VSF Projects

BSE: VSFPROJ · Civil Construction

52W Range₹28 ₹53

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Snapshot

Unlock VSF Projects's vital signs

Growth · Profitability · Valuation · Strength · Conviction

Company Overview

Business

VSF Projects Limited is an Indian infrastructure and construction firm specialising in civil engineering projects such as residential buildings, roads, and irrigation works. The company has also diversified its operations into the aquaculture sector, focusing on the production and export of shrimp and marine products.

Business Model

The company generates revenue through the execution of government and private infrastructure contracts alongside the processing and export of marine products. This dual-sector approach aims to balance traditional construction cycles with the volatility of the food export market.

Management Commentary

Management focuses on expanding the company's order book by actively bidding for new infrastructure projects while maintaining its established presence in the aquaculture export market.

Growth Outlook

Growth is expected to be driven by the acquisition of new civil engineering contracts and the scaling of marine product exports. The company continues to leverage its Hyderabad base to pursue infrastructure opportunities across the Indian market.

Key Risks

  • Project Execution Risk. Delays in government infrastructure projects or cost overruns can significantly impact the company's profitability and cash flow.
  • Commodity Price Volatility. The aquaculture business is susceptible to fluctuations in global shrimp prices and international trade regulations.
  • Concentration Risk. Heavy reliance on government contracts exposes the firm to changes in public spending priorities and payment delays.
  • Operational Diversification Challenges. Managing two distinct business models in construction and food processing requires diverse operational expertise and capital allocation strategies.

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Key Metrics

NET PROFIT

₹0.43 Cr

TTM · standalone

+243.3%YoY

EPS

₹0.26

TTM · standalone

+236.8%YoY

RETURN ON EQUITY

0.4%

TTM · standalone

+0.9 ppYoY

RETURN ON CAPITAL EMPLOYED

0.4%

TTM · standalone

+0.6 ppYoY

P/E

138.2x

Q4 FY26 · standalone

138.2 vs -80.8x5Y avg

EV/EBITDA

174.3x

Q4 FY26 · standalone

174.3 vs 556.7x5Y avg

EBITDA MARGIN

45.5%

TTM · standalone

+316.9 ppYoY

NET PROFIT MARGIN

16290.9%

Q4 FY24 · standalone

+16367.1 ppYoY

DEBT TO EQUITY

0.9x

Q4 FY26 · standalone

+0.25xYoY

Peers · Civil Construction

CompanyMkt CapP/EEV/EBITDARev Gr YoYEBITDA MgnROEROCE1Y Return
VSF ProjectsVSFPROJ
₹51 Cr120.00162.6345.5%0.4%0.4%-37.5%
IL&FS Engineering and Construction Company LimitedIL&FSENGG
₹464 Cr354.10254.66-41.5%6.5%0.0%-0.1%+10.1%
Vishnu Prakash R Punglia LimitedVPRPL
₹401 Cr-2.04-7.63-43.3%-19.3%-27.9%-21.7%-75.1%
Markolines Pavement Technologies LimitedMARKOLINES
₹382 Cr12.628.4413.1%14.7%21.7%+2.4%
Zodiac EnergyZODIAC
₹374 Cr15.429.0011.1%21.7%22.1%-36.1%
GVK Power & Infrastructure LimitedGVKPIL
₹335 Cr-53.00-181.56-100.0%-355.6%0.6%-0.7%-34.0%

As of Q4 FY26

Financials