EPC platform, strengthened by manufacturing capabilities, and continuous technological advancement.

Speaker #2: Our growth strategy is built on five clear priorities. Firstly, reinforcing our leadership in the power transmission and distribution EPC segment. Secondly, expanding into power equipment manufacturing through our upcoming power transformer manufacturing facilities.

Speaker #2: Thirdly, capturing the significant opportunities in emerging businesses from renewable energy integration, battery energy storage systems, and other next-generation power infrastructure, including data centers. And finally, fourthly, expanding our geographical footprint while maintaining the execution excellence and project delivery standards that define our business.

Nikesh Choksi: Fourthly, expanding our geographical footprint while maintaining the execution excellence and project delivery standards that define our business. Continuing to uphold strong financial discipline with a sharp focus on sustainable and profitable growth. On the manufacturing front, we are making steady progress in developing our state-of-the-art technology for transformer manufacturing facility in Gujarat. The facility is designed to manufacture transformers up to 200 KV voltage class in its initial phase, with scaling up to 400 KV in the future. We have planned in the first phase, by end of this financial year, we will build capability up to 20 MVA, transformer capacity. For the next financial year, we will develop capabilities for 132 KV, 63 MVA plus transformers. Succeedingly, we will raise our capabilities for 200 KV and 400 KV.

Speaker #2: And finally, we continue to uphold strong financial discipline with a sharp focus on sustainable and profitable growth. On the manufacturing front, we are making steady progress in developing our state-of-the-art technology for the transform manufacturing facility in Gujarat.

Speaker #2: The facility is designed to manufacture transformers up to the 200 kV voltage class in its initial phase, with scaling up to 400 kV in the future.

Speaker #2: We have planned, in the first phase by the end of this financial year, to build capacity up to 20 MVA transformers. For the next financial year, we will develop capabilities for 130, 32 kV, 63 MVA class transformers, and subsequently, we will raise our capabilities for 220 kV and 400 kV.

Speaker #2: I would I would like I would also like to highlight an important strategic milestone. Our board has approved the disinvestment of two subsidiaries as part of our ongoing corporate restructuring initiative.

Nikesh Choksi: I would also like to highlight an important strategic milestone. Our board has approved the divestment of two subsidiaries as part of our ongoing corporate restructuring initiative. This is a strategic step that sharpens our business focus. It allows each business vertical to pursue its own growth trajectory independently. While enabling Viviana Power Tech Limited to dedicate its capital, management bandwidth, and resources entirely to its core power infrastructure business. We believe this infrastructure will simplify our corporate structure, enhance operational efficiencies, strengthen management accountability, improve strategic clarity for investors, and ultimately create sustainable long-term value for our shareholders. With a strong order position, expanding capabilities, and clear strategic roadmap, we remain confident in our ability to deliver consistent growth and create lasting value for our stakeholders. Looking ahead, our medium-term targets remain intact.

Speaker #2: This is a strategic step that sharpens our business focus. It allows this business vertical to pursue its own growth trajectory independently, while enabling Viviana Power Tech Limited to dedicate its capital, management bandwidth, and resources entirely to its core power infrastructure business.

Speaker #2: We believe this infrastructure will simplify our corporate structure, enhance operational efficiencies, strengthen management accountability, improve strategic clarity for investors, and ultimately create sustainable, long-term value for our shareholders.

Speaker #2: With a strong order position, expanding capabilities, and a clear strategic roadmap, we remain confident in our ability to deliver consistent growth and create lasting value for our stakeholders.

Speaker #2: Looking ahead, our medium-term targets remain intact. We continue to target financial year '27 revenue in the range of ₹875 to ₹910 crores, while maintaining healthy profitability, and remain committed to our long-term objective of building a ₹2,000 to ₹2,200 crores revenue platform with ₹200 crores plus EBITDA by financial year '30.

Nikesh Choksi: We continue to target FY27 revenue in the range of INR 875 to 910 crores, while maintaining healthy profitability and remain committed to a long-term objective of building a INR 2,000 to 2,200 crores revenue platform with a INR 200 crores plus PAT by FY30. Thank you for your continued trust and support. I would now request our CFO, Mr. Bikhie, to take you through the financial performance in greater detail.

Nikesh Choksi: We continue to target FY2027 revenue in the range of INR 875 to 910 crores, while maintaining healthy profitability and remain committed to a long-term objective of building a INR 2,000 to 2,200 crores revenue platform with a INR 200 crores plus PAT by FY30. Thank you for your continued trust and support. I would now request our CFO, Mr. Bikhie, to take you through the financial performance in greater detail.

Speaker #2: Thank you for your continued trust and support. I would now request our CFO, Mr. Deepesh, to take you through the financial performance in greater detail.

Speaker #3: Thank you, Rich Sir, and Nikesh Sir. On behalf of the Board and the management of Viviana Power Tech Limited, I would again like to welcome all our shareholders, investors, analysts, and business partners to discuss our financial performance for the first quarter of financial year 2026-27.

