Vikran Engineering Limited (VIKRAN)
₹59.92 +2.01% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Vikran Engineering's revenue was ₹142 Cr (-11.0% year on year, -78.1% on the previous quarter), and net profit ₹4.0 Cr (-29.4% year on year); the operating margin was 8.0%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹142 | -11.0% | -78.1% |
| Operating profit | ₹11.3 | -50.2% | -87.8% |
| Net profit | ₹4.0 | -29.4% | -92.9% |
| EPS (₹) | 0.15 | -51.6% | -93.1% |
| Operating margin | 8.0% | — | — |
VIKRAN delivery percentage and bulk deals
NSE end-of-day data for
On Fri, 16 Oct 2026, 19.99% of the VIKRAN shares traded on NSE were taken to delivery, against the stock's own 20-session average of 39.27%. The price rose 2.01% on unusually low delivery, so more of the move than usual was intraday trading. Volume was 0.3 times its average, well below normal. 14 bulk or block deals were reported in VIKRAN in the last 60 days: ₹120 Cr bought and ₹120 Cr sold.
Delivery in the last 5 sessions: 40.3% · 5.0% · 22.6% · 31.3% · 20.0%
| Date | Side | Counterparty | Value | Price | Quantity | Type |
|---|---|---|---|---|---|---|
| 13 Oct | Sell | Microcurves Trading Private Limited | ₹26.98 Cr | ₹63.08 | 4,277,453 | Bulk |
| 13 Oct | Buy | Microcurves Trading Private Limited | ₹26.96 Cr | ₹63.02 | 4,277,453 | Bulk |
| 13 Oct | Buy | Junomoneta Finsol Private Limited | ₹24.16 Cr | ₹62.80 | 3,847,888 | Bulk |
| 13 Oct | Sell | Junomoneta Finsol Private Limited | ₹24.14 Cr | ₹62.83 | 3,842,055 | Bulk |
| 13 Oct | Sell | Nk Securities Research Private Limited | ₹22.19 Cr | ₹62.83 | 3,531,942 | Bulk |
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Vikran Engineering's wholly-owned subsidiary, NOPL Solar Projects Private Limited, has entered into a facility agreement with IREDA for a rupee term loan of up to ₹2,941.19 crore. This loan part-finances a 969 MWac / 1,163 MWp solar project across 152 locations in Maharashtra with an estimated project cost of ₹4,201.70 crore. Importantly, this financial closure formalizes financing for an awarded EPC contract of ₹3,517.98 crore to parent Vikran Engineering. This EPC contract represents roughly 333% (over 3.3x) of Vikran's TTM revenue of ₹1,055 crore.
- Subsidiary NOPL secures ₹2,941.19 crore rupee term loan from IREDA.
- Total estimated project cost stands at ₹4,201.70 crore for a 969 MWac / 1,163 MWp solar setup.
- Finances the ₹3,517.98 crore EPC contract awarded directly to parent Vikran Engineering.
- Project spans 152 locations across Maharashtra under the MSKVY 2.0 scheme.
- Vikran Engineering will separately execute a corporate guarantee to secure NOPL's loan obligations.
Vikran Engineering Limited's Board has approved issuing a corporate guarantee of up to Rs 2,941.19 crore in favour of its wholly-owned subsidiary to secure credit facilities for solar projects and business operations. In addition, the Board approved an infusion of up to Rs 200 crore as promoter contribution into the subsidiary via equity, debt, or hybrid instruments. The guarantee represents a massive contingent liability, exceeding the company's current market cap of Rs 1,594 crore. The Board also noted the Cost Audit Report for FY 2025-26.
- Corporate guarantee approved up to Rs 2,941.19 crore for wholly-owned subsidiary's credit facilities
- Additional promoter contribution approved up to Rs 200 crore across multiple tranches
- Guarantee amounts to ~1.85x the company's current market capitalization of Rs 1,594 crore
- Funding intended to facilitate debt for operations and solar project implementation
- Board noted and approved Cost Audit Report for FY 2025-26
Vikran Engineering Limited has received a Show Cause Notice (SCN) in Form GST DRC-01A from the State Tax authority in Jaipur regarding alleged excess Input Tax Credit (ITC) utilization for FY 2022-23. The total demand amounts to ₹6.09 Cr, comprising tax of ₹3.34 Cr, interest of ₹2.41 Cr, and a penalty of ₹0.33 Cr. Against the company's TTM net profit of ₹4 Cr, the total demand represents ~152% of annual profits. The company stated that it does not foresee a material financial impact and plans to file detailed objections.
- Received Show Cause Notice under Form GST DRC-01A dated September 28, 2026
- Tax demand raised is Rs. 33,414,995.21 (approx. ₹3.34 Cr) for FY 2022-23
- Interest levied is Rs. 24,124,710.00 (approx. ₹2.41 Cr)
- Penalty raised stands at Rs. 3,341,498.00 (approx. ₹0.33 Cr)
- Alleged contravention relates to utilization of excess ITC
Vikran Engineering Limited has received a Show Cause Notice (SCN) in Form GST DRC-01A from the State Tax authority in Jaipur regarding alleged excess Input Tax Credit (ITC) utilization for FY 2022-23. The total demand amounts to ₹6.09 Cr, comprising tax of ₹3.34 Cr, interest of ₹2.41 Cr, and a penalty of ₹0.33 Cr. Against the company's TTM net profit of ₹4 Cr, the total demand represents ~152% of annual profits. The company stated that it does not foresee a material financial impact and plans to file detailed objections.
- Received Show Cause Notice under Form GST DRC-01A dated September 28, 2026
- Tax demand raised is Rs. 33,414,995.21 (approx. ₹3.34 Cr) for FY 2022-23
- Interest levied is Rs. 24,124,710.00 (approx. ₹2.41 Cr)
- Penalty raised stands at Rs. 3,341,498.00 (approx. ₹0.33 Cr)
- Alleged contravention relates to utilization of excess ITC
Vikran Engineering Limited has received a Show Cause Notice (SCN) in Form GST DRC-01A from the State Tax authority in Jaipur-IV on September 24, 2026. The notice pertains to FY 2022-23 and alleges excess Input Tax Credit (ITC) claimed in GSTR-3B versus GSTR-2A/2B. The total amount demanded is approximately ₹1.55 crore, comprising ₹83.62 lakh in tax, ₹62.71 lakh in interest, and ₹8.36 lakh in penalty. The company stated it has a strong case on merits and plans to file detailed objections, foreseeing no material impact on operations.
- Tax demand raised stands at Rs. 83,61,982.91 for FY 2022-23
- Interest demanded is Rs. 62,71,486.00 along with a penalty of Rs. 8,36,196.00
- Total notice exposure aggregates to approximately Rs. 1.55 crore
- Allegation pertains to excess ITC claimed in GSTR-3B not confirmed in GSTR-2A/GSTR-2B
Vikran Engineering has secured a ₹153.76 crore order (exclusive of GST) from Power Grid Corporation of India Limited (POWERGRID). The contract covers the 400 kV AIS Extension Substation Package SS-136T for the 400/220 kV Tumkur-II Pooling Substation and STATCOM civil works. The project has a stipulated execution timeline of 21 months. Representing ~108% of Vikran's reported TTM revenue of ₹142 crore, this contract win significantly expands the company's execution pipeline.
- Secured ₹153.76 crore order (exclusive of GST) from POWERGRID via Domestic Competitive Bidding
- Order value exceeds TTM revenue of ₹142 crore (~108% of TTM revenue)
- Execution timeline stipulated at 21 months from issuance of Notification of Award
- Project supports grid integration for 2.7 GW of additional renewable energy capacity at Tumkur-II
- Scope includes substation extension and civil works for ±300 MVAR STATCOM
Vikran Engineering has received a Demand Cum Show Cause Notice (SCN) under Section 73 of the CGST Act from the Additional Commissioner, CGST & CX, Patna-I. The notice demands ₹5,34,45,785 in tax along with a penalty of ₹53,44,579, totaling approximately ₹5.88 Cr for FY 2022-23. Allegations involve differences between GSTR-2A and GSTR-3B, unpaid reverse charge mechanism (RCM) tax, and turnover variances as per TDS supplies. The total demand represents ~147% of the company's TTM net profit of ₹4 Cr, though management stated it expects no material impact and plans to reply within the due timeframe.
- Received GST SCN in Form GST DRC-01 on 22nd September, 2026 for FY 2022-23
- Tax demand raised amounts to ₹5,34,45,785
- Penalty levied stands at ₹53,44,579, taking the total claim to ~₹5.88 Cr
- Total disputed amount of ~₹5.88 Cr exceeds TTM PAT of ₹4 Cr (~147% of TTM PAT)
- Alleged issues include GSTR-2A vs GSTR-3B mismatches, RCM liabilities, and TDS turnover differences
Vikran Engineering has received a favorable order from the Income Tax Appellate Tribunal (ITAT), Mumbai, regarding Assessment Year 2016-17. The tribunal dropped a tax demand of ₹3,96,75,696 and an addition of ₹6,79,64,220 in its entirety, ruling that the company proved the genuineness and repayment of unsecured loans under Section 68. As a result, the disclosed contingent liability of approximately ₹3.97 crore will be extinguished, which is equivalent to nearly 100% of its TTM net profit of ₹4 crore.
- ITAT dropped an income tax demand of ₹3,96,75,696 for AY 2016-17.
- Total additions of ₹6,79,64,220 (including ₹6,37,10,000 unexplained cash credit and ₹42,54,220 interest disallowance) were fully deleted.
- Disclosed contingent liability of ₹3,96,75,696 stands extinguished upon departmental effect.
- The dispute originated from an assessment framed following a search action conducted on 24.03.2021.
Vikran Engineering shareholders approved alterations to its Memorandum of Association (MOA) and Articles of Association (AOA) at the 18th AGM on September 11, 2026. The expanded MOA objects clause enables the company to undertake EPC and developer contracts under BOT, BOOT, and HAM models for new verticals including Data Centres, Battery Energy Storage Systems (BESS), Smart Metering, and broader power generation. Additionally, the AOA was amended via Clause 137(e) to permit Debenture Trustees to appoint a Nominee Director to the Board. This creates an enabling framework for business diversification beyond its core transmission EPC and supports potential debt fundraising.
- Shareholders approved amendments to the MOA and AOA at the 18th AGM held on 11th September 2026.
- MOA Clause 3(A)(I)(b) inserted to include Data Centres, BESS, Smart Metering, Telecom, