Vindhya Telelinks Limited (VINDHYATEL)

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Vindhya Telelinks Limited (VINDHYATEL) · mywealthgrid

About

Vindhya Telelinks Limited operates in civil construction, executing infrastructure and telecom projects within India's industrials sector. With a market cap of ₹2,857.9 Cr, the company generates quarterly revenues typically in the ₹710–₹1,009 Cr range. Recent quarters show substantial operational volatility, with profitability swinging from -₹19.66 Cr losses to ₹103 Cr+ profits, reflecting project-driven execution patterns.

Face value: ₹10

Market cap

₹3,114 Cr

P/E

13.1×

P/B

0.7×

Dividend yield

0.8%

ROE

5.3%

ROCE

4.1%

Debt / equity

0.34

OPM

6.2%

EPS (TTM)

₹200.2

Book value

₹3,548.8

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Severe earnings volatility: net profit swung from -₹19.66 Cr (Dec 2025) to ₹103.47 Cr (Mar 2026) despite comparable revenues—verify project concentration, fixed-price contract exposure, and whether Dec trough is one-time or recurring.
Thin operating margins leave minimal buffer: OPM fell to 2.42% in Dec 2025 from 11.85% in Jun 2026—verify fixed-cost structure, escalation protections, and typical civil construction margins.
Low capital efficiency: ROE of 5.31% suggests suboptimal asset deployment relative to operational scale—verify whether this reflects cycle phase or structural underperformance.
Moderate debt in cyclical business: D/E of 0.34 is serviceable in growth periods but earnings volatility could strain coverage if construction demand weakens—verify order pipeline and client credit quality.

Generated analysis · source review pending

Growth drivers

Margin recovery trajectory from 2.42% (Dec 2025) to 11.85% (Jun 2026) could sustain if project mix or execution improves—verify pipeline composition and pricing environment.
EPS recovered from -₹16.59 to ₹63.85 over two quarters, signaling operational stabilization—verify causes of Dec loss and whether current profit level is sustainable or quarter-specific.
Consistent dividend payments (2023–2026) despite volatile earnings indicate cash generation discipline—verify free cash flow coverage ratios and capital deployment plans.

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹2,617.0-1.4%1Y

Quick read

rule-based

Pros

+Revenue CAGR of 19.1% over the last 5 years

Cons

−Low return on equity of 6% (3-yr avg)
−Thin operating margin of 6.2%
−Profit declined 4% a year over the last 5 years
−Weak interest coverage of 1.4×
−Low dividend payout of 11% of profit

Research score

Structured signal from quality, growth, valuation and momentum.

45/100

Business quality: 18
Growth: 37
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	1,351	2,095	1,883	1,502	1,324	2,900	4,087	4,054	3,593
COGS	-174	-416	1,423	1,120	990	2,382	3,480	3,437	3,005
Gross profit	—	—	460	382	334	519	607	618	589
	1,349	2,172	-0	-15	27	195	142	241	143
	177	339	460	397	306	324	465	376	445
OPM %	13.1%	16.2%	24.4%	26.4%	23.1%	11.2%	11.4%	9.3%	12.4%
Depreciation	13	20	21	23	22	18	24	23	21
Interest	47	76	97	78	57	73	88	102	152
	30	38	22	55	31	14	24	19	19
Profit before tax	—	—	364	350	258	247	377	270	292
Tax	45	92	127	80	65	61	94	67	72
Tax %	—	—	34.8%	22.9%	25.2%	24.8%	25%	24.8%	24.6%
	153	276	237	270	193	185	283	203	220
PAT margin %	11.4%	13.2%	12.6%	18%	14.6%	6.4%	6.9%	5%	6.1%
EPS (₹)	—	—	200.3	227.9	163.1	156.4	238.5	171.2	185.8
EPS adjusted (₹)	129.6	232.6	200.3	227.9	163.1	156.4	238.6	171.2	185.8
	—	—	5%	4.4%	6.1%	9.6%	6.3%	9.3%	3.2%
Annual report	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	12	12	12	12	12	12	12	12	12
Reserves	2,084	2,381	2,400	2,869	3,225	3,400	3,961	4,074	4,193
Minority interest	—	—	—	—	—	—	0	—	0
	457	801	831	724	564	661	477	1,155	1,425
	634	1,080	1,484	1,416	1,234	1,996	2,337	2,482	2,732
Total equity & liabilities	3,187	4,274	4,726	5,021	5,034	6,068	6,787	7,723	8,363
	84	128	116	140	108	105	157	138	159
CWIP	—	—	—	0	1	24	1	1	5
Investments	1,686	1,805	2,180	2,646	3,016	3,063	3,619	3,651	3,764
	1,416	2,341	2,430	2,236	1,910	2,877	3,010	3,933	4,434
Total assets	3,187	4,274	4,726	5,021	5,034	6,068	6,787	7,723	8,363