Dipesh Patel: Thank you, Richi Sir and Nikesh Sir. On behalf of the board of the management of Viviana Power Tech Limited, I again would like to welcome all our shareholders, investors, analysts, and business partners to discuss our financial performance for the Q1 of FY2026-2027. As discussed, as presented, and as demonstrated, the financial year has started on a very encouraging note, and I am pleased to say that the company has delivered another quarter of strong growth while continuing to execute on the strategic roadmap we outlined during our previous earning call. During our last interaction with investors, we had highlighted three priorities. First, accelerating execution of our robust order book, maintaining profitability while scaling the business up, and creating the sustainable long-term value. I am happy to say that Q1 reflects meaningful progress on all three fronts.

Speaker #3: As discussed, as presented, and as demonstrated, the financial year has started on a very encouraging note, and I am pleased to say that the company has delivered another quarter of strong growth while continuing to execute on the strategic roadmap we outlined during our previous earnings call.

Speaker #3: During our last introduction with investors, we highlighted three priorities: first, accelerating execution of our robust order book; second, maintaining profitability while scaling the business up; and third, creating sustainable long-term value.

Speaker #3: I am happy to say that Q1 reflects meaningful progress on all three fronts. Revenue from operations for Q1, financial 2026, stood at ₹71.86 crore compared with ₹20.78 crore in the corresponding quarter of last year.

Dipesh Patel: Revenue from operation for Q1 financial 2026 stood at INR 71.86 crore compared with INR 20.78 crore in the corresponding quarter of the last year. This represents an exceptional 246% year-on-year growth, demonstrating our execution capabilities across power transmission distribution projects. The total income also increased significantly to INR 73.32 crore from INR 21.42 crore in Q1 of the previous financial year. The profit before tax increased from INR 2.70 crore to INR 9.21 crore with a growth rate of year-on-year 232%. Profit after tax rose to INR 6.93 crore as compared to INR 2.09 crore in previous year. These numbers demonstrate that as our execution increases, we continue to maintain healthy operating discipline. During our previous earnings call, we had communicated our confidence in executing larger business over the coming years.

Speaker #3: This represents an exceptional 246% year-on-year growth, demonstrating our execution capabilities across power transmission distribution projects. The total income of the total income also increased significantly to 73.32 crore from 21.42 crore in Q1 of the previous financial year.

Speaker #3: The profit before tax increased from ₹2.70 crore to ₹9.21 crore, with a year-on-year growth rate of 232%. Profit after tax rose to ₹6.93 crore, as compared to ₹2.09 crore in the previous year.

Speaker #3: These numbers demonstrate that as our execution increases, we continue to maintain healthy operating discipline. During our previous earnings call, we had communicated our confidence in executing larger business over the coming years. Management had guided towards building a revenue trajectory of approximately ₹900 crore plus in financial year 2027, supported by a healthy order book and strong bidding pipeline.

Dipesh Patel: Management had guided towards building a revenue trajectory of approximately INR 900 plus crore in financial 2027, supported by a healthy order book and strong bidding pipeline. We had also highlighted that our order book has crossed INR 1,000 crore, providing long-term revenue visibility. Our current order book number is INR 1,312.53 crore. The strong beginning of financial 2027 reinforces our confidence in that outlook. Execution momentum continues to improve quarter after quarter, and our project team remains reinforced and focused on timely delivery while maintaining quality standards. One of Viviana's biggest strengths to date is the visibility of future revenue. Our substantial execution order book provides confidence in the substantial growth over multiple quarters. Alongside execution, we continue to participate actively in new tender approach, transmission lines, substations, underground cabling, distribution strengthening, and our power infrastructure projects.

Speaker #3: We had also highlighted that our order book has crossed ₹1,000 crore, providing long-term revenue visibility. Our current order book number is ₹1,312.53 crore. The strong beginning of financial 2027 reinforces our confidence in that outlook. Execution momentum continues to improve quarter after quarter, and our project team remains reinforced and focused on timely delivery while maintaining quality standards.

Speaker #3: Our one of the one of the Viviana's biggest strengths today is the visibility of future revenue. Our substantial execution order book provides confidence in the substantial growth over multiple quarters.

Speaker #3: Alongside execution, we continue to participate actively in new tender approaches—transmission lines, successions, underground cabling, distribution, and surrendering—and our power infrastructure projects.

Speaker #3: The management has consistently maintained a selective bidding approach, focusing not only on winning projects but also on securing projects that offer sustainable margins and healthy cash flows.

Dipesh Patel: The management has consistently maintained a selective bidding approach for focusing not only on winning projects, but also on securing projects that offer sustainable margins and healthy cash flows. This disciplined strategy continues to differentiate us. Our disciplined expansion drives profitability through improved operational efficiency and continued cost control. India's power infrastructure sector continues to offer tremendous long-term opportunities. Government initiative towards strengthening transmission network, distribution reforms, renewable energy integration, underground cabling, smart grids, and modernization of electrical infrastructure continue to create a strong pipeline of projects. Viviana Power Tech Limited is well-positioned to benefit from these structural opportunities through its proven execution capabilities, technical expertise, and expanding geographical presence. As we enter the remaining quarter of 2027, our priorities remain unchanged. We will continue to focus on execution of our existing order book.

Speaker #3: This discipline strategy continues to differentiate us. Our disciplined expansion drives profitability through improved operational efficiency and continued cost control. India's power infrastructure sector continues to offer tremendous long-term opportunities.

