VASCONEQ

Vascon Engineers Limited

EPC contractor and real estate developer with residential and infrastructure projects

Consumer Discretionary›Realty›Realty›Residential, Commercial Projects

vascon.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-19

Stock price
₹32.57
Market cap
755 Cr
Stock P/E
26.5
P/B
0.66
Dividend yield
0.7%
ROE (FY26)
4.3%
ROCE (FY26)
5.6%
Operating margin (FY26)
4.9%
Debt / equity (FY26)
0.26
OCF / EBITDA (FY26)
-232.4%
OCF / EBITDA (3Y)
-69.6%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Vascon Engineers is a Pune-headquartered company that builds buildings and infrastructure for government and private clients (EPC, or engineering, procurement and construction) and also develops real estate.

Company snapshot

50thBy market cap

Ranked among 79 companies in Residential, Commercial Projects.

Segment mix

Reportable segments as of 2024-12-31 (Consolidated). Revenue share = segment revenue ÷ total revenue.

Largest segment: 96.1% of revenue

SegmentRevenue shareRevenuePBTAssets
Discontinued Operation—0 Cr4 Cr—
Engineering, Procurement and Construction ( EPC )
96.1%
664 Cr94 Cr—
Real Estate Development
3.9%
27 Cr7 Cr—

What we see

Positives
  • ✓Debt-to-equity of 0.26x — the company is largely funded by its own money, not borrowed funds.
Concerns
  • ✗Over the last three years operations used more cash than they brought in, despite an operating profit — the business is not yet turning its profit into cash.

Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales217 Cr280 Cr335 Cr275 Cr200 Cr295 Cr387 Cr221 Cr226 Cr249 Cr253 Cr152 Cr
Operating expenses (approx.)207 Cr253 Cr318 Cr256 Cr185 Cr275 Cr350 Cr208 Cr210 Cr236 Cr242 Cr147 Cr
EBITDA10 Cr27 Cr18 Cr19 Cr14 Cr20 Cr38 Cr13 Cr16 Cr13 Cr11 Cr5 Cr
OPM %4.8%9.6%5.3%7.0%7.2%6.8%9.7%5.9%7.0%5.3%4.2%3.3%
Other income2 Cr2 Cr15 Cr3 Cr2 Cr4 Cr5 Cr21 Cr4 Cr4 Cr6 Cr5 Cr
Interest4 Cr5 Cr4 Cr5 Cr5 Cr5 Cr5 Cr5 Cr3 Cr6 Cr2 Cr6 Cr
Depreciation4 Cr4 Cr4 Cr4 Cr1 Cr2 Cr2 Cr2 Cr1 Cr2 Cr1 Cr1 Cr
Profit before tax21 Cr20 Cr24 Cr13 Cr13 Cr91 Cr37 Cr27 Cr15 Cr10 Cr13 Cr2 Cr
Tax %2.6%6.6%30.2%24.1%21.1%17.2%5.6%16.9%25.7%8.1%54.4%18.6%
Net profit21 Cr19 Cr17 Cr10 Cr10 Cr76 Cr35 Cr22 Cr11 Cr9 Cr6 Cr2 Cr
EPS (₹)₹0.94₹0.84₹0.76₹0.43₹0.46₹3.38₹1.54₹0.99₹0.50₹0.41₹0.25₹0.09

