Vascon Engineers financials and balance sheet

NSE: VASCONEQBSE: 533156RealtySmall Cap

₹29.14₹1.32 (4.33%)BSE ₹29.21

Share price at the NSE close on 23 Oct 2026. Previous close ₹30.46.

52-week range of traded prices to 23 Oct 2026

₹26.75Low, 30 Mar 2026₹70.20High, 3 Nov 2025

Market cap: ₹675 Cr1,560th largest listed
P/E: 23.7
P/B: 0.6
Dividend yield: Nonein the last 12 months
ROE: 2.5%
ROCE: 2.7%
Debt to equity: 0.26
Volume, NSE: 7,35,50549.5% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Vascon Engineers annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

A loss in 1 of the 10 years shown

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 29.8% of operating profit in the first full year.

The years either side of a change of basis do not compare. From the year to Mar 2018, GST replaced excise duty on 1 Jul 2017, and revenue before that day includes the duty.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue949
Materials and goods−824
Employee costs−36
Other expenses−37
Operating profit53
Depreciation−5.9
Other income+35
One-off items0.0
Finance costs−16
Profit before tax66
Tax−16
Joint ventures−0.8
Net profit49

What the company owns

Plant, investments and other assets₹1,136 Cr
Inventory₹737 Cr
Receivables₹238 Cr
Cash and bank₹203 Cr
Current investments₹47 Cr

What pays for it: net worth and liabilities

Net worth₹1,149 Cr
Owed to suppliers₹640 Cr
Borrowings₹299 Cr
Other liabilities₹273 Cr

Vascon Engineers business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them.Vascon Engineers segment results by quarter

Revenue by segment

₹949 CrTotal

EPC (Engineering, Procurement and Construction)₹916 Cr96.5% of total
Real Estate Development₹33 Cr3.5% of total

Profit by segment

EPC (Engineering, Procurement and Construction)₹122 Cr97.5% of total
Real Estate Development₹3 Cr2.5% of total

Segment results by year

Consolidated, ₹ crore, years to March.

EPC (Engineering, Procurement and Construction)
Revenue, ₹ crore
282
256
297
413
654
711
1,007
916
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
57
40
21
62
89
102
140
122
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Real Estate Development
Revenue, ₹ crore
82
77
61
46
94
37
71
33
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
6
40
−10
8
53
33
10
3
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	526	485	509	653	1,001	1,037	1,078	949
Company revenue, as in its results	523	485	507	653	1,000	1,037	1,078	949
Revenue	282	256	297	413	654	711	1,007	916
Revenue growth	–	−9.5%	16.4%	38.9%	58.4%	8.7%	41.6%	−9.0%
Profit	57	40	21	62	89	102	140	122
Profit growth	–	−30.6%	−48.3%	200.5%	44.6%	14.5%	36.6%	−12.7%
Margin	20.3%	15.6%	6.9%	15.0%	13.7%	14.4%	13.9%	13.3%
Return on capital	–	20.1%	9.2%	26.6%	33.4%	35.1%	36.3%	27.8%
Assets	–	376	407	464	563	635	958	1,081
Liabilities	–	178	182	232	295	343	573	642
Capital employed	–	198	224	232	268	291	385	439
Revenue	82	77	61	46	94	37	71	33
Revenue growth	–	−7.1%	−20.4%	−25.0%	105.4%	−60.9%	92.4%	−53.5%
Profit	6	40	−10	8	53	33	10	3
Profit growth	–	593.9%	–	–	549.5%	−38.9%	−70.0%	−67.7%
Margin	7.0%	52.3%	−16.5%	17.9%	56.7%	88.6%	13.8%	9.6%
Return on capital	–	9.1%	−2.5%	1.7%	10.9%	6.1%	1.6%	0.5%
Assets	–	723	668	769	743	833	997	1,122
Liabilities	–	283	269	272	255	302	402	480
Capital employed	–	440	399	497	489	531	595	642
Revenue	162	153	151	194	253	289	–	–
Revenue growth	–	−5.5%	−1.5%	29.1%	30.1%	14.4%	–	–
Profit	−5	6	6	11	19	12	–	–
Profit growth	–	–	9.1%	76.2%	72.0%	−35.7%	–	–
Margin	−3.3%	3.8%	4.2%	5.8%	7.6%	4.3%	–	–
Return on capital	–	7.6%	7.8%	13.2%	24.9%	12.2%	–	–
Assets	–	134	135	173	188	240	–	–
Liabilities	–	56	53	87	110	138	–	–
Capital employed	–	77	82	85	78	102	–	–