Speaker #3: Government initiatives towards strengthening transmission network distribution reforms, renewable energy integration, underground cabling, smart grid, and modernization of electrical infrastructure continue to create a strong pipeline of projects.

Speaker #3: Viviana Power Tech Limited is well positioned to benefit from this structure. These structural opportunities, through its proven execution capabilities, technical expertise, and expanding geographical presence, will support further growth.

Speaker #3: As we enter the remaining quarter of 2027, our pipeline and our priorities remain unchanged. We will continue to focus on execution of our existing order book, improving operational efficiency, maintaining profitability, strengthening working capital management, pursuing quality order inflow, and delivering sustainable value to all our stakeholders.

Dipesh Patel: Improving operational efficiency, maintaining profitability, strengthening working capital management, pursuing quality orders inflow, and delivering sustainable value to all our stakeholders. While execution in infrastructure business necessarily depends on the project milestone and customer schedules, the visibility provided by our customer order book gives us the confidence regarding the company's long-term growth trajectory. Before I conclude, I would like to sincerely thank our customers for their continued trust, our employees for their relentless dedication, our banking partners, suppliers, and all stakeholders for supporting Viviana's growth journey. Most importantly, I thank our shareholder for the confidence they continue to place in the company. We believe this performance reinforces the strategic direction that we have continually communicated and further strengthens our confidence in delivering sustainable growth in the coming quarters. We remain committed to building a larger, stronger, and more profitable Viviana Power Tech while creating enduring value for all stakeholders.

Speaker #3: While execution in the infrastructure business necessarily depends on project milestones and customer schedules, the visibility provided by our customers' order book gives us confidence regarding the company's long-term growth trajectory.

Speaker #3: Before I conclude, I would like to sincerely thank you. Thank all our customers for their continued trust, our employees for their relentless dedication, our banking partners, suppliers, and all stakeholders for supporting Viviana's growth journey.

Speaker #3: Most importantly, I thank our shareholders for their confidence they continue to place in the company. We believe this performance reinforces the strategic direction that we have continually communicated and further strengthens our confidence in delivering sustainable growth in the coming quarters.

Speaker #3: We remain committed to building a larger, stronger, and more profitable Viviana Power Tech while creating enduring value for all our stakeholders. Thank you, all of you.

Dipesh Patel: Thank you, all of you. Now handing over to Mr. Gopal Chandak.

Speaker #3: Now handing over to Mr. Gopal Chandrak.

Speaker #2: Should we begin the further question and answer session now?

Operator: Should we begin the question and answer session now?

Speaker #3: Okay.

Moderator: Okay.

Gopal Chandak: Okay.

Speaker #2: Thank you very much. We will now begin the question-and-answer session. Anyone who wishes to ask a question may press star, then one on their touchtone telephone.

Operator: Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on your touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Dikshant from DB Wealth. Please proceed.

Speaker #2: If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question.

Speaker #2: Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from Dikshant from DB Wealth.

Speaker #2: Please proceed.

Speaker #3: Hi. Congratulations on the good numbers. I have two questions; the first is how.

[Analyst] (DB Wealth): Hi. Congratulations on the good numbers. I have two questions pertaining. One is.

Deekshant Boolchandani: Hi. Congratulations on the good numbers. I have two questions pertaining. One is.

Speaker #2: Dikshant, can you please be a little louder? We can't hear you properly.

Operator: Dikshant, can you please be a little louder? We can't hear you properly.

Speaker #3: Sure. Is this better?

[Analyst] (DB Wealth): Sure. Is this better?

Deekshant Boolchandani: Sure. Is this better?

Speaker #2: Yeah, much better.

Operator: Yeah, much better.

Speaker #3: So I want to know how our journey has been, you know, getting the bigger orders, and how we have been building a business that will now attract larger orders.

[Analyst] (DB Wealth): I want to know how has been our journey on now getting the bigger orders, and we have been building a business that will now attract larger orders. What is the vision and execution on this part of our business and our bidding pipeline? Secondly is, what sort of institutions are we meeting so that we are getting more recognized in the market, so that our cap table and our shareholding is better and institutions are much more interested in our business?

Deekshant Boolchandani: I want to know how has been our journey on now getting the bigger orders, and we have been building a business that will now attract larger orders. What is the vision and execution on this part of our business and our bidding pipeline? Secondly is, what sort of institutions are we meeting so that we are getting more recognized in the market, so that our cap table and our shareholding is better and institutions are much more interested in our business?

Speaker #3: So, what is the vision and execution on this part of our business and our bidding pipeline? And secondly, what sort of institutions are we meeting so that we are getting more recognized in the markets and our cap table and our shareholding improve?

Speaker #3: And institutions are much more interested in our business.

Speaker #2: Thank you so much, sir.

Richi Choksi: Thank you so much, sir. For the questions, I will start with the first question. At present, our current order booking is more than INR 800 crore in just EPC, and combining with that, it is more than INR 1,300 crore. The bidding under evaluation is more than INR 1,400 crore, and the projects which we are bidding are more than INR 2,600 crore. We started with the first order of INR 21 lakh way back in 2014 with the single largest capacity of bidding. It is more than INR 120 crore now. Our ultimate vision and goal is to bid and participate in the tenders of TDCP and large-scale bids of more than INR 1,000 crore, INR 2,000 crore within a couple of years.

