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Vascon Engineers Ltd

| Audited Consolidated and Standalone Profit and Loss for the Quarter and Year Ended 31st March, 2026

Report Source

⬤11th May 26

Summary : Vascon Engineers approved Q4/FY26 results, restructured board with new appointments, and faces an ongoing divestment dispute.

Quarterly Report Analysis & Insights

Financial Disclosures

  1. Standalone Q4 FY26 Construction Expenses / Cost of materials: 24,377 Lakhs.
  2. Standalone Q4 FY26 Changes in inventories: (2,331) Lakhs.
  3. Standalone Q4 FY26 Employee benefits expenses: 788 Lakhs.
  4. Standalone Q4 FY26 Finance Cost: 241 Lakhs.
  5. Standalone Q4 FY26 Depreciation and amortisation expenses: 145 Lakhs.
  6. Standalone Q4 FY26 Other expenses: 1,385 Lakhs.
  7. Standalone Q4 FY26 Total Expenses: 24,605 Lakhs.
  8. Standalone Q4 FY26: EPC 24,087 Lakhs, Real Estate 1,209 Lakhs, Total 25,296 Lakhs.
  9. Consolidated Q4 FY26: EPC 24,087 Lakhs, Real Estate 1,221 Lakhs, Total 25,308 Lakhs.
  10. Standalone FY26: EPC 91,641 Lakhs, Real Estate 3,212 Lakhs, Total 94,853 Lakhs.
  11. Consolidated FY26: EPC 91,641 Lakhs, Real Estate 3,288 Lakhs, Total 94,929 Lakhs.
  12. Standalone Net cash from operating activities (FY26): (12,419) Lakhs.
  13. Standalone Net cash from investing activities (FY26): (1,721) Lakhs.
  14. Standalone Net cash from financing activities (FY26): 7,572 Lakhs.
  15. Standalone Net cash inflow / (outflow) (FY26): (6,568) Lakhs.
  16. Standalone Total Assets (March 31, 2026): 2,33,848 Lakhs.
  17. Standalone Equity Share Capital (March 31, 2026): 23,170 Lakhs.
  18. Standalone Other Equity (March 31, 2026): 91,647 Lakhs.
  19. Standalone Total Equity (March 31, 2026): 1,14,817 Lakhs.
  20. Standalone Non Current Liabilities (March 31, 2026): 18,069 Lakhs.
  21. Standalone Current Liabilities (March 31, 2026): 1,00,962 Lakhs.
  22. Vascon Engineers Limited (Holding Company)
  23. Marvel Housing Private Limited (Subsidiary Company)
  24. Vascon Value Homes Private Limited (Subsidiary Company)
  25. Kanchi Properties Private Limited (Subsidiary Company)
  26. Phoenix Venture (Joint Venture)
  27. Ajanta Enterprises (Joint Venture)
  28. Vascon Saga Construction LLP (Joint Venture)
  29. Vascon Qatar WLL (Joint Venture)
  30. Vascon Developers LLP (Joint Venture)
  31. Mumbai Estates Private Limited (Associate)
  32. DCS Conventions and Hospitality Private Limited (Associate)
  33. Financial results presented for both Standalone and Consolidated.
  34. Auditor's report covers both Standalone and Consolidated financial results.
  35. Almet Corporation Limited and Marathwada Realtors Private Limited no longer consolidated.

Corporate Overview

  1. India (Pune, Mumbai, Ahmedabad, Bengaluru, Chennai, Coimbatore, Delhi, Goa, Hyderabad, Vadodara)
  2. Dispute regarding divestment of Almet Corporation Limited shareholding.
  3. Potential financial impact from new Labour Codes.
  4. Engineering, Procurement and Construction (EPC)
  5. Real Estate Development
  6. Industrial projects
  7. Residential projects
  8. Commercial projects
  9. IT Parks development
  10. Institutes construction
  11. Clean Room Solutions
  12. Formal and factual, reporting board decisions and financial results.
  13. EPC (Engineering, Procurement and Construction)
  14. Real Estate Development
  15. Acquisition of 100% stake in Kanchi Properties Private Limited.

Risk Factors

  1. Almet Corporation divestment dispute.
  2. New Labour Codes impact.
  3. Negative cash flow from operations.
  4. Unaudited JV/associate financial data.

Key Drivers

  1. New independent directors appointed.
  2. MD elevated to Chairman role.
  3. New CEO for Real Estate.
  4. Acquisition of Kanchi Properties.

Auditor’s Report

  1. Unmodified audit opinion for standalone financial results.
  2. Unmodified audit opinion for consolidated financial results.
  3. Divestment of Almet Corporation Limited shareholding kept in abeyance due to dispute.

Board Commentary

  1. Re-appointment of Mr. Sankaramahalingam Balasubramanian as Independent Director for 5 years.
  2. Appointment of Mr. Divya Maneklal Shah as Independent Director for 5 years.
  3. Completion of second term of Mr. Mukesh Satpal Malhotra as Independent Director.
  4. Elevation of Mr. Siddharth Vasudevan Moorthy as Chairman (Promoter and Managing Director).
  5. Appointment of Mr. Raveesh Rao as CEO, Real Estate (Senior Management Personnel).
  6. Re-constitution of Audit Committee, Nomination and Remuneration Committee, Stakeholders Relationship Committee, Corporate Social Responsibility Committee.
  7. Dispute over Almet Corporation Limited divestment.
  8. Uncertainty regarding impact of new Labour Codes.
  9. Dispute over Almet Corporation Limited divestment.
  10. Potential impact from new Labour Codes.
  11. Acquisition of 100% stake in Kanchi Properties Private Limited.

Corporate Governance

  1. Auditors confirm compliance with ICAI Code of Ethics.
  2. Re-appointment of Independent Director Mr. Sankaramahalingam Balasubramanian.
  3. Appointment of new Independent Director Mr. Divya Maneklal Shah.
  4. Confirmation that independent directors meet criteria.
  5. Auditors confirm compliance with ICAI Code of Ethics.
  6. Re-constitution of Audit Committee.
  7. Re-constitution of Nomination and Remuneration Committee.
  8. Re-constitution of Stakeholders Relationship Committee.
  9. Re-constitution of Corporate Social Responsibility Committee.
  10. Dispute regarding divestment of Almet Corporation Limited shareholding.

Management Discussion & Analysis

Risk Control Measures

  1. Matter under review, appropriate action for Almet dispute.
  2. Monitoring Labour Codes for further impact.

Critical Risks

  1. Dispute over Almet Corporation Limited divestment.
  2. Uncertainty regarding impact of new Labour Codes.
  3. Negative cash flow from operating activities.
  4. Reliance on unaudited financial information from JVs/associates.
Vascon Engineers Ltd (VASCONEQ) Quarterly Report Analysis & Insights | Dhanarthi