Viviana Power Tech Named Top Bidder For ₹139.49 Crore Underground Cable Network Project

Market snapshot: Viviana Power Tech Limited has been declared the L1 stage successful bidder for a grid modernization project worth ₹139.49 crore under the Paschim Gujarat Vij Company Limited (PGVCL) scheme in Rajkot. Following this latest development, the company's cumulative active unexecuted order backlog has crossed the major threshold of ₹1,850 crore.

Data Snapshot

• L1 Stage Bid Confirmation Value: ₹139.49 crore
• Total Post-Bid Unexecuted Order Book: Over ₹1,850 crore

What's Changed

• Total unexecuted backlog expanded to over ₹1,850 crore, up from over ₹1,700 crore as of late August 2026 and over ₹1,400 crore as of mid-August 2026.
• This represents an approximate 32% growth in unexecuted backlog (derived: >₹1,850 crore vs >₹1,400 crore) in a span of just over one month.

Key Takeaways

• Secured massive-scale grid modernization project under the state utility PGVCL.
• Strong order conversion reinforces the company's position in high-value electrical distribution systems.
• The newly elevated backlog guarantees robust medium-term revenue pipeline visibility.

SAHI Perspective

Viviana Power Tech's transition from an SME-tier player into large-scale state utility orders is accelerating. Securing the L1 spot for PGVCL's ₹139.49 crore project in Rajkot demonstrates its growing technical capability in major urban high-voltage distribution systems. The quick succession of bid wins — including a ₹113 crore MGVCL bid in August and a ₹9.74 crore GETCO contract — highlights an aggressive bidding and conversion strategy. With a backlog exceeding ₹1,850 crore, the primary challenge will now shift from order acquisition to timely execution and disciplined working capital management.

Market Implications

The order win reinforces positive momentum for the domestic Power T&D EPC sector, which is receiving massive tailwinds from state-level distribution reforms. For Viviana, sustained bid conversions solidify its market position, potentially driving positive earnings revisions as these high-value projects begin contributing to top-line growth.

Trading Signals

Market Bias: Bullish

The L1 confirmation for the ₹139.49 crore project increases Viviana's unexecuted order backlog to over ₹1,850 crore, reinforcing strong medium-term revenue visibility.

Overweight: Power Infrastructure, EPC

Trigger Factors:

• Formal receipt of the Letter of Intent (LoI) for the ₹139.49 crore PGVCL project
• Execution timeline and billing milestones of the Rajkot City Circle undergrounding project
• Sustained margins in upcoming quarterly results

Time Horizon: Medium-term (3-12 months)

Industry Context

India's power distribution utilities are aggressively implementing reform-linked schemes to modernise grids and decrease aggregate technical and commercial (AT&C) losses. Undergrounding of high-tension (11 kV HT) lines and installing Ring Main Units (RMU) is a key focus area in urban and semi-urban circles like Rajkot to ensure uninterrupted power supply and storm-resilient infrastructure.

Key Risks to Watch

• Execution Delays: Complexities in urban underground cabling (right of way, utility coordination in Rajkot city) can impact execution speed.
• Working Capital Pressure: EPC projects require tight cash flow management. High backlog-to-revenue ratios can stretch working capital if payments from state DISCOMs face delays.
• Input Cost Volatility: Fluctuations in copper, aluminum, and equipment prices could impact margins if price escalation clauses are insufficient.

Recent Developments

On August 27, 2026, Viviana Power Tech was awarded a turnkey contract worth ₹9.74 crore by Gujarat Energy Transmission Corporation Limited (GETCO) for laying, testing, and commissioning 66kV XLPE cables in Rajkot Zone. Prior to that, on August 12, 2026, the company emerged as the L1 successful bidder for two projects worth ₹113 crore under MGVCL for 11 kV overhead line conversion to MVCC and underground networks. On September 3, 2026, the Board of Directors approved amending the Articles of Association to enable the appointment of a Nominee Director by the Debenture Trustee, subject to shareholder approval at the AGM on September 29, 2026.

Closing Insight

Viviana Power Tech's L1 win marks another milestone in its rapid scaling journey, with the order backlog now standing at a robust ₹1,850 crore. While the strong order pipeline secures long-term revenue, the focus must remain on maintaining healthy operating margins and executing these complex utility projects within stipulated timelines.

High Performance Trading with SAHI.