Valplast Technologies Limited has announced its unaudited standalone financial results for H1 FY27, reporting revenue from operations of ₹36.36 crore, a 4.3% YoY increase. The company also secured new orders totaling ₹241.81 crore, approximately 2.4 times its FY26 revenue. These new contracts are primarily in railway power supply installations, railway infrastructure, and tunnel rehabilitation, diversifying its project portfolio.
Valplast Technologies Reports H1 FY27 Results and Secures New Orders
Valplast Technologies Limited (BSE SME: 544565) has announced its unaudited standalone financial results for the half year ended September 30, 2026 (H1 FY27). The company reported revenue from operations of ₹36.36 crore, marking a 4.3% year-on-year growth. EBITDA stood at ₹6.35 crore, and Profit After Tax (PAT) was ₹2.04 crore. Material costs were managed effectively, down to 54.4% of revenue.
Significant Order Influx
A major highlight for the period is the securing of new orders aggregating ₹241.81 crore since April 2026. These new contracts span railway power supply installations, railway infrastructure works, and tunnel rehabilitation. This influx of orders is approximately 2.4 times the Company’s total revenue from operations in FY26, which was ₹102.36 crore. The company’s existing order book as of September 30, 2026, stood at ₹325.15 crore, spread across eight fixed-value projects.
Financial Performance Review
The company’s business is traditionally weighted towards the second half of the financial year. In FY26, H1 contributed ₹34.85 crore to the full-year revenue of ₹102.36 crore. Operating costs saw an increase in employee benefit expenses to ₹5.78 crore (from ₹3.85 crore in H1 FY26), other expenses to ₹4.46 crore (from ₹2.46 crore), and depreciation to ₹2.79 crore (from ₹1.67 crore). Consequently, the EBITDA margin moderated to 17.5% from 22.2%. Finance costs slightly eased to ₹1.19 crore from ₹1.24 crore.
Balance Sheet Highlights
As of September 30, 2026, the company’s net worth stood at ₹66.13 crore, up from ₹64.09 crore on March 31, 2026. Total borrowings increased to ₹24.59 crore (from ₹20.38 crore), resulting in a debt-to-equity ratio of 0.37x. Notably, dues to micro and small enterprises significantly reduced to ₹2.63 crore from ₹9.94 crore.
IPO Proceeds Utilisation
The gross IPO proceeds of ₹28.09 crore, raised in October 2025, were fully utilized by September 30, 2026. As approved by shareholders, ₹4.95 crore originally allocated to machinery purchase was reallocated to working capital, which now stands at ₹18.95 crore.
Management Commentary
Mr. Sanjay Kumar, Managing Director, Valplast Technologies Limited, commented, “The first half has been a period of building for Valplast. We secured new orders worth ₹241.81 crore, about 2.4 times our entire FY26 revenue, and these take us into railway power supply installations and railway infrastructure alongside our core tunnel and waterproofing work. Revenue grew modestly, as our business is traditionally weighted towards the second half. We improved material efficiency by over 500 basis points. Margins were lower as we strengthened our teams and execution capacity ahead of these larger contracts, and we expect this investment to support execution in the coming quarters.”
Outlook
With an unexecuted order book of ₹325 crore, the company anticipates approximately 35% execution in H2 FY27. Valplast will continue to focus on timely execution, cost discipline, and working capital management while pursuing opportunities in tunnelling, railway, and power infrastructure sectors.
Source: BSE
