INNOVISION
Innovision Limited (innovision) Q4 FY26: PAT Up 25%, Revenue Growth Continues
Innovision Limited (INNOVISION) reports a strong FY26 performance with a 25% increase in PAT, driven by growth in toll management and drone services.
Innovision Limited (INNOVISION) announced its financial results for Q4 and FY26 ended March 31, 2026, reporting a robust performance with a 25% increase in Profit After Tax (PAT). The company continued to expand its diversified business platform spanning manpower solutions, toll management, skill development, and emerging drone services. During FY26, Innovision delivered healthy growth in revenue, EBITDA, and PAT, supported by operational efficiencies, improving business mix, and strong execution across key verticals.
Key Financial Highlights
The company’s total income increased to ₹986.6 crore, EBITDA grew ~18% to ₹61.1 crore, while PAT increased ~25% year-on-year to ₹36.4 crore. The Toll Plaza Management business continued to remain a key growth driver with 12 active NHAI toll plazas and collections. The Manpower & IFM vertical continued to provide operational scale and revenue visibility with 15,000+ personnel deployed across 23 states and 5 Union Territories.
Strategic Expansion
Innovision also accelerated its expansion into Drone Manufacturing & Drone-as-a-Service (DAAS), aerial intelligence, surveillance, and defence-oriented drone solutions through Aerodrone Robotics. As one of fewer than 50 DGCA-approved RPTOs in India, the company believes it is well-positioned within a rapidly expanding market opportunity. Looking ahead to FY27, Innovision remains focused on scaling its toll operations, expanding manpower deployment and IFM capabilities, increasing skill development enrolments, and accelerating commercial execution in the drone segment.
Source: NSE Corporate Announcement
Fundamental & Technical Analysis of Innovision Limited
Innovision Limited. Here’s a quick read on where the business and the stock stand today.
Industrials
Innovision Limited Secures Two New NHAI Toll Plaza Mandates in Madhya Pradesh
Innovision Limited (INNOVISION) secures two new NHAI toll plaza mandates in Madhya Pradesh, reinforcing its toll management business.
Innovision Limited (INNOVISION) has received two separate Letters of Award (LoA) by the National Highways Authority of India (NHAI) to operate as the user fee collection agency at the IDTL A and IDTL B Fee Plazas on the six-laning of the Indore-Dewas section of NH-3 in Madhya Pradesh, and at the Pachwara Fee Plaza on the four-laning of the Jhansi-Khajuraho section of NH-39 in Madhya Pradesh. The Company has already disclosed these developments to the stock exchanges under Regulation 30 of the SEBI (LODR) Regulations, 2015.
Contract Highlights
Both mandates, granted on September 7, 2026, follow competitive e-tender processes. Beyond toll collection, the scope for each also extends to the upkeep and maintenance of adjacent toilet blocks, including recouping of consumable items. Each engagement runs for a term of one year. The IDTL A and IDTL B Fee Plazas mandate carries a broad commercial consideration of ₹219,07,29,635, while the Pachwara Fee Plaza mandate carries a broad commercial consideration of ₹24,52,79,635. These awards mark a further addition to Innovision’s toll management footprint, strengthening the Company’s presence in Madhya Pradesh and building on its standing within NHAI’s user fee collection framework.
Management Commentary
The underlying model continues to be asset-light in nature, with working capital forming the primary requirement, which allows us to expand the portfolio without a proportionate rise in capital intensity. We would also note that the commercial consideration disclosed as part of our regulatory filing reflects the gross value of the engagement under the toll collection framework, where collections are remitted to NHAI and the Company retains an agreed spread. This figure should not be interpreted as an expected direct or proportionate addition to net revenue; the more meaningful measure of performance in this vertical remains the aggregate contribution across our expanding plaza portfolio. NHAI’s continuing pipeline of toll asset tenders, together with the sector-wide shift toward fully digital fee collection, may provide opportunities for participation in future tenders, subject to competitive bidding and applicable eligibility criteria. We intend to remain disciplined in our participation across this pipeline, while maintaining the execution standards that have underpinned our presence across toll, manpower, and skill development businesses.
Source: NSE Corporate Announcement
Fundamental & Technical Analysis of Innovision Limited
Innovision Limited belongs to the Industrials › Staffing & Employment Services sector. Here’s a quick read on where the business and the stock stand today.
Innovision falls 12.3% over three months and has not found a floor yet. The PEG of 0.25 is extremely low. Either the market misses the growth story, or there is a catch worth investigating. Razor-thin margins below 5% make profitability extremely vulnerable — this business needs scale or pricing power urgently. The stock sits at 3% of its 52-week range, close to annual lows. Historically, value investors build positions at these levels — though cheap stocks can stay cheap. Revenue grows at 56.6% and the stock moves sideways over three months. Neither side makes a strong case. The next earnings print will likely break this stock out of its current range. Check Fundamentals of Innovision Limited.
