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Viviana Power Tech Limited
A Vadodara-based EPC company in power transmission and distribution up to 400 kV, which migrated from the NSE SME platform to the NSE Mainboard in 2026 and recently announced a restructuring of its transformer manufacturing subsidiary.
Recent Activity
Proposed disinvestment of transformer manufacturing subsidiary, Aarsh Transformers
Viviana Power Tech announced a proposed business realignment involving the disinvestment of its 75% stake in subsidiary Aarsh Transformers Private Limited, subject to definitive agreements and regulatory approvals. Management described the move as letting the company concentrate on its core power infrastructure business — EPC, transmission and distribution, renewable energy integration, and Battery Energy Storage — while Aarsh Transformers pursues sector-specific growth independently. This is a material structural change and worth reading the full exchange filing on.
Crossed ₹500 Cr in revenue; received NSE Mainboard migration approval
The company reported crossing ₹500 Cr in revenue for FY26 and received approval to migrate from the NSE SME Emerge platform to the NSE Mainboard, which management called a transformational milestone for the business.
Signed ₹2,448 Cr MoUs with the Gujarat Government
Viviana signed Memoranda of Understanding worth ₹2,448 Cr with the Gujarat government covering substations, power transmission and distribution networks, renewable energy projects and smart-grid upgrades, including a ₹93 Cr investment through its transformer manufacturing subsidiary.
Company Description
Viviana Power Tech, founded in 2014 and based in Vadodara, Gujarat, is an EPC company in power transmission and distribution up to the 400 kV system level — covering the supply, erection, testing and commissioning of transmission lines, EHV substations, power distribution networks, and upgrades to existing power systems.
The company has historically operated through two verticals: its core EPC business serving state power utilities, private power entities and renewable energy developers, and a transformer manufacturing business run through subsidiary Aarsh Transformers Private Limited.
In August 2026, the company proposed disinvesting its stake in Aarsh Transformers to focus fully on its core EPC, transmission, distribution, renewable energy and energy storage business — a significant structural shift worth tracking closely.
Founder and Chairman & Managing Director Nikesh Choksi brings over 40 years of experience in the power sector, including roles at GETCO (21+ years), Torrent Power and Adani Transmission, having begun his career at Larsen & Toubro.
In Their Own Words
We reached out to Viviana Power Tech management with our 4 direct questions. Their official perspective will be published unedited once submitted.
Why almost nobody has looked at this yet
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1
Recently a small-exchange stock: having traded on the NSE SME Emerge platform until its 2026 mainboard migration, Viviana sat outside the universe most mainboard-focused screeners and investors track.
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2
Business is being actively restructured: the proposed disinvestment of Aarsh Transformers means the company's reported structure is changing in real time, which can make it harder for standard coverage to keep up.
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3
Niche, project-driven business: EPC-driven power infrastructure businesses tend to get less retail attention than consumer-facing names, despite large order wins like the Gujarat MoUs.