Viviana Power Tech Secures ₹466.74 Crore Turnkey Order From MGVCL

Key numbers

Market Cap	₹828.06 CrUtilities Sector
P/E Ratio	14.92Sector PE: 23.33
Promoter Holding	70.79%Latest Quarter
Order from	Madhya Gujarat Vij Company Limited (MGVCL)
Execution period	18/16 months
Deal value	₹466.74 Cr
Share of market cap	56.4%
Share of annual revenue	81.6%

Key highlights

• Contract value stands at ₹466.74 crore, representing 56.4% of the company's current market capitalization
• Scope includes converting 11 kv open lines to MVCC overhead conductors and underground networking
• Project execution timeline is set between 16 to 18 months from the date of Letters of Award
• Order comes from an existing client, MGVCL, under the SI Scheme – Robust-III framework
• Deal value accounts for approximately 81.6% of the company's TTM revenue of ₹571.95 crore

Massive Turnkey Mandate from MGVCL

Viviana Power Tech Limited has officially received a letter of award for turnkey contracts totaling ₹466,73,61,738 from Madhya Gujarat Vij Company Limited (MGVCL). This order is highly significant for the company, as the deal value constitutes approximately 56.4% of its total market capitalization of ₹828.06 crore. The project is sanctioned under the SI Scheme – Robust-III and focuses on upgrading existing electrical distribution infrastructure.

The company confirmed that the order value was previously factored into its investor presentations after reaching the L1 bidder position. This contract further cements Viviana's relationship with MGVCL, an existing client in the power distribution space.

Technical Scope and Execution Timelines

• Conversion of high-tension (HT) overhead 11 kv open lines to Medium Voltage Covered Conductor (MVCC)
• Implementation of underground networking across multiple MGVCL jurisdictions
• Execution window stipulated at 16 to 18 months from the date of the Letters of Award
• Project falls under the strategic SI Scheme – Robust-III for grid reliability
• Contract value is inclusive of all applicable taxes and broad considerations

Order Book Momentum and Financial Context

This latest award follows a series of successful bids for Viviana Power Tech. In August and September 2026, the company secured multiple L1 confirmations from MGVCL and PGVCL totaling over ₹600 crore, including a ₹275.05 crore project in Borsad and Nadiad. As of mid-September 2026, the unexecuted order book was reported to exceed ₹1,850 crore.

Financially, the company operates with a Price-to-Earnings (P/E) ratio of 14.92, which sits below the industry average of 20.51. While the latest quarterly revenue saw a sequential decline, the annual revenue growth for the previous fiscal stood at a robust 144.21%, highlighting the company's aggressive scaling in the EPC power transmission sector.

Capital Raising and Strategic Outlook

To support its expanding project pipeline, the Board of Directors of Viviana Power Tech is scheduled to meet on October 10, 2026, to consider fund raising via the preferential issue of fully convertible warrants. This move aligns with management's guidance to achieve consolidated revenue exceeding ₹900 crore by FY27. The company currently maintains a strong promoter holding of 70.79%, with no pledged shares.

With an active bidding pipeline estimated at ₹4,000 crore between evaluated tenders and active biddings as of late September, the company is positioning itself to capitalize on the ongoing modernization of India's power distribution networks.

What to watch next

• Outcome of the Board Meeting scheduled for 10 October 2026 regarding fund raising via warrants
• Commencement of mobilization for the MGVCL Robust-III project within the current quarter
• Status update on the L1 bidder confirmation for the ₹139.49 Cr PGVCL Rajkot project
• Quarterly financial results for the period ending September 30, 2026

Viviana Power Tech · financial snapshot

Share price	₹817.85
Market capitalisation	₹828.06 Cr
Revenue (annual)	₹531.25 Cr
Net profit (annual)	₹52.73 Cr
Revenue (latest quarter)	₹72.39 Cr-77.57% vs previous quarter
Net profit (latest quarter)	₹6.02 Cr-83.28% vs previous quarter
P/E (TTM)	14.92×Sector 23.33×
Promoter holding	70.79%+0.16% QoQ
FII holding	0.01%Current quarter

Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.