Industrials
Innovision Limited (innovision) Q1 FY27: Total Income Up 18.29% Yoy to ₹263.82 Cr
Innovision Limited (INNOVISION) reports Q1 FY27 total income of ₹263.82 Cr, up 18.29% YoY; EBITDA loss of ₹10.08 Cr.
Innovision Limited (INNOVISION) reported its financial results for Q1 FY27, marking an impressive 18.29% year-on-year growth in total income to ₹263.82 Cr. This reflects the company’s continued scale-up across its business verticals. However, the company reported an EBITDA loss of ₹10.08 Cr and a PAT loss of ₹7.36 Cr.
Operational Highlights
The Toll Plaza Management vertical, which is the core of Innovision’s growth strategy, continued to scale during the quarter. The company is currently operating 30 toll plazas under NHAI, with a secured orderbook exceeding ₹1,214 Cr for FY27 across this vertical.
Management Commentary
Lt. Col. Randeep Hundal, Chairman & Managing Director of Innovision Limited, commented, ‘In Q1 FY27, our total income grew 18.29% year-on-year to ₹263.82 Cr, reflecting continued scale-up across our business verticals. However, our EBITDA and PAT for the quarter were impacted, coming in at ₹(10.08) Cr and ₹(7.36) Cr respectively, against ₹16.02 Cr and ₹12.39 Cr in Q1 FY26.’ Despite these challenges, Innovision remains confident in the underlying strength of its order book and business model.
Source: NSE Corporate Announcement
Fundamental & Technical Analysis of Innovision Limited
Innovision Limited belongs to the Industrials › Staffing & Employment Services sector. Here’s a quick read on where the business and the stock stand today.
Innovision falls 8.1% over three months and has not found a floor yet. The PEG of 0.28 is extremely low. Either the market misses the growth story, or there is a catch worth investigating. Razor-thin margins below 5% make profitability extremely vulnerable — this business needs scale or pricing power urgently. The stock sits at 3% of its 52-week range, close to annual lows. Historically, value investors build positions at these levels — though cheap stocks can stay cheap. Revenue grows at 56.6% and the stock moves sideways over three months. Neither side makes a strong case. The next earnings print will likely break this stock out of its current range. Check Fundamentals of Innovision Limited.
Industrials
Innovision Limited (innovision) Wins Aashpur Fee Plaza Mandate
Innovision Limited (INNOVISION) secures Aashpur Fee Plaza mandate, extending toll management operations in Uttar Pradesh.
Innovision Limited, an integrated infrastructure and services platform, has been awarded a Letter of Award (LoA) by the National Highways Authority of India (NHAI) to operate as the user fee collection agency at the Aashpur Fee Plaza on NH-91 in Uttar Pradesh. This mandate, granted on August 10, 2026, follows a competitive e-tender process. Beyond toll collection, the scope also extends to the upkeep and maintenance of adjacent toilet blocks, including recouping of consumable items. The engagement runs for a term of one year, with a broad commercial consideration of ₹83,29,29,635 associated with the contract.
Strategic Growth
The Aashpur Fee Plaza mandate extends Innovision Limited’s toll management operations in Uttar Pradesh and reinforces its continued focus on the toll management business. This win marks a further addition to Innovision’s toll management footprint, strengthening the company’s presence in Uttar Pradesh and building on its standing within NHAI’s user fee collection framework.
Future Prospects
NHAI’s continuing pipeline of toll asset tenders, together with the sector-wide shift toward fully digital fee collection, may provide opportunities for participation in future tenders, subject to competitive bidding and applicable eligibility criteria. Innovision Limited intends to remain disciplined in its participation across this pipeline, while maintaining the execution standards that have underpinned its presence across toll, manpower, and skill development businesses.
Source: NSE Corporate Announcement
Fundamental & Technical Analysis of Innovision Limited
Innovision Limited belongs to the Industrials › Staffing & Employment Services sector. Here’s a quick read on where the business and the stock stand today.
Innovision falls 9.9% over three months and has not found a floor yet. The PEG of 0.28 is extremely low. Either the market misses the growth story, or there is a catch worth investigating. Razor-thin margins below 5% make profitability extremely vulnerable — this business needs scale or pricing power urgently. The stock sits at 2% of its 52-week range, close to annual lows. Historically, value investors build positions at these levels — though cheap stocks can stay cheap. Revenue grows at 56.6% and profits at 60.8% CAGR, with D/E of 0.97. Meanwhile, the stock dips 9.9% in three months without any fundamental deterioration. Consequently, the stock quietly becomes cheaper relative to earnings power. For long-term investors, that is a feature. Check Fundamentals of Innovision Limited.
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