Vision Infra Equipment SolutionsShare price, financial results, shareholding and management
- Market cap
- ₹849 cr
- Stock P/E
- 12.9peers 8.6
- Book value
- ₹90.5
- Price to book
- 3.70
- EV / operating profit
- 7.7
- Market cap to sales
- 1.40
- ROCE · FY26
- 23.2%
- ROE · FY26
- 33.5%
- ROE, 3-year average
- 37.5%
- Operating margin · FY26
- 25.8%peers 6.0%
- Sales growth, 3 years
- +36.9%
- Profit growth, 3 years
- +93.9%
- Debt to equity
- 1.64peers 0.69
- Borrowings
- ₹377 cr
- Interest cover
- 3.4×
- Cash from business / op. profit
- 114%
- Debtor days
- 104
- Pledged
- 0.00%
- Promoter holding
- 68.30%
- Change in promoter holding
- -1.39 pts
- Shareholders
- 1,666
- 52-week high / low
- ₹418 / ₹202
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Vision Infra Equipment Solutions share price chart
Close on 6 Nov 2026 · -4.17% on the day · Vol 46,800
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- -8.3%
- 3 months
- +7.1%
- 6 months
- -7.2%
- 1 year
- +46.2%
- Traded a day, 20 days
- ₹0.37 cr
- Taken for delivery
- 83%
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +37% | +94% |
| 3 years, a year | - | - |
| Latest half, H2 FY26 | +30% | +129% |
About Vision Infra Equipment Solutions: business, products and customers
Vision Infra Equipment Solutions rents out road building machines, such as pavers, milling machines and mobile crushers, to construction companies across India. It also acquires used machines, repairs them and ships most of them abroad, and its shares trade on NSE Emerge.
Vision Infra Equipment Solutions has two businesses of about the same size. The first rents road and infrastructure equipment to contractors, either by time or by output, such as a charge per area milled or per tonne crushed, often with its own operators and support on site.
The second acquires used construction machines from contractors, lenders and dealers, refurbishes them and resells them, mostly to buyers in South America, Europe and Australia. The company says it is the only Indian road equipment company running both rental and refurbishment.
Read more about the business
Its rental fleet grew to 545 machines by March 2026 from 425 a year earlier, working for clients such as L&T, Tata Projects, IRB and Kalpataru on highways, expressways and airports. What is new: complete asphalt and concrete road laying services, piling rigs, and a planned move into renting crushing equipment and tippers for iron ore mines.
From the offer document, the November 2025 and May 2026 earnings calls, the May 2026 investor presentation, the annual report for 2025 to 26 and the August 2026 Infomerics rating note.
Read the deeper study ↓In its favour
- Sales have grown fast: 37% a year last year.
- It earns a high return on the money it uses: ROCE 23% in FY26.
- It brings in more cash than it shows as profit: ₹179.1 cr against ₹66 cr in FY26.
- The promoters own a large part of the company: 68.30%.
To watch
- Payment of about ₹120 cr owed to equipment makers, due over FY27 and FY28, which Infomerics expects to be financed with loans in FY27 (Credit rating note, Infomerics, August 2026, p.4).
- Revenue growth of 25% to 30% targeted for FY27 (Earnings call, May 2026, p.6).
- The debentures of up to ₹200 cr approved by the board in July 2026 (Board meeting outcome, July 2026, p.1).
- About ₹100 cr still to come from outstanding warrants over FY27 and FY28 (Credit rating note, Infomerics, August 2026, p.5).
- Customers take longer to pay than before: 104 days in FY26, against 0 in FY23.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Vision Infra Equipment Solutions revenue and profit growth
Half-yearly results · Profit and lossSales have grown fast. Last year profit grew faster than sales, so the company kept more from each rupee of sales.
SME companies report every six months. In the latest half, sales were higher than in the same half a year before. Profit grew faster than sales.
Vision Infra Equipment Solutions half-yearly results
SME companies report every six months · ₹ crore
| H2FY24 | H1FY25 | H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|---|---|
| Sales | 69 | 194 | 249.44 | 281.83 | 325.08 |
| Expenses | 52 | 142 | 183.54 | 209.82 | 240.71 |
| Operating profit | 17 | 51 | 65.90 | 72.02 | 84.37 |
| OPM | 25.0% | 26.0% | 26.4% | 25.6% | 25.9% |
| Interest | 3 | 13 | 13.52 | 15.85 | 20.17 |
| Depreciation | 9 | 23 | 30.75 | 33.29 | 16.06 |
| Profit before tax | 8 | 21 | 27.21 | 28.89 | 57.15 |
| Net profit | 6 | 15 | 19.36 | 21.61 | 44.40 |
Vision Infra Equipment Solutions profit and loss
Full years to March, FY23 to FY26 · ₹ crore, consolidated where reported
| FY23 | FY25 | FY26 | |
|---|---|---|---|
| Sales | 360 | 443.27 | 607 |
| Expenses | 304 | 324.31 | 450.53 |
| Operating profit | 56 | 118.95 | 156.47 |
| OPM | 16.0% | 26.8% | 25.8% |
| Other income | 9 | 11.54 | 14.93 |
| Interest | 0 | 27.25 | 36.02 |
| Depreciation | 0 | 54.99 | 49.34 |
| Exceptional and other items | -65 | · | · |
| Profit before tax | 0 | 48.26 | 86.04 |
| Tax rate | 44.0% | 29.4% | 23.3% |
| Net profit | 0 | 34.05 | 66.01 |
| EPS ₹ | · | 15.97 | 26.79 |
| Dividend payout | · | 0.0% | 0.0% |
The years to FY23 come rounded to the nearest crore in the source.
Exceptional and other items: profit before tax beyond operating profit, other income, interest and depreciation, such as one-off items or a share of associates' profit, as reported.
Vision Infra Equipment Solutions profitability
Margins and returns on capitalLast year the company kept about as much from each rupee of sales as the year before. It earns a high return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY23 | FY25 | FY26 | |
|---|---|---|---|
| Operating margin | 16.0% | 26.8% | 25.8% |
| Tax rate | 44.0% | 29.4% | 23.3% |
| ROCE | · | 34.1% | 23.2% |
| ROE | · | 41.4% | 33.5% |
| Dividend payout | · | 0.0% | 0.0% |
Vision Infra Equipment Solutions debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. Its loans are now larger than its own money. Last year the business brought in more cash than it showed as profit. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers take longer to pay than they did in FY23, which ties up more of the company's money in unpaid bills.
Bars below the line are cash going out.
Vision Infra Equipment Solutions balance sheet
At each 31 March · ₹ crore
| FY23 | FY25 | FY26 | |
|---|---|---|---|
| Equity capital | · | 24.64 | 24.64 |
| Reserves | 0 | 140.01 | 204.79 |
| Net worth | 0 | 164.65 | 229.43 |
| Borrowings | · | 278.87 | 377.40 |
| Other liabilities | · | 76.35 | 268.68 |
| Total liabilities | 0 | 519.87 | 875.51 |
| Fixed assets | · | 275.14 | 426.74 |
| Capital work in progress | · | 1 | 44 |
| Investments | 0 | 0 | 0 |
| Other assets | · | 243.73 | 404.77 |
| Receivables | · | 147.40 | 172.21 |
| Inventory | · | 41.72 | 100 |
| Cash | · | 8.16 | 20.09 |
| Trade payables | · | 24.06 | 32.33 |
Vision Infra Equipment Solutions cash flow
₹ crore
| FY23 | FY25 | FY26 | |
|---|---|---|---|
| Cash from operations | · | 39.90 | 179.06 |
| Cash from investing | · | -138.29 | -272.89 |
| Cash from financing | · | 98.93 | 98.73 |
| Net cash flow | · | 0.54 | 4.90 |
| Capital spending | · | 153.30 | 266.06 |
Working capital
Days
| FY23 | FY25 | FY26 | |
|---|---|---|---|
| Debtor days | 0 | 121 | 104 |
| Inventory days | 0 | 87 | 133 |
| Days payable | · | 50 | 43 |
| Cash conversion cycle | 0 | 158 | 194 |
| Working capital days | 0 | 45 | -2 |
Vision Infra Equipment Solutions peers and competitors
Listed SME companies in the same industryBy sales, Vision Infra Equipment Solutions is number 6 of the 86 listed SME companies in commercial services & supplies.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Clear Secured Services | 183 | 6.1 | 778 | 30.2 | 6.9% | 0.42 |
| Phoenix Overseas | 31 | 9.0 | 610 | 3.4 | 0.9% | 0.62 |
| Vision Infra Equipment Solutions | 849 | 12.9 | 607 | 66 | 25.8% | 1.64 |
| Coreintegra Consulting Services | 122 | 24.3 | 515 | 5 | 1.2% | 0.00 |
| Supreme Facility Management | 49 | 6.3 | 494 | 7.8 | 8.0% | 1.51 |
| Rbm Infracon | 252 | 5.6 | 492 | 45.3 | 14.9% | 0.76 |
| Dynamic Services & Security | 280 | 6.5 | 491 | 43.2 | 15.9% | 0.78 |
| Positron Energy | 170 | 8.5 | 442 | 20 | 5.0% | 0.05 |
| Safa Systems & Technologies | 50 | 10.0 | 433 | 5 | 1.1% | 1.37 |
| Integrated Personnel Services | 204 | 18.6 | 401 | 11 | 4.2% | 0.77 |
| Eleganz Interiors | 191 | 8.6 | 400 | 22.1 | 8.6% | 0.24 |
| Median of the 10 others | 177 | 8.6 | 492 | 15.5 | 6.0% | 0.69 |
Vision Infra Equipment Solutions shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company, a little less than in the first filing shown. Big foreign and Indian funds own very little. The number of shareholders has come down.
Vision Infra Equipment Solutions shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Sep 24 | Mar 25 | Sep 25 | Mar 26 | Jul 26 | Sep 26 | |
|---|---|---|---|---|---|---|
| Promoters | 70.20% | 70.24% | 70.26% | 70.26% | 69.69% | 68.30% |
| Foreign investors (FIIs) | 3.00% | 0.73% | 0.60% | 0.60% | 0.61% | 0.60% |
| Indian institutions (DIIs) | 6.54% | 3.43% | 2.42% | 2.83% | 2.91% | 2.86% |
| HNIs (over ₹2 lakh each) | 3.84% | 7.18% | 10.54% | 10.73% | 11.27% | 12.70% |
| Small holders (up to ₹2 lakh) | 12.30% | 13.77% | 13.02% | 12.25% | 12.10% | 12.05% |
| Companies and others | 4.12% | 4.65% | 3.16% | 3.33% | 3.42% | 3.49% |
| Number of shareholders | 2,238 | 2,235 | 1,776 | 1,644 | 265 | 1,666 |
The named holders are at 22 Sept 2026, beside 17 July 2026, each under the group the pattern files them in.
Vision Infra Equipment Solutions study: the business from its own documents
Read from 11 of the company's own documentsVision Infra Equipment Solutions so far
From the company's own record
- 13 Sept 2024Listed on NSE Emerge
- 22 Sept 2026Promoters at 68.30%
- 10 Sept 2026Highest close since listing, ₹404.40
Vision Infra Equipment Solutions key facts from the filings
Each figure with the document it comes from
- FY26 revenue
- ₹607.0 cr
- Revenue from operations for the year to March 2026, up from ₹443.3 cr.Investor presentation, May 2026, p.25
- Rental fleet
- 545
- Machines in the rental fleet at March 2026, against 425 a year earlier; refurbished machines for resale are held separately as stock.Investor presentation, May 2026, p.5; Earnings call, May 2026, p.10 and p.14
- Order book
- ₹248 cr
- Rental orders in hand at March 2026, much the same as a year earlier; the company says these are short term and keep renewing.Investor presentation, May 2026, p.5; Earnings call, May 2026, p.7 to 8
- Depreciation change
- ₹20.8 cr
- Amount by which FY26 profit after tax was higher because the company moved to straight line depreciation from 1 October 2025.Annual report 2025 to 26, p.62
- Borrowings
- ₹377.4 cr
- Long and short term borrowings at March 2026, higher than a year earlier as the fleet grew.Investor presentation, May 2026, p.26; our arithmetic
Show 4 more facts
- Machines bought on credit
- ₹120 cr
- Money owed to equipment makers for machines bought on long credit terms, shown under other current liabilities rather than borrowings.Earnings call, May 2026, p.6; Credit rating note, Infomerics, August 2026, p.4
- Sales to Equipment Hub
- ₹62 cr
- FY26 sales to Equipment Hub, a firm listed among related parties that was a subsidiary until September 2025.Earnings call, May 2026, p.11; Annual report 2025 to 26, p.41 and p.93
- Credit rating
- IVR BBB+/Stable
- Assigned by Infomerics in August 2026 to ₹108 cr of bank facilities and ₹50 cr of proposed debentures.Credit rating note, Infomerics, August 2026, p.1 to 2
- Business mix
- 51% / 49%
- Rough split of revenue between refurbishment and trading and equipment rental, as the company put it in May 2026.Earnings call, May 2026, p.16
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
In the May 2026 call, Sachin Vinod Gandhi said the company is targeting revenue growth of about 25% to 30% in FY27 and aims to double revenue over three years, and the company put its expected profit margin after tax at about 12% to 13%. It plans capital spending of ₹100 cr to ₹150 cr in FY27. In July 2026 the board approved raising up to ₹200 cr through debentures, and Infomerics notes about ₹100 cr still due from outstanding warrants over FY27 and FY28.
| What management said | When | What happened |
|---|---|---|
| FY26 revenue of more than ₹550 cr, with second half revenue of around ₹300 cr or more | November 2025 call | ₹607.0 cr for the year, with ₹325.1 cr in the second half |
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Vision Infra Equipment Solutions earns its money renting road building machines to contractors and refurbishing used machines for resale, mostly abroad.
Its weak spots are heavy borrowing to keep buying machines, money owed to equipment makers on long credit, and dependence on government spending on roads.
AverageCan it set its own prices?In a few specialised machines the company faces little competition, but in refurbishment its margin moves with deal sizes.
StrongHow strong is it against rivals?The company has one of the largest fleets of specialised road machines in India and long ties with the biggest road builders.
AverageWho are its customers?Customers are large construction companies working on government projects, and one related firm took a sizeable share of export sales.
WatchDoes it need a lot of money?Yes. Growth means buying more machines every year, funded by loans, supplier credit, warrants and planned debentures.
AverageCan it keep finding new work?Rental orders renew constantly, but the order book did not grow last year even as the fleet did.
AverageDo good and bad years swing a lot?Sales have grown steadily, but they depend on government road spending and on large one off deals in the refurbishment business.
Who runs Vision Infra Equipment Solutions?
Promoters, directors and officers; tap a name for the background
SVSachin Vinod GandhiPromoter, Chairman and Managing Director · holds 22.56%
A commerce graduate of the University of Pune with about 19 years in renting road construction equipment and in trading and refurbishing it at the time of the offer document, and responsible for business planning and overall management. The offer document states that Sachin Vinod Gandhi is the brother of Chetan Vinod Gandhi.
Offer document, p.125 to 126; Investor presentation, May 2026, p.29CVChetan Vinod GandhiPromoter and Whole Time Director · holds 22.53%
Holds an MBA in marketing management from the University of Pune and had about 14 years in equipment rental, trading and refurbishment at the time of the offer document. Manages refurbishment and leads sales.
Offer document, p.125 to 126SSSameer Sanjay GandhiPromoter and Whole Time Director · holds 22.52%
A commerce graduate of the University of Pune with about 13 years in renting, trading and refurbishing road construction equipment at the time of the offer document, covering equipment sourcing, maintenance, and rental and sales planning.
Offer document, p.126; Investor presentation, May 2026, p.29RRRahul Ramkrishna ModakIndependent Director
Over 30 years in senior management roles across sectors, with a postgraduate degree in commerce. Chairs the audit committee.
Annual report 2025 to 26, p.5 and p.11AVAnjali Vikas SapkalIndependent Director
About 20 years in quality management systems, with a postgraduate degree in financial management from the Welingkar Institute of Management.
Annual report 2025 to 26, p.11NPNilesh Prakash PokharnaChief Financial Officer
An LL.B. graduate of ILS Law College, Pune University, with over 15 years in finance, accounts, legal work and compliance; previously with Coralla Realty.
Annual report 2025 to 26, p.11; Offer document, p.133Vision Infra Equipment Solutions latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- H2 FY26: sales ₹325 cr (+30%), net profit ₹44.4 cr (+129%) on H2 FY25.
- Shareholding, 22 Sept 2026: promoters 69.69% to 68.30%.
Vision Infra Equipment Solutions announcements
27 on record, latest first; each opens the filing on the exchange
- Certificate under SEBI (Depositories and Participants) Regulations, 2018Certificate under SEBI (Depositories and Participants) Regulations, 2018PDF ↗
- Trading WindowClosure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015PDF ↗
- ConversionOf Warrants into Equity SharesPDF ↗
- Shareholders meetingSrutinizers report of Annual General Meeting held on September 21, 2026. Further, the company has informed the Exchange regarding voting resultsPDF ↗
- Shareholders meetingProceedings of Annual General Meeting held on September 21, 2026PDF ↗
- ConversionOf WarrantsPDF ↗
- AppointmentOf Ms Vasanti Mitesh Ambani as an Additional Non- Executive Independent Director of the company w.e.f. September 09, 2026PDF ↗
- Analysts/Institutional Investor Meet/Con. Call UpdatesSchedule of meetPDF ↗
- Copy of Newspaper PublicationCopy of Newspaper PublicationPDF ↗
- Allotment of Securitiesallotment of 2500 Non Convertible DebenturesPDF ↗
- Shareholders meetingNotice of Annual General Meeting to be held on September 21, 2026PDF ↗
- Outcome of Board MeetingHeld on August 26, 2026PDF ↗
Vision Infra Equipment Solutions annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
- 31 May 2026 ↗read
- 30 Nov 2025 ↗read
- 14 Aug 2026 ↗read
- Credit ratings ↗read
Vision Infra Equipment Solutions share split, bonus and dividends
From the corporate actions the company announces on the exchange
- DividendDIVIDEND - RE 0.50 PER SHAREex-date 4 Sept 2025
Checks we ran on Vision Infra Equipment Solutions' data · 9
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (2,53,52,400 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter pledge figures are within possible limits in every shareholding pattern shown.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓The two half-years of FY26 add up to the full-year sales.
- ✓Earnings per share moves in line with profit across the years shown.
- ✓Revenue and profit are reported for every year shown, FY23 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Vision Infra Equipment Solutions
What does Vision Infra Equipment Solutions do?
Vision Infra Equipment Solutions rents out road building machines, such as pavers, milling machines and mobile crushers, to construction companies across India. It also acquires used machines, repairs them and ships most of them abroad, and its shares trade on NSE Emerge.
What is the share price of Vision Infra Equipment Solutions?
₹335 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Vision Infra Equipment Solutions?
₹849 cr at the close on 6 Nov 2026, on 2,53,52,400 shares.
What is the P/E of Vision Infra Equipment Solutions?
12.9 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Vision Infra Equipment Solutions' revenue and profit?
Revenue ₹607 cr and profit after tax ₹66 cr in FY26.
Who are the promoters of Vision Infra Equipment Solutions?
Sachin Vinod Gandhi, Chetan Vinod Gandhi, Sameer Sanjay Gandhi; promoters held 68.30% at 22 Sept 2026.
What is Vision Infra Equipment Solutions' website?
www.visioninfraindia.com
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Built from 3 investor presentations, 2 earnings call transcripts, 2 annual reports, 2 credit rating notes, 1 offer document, 1 result filing, 27 exchange announcements, 6 shareholding patterns and 3 years of reported results. Every figure carries its source; where the documents are silent, the page says so.