Vision Infra Equipment Solutions Ltd(VIESL)

NSE: VIESL

₹ 323+2.38%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 802 crUpdated: 27 Oct 2026

About

Vision Infra Equipment Solutions Ltd (VIESL) provides infrastructure equipment solutions through two segments: equipment rental, and refurbishment and trading of used equipment. It reported FY26 revenue of 607.0 (Rs crore), with a rental fleet of 550+ units working across 24 states. The company says it has India's highest fleet capacities in asphalt pavers, soil stabilisers, mobile crushers and PQC pavers. FY26 was its first full year after listing on the NSE SME Platform.^[1][2][3]

Business segments

Trading and Refurbishment Products: Rs 313.1 Cr revenue, a 51.6% share in FY26 vs Rs 238.04 Cr in FY25. The segment overhauls used equipment and resells it.^[4][5]
Rental Services: Rs 293.9 Cr revenue, a 48.4% share in FY26 vs Rs 205.23 Cr in FY25. The segment rents out equipment and provides operator-backed services.^[4][5]
Management stated the revenue mix as 49:51 rental to refurbishment in FY26 and intends to keep it at about 50:50.^[3][6]

Fleet and services

The fleet includes mobile crushers, telescopic cranes, tandem rollers, piling rigs, excavators, wheel loaders, graders, boom placers, bitumen sprayers, diesel generators and gantry cranes.^[1]
Value-added services include asphalt paving, concrete slipform paving, milling, soil stabilisation and crushing, with trained operators supplied.^[1]
Equipment is rented on two pricing models: time-based (usage hours or days) and output-based (for example, tonnes crushed or kilometres paved).^[1]
In FY26 the company began captive end-to-end asphalt and concrete paving services and added piling rigs for elevated infrastructure projects.^[3]

Key operating numbers

Rental fleet: 550+ specialised units plus 200+ ancillary units at FY26 exit, up from 425 and 150 at FY25 exit.^[3]
Rental order book: about Rs 248 Cr at FY26 exit vs about Rs 240 Cr a year earlier.^[3]
About 500-550 pieces of equipment were refurbished and sold in FY26.^[3]
Gross block: Rs 603 Cr in FY26, up from Rs 419 Cr in FY25.^[3]
Deployed manpower exceeded 1,500 across 24 states in FY26.^[3]
Debtor days: about 102 in FY26, down from 121 in FY25.^[3]
As of H1 FY26, management said about 85% of the fleet was within 3 years of age.^[6]

Customers, sourcing and exports

More than 80% of the refurbishment and trading segment's sales in FY26 came from overseas clients.^[1]
Per the Q4 FY26 call, export destinations were about 40% Mexico/South America, 30% Europe and 15-20% Australia.^[3]
Refurbished equipment is resold to small and mid-sized contractors or into export markets.^[1]
Used equipment is sourced from infrastructure companies, contractors, NBFCs, equipment dealers, OEMs and retail sellers.^[1]
The annual report flags dependence on road EPC clients as a concentration risk; it says diversification into industrial infrastructure, irrigation and exports offsets this.^[1]

Expansion and capex

FY27 capex is planned at Rs 100-150 Cr for fleet and asset expansion.^[3]
The company plans to enter iron ore mining equipment rental (crushing and screening, plus Caterpillar heavy tippers), with entry expected within FY27.^[3]
Planned fleet additions focus on pavers, milling machines, soil stabilisers, slipform pavers and crushers.^[1]
Export plans target Africa, Latin America and Southeast Asia through distribution partnerships and performance warranties; domestically, the company is expanding in Tier-2 and Tier-3 markets.^[1]

Recent developments

In FY26 the company changed its depreciation method from written-down value to straight-line. Management said this lifted FY26 PAT by about Rs 20 Cr.^[3]
Debt-equity improved to 1.36x in FY26 from 1.6x in FY25, and interest coverage rose to 3.39x from 2.85x.^[3]
In H1 FY26 the company raised about Rs 130-140 Cr: 60% for equipment, 20% for working capital and 20% for corporate purposes.^[6]

Market Cap

₹802 Cr

High / Low

₹418 / 202

Stock P/E

15.2

Price / Book

3.1

EPS

₹26.8

No. of Shares

2.46 Cr

OPM

19.6%

Sales

₹607 Cr

Net Profit

₹66 Cr

Promoter holding

69.7%

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Vision Infra Equipment Solutions Ltd(VIESL)

About

Business segments

Fleet and services

Key operating numbers

Customers, sourcing and exports

Expansion and capex

Recent developments

Signal history

The analysis Screener can't give you

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Verdict

Company data

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