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Engineering, Procurement & Construction (EPC)	2,735.91	147.96	3,810.51	1,787.46	2,023.05	7.31
Cables	884.1	55.62

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	24.4%	25.4%	25.2%

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	43.54%	43.54%	43.54%	43.54%	43.54%	43.54%	43.54%	43.54%	43.54%	43.54%	43.54%	43.54%
	1.56%	1.6%	1.57%	1.55%	1.42%	1.47%	1.43%	1.5%	1.46%	1.49%	1.33%	1.4%
	9.92%	9.72%	9.72%	9.67%	8.34%	8.25%	8.26%	8.26%	8.26%	8.25%	8.25%	8.31%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	44.98%	45.14%	45.17%	45.24%	46.7%	46.74%	46.77%	46.7%	46.74%	46.72%	46.88%	46.75%
No. of shareholders	—	—	—	—	—	—	—	—	23,798	23,775	23,496	22,396

Promoter holding up 0 percentage points since Sep 2023.

Mr. Harsh Vardhan LodhaNon-Executive - Non Independent Director-Chairperson related to Promoter
Mr. Priya Shankar DasguptaNon-Executive - Independent Director
Mrs. Rashmi DhariwalNon-Executive - Independent Director
Mr. Aravind SrinivasanNon-Executive - Independent Director
Mrs. Srishti LodhaNon-Executive - Non Independent Director
Mr. Pandanda Kariappa MadappaNon-Executive - Independent Director
Mr. Yashwant Singh LodhaExecutive Director-CEO-MD
Mr. Saurabh ChhajerChief Financial Officer
Mr. Dinesh KapoorCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 1 fund houses

Held by these funds

8.19%

of the company's equity

All mutual funds

8.23%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

1 schemes

		Shares
SMALL CAP FUND	Nippon India Mutual Fund	9.75 L	247.13	0.3%	8.191%	-0

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Credit ratings

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

20 announcementsExport CSV

26 Aug 2026, 5:56 pmCompany Update

Corrigendum To The Disclosure Dated 4Th August 2026 And Voting Results Of The 43Rd AGM Of The Company Held On 3Rd August 2026.

General PDF

26 Aug 2026, 12:25 pmCompany Update

Disclosure Under Regulation 30 Of The SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015 - ESG Rating.

General PDF

21 Aug 2026, 1:07 pmCompany Update

Disclosure Under Regulation 30 Of The SEBI (LODR) Regulations, 2015 - ESG Rating.

General PDF

19 Aug 2026, 12:30 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

14 Aug 2026, 9:05 pmCompany Update

Announcement under Regulation 30 (LODR)-Scheme of Arrangement

Scheme of Arrangement PDF

8 Aug 2026, 11:37 amCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

7 Aug 2026, 9:30 pmCompany Update

Announcement under Regulation 30 (LODR)-Press Release / Media Release (Revised)

Press Release / Media Release (Revised) PDF

7 Aug 2026, 9:25 pmBoard Meeting

Board Meeting Outcome for Submission Of Unaudited Standalone And Consolidated Financial Results Of The Company For The Quarter Ended On 30Th June, 2026.

Outcome of Board Meeting PDF

Date	Category	Subject	Filing
26 Aug 2026, 5:56 pm	Company Update General	Corrigendum To The Disclosure Dated 4Th August 2026 And Voting Results Of The 43Rd AGM Of The Company Held On 3Rd August 2026.	PDF
26 Aug 2026, 12:25 pm	Company Update General	Disclosure Under Regulation 30 Of The SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015 - ESG Rating.