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales496 Cr541 Cr523 Cr485 Cr507 Cr653 Cr1,000 Cr1,037 Cr1,078 Cr949 CrSign in free for the trailing twelve months
Operating expenses (approx.)503 Cr534 Cr517 Cr467 Cr519 Cr634 Cr902 Cr968 Cr990 Cr897 CrSign in free for the trailing twelve months
EBITDA-7 Cr7 Cr6 Cr18 Cr-12 Cr19 Cr98 Cr70 Cr88 Cr53 CrSign in free for the trailing twelve months
OPM %-1.4%1.2%1.2%3.7%-2.4%2.8%9.8%6.7%8.2%5.6%Sign in free for the trailing twelve months
Other income58 Cr38 Cr37 Cr20 Cr12 Cr53 Cr11 Cr23 Cr13 Cr35 CrSign in free for the trailing twelve months
Interest33 Cr25 Cr26 Cr19 Cr27 Cr24 Cr13 Cr16 Cr19 Cr16 CrSign in free for the trailing twelve months
Depreciation16 Cr14 Cr13 Cr15 Cr12 Cr11 Cr12 Cr14 Cr6 Cr6 CrSign in free for the trailing twelve months
Profit before tax3 Cr5 Cr4 Cr40 Cr-40 Cr40 Cr103 Cr78 Cr154 Cr65 CrSign in free for the trailing twelve months
Tax %55.2%7.1%-24.0%0.2%-1.0%11.0%3.8%12.3%15.4%24.9%Sign in free for the trailing twelve months
Net profit1 Cr5 Cr5 Cr40 Cr-40 Cr36 Cr99 Cr68 Cr130 Cr49 CrSign in free for the trailing twelve months
EPS (₹)₹0.12₹0.34₹0.39₹2.22₹-2.27₹1.76₹4.49₹3.05₹5.81₹2.15Sign in free for the trailing twelve months
Dividend payout %—————0.0%0.0%8.0%0.0%0.0%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital168 Cr174 Cr178 Cr178 Cr182 Cr217 Cr217 Cr221 Cr226 Cr232 Cr
Reserves467 Cr494 Cr512 Cr556 Cr517 Cr594 Cr694 Cr760 Cr867 Cr917 Cr
Borrowings271 Cr203 Cr233 Cr200 Cr133 Cr157 Cr135 Cr175 Cr205 Cr299 Cr
Other liabilities407 Cr440 Cr398 Cr412 Cr478 Cr509 Cr590 Cr692 Cr831 Cr914 Cr
Total liabilities1,323 Cr1,322 Cr1,331 Cr1,356 Cr1,320 Cr1,490 Cr1,649 Cr1,862 Cr2,128 Cr2,361 Cr
Fixed assets (net)82 Cr72 Cr68 Cr63 Cr56 Cr60 Cr86 Cr78 Cr50 Cr42 Cr
CWIP——0.01 Cr0 Cr0 Cr0 Cr0 Cr0 Cr0 Cr0 Cr
Investments84 Cr86 Cr102 Cr116 Cr97 Cr92 Cr97 Cr97 Cr109 Cr122 Cr
Loans & advances——62 Cr68 Cr68 Cr63 Cr86 Cr92 Cr93 Cr73 Cr
Inventories451 Cr472 Cr500 Cr481 Cr459 Cr514 Cr473 Cr561 Cr591 Cr737 Cr
Trade receivables224 Cr206 Cr202 Cr181 Cr164 Cr162 Cr218 Cr266 Cr212 Cr238 Cr
Cash & bank28 Cr26 Cr47 Cr25 Cr28 Cr26 Cr53 Cr24 Cr118 Cr56 Cr
Other assets453 Cr462 Cr350 Cr423 Cr448 Cr572 Cr636 Cr743 Cr956 Cr1,094 Cr
Total assets1,323 Cr1,322 Cr1,331 Cr1,356 Cr1,320 Cr1,490 Cr1,649 Cr1,862 Cr2,128 Cr2,361 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity28 Cr10 Cr56 Cr38 Cr68 Cr33 Cr104 Cr-29 Cr5 Cr-122 Cr
Cash from investing-23 Cr6 Cr-2 Cr-27 Cr6 Cr-7 Cr-32 Cr-8 Cr68 Cr-17 Cr
Cash from financing-16 Cr-24 Cr-26 Cr-34 Cr-70 Cr-28 Cr-44 Cr5 Cr27 Cr74 Cr
Net cash flow-12 Cr-8 Cr28 Cr-24 Cr4 Cr-2 Cr28 Cr-31 Cr100 Cr-66 Cr
Free cash flow (OCF − Capex)5 Cr2 Cr42 Cr33 Cr64 Cr18 Cr62 Cr-49 Cr-14 Cr-127 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %3.9%3.4%3.3%6.2%-1.6%6.6%11.0%8.0%13.3%5.6%
ROE %0.2%0.7%1.0%5.3%-5.8%4.3%10.5%6.7%11.9%4.3%
Debtor days1641381401361189179947191
Inventory days434427453527445361216227218281
Days payable188174183221234196166163178245
Cash conversion cycle410391411442329255130158112128
OCF / EBITDA %—n.m.n.m.208.9%—n.m.106.3%-41.0%5.4%-232.4%
OCF / EBITDA % (3 years)——n.m.n.m.n.m.n.m.197.3%58.4%31.3%-69.6%
Debt / equity0.430.300.340.270.190.190.150.180.190.26
Current ratio1.821.772.092.051.821.871.961.861.891.95
Net debt / EBITDA—26.5328.739.76—7.080.842.160.994.60