Nikesh Choksi: Thank you so much, sir. For the questions, I will start with the first question. At present, our current order booking is more than INR 800 crore in just EPC, and combining with that, it is more than INR 1,300 crore. The bidding under evaluation is more than INR 1,400 crore, and the projects which we are bidding are more than INR 2,600 crore. We started with the first order of INR 21 lakh way back in 2014 with the single largest capacity of bidding. It is more than INR 120 crore now. Our ultimate vision and goal is to bid and participate in the tenders of TDCP and large-scale bids of more than INR 1,000 crore, INR 2,000 crore within a couple of years.

Speaker #3: For the questions, I would start with the first question. So, at present, our current order booking is more than ₹800 crore in just EPC.

Speaker #3: And combining with this, it's more than ₹1,300 crores. The bidding under evaluation is more than ₹1,400 crores, and the projects which we are bidding for are more than ₹2,600 crores.

Speaker #3: So we started with the first order of 21 lakhs way back in 2014. The single largest capacity of bidding is more than 120 crores now.

Speaker #3: So our ultimate vision and goal is to bid and participate in the tenders of TBCB and large-scale bids of more than ₹1,000 crores, ₹2,000 crores, within a couple of years.

[Analyst] (DB Wealth): Sir, INR 1,000, INR 2,000 crore business is going to be a lesser margin business for us, right?

Deekshant Boolchandani: Sir, INR 1,000, INR 2,000 crore business is going to be a lesser margin business for us, right?

Richi Choksi: At least for the next four to five years, we see ourselves to maintain this profitability, which we are maintaining since beginning.

Nikesh Choksi: At least for the next four to five years, we see ourselves to maintain this profitability, which we are maintaining since beginning.

[Analyst] (DB Wealth): Sir, on the institution part, please, it would be really helpful to understand what has the management-

Deekshant Boolchandani: Sir, on the institution part, please, it would be really helpful to understand what has the management-

Richi Choksi: Yeah, I'm coming to that second question. We got listed on main board on 2 June this year. We have initiated the meetings with domestic mutual funds, PMS houses, and family offices for long-term investment and to introduce them to Viviana's business model, growth strategy, and long-term vision. Alongside investor meetings, we have also strengthened our investor communication through quarterly investor presentations, earnings conference calls, and regular disclosures, which we are publishing. We understand that the institutional ownership is built over time through consistent executions rather than short-term interactions. Therefore, our primary focus remains on delivering strong financial performance, maintaining high standards and governance, and executing long-term strategy. We will publish and announce once any deal is done with the institutional investors.

Nikesh Choksi: Yeah, I'm coming to that second question. We got listed on main board on 2 June this year. We have initiated the meetings with domestic mutual funds, PMS houses, and family offices for long-term investment and to introduce them to Viviana's business model, growth strategy, and long-term vision. Alongside investor meetings, we have also strengthened our investor communication through quarterly investor presentations, earnings conference calls, and regular disclosures, which we are publishing. We understand that the institutional ownership is built over time through consistent executions rather than short-term interactions. Therefore, our primary focus remains on delivering strong financial performance, maintaining high standards and governance, and executing long-term strategy. We will publish and announce once any deal is done with the institutional investors.

[Analyst] (DB Wealth): Am I allowed to ask a follow-up, please?

Deekshant Boolchandani: Am I allowed to ask a follow-up, please?

Richi Choksi: Yeah, sure.

Nikesh Choksi: Yeah, sure.

[Analyst] (DB Wealth): Sir, are we looking to dilute any of our holding right now, or are we looking to raise any funds via QIP, or is there any sort of goal of diluting our ownership in the business?

Deekshant Boolchandani: Sir, are we looking to dilute any of our holding right now, or are we looking to raise any funds via QIP, or is there any sort of goal of diluting our ownership in the business?

Richi Choksi: The development is going on, including the investment from the promoters and promoter groups also. Any development would be there, we will publish it.

Nikesh Choksi: The development is going on, including the investment from the promoters and promoter groups also. Any development would be there, we will publish it.

[Analyst] (DB Wealth): Okay. Thank you so much, sir. Wish you all the best.

Deekshant Boolchandani: Okay. Thank you so much, sir. Wish you all the best.

Richi Choksi: Thank you. Thank you, sir.

Nikesh Choksi: Thank you. Thank you, sir.

Operator: Thank you. The next question is from the line of Rajesh Singla from VTG Capital. Please proceed.

Rajesh Singla: Yeah. Hi. Thank you for good set of numbers. First question would be on the market environment, demand environment. If you can comment on what kind of demand you are seeing in Gujarat or Punjab, any other states where you are present. If you can share your insight on the demand side of the picture.

Richi Choksi: At present, we are executing the projects mainly backed by the funds backed by central government as the power infrastructure development is going on in entire country. We are focusing mainly on Gujarat at present, particularly for this quarter, as the bids are more than INR 6,000 crores, in which we can get eligible. For next quarter, particularly for this financial year, as we have executed the projects in multiple states, around more than 10 states so far. We are also bidding in the states of Haryana, Rajasthan, Bihar, and Uttarakhand.

Nikesh Choksi: At present, we are executing the projects mainly backed by the funds backed by central government as the power infrastructure development is going on in entire country. We are focusing mainly on Gujarat at present, particularly for this quarter, as the bids are more than INR 6,000 crores, in which we can get eligible. For next quarter, particularly for this financial year, as we have executed the projects in multiple states, around more than 10 states so far. We are also bidding in the states of Haryana, Rajasthan, Bihar, and Uttarakhand.

Rajesh Singla: Okay, great. With respect to the order book in power EPC, are we expecting more orders in the coming months so that we can execute them in this year itself?

Richi Choksi: Yes. More than INR 1,400 crores of the bids are under evaluation. We are expecting considerable amount, plus more than INR 2,600 crores of bids are in participation. We are also expecting considerable amount from those bids.

Nikesh Choksi: Yes. More than INR 1,400 crores of the bids are under evaluation. We are expecting considerable amount, plus more than INR 2,600 crores of bids are in participation. We are also expecting considerable amount from those bids.

Rajesh Singla: most likely we'll end up with ₹500, ₹600 crore kind of order book by FY 2017?

Richi Choksi: Conservatively, maybe yes. We are expecting our internal expectation is much higher than that.

Nikesh Choksi: Conservatively, maybe yes. We are expecting our internal expectation is much higher than that.

Rajesh Singla: Okay, good. With respect to the liquidity and the working capital limit, are we well-capitalized to achieve our target for this year, like around ₹900 crore kind of revenue which we are looking at?

Richi Choksi: Yes, definitely, sir. We are targeting to cross the digit which we have proposed in our investor presentation since long. We are confident enough with the existing working capital limit which we are having at present.

Nikesh Choksi: Yes, definitely, sir. We are targeting to cross the digit which we have proposed in our investor presentation since long. We are confident enough with the existing working capital limit which we are having at present.

Rajesh Singla: Okay. Maybe just if you can touch upon the collateral requirement. Like earlier, we were looking at Viviana Life Spaces as a collateral providing agency for us. How does this change when we are divesting that business? Will there be any major impact, or it will be status quo?

Richi Choksi: Our major purpose to initiate the development in Viviana Life Spaces Private Limited was to generate the assets for Viviana Power Tech without impacting on the books of Viviana Power Tech. It will remain unchanged as we will be getting the collateral of around INR 100 crores by 2030 from Viviana Life Spaces, particularly for bank facilities.

Nikesh Choksi: Our major purpose to initiate the development in Viviana Life Spaces Private Limited was to generate the assets for Viviana Power Tech without impacting on the books of Viviana Power Tech. It will remain unchanged as we will be getting the collateral of around INR 100 crores by 2030 from Viviana Life Spaces, particularly for bank facilities.

Rajesh Singla: Okay. With respect to maybe last question, I will get back in the queue. With respect to the transformer which we are planning for this year. In the last conference call, we were scheduling that we will have bus and data center transformer by the end of this year. Are we on track on that front?

Richi Choksi: Yes, sir. We are on track on that, and we are inaugurating our IDT transformer facility by end of this month. We will update on that also.

Nikesh Choksi: Yes, sir. We are on track on that, and we are inaugurating our IDT transformer facility by end of this month. We will update on that also.

Rajesh Singla: Okay. Maybe just last question, one more. With respect to the new facility, where are we today? Any kind of development, any land acquisition, anything which you can share on that?

Richi Choksi: Yes. Particularly for transformer sector, we are inaugurating the facility for 10 MVA transformers. The unit is eligible to manufacture transformers up to 20 MVA, which we have proposed for this financial year, up to 132 kV of first phase of our greenfield project. We have identified the land. We are soon developing the facility, the construction work on that.

Nikesh Choksi: Yes. Particularly for transformer sector, we are inaugurating the facility for 10 MVA transformers. The unit is eligible to manufacture transformers up to 20 MVA, which we have proposed for this financial year, up to 132 kV of first phase of our greenfield project. We have identified the land. We are soon developing the facility, the construction work on that.

Rajesh Singla: Okay. Thank you, sir. I will get back in the queue. Thank you very much. Best of luck to you.

Richi Choksi: Thank you.

Nikesh Choksi: Thank you.

Operator: Thank you. The next question is from the line of Nishita Shanklesha from Sapphire Capital. Please proceed.

Nishita Shanklesha: Yes. Hello, am I audible?

Richi Choksi: Yes, ma'am.

Nikesh Choksi: Yes, ma'am.

Nishita Shanklesha: I just wondered if you could give some update on the greenfield transformer manufacturing project that we are doing. What kind of CapEx have we spent till now, and what is the total CapEx that we plan to spend in FY27 on that facility?

Richi Choksi: Yeah. As I mentioned in the last answer, total CapEx for the greenfield project for the first phase would be around INR 90 crore. Out of that, we have spent around INR 3.54 crore so far. Particularly in this financial year, the major CapEx will come in next FY. For this financial year, it would be around INR 10 crore.

Nikesh Choksi: Yeah. As I mentioned in the last answer, total CapEx for the greenfield project for the first phase would be around INR 90 crore. Out of that, we have spent around INR 3.54 crore so far. Particularly in this financial year, the major CapEx will come in next FY. For this financial year, it would be around INR 10 crore.

