Vascon Engineers secures ₹161 crore contract for Mumbai redevelopment project; here’s how shares are performing

The surge in the share price comes after the company announced that it has received a Letter of Intent (LOI) from MSEB Holding Company Limited for the redevelopment of the “Saudamini” building at Plot No. 9, Haji Ali Park, Mahalaxmi, Mumbai.

“The Company is expecting to generate a total value of the work of ₹161.18 crore (excluding GST and Insurance),” the company said in an exchange filing.

The work has been awarded on a redevelopment basis and will be completed within 36 months. The order has been awarded by a domestic entity, MSEB Holding Company Limited.

None of the promoter or promoter group companies has any interest in the awarded work, the company added.

Last month, on September 26, the company signed a Memorandum of Understanding (MoU) with Adani Infra (India) to serve as its execution partner under a five-year early engagement model.

As part of the MoU, Vascon will partner with Adani to select earmarked projects from the design stage, enabling seamless integration of planning and execution. Currently, three projects in Mumbai, covering around 13.15 million sq. ft., have been identified under this model.

Vascon aims to collaborate with the Adani Group on projects expected to contribute an additional 30% of its annual turnover. The tie-up is positioned as a long-term strategic partnership, with the scope and performance of the arrangement to be reviewed annually.

In March, Vascon Engineers launched Vascon Orchids, a luxury residential project in Santacruz (West), marking the company’s debut in the Mumbai market.

Currently, Vascon operates in 13 cities, with its EPC business split 75:25 between government and private clients.

Vascon Engineers share price

At 1:59 PM, shares of Vascon Engineers were trading 1.08% higher at ₹71.18 per equity share on the National Stock Exchange (NSE). Over the last five trading sessions, Vason Engineers shares gained 5.79%. Similarly, the stock further advanced 27.37% in the last month. The scrip zoomed 86.66% over the past six months. On the other hand, the stock also gained 30.89% on a year-to-date basis.

The stock touched its 52-week high of ₹73.19 on October 8, 2025, and its 52-week low of ₹31.98 on March 3, 2025. The company’s market capitalisation stands at ₹1,583.78 crore as recorded on October 9.