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.Vascon Engineers quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 3 Jun	Mar 2020Filed 12 Jun	Mar 2021Filed 31 May	Mar 2022Filed 25 May	Mar 2023Filed 24 May	Mar 2024Filed 12 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 11 May
Revenue from operations	487	531	523	485	507	653	1,000	1,037	1,078	949
	503	534	517	467	519	634	902	968	990	897
Materials and goods bought	361	382	383	349	402	518	789	833	913	824
Employee costs	–	–	72	72	59	70	69	78	37	36
Other expenses	–	–	61	46	58	46	45	56	40	37
Operating profit before depreciation	−16	−3	6	18	−12	19	98	70	88	53
Operating margin	−3.2%	−0.5%	1.2%	3.7%	−2.4%	2.8%	9.8%	6.7%	8.2%	5.6%
Materials, % of revenue	–	–	73.2%	71.9%	79.4%	79.3%	78.9%	80.3%	84.7%	86.8%
Employee costs, % of revenue	–	–	13.8%	14.8%	11.6%	10.8%	6.9%	7.6%	3.4%	3.8%
Other expenses, % of revenue	–	–	11.7%	9.5%	11.5%	7.1%	4.5%	5.4%	3.7%	3.9%
Depreciation and amortisation	16	14	13	15	12	11	12	14	6	6
Operating profit after depreciation	−31	−17	−7	3	−24	8	86	55	82	47
Other income	58	38	37	20	12	53	11	23	13	35
Finance costs	33	25	26	19	27	24	13	16	19	16
Profit before one-off items and tax	−6	−4	4	4	−39	37	84	62	76	66
One-off items	0	9	0	0	0	0	0	0	74	0
Profit before tax	−6	5	4	4	−39	37	84	62	150	66
	2	0	−1	0	0	4	4	10	23	16
Current tax	5	0	−1	0	0	4	3	10	25	21
Deferred tax	−3	1	0	0	0	0	1	−1	−2	−5
Share of profit of joint ventures and associates	9	–	1	36	−1	4	19	16	0	−1
Profit from discontinued businesses	–	–	–	–	–	–	–	–	4	–
	1	5	5	40	−40	36	99	68	130	49
Belonging to the company's shareholders	–	–	7	40	−41	35	97	67	130	49
Belonging to outside owners of subsidiaries	–	–	−2	0	1	1	2	1	0	0
Other comprehensive income	–	–	−1	1	0	0	1	0	0	1
Total comprehensive income	–	–	5	41	−41	36	100	68	130	50
Net margin	0.2%	0.9%	1.0%	8.2%	−7.9%	5.5%	9.9%	6.6%	12.1%	5.2%
Net margin without joint ventures and associates	−1.6%	–	0.9%	0.8%	−7.7%	4.9%	8.0%	5.0%	12.1%	5.2%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank. Belonging to the company's shareholders is left blank for the years to Mar 2017 and Mar 2018: the filing's earnings per share does not match the profit it states, and cannot be multiplied back into the owners' profit because the earnings per share is under 50 paise, where its rounding to the paisa is too coarse.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 3 Jun	Mar 2020Filed 12 Jun	Mar 2021Filed 31 May	Mar 2022Filed 25 May	Mar 2023Filed 24 May	Mar 2024Filed 12 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 11 May
	700	744	709	824	924	995	1,093	1,149
	690	734	699	811	912	981	1,093	1,149
Share capital	178	178	182	217	217	221	226	232
Reserves	512	556	517	594	694	760	867	917
Belonging to outside owners of subsidiaries	9	9	10	13	13	14	0	0
	233	200	133	157	135	175	205	299
Repayable after a year	140	98	43	17	64	79	100	166
Repayable within a year	93	102	90	140	71	96	105	132
	472	495	550	631	648	766	921	1,031
Trade payables	202	202	241	279	362	403	481	640
Other financial liabilities	31	65	90	7	5	2	1	23
Other liabilities	127	107	107	170	177	236	316	216
Provisions	19	20	22	35	33	29	17	19
	159	117	60	35	77	101	115	182
Other financial liabilities	19	18	18	18	14	9	15	14
Other liabilities	0	0	0	0	0	13	1	1
	1,331	1,356	1,320	1,490	1,649	1,862	2,128	2,361
Held for sale or for a demerger	–	–	–	–	4	4	–	–
	345	341	317	313	376	433	389	350
Plant in use, after depreciation	68	63	56	60	86	78	50	42
Plant being built	0	0	0	0	0	0	0	0
Intangible assets	0	0	0	0	1	1	0	0
Goodwill	27	27	27	18	16	16	0	0
Property held to earn rent	19	18	16	15	14	14	24	23
Investments	78	80	78	72	79	79	79	52
Loans given	9	9	4	2	2	2	0	0
Other financial assets	100	118	101	101	131	156	177	166
Deferred tax	7	7	7	7	6	24	2	7
Other assets	37	19	29	37	40	63	57	60
	985	1,015	1,003	1,177	1,270	1,425	1,739	2,012
Inventories	500	481	459	514	473	561	591	737
Trade receivables	202	181	164	162	218	266	212	238
Cash and cash equivalents	47	25	28	26	53	24	118	56
Other bank balances	25	44	53	73	55	58	110	147
Current investments	4	18	3	4	3	4	6	47
Loans given	62	68	68	63	86	92	93	73
Other financial assets	127	169	199	301	341	348	520	657
Other assets	18	30	30	33	40	72	90	56
Net debt	157	113	49	55	23	89	−29	48

