Vascon Engineers Ltd(VASCONEQ)

NSE: VASCONEQBSE: 533156

₹ 29.22-3.69%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 677 crWebsite: www.vascon.comUpdated: 24 Oct 2026

About

Vascon Engineers, established in 1986, is a construction engineering (EPC) and real estate development company that has executed more than 220 projects covering over 45 million sq. ft. Reported revenue was 949.29 Cr in FY26, and the EPC segment made up 96.5% of segment revenue. Its real estate business focuses on Pune, Mumbai and Coimbatore.^[1][2][3]

Business segments

EPC (engineering, procurement and construction): Rs 916.41 Cr revenue in FY26, 96.5% of segment revenue.^[3]
Real estate development: Rs 32.88 Cr revenue in FY26, 3.5% of segment revenue. Its share fell 12.2 percentage points over FY2019-FY2026.^[3]
The company also runs a specialised clean room partition business (FY25 annual report). It has exited non-core businesses.^[1]

EPC order book and execution

The EPC order book stood at ₹2,850 Cr as of June 30, 2026: ₹2,531 Cr external and ₹319 Cr internal. This compares with Rs 2,717 Cr at FY26 end. Management put it at about 3x FY26 EPC revenue.^[4][5]
Government projects made up about 79% of the external order book in FY26, against about 74% in September 2025.^[5][6]
The company can execute about 8 million sq ft of EPC work a year. In FY26 it was executing about 3.7 msft a year at 90% utilisation, with 500+ people in its project and engineering teams.^[1][5]
EPC revenue was ₹148 Cr in Q1 FY27 against ₹203 Cr in Q1 FY26. Management attributed the drop to cash-flow constraints at the Bihar Supaul and Sindhudurg government projects.^[4]
New EPC orders totalled Rs 762 Cr in FY26, from Royal Rides (Goa), the MSEBHCL Saudamini building, the NMMC hospital in Navi Mumbai and Lotus Park.^[5]
The company has no manufacturing plant (FY25 annual report).^[1]

Real estate sales and collections

Bookings were ₹66 Cr on 30,690 sq ft in Q1 FY27, compared with Rs 113 Cr on 96,735 sq ft for all of FY26.^[4][5]
Collections were about ₹20 Cr in Q1 FY27 and Rs 119 Cr in FY26.^[4][5]
Unsold real estate inventory was ₹414 Cr in Q1 FY27. Cumulative bookings across active projects reached ₹396 Cr by the end of Q1 FY27.^[4]
Orchid Santacruz booked ₹38 Cr in Q1 FY27, taking its cumulative bookings to ₹87 Cr.^[4]

Projects and launch pipeline

Tranquil Heights in Powai (1.5 lakh sq ft, GDV ₹350 Cr, 35% JV) launched in the second week of June 2026. It booked 11 units worth ₹17 Cr.^[4]
Prakash CHS in Santacruz West (72,000 sq ft, GDV ₹350 Cr) has its IOD and CC. RERA registration is underway and launch is targeted for October 2026.^[4]
Four near-term projects in FY26 had a total GDV of Rs 2,360 Cr, of which Vascon's share is Rs 1,110 Cr on 0.82 msft. They are Powai, Prakash Santacruz, Tower of Future (Baner-Pashan) and a 4-acre HDH-Ajanta site in Kharadi.^[5]
Coimbatore, Tower of Ascend and Orchid Santacruz are targeting occupancy certificates in FY27.^[4]
Phase-2 of GoodLife, an affordable housing project, will not be launched. Its balance land is being evaluated for hotel or commercial use (Q3 FY26).^[7]

Customers

Landmark projects include Ruby Mills (Mumbai), Suzlon One Earth (Pune), Symbiosis College (Pune) and the IGI Airport multi-level car park (New Delhi).^[1]
The company signed a 5-year early-engagement MOU with Adani covering about 13 million sq ft of projects in Mumbai. As of Q1 FY27, first revenues may slip to Q4 FY27 or FY28.^[6][4]
In Q3 FY26, private-sector orders were about 20% of the EPC mix. The company targets 40%.^[7]

Recent developments

25 Sep 2026: Qualcomm India awarded a Rs 660.79 Cr design-and-build GMP contract for an office facility (Block K) in Bengaluru. Execution runs 30 months from site handover.^[8]
Q1 FY27: the company won a ₹295 Cr CPWD order for the RBI Colony in Guwahati. After the quarter, it received a ₹126 Cr letter of intent from Maharashtra PWD.^[4]
Q1 FY27: the company issued up to 2 Cr convertible warrants for ₹80 Cr over 18 months, subscribed by a strategic investor and the promoter family. The first 25% tranche has been received.^[4]
Net debt rose to ₹151.74 Cr in June 2026, from ₹91.41 Cr in March 2026 and ₹16.62 Cr in March 2025.^[4]
CRISIL reaffirmed its A- long-term rating in Q3 FY26. Total sanctioned working capital limits were Rs 745 Cr.^[7]

Stated targets

FY27 targets: consolidated revenue of ₹1,200 Cr and new EPC orders of ₹1,500-2,000 Cr. Longer term, the company aims for annual real estate bookings of ₹1,200-1,500 Cr by FY31.^[4]

Market Cap

₹677 Cr

High / Low

₹70 / 27

Stock P/E

26.2

Price / Book

0.7

Book Value

₹50

EPS

₹2.1

No. of Shares

23.17 Cr

ROCE

5.9%

ROE

4.4%

OPM

8.3%

Debt / Equity

0.26

Sales

₹949 Cr

Net Profit

₹49 Cr

Promoter holding

30.4%

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Vascon Engineers Ltd(VASCONEQ)

About

Business segments

EPC order book and execution

Real estate sales and collections

Projects and launch pipeline

Customers

Recent developments

Stated targets

Signal history

The analysis Screener can't give you

AI Deep Dive

Verdict

Company data

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