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* VPRP is an EPC company focused player in Water Supply Projects along with Railways & Roads.

* Rajasthan constitutes the largest share in its order book at 62%.

* Order book & revenue have grown at a CAGR of ~50% over FY21-23 while PAT has grown at over 100%

* Order book stands at ~ Rs. 4,390 Cr (3.7x FY23 revenue).

* Small fish in a big pond: With revenue of just above Rs. 1k Cr, the TAM (Total Addressable Market) stands at > Rs. 6 Lac Cr

Strong industry tailwind / Segment wise Budget Allocation for FY24 –

- Jal Jeevan Mission: Rs. 70k Cr (+27% YoY)

- Railways: Rs. 2.9 Lac Cr (+15% YoY)

- Roads: Rs. 2.5 Lac Cr (+25% YoY

Peer Comparison

We expect VPRP to continue to deliver faster growth than peers on the back of its lower base.

Strong return ratios are encouraging.

Fresh fund infusion of Rs. 309 Cr via IPO should provide good fillip for future growth prospects.

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SEBI Registration number is INH000001766