Vindhya Telelinks Q3 FY26 Net Loss ₹19.66 Crore Amid EPC Delays
Vindhya Telelinks reported a net loss of ₹1,966.49 lakhs for Q3 FY2025-26, a decline from a profit of ₹2,691.76 lakhs in the prior year. The EPC segment faced execution delays due to funding issues, impacting revenue and EBITDA. The cable segment showed stable growth. The company's order book stands at ₹5,812.21 crore.
The net loss and revenue decline in the EPC segment due to funding delays are significant. However, the stable performance of the cable segment and a substantial order book provide some mitigation.
The company reported a net loss in the current quarter compared to a profit in the same quarter last year, primarily due to execution delays in the EPC segment and increased interest costs.
Vindhya Telelinks Limited (VTL), part of the MP Birla Group, announced its financial results for the quarter and nine months ended December 2025. For the nine-month period, the Company reported a net profit of ₹3,294.12 lakhs, while for Q3 FY2025–26 it recorded a net loss of ₹1,966.49 lakhs.
The Cable business showed stable growth, driven by demand for solar and specialty products. EBITDA for the segment increased to ₹1,306.39 lakhs in Q3 FY2025–26 from ₹1,242.66 lakhs in the previous year's corresponding quarter. The Company is progressing with its capacity augmentation project for E-Beam cross-linked Solar PV cables and other specialty fibre cable products.
The EPC segment faced execution delays, resulting in lower revenue recognition and EBITDA. Revenue for the quarter was ₹51,547.97 lakhs with EBITDA of ₹494.93 lakhs, compared to ₹85,088.21 lakhs and ₹5,546.26 lakhs in Q3 FY2024-25. These delays were primarily due to funding disbursement issues in government projects, notably the Uttar Pradesh Jal Jeevan Mission (JJM).
Profitability in Q3 FY2025-26 was also impacted by higher interest costs due to increased working capital and a one-time expense for incremental gratuity liability following the implementation of Labour Codes. Receivables in the EPC segment stood at ₹95,616 lakhs as of December 31, 2025, with ₹13317.42 lakhs received subsequent to the quarter end.
The combined order book for the Cable and EPC segments was approximately ₹5,812.21 crore as of the end of December 2025. The company anticipates benefiting from the Union Budget's focus on infrastructure development in rural water supply, power distribution, and renewable energy. VTL is also exploring opportunities in active connectivity solutions to enhance asset utilization and create long-term value.
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