Nikhil Bafna: Much better than

Nishita Shanklesha: Okay. From your opening statements, I understood that in the first phase, we'll get the capability to manufacture around 20 kV of transformers. Is that right?

Richi Choksi: First phase, the greenfield project will have the facility to manufacture the transformers up to 132 kV. In this month itself, we are inaugurating our one facility, which is on lease, in which we will have the eligibility to manufacture transformers up to 20 MVA.

Nikesh Choksi: First phase, the greenfield project will have the facility to manufacture the transformers up to 132 kV. In this month itself, we are inaugurating our one facility, which is on lease, in which we will have the eligibility to manufacture transformers up to 20 MVA.

Nishita Shanklesha: Okay. In the same facility, we'll have the capability to manufacture 20 MVA transformer as well?

Richi Choksi: Yes.

Nikesh Choksi: Yes.

Nishita Shanklesha: Okay. Understood. My next question is that you mentioned, we have around INR 1,400 crores of bids under evaluations and INR 2,600 crores of bids that we are going to participate in. Are we L1 in any of these bids?

Richi Choksi: At present, the unexecuted order booking plus in which we are L1 is around INR 840 CR. Over and above that, over INR 1,400 CR of bids are under evaluation. The technical and commercial parts are yet to get open, and more than 2,600 tenders are actively open, particularly in Gujarat and Haryana state, in which we are participating.

Nikesh Choksi: At present, the unexecuted order booking plus in which we are L1 is around INR 840 CR. Over and above that, over INR 1,400 CR of bids are under evaluation. The technical and commercial parts are yet to get open, and more than 2,600 tenders are actively open, particularly in Gujarat and Haryana state, in which we are participating.

Nishita Shanklesha: Okay. Understood. All these orders are for power EPC only, or do they also have BESS EPC?

Richi Choksi: It's mainly power transmission distribution and partly BESS also.

Nikesh Choksi: It's mainly power transmission distribution and partly BESS also.

Nishita Shanklesha: Okay. Understood. I just wanted to understand that when the transformer manufacturing facility is going to be commissioned, going forward, what sort of revenue bifurcation can we see from the manufacturing facility and from the EPC segment of the business?

Richi Choksi: By 2030, we are expecting the revenue of around more than INR 2,000 crores, in which the transformer facility will give the revenue of around INR 400 to 500 crores.

Nikesh Choksi: By 2030, we are expecting the revenue of around more than INR 2,000 crores, in which the transformer facility will give the revenue of around INR 400 to 500 crores.

Nishita Shanklesha: Okay. Understood. My last question would be on BESS. You mentioned that we have around INR 500 crores of order book in BESS. How do we see that increasing? At what rate do we see BESS increasing? What sort of growth do you see in the industry on the BESS side?

Richi Choksi: The potential is high, in particular, battery energy storage system. In one of the projects, we have bagged two projects, one in Gujarat and one in Rajasthan. In Rajasthan, we got the land, and we are awaiting further approval. Particularly in Gujarat, we are awaiting the notice to proceed from the utility as we have to develop that battery energy storage park along with another developer. We are awaiting the approval from the GoG and others.

Nikesh Choksi: The potential is high, in particular, battery energy storage system. In one of the projects, we have bagged two projects, one in Gujarat and one in Rajasthan. In Rajasthan, we got the land, and we are awaiting further approval. Particularly in Gujarat, we are awaiting the notice to proceed from the utility as we have to develop that battery energy storage park along with another developer. We are awaiting the approval from the GoG and others.

Nishita Shanklesha: Okay. Understood. Thank you so much.

Nishita Shanklesha: Thank you.

Operator: Thank you. The next question is from the line of Nikhil Bafna from Global Healthcare. Please proceed.

Nikhil Bafna: Hi there. Good afternoon.

Richi Choksi: Good afternoon, sir.

Nikesh Choksi: Good afternoon, sir.

Nikhil Bafna: I just wanted to know, our EBITDA margin trend compared to the last year, this is temporary or it is structural here?

Richi Choksi: The margin which we got in particular this quarter will be, it's around nearly 8.5%. It will remain nearly 9.5% annually.

Nikesh Choksi: The margin which we got in particular this quarter will be, it's around nearly 8.5%. It will remain nearly 9.5% annually.

Nikhil Bafna: Okay. The disinvestment what we have done, this disinvestment fund, how will be utilizing it, sir, and how much will it come approximately?

Richi Choksi: I can't give the amount as the valuation is going on, and it will get updated, but this fund will come to Viviana Power Tech only.

Nikesh Choksi: I can't give the amount as the valuation is going on, and it will get updated, but this fund will come to Viviana Power Tech only.

Nikhil Bafna: Okay. It will cover to Viviana Power Tech itself.

So, uh, I can't, uh, read the amount as the valuation is, uh, is going on and it will get updated, but this point will come to Viviana Power Technology.

Richi Choksi: Yes, sir.

Nikesh Choksi: Yes, sir.

Nikhil Bafna: Okay. Any large tenders where our company is currently the lowest bidder in L1?

Okay, it will forward to yes, sir.

Okay. Okay, sir, okay. And, uh, like any large vendors where, uh...

Where our company is currently the lowest bidder.

Richi Choksi: In DGVCL, we are expecting the LOA of around INR 100 crore of single tender in which we were L1.

Nikesh Choksi: In DGVCL, we are expecting the LOA of around INR 100 crore of single tender in which we were L1.

So, uh,

Yeah. So, uh, in DGV here, uh, we are expecting the alloy of around 100 to our single standard, in which we are all one.

Nikhil Bafna: Okay. Only one, sir?

Richi Choksi: Yeah, more than INR 1,400 crore is under evaluation. We are expecting considerable amount of the orders from that also.

Nikesh Choksi: Yeah, more than INR 1,400 crore is under evaluation. We are expecting considerable amount of the orders from that also.

Only 1, sir.

Yeah, and, uh, more than 1,400. CR is under C.

Nikhil Bafna: Okay.

Richi Choksi: Plus INR 2,600 crores, in which we have participated, the active tenders. We are expecting few of the orders among these bids also.

Nikesh Choksi: Plus INR 2,600 crores, in which we have participated, the active tenders. We are expecting few of the orders among these bids also.

So, we are expecting a considerable amount of orders from that. Also,

Plus, ₹20,060 crores in which we have participated—the active tenders—we are expecting a few of the orders among this base also.

Nikhil Bafna: Okay. Is there any plan of the promoters to buy their shareholding more?

Richi Choksi: Any development, you will get updated very soon. Okay, sir. Thank you so much, sir.

Nikesh Choksi: Any development, you will get updated very soon. Okay, sir. Thank you so much, sir.

Okay, and is there any plan for the promoters to buy more of their holdings?

So, any developments, you will get updated very soon.

Operator: Thank you. The next question is from the line of Shubham Agarwal from Lattice Ventures. Please proceed.

Okay, sir. Thank you, sir. Thank you very much.

Thank you.

The next question is from the line of...

Shubham Agarwal: Hi. Congratulations on a great set of numbers. I just had a question on something you commented. You said that the Viviana Life Spaces business, the INR 100 crore will be used for collateral. I just wanted to understand, if you disinvest in the business, how will you use the collateral from that business?

Sir, please proceed.

Richi Choksi: The promoters are same. One of the whole-time director, Ms. Priyanka Choksi, is looking after that business. Okay. We'll able to utilize the securities properties as a collateral, which are curated in Viviana Life Spaces Private Limited.

Nikesh Choksi: The promoters are same. One of the whole-time director, Ms. Priyanka Choksi, is looking after that business. Okay. We'll able to utilize the securities properties as a collateral, which are curated in Viviana Life Spaces Private Limited.

I, uh, congratulations—great set of numbers. I just had a question on something you commented on. You said that the Viral Life Spaces business, the 100 crore, will be used for collateral. So I just wanted to understand, if you disinvest in the business, how will you use the collateral from that business?

So, the promoters are saying, uh,

Our one of the whole-time directors, Priyanka, is looking after that business. Joy is also involved.

Okay, so we will be able to utilize the

Security is properties as collateral.

which are curated in Vision analysis, is private and

Shubham Agarwal: I see. Even if after selling the entity, we will be able to use it as a collateral?

Richi Choksi: Yes, sir.

Nikesh Choksi: Yes, sir.

Shubham Agarwal: I see. I had a second question on the Aarsh Transformers business. Once we sell it, what happens to all the pre-qualifications inside the business? Will that also get transferred? What about the land, machinery, intellectual property, and all of that? Do we have to-

I see so uh even if after selling the uh entity we will be able to use it as a collateral. The yes, sir.

Richi Choksi: They are-

Nikesh Choksi: They are-

Shubham Agarwal: from scratch in Viviana Power Tech, or will it get transferred from Aarsh?

Richi Choksi: Coming to Aarsh Transformers, it's basically a distribution transformer manufacturing unit, and we had the unit on lease. It will continue to manufacture transformers up to 500 KVA, and our ambition is bigger than that. We are going to develop our own in-house facility, particularly for power transformers.

Nikesh Choksi: Coming to Aarsh Transformers, it's basically a distribution transformer manufacturing unit, and we had the unit on lease. It will continue to manufacture transformers up to 500 KVA, and our ambition is bigger than that. We are going to develop our own in-house facility, particularly for power transformers.

I see and uh, I had a second question on the, our Transformer business. So uh, once we sell it, like what happens to all the pre-qualifications inside the, uh business like, will that also get transferred? Like and what about like the land Machinery, intellectual property and all of that, do we have to sew from scratch from in vivana and uh Power or like will it get transferred from our

So, uh, coming to AS Transformers, it's basically a distribution transformer manufacturing unit, and we, uh, had the unit on lease. So it will continue to manufacture transformers up to 500 kVA, and our...

MB sun is bigger than that, so we are going to develop our own facilities.

In-house facility, particularly for power transformers.

Shubham Agarwal: Okay. What about the pre-qualification that we earned in Aarsh? Does that get transferred or we have to get it again from scratch?

Richi Choksi: Aarsh has the pre-qualification mainly up to 500 KVA. We are starting our manufacturing from 5.5 MVA. Anyhow, we have to start from the scratch.

Nikesh Choksi: Aarsh has the pre-qualification mainly up to 500 KVA. We are starting our manufacturing from 5.5 MVA. Anyhow, we have to start from the scratch.

Okay. Uh, so and what about the pre-qualification that we earned in our like, does that get transferred or we, we have to, uh, get it again from scratch. That was my, so our our has the pre-qualification mainly up to 500 KVA and we are starting our manufacturing from 5.5 MB here.

So, I have, uh, we have to start from scratch.

Shubham Agarwal: Got it. Okay, thank you so much. I think that answers my questions.

Got it, got it. And, uh,

Richi Choksi: Thank you, sir.

Nikesh Choksi: Thank you, sir.

Got it. Okay, thank you so much. I think that answers my questions.

Operator: Thank you. The next question is from the line of Dushyant from RR Investor Capital. Please proceed.

Thank you sir. Thank you.

[Analyst] (RR Investor Capital): Hi, sir. Hello, sir.

The next question is from the line of Dishwith from RR Investor Capital. Please proceed.

Hello sir.

Richi Choksi: Yes, sir.

Nikesh Choksi: Yes, sir.

[Analyst] (RR Investor Capital): Congratulations on the good set of results.

Yes, sir.

Richi Choksi: Thank you, sir.

Nikesh Choksi: Thank you, sir.

Congratulations to the good side of projects.

[Analyst] (RR Investor Capital): My first question is regarding disinvestments from the Aarsh Transformers will affect anything on FY27 order book?

[Analyst] (RR Investor Capital): My first question is regarding disinvestments from the Aarsh Transformers will affect anything on FY2027 order book?

Thank you, sir.

No problem. My first question is regarding this investment from the US—will performance be affected in any way in FY27 Q1?

Richi Choksi: No, the Aarsh contributed less than around 5% in the growth of Viviana last year also, and it was expected almost 2% in particular this year. There won't be any impact on Viviana Power Tech's revenue as well as profit.

Nikesh Choksi: No, the Aarsh contributed less than around 5% in the growth of Viviana last year also, and it was expected almost 2% in particular this year. There won't be any impact on Viviana Power Tech's revenue as well as profit.

No, the apps contributed less than around 5% in the growth of FBA last year, also, and it was expected, almost, uh, 2% in particular, this year.

So there won't be any impact on Viviana Power Tech's revenue, as well as profit.

[Analyst] (RR Investor Capital): I see the cash flows have been increasing, the receivables have been increasing. What is the expected delay to collect the receivables, sir?

Richi Choksi: As you compare and thoroughly see our balance sheet, the major revenue came in the month of March, and we could able to receive major amount from our debtors, and as such, no delayed payments from our clients. Not a single client.

Nikesh Choksi: As you compare and thoroughly see our balance sheet, the major revenue came in the month of March, and we could able to receive major amount from our debtors, and as such, no delayed payments from our clients. Not a single client.

So I see I'm in the cash flows. Cash flows have been increasing, and receivables have been increasing. So, what is the expected goal to collect the receivables?

so, uh,

As you compare and, uh, thoroughly see our balance sheet, the major revenue came in the month of March, and we were able to receive the major amount.

Uh, from our data—and as such, no overdue or delayed payments from our clients. Not a single client.

[Analyst] (RR Investor Capital): Okay.

Richi Choksi: If you compare out of receivables as on date 30 June, more than 40 plus crores are received in the month of July also. Technically, we are rotationally received the money, receivable on timely manner from every discoms or every power utilities.

Nikesh Choksi: If you compare out of receivables as on date 30 June, more than 40 plus crores are received in the month of July also. Technically, we are rotationally received the money, receivable on timely manner from every discoms or every power utilities.

Okay.

Say, uh, rotationally received, uh, receivable on a timely manner, uh, from every, uh, discounts or every power utilities.

[Analyst] (RR Investor Capital): Okay. Thank you. Wishing you all the best for the future endeavors.

Okay, thank you.

Richi Choksi: Thank you so much.

Nikesh Choksi: Thank you so much.

Wishing you all the best for the future in this.

Thank you so much.

Operator: Thank you. Ladies and gentlemen, that was the last question for today. I now hand the conference over to Mr. Gopal for closing comments. Over to you, sir.

Thank you.

I now hand the conference over to Mr. Gopal for closing comments. Over to you, sir.

Moderator: Thank you everyone for joining the call today. On behalf of Viviana Power Tech Limited, we appreciate your time and participation. For any further query, you can reach out to us at letsconnect@orim.in. Thank you, everyone.

Gopal Chandak: Thank you everyone for joining the call today. On behalf of Viviana Power Tech Limited, we appreciate your time and participation. For any further query, you can reach out to us at letsconnect@orim.in. Thank you, everyone.

Uh, thank you again for, uh, joining the call today. On behalf of Limited, we appreciate your time and participation. For any further queries, you can reach out to us. Let's connect at—thank you, everyone.

Shubham Agarwal: Thank you so much.

Nikesh Choksi: Thank you so much.

Operator: Thank you. On behalf of Orim Connect, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.

Thank you so much.

Thank you. Thank you.

Moderator: Thank you.

Nikesh Choksi: Thank you.

On behalf of OM Connect, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you. Thank you.

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