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 31 May	Mar 2022Filed 25 May	Mar 2023Filed 24 May	Mar 2024Filed 12 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 11 May
	68	33	104	−29	5	−122
	59	36	114	−16	18	−91
	42	−4	−10	−117	−77	−157
Receivables	−6	0	−78	−63	−186	−37
Inventories	31	6	7	−74	−59	−105
Payables	41	40	86	51	118	160
Other working capital	−25	−50	−25	−31	50	−175
Tax paid	9	−2	−11	−12	−14	−19
Capital spending	4	15	42	20	18	4
Free cash flow	64	18	62	−49	−14	−127
	6	−7	−32	−8	68	−17
Plant and property sold	5	4	1	9	1	9
Companies bought	0	−27	0	0	0	0
Interest received	0	6	0	0	0	0
Dividends received	0	0	0	0	0	0
	−70	−28	−44	5	27	74
Borrowings raised	18	7	83	116	117	168
Borrowings repaid	−59	−73	−105	−90	−66	−79
Interest paid	0	0	0	0	10	13
Lease payments	0	6	0	0	0	0
Dividends paid	0	0	0	5	0	0
Shares bought back	0	0	0	0	0	0
Shares issued	4	74	0	6	5	5
Net change in cash	4	−2	28	−31	100	−66

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Vascon Engineers dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 3 Jun	Mar 2020Filed 12 Jun	Mar 2021Filed 31 May	Mar 2022Filed 25 May	Mar 2023Filed 24 May	Mar 2024Filed 12 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 11 May
Earnings per share	₹0.12	₹0.34	₹0.39	₹2.22	−₹2.27	₹1.76	₹4.49	₹3.05	₹5.81	₹2.15
Diluted earnings per share	₹0.12	₹0.33	₹0.39	₹2.21	−₹2.27	₹1.76	₹4.49	₹3.05	₹5.81	₹2.15
Dividend per share	–	–	–	–	–	–	–	₹0.25	–	–
Book value per share	–	–	₹38.75	₹41.22	₹38.39	₹37.33	₹41.96	₹44.33	₹48.29	₹49.58
Dividend payout	–	–	–	–	–	–	–	8.3%	–	–
Shareholder yield	–	–	–	–	−1.2%	−14.6%	0.0%	0.0%	−0.6%	−0.9%
Market cap at the year end (₹ crore)	610	557	271	131	323	506	540	1,354	837	619

Ratios

Consolidated, years to March.Vascon Engineers PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 3 Jun	Mar 2020Filed 12 Jun	Mar 2021Filed 31 May	Mar 2022Filed 25 May	Mar 2023Filed 24 May	Mar 2024Filed 12 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 11 May
Revenue growth	−22.9%	–	–	−7.4%	4.5%	28.8%	53.1%	3.7%	3.9%	−11.9%
Operating profit growth	–	–	–	177.6%	–	–	425.9%	−28.6%	26.3%	−40.0%
Net profit growth	−80.1%	284.3%	13.3%	654.1%	–	–	176.8%	−31.7%	91.7%	−62.5%
Earnings per share growth	−72.1%	183.3%	14.7%	469.2%	–	–	155.1%	−32.1%	90.5%	−63.0%
	–	–	1.0%	5.6%	−5.7%	4.7%	11.3%	7.1%	12.5%	4.4%
	–	–	–	4.6 pts	−11.3 pts	10.4 pts	6.7 pts	−4.2 pts	5.4 pts	−8.2 pts
From the net margin	–	–	–	5.2 pts	−11.0 pts	9.5 pts	3.8 pts	−3.8 pts	6.1 pts	−7.2 pts
From asset turnover	–	–	–	−0.5 pts	−0.3 pts	0.9 pts	3.1 pts	−0.5 pts	−1.1 pts	−1.2 pts
From borrowing	–	–	–	−0.1 pts	0.1 pts	0.0 pts	−0.2 pts	0.1 pts	0.5 pts	0.2 pts
Return on capital employed	–	–	−0.7%	0.3%	−2.9%	0.8%	8.1%	4.7%	6.3%	3.2%
Cash conversion	–	–	–	–	–	92.7%	104.3%	−42.0%	3.7%	−250.5%
Interest cover	–	–	–	0.2	–	0.3	6.7	3.5	4.3	2.9
Debt to equity	–	–	0.33	0.27	0.19	0.19	0.15	0.18	0.19	0.26
Receivable days	–	–	141	136	118	91	79	94	72	92
Inventory days	–	–	476	503	416	363	219	246	236	326
Payable days	–	–	192	211	219	197	167	177	193	284
Cash conversion cycle, days	–	–	425	428	316	257	131	163	116	134
Working capital days	–	–	369	402	331	326	212	235	234	332
Asset turnover	–	–	0.39	0.36	0.38	0.46	0.64	0.59	0.54	0.42
Assets per rupee of net worth	–	–	1.93	1.89	1.87	1.86	1.82	1.85	1.92	2.00
Sales per rupee of plant	–	–	7.67	7.72	9.06	10.80	11.59	13.25	21.49	22.81
Capital spending to depreciation	–	–	–	–	0.35	1.39	3.52	1.41	3.12	0.72
Plant being built, % of plant in use	–	–	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Interest cover is left blank for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2021: operating profit after depreciation is a loss, and a loss covers no interest bill. Revenue growth is left blank for the years to Mar 2018 and Mar 2019: between the two periods excise duty was taken out of revenue when GST replaced it, so the two are on different bases and the change is not worked out. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 2.2%
Cash from operations against operating profit: −232.4%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	4.2%	13.4%	−1.7%
Profit growth, yearly rate	–	–	−20.5%
Return on equity, average	–	8.0%	8.0%
Return on capital employed, average	–	4.6%	4.8%
Operating margin, average	3.2%	6.6%	6.8%
Net margin, average	4.2%	7.8%	7.9%
Asset turnover, average	–	0.53	0.52
Cash conversion cycle, days, average	–	160	138
Interest cover, average	–	3.5	3.6
Debt to equity, average	–	0.19	0.21

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	−9	−146	−122
Cash from investing	4	43	−17
Cash from financing	34	106	74
Capital spending	100	43	4
Dividends paid	5	5	0
Shares bought back	0	0	0
Shares issued for cash	90	16	5
Borrowings raised	492	402	168
Borrowings repaid	414	235	79

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	4	7	8	1	4	2
Altman Z-scorePublished threshold 1.1	–	5.10	5.24	4.69	5.28	5.58	5.14	5.49	5.22
Beneish M-scorePublished threshold −1.78	–	–	–	−2.75	−2.44	−2.05	−2.05	−2.20	−2.00
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	−8.50	0.68	1.77	5.93	2.88	8.40
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	2.15	0.53	0.27	−0.59
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	−2.91	−13.80	−29.88	−19.10	18.61	−24.44	24.49
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	5.09	−19.84	−16.63	−60.45	13.09	−4.20	34.33
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	10.95	5.99	16.13	4.74	3.73	17.56	10.87
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	0.00	0.00	0.00	0.00	0.00	–	–
Effective tax ratePublished threshold 17.16 per cent	7.00	−28.10	2.31	–	12.15	4.63	15.45	15.19	24.57
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	6.05	−7.91	−4.41	6.17	−4.75

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
25 Sep 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil A2Review, Other		10
25 Sep 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil BBB+Review, Other	Stable	55.75

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.