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	24.4%	25.4%	25.2%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Larsen & ToubroLTLT	₹5,05,996 Cr	₹6,27,679 Cr	₹2,90,137 Cr	₹28,950 Cr	10.2%	₹16,590 Cr	6.6%	15.4%	15.5%	-142
Rail Vikas Nigam LimitedRVNLRVNL	₹41,075 Cr	₹45,888 Cr	₹20,825 Cr	₹891 Cr	3.8%	₹900 Cr	4.3%	10.2%	9%	66
Kalpataru Projects International LimitedKPILKPIL	₹23,167 Cr	₹26,474 Cr	₹27,380 Cr	₹2,277 Cr	8.3%	₹1,136 Cr	3.8%	20.3%	14.6%	-94
Nbcc (India) LimitedNBCCNBCC	₹20,898 Cr	₹20,898 Cr	₹12,752 Cr	₹656 Cr	4.8%	₹743 Cr	5.8%	29.3%	26.2%	-7,663
Irb Infrastructure Developers LimitedIRBIRB	₹20,533 Cr	₹40,541 Cr	₹7,686 Cr	₹4,182 Cr	52.1%	₹954 Cr	11.1%	6.1%	4.2%	67
Cemindia Projects LimitedCEMPROCEMPRO	₹20,254 Cr	₹21,120 Cr	₹10,185 Cr	₹1,058 Cr	10.2%	₹602 Cr	5.9%	44.8%	28.2%	-110
Engineers India LimitedENGINERSINENGINERSIN	₹17,577 Cr	₹17,577 Cr	₹3,878 Cr	₹750 Cr	17.7%	₹784 Cr	17.6%	28.8%	23.8%	-22
Techno Electric & Engineering Company LimitedTECHNOETECHNOE	₹11,614 Cr	₹11,686 Cr	₹3,356 Cr	₹469 Cr	14.2%	₹431 Cr	14.6%	13.6%	12%	-33
Ircon International LimitedIRCONIRCON	₹10,369 Cr	₹16,033 Cr	₹9,241 Cr	₹771 Cr	8.4%	₹524 Cr	6.5%	7.8%	9.2%	-469
Rites LimitedRITESRITES	₹10,068 Cr	₹10,068 Cr	₹2,458 Cr	₹555 Cr	22.9%	₹417 Cr	18.8%	19.3%	15.4%	-2,276
Welspun Enterprises LimitedWELENTWELENT	₹10,026 Cr	₹11,998 Cr	₹3,544 Cr	₹716 Cr	20.7%	₹308 Cr	10.9%	17.3%	12.5%	-422
Kec International LimitedKECKEC	₹9,912 Cr	₹15,015 Cr	₹23,506 Cr	₹1,599 Cr	7.1%	₹554 Cr	2.6%	23.1%	10.5%	-132

₹ Cr	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-122	-292	30	247	183	34	441	-590	-160
	-25	5	20	3	38	-30	-41	6	-21
	147	287	-48	-249	-223	28	-284	528	109
Net cash flow	0	-1	2	0	-1	32	117	-57	-73
Free cash flow	-159	-347	-5	220	169	-0	392	-607	-208
CFO / Operating profit %	-68.8%	-86.1%	11.7%	118.2%	114.5%	12.2%	149.7%	-228.2%	-72.5%

Working capital
Receivable days	214	222	280	195	129	83	153	212

Leverage
Current ratio	1.49	1.56	1.64	1.93	1.71	1.68	1.49	1.43

Vindhya Telelinks Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Credit ratings

Events

Announcements

Not in the F&O segment

Announcements

Annual reports

Credit ratings

13

1

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

Cables · revenue

Return ratios
Return on assets %	6.4%	5%	5.4%	3.8%	3.1%	4.2%	2.6%	2.6%

Vindhya Telelinks Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Credit ratings

Events

Announcements

Quarterly record

Board and management

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Ratio timeline

Dividends13

Board meetings1

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Cables · revenue

13

1