**1. Business Performance:** Vascon Engineers delivered strong 9M FY26 results with consolidated revenue at Rs 695.57 Cr and EBITDA jumping to Rs 70.73 Cr, reflecting a robust 10% margin.

EPC projects led execution momentum, while the real estate segment booked new sales of Rs 86 Cr. **2. Growth Drivers or Strategy:** The company prioritizes EPC execution, with government projects forming ~77% of new orders for stable cash flow.

Strategic focus includes strengthening banking relationships, optimizing real estate debt, and leveraging an asset-light model for property development.

They aim to secure Rs 1,500-2,000 Cr in new EPC orders in FY26. **3. Recent Developments:** Vascon secured Rs 646 Cr in new orders and announced a Memorandum of Understanding (MoU) with Adani Group as an execution partner, enhancing its project pipeline and capabilities. **4. Key Financial Metrics:** As of December 2025, net debt stood at Rs 72.80 Cr.

The total order book is strong at Rs 2,825 Cr, providing 2.8x visibility over FY25 EPC revenues. **5. Management Commentary / Outlook:** Management expects execution momentum to continue, backed by the healthy order book.

A significant real estate pipeline, with Vascon's share in near-term launches valued at approximately Rs 1,110 Cr, points to promising future growth.