Vishnu Prakash R Punglia Limited, a Jodhpur-based infrastructure contractor, reported a pre-tax loss of approximately ₹151.77 crore for the latest quarter, sending its stock to the lower circuit at ₹36.03 — down nearly 5 per cent — on Tuesday, June 2, 2026.
The stock has lost 78.56 per cent of its value over the past year, falling from a 52-week high of ₹185.80 in July 2025. Total market capitalisation now stands at ₹449 crore.
In a press release filed with the exchanges, management attributed the loss to four one-time factors rather than any structural weakening of the business.
The largest contributor was an Expected Credit Loss (ECL) provision and other accounting adjustments worth approximately ₹65 crore, which the company described as prudential rather than actual cash losses. Delayed government payments on ongoing infrastructure projects led to cost overruns of around ₹32 crore in additional site and operational expenses. The company says these costs are contractually recoverable.
The termination of the Jaipur–Sawai Madhopur project resulted in a combined charge of ₹22.42 crore across two quarters, with legal proceedings underway to recover amounts claimed. A further ₹17.65 crore in revenue was reversed after departmental approvals for billed amounts remained pending; the company has issued credit notes and is pursuing recovery.
Management maintained that a substantial portion of the total loss is either non-recurring or recoverable through contractual claims, legal proceedings, or pending approvals. The company said it continues to hold a healthy order book and long-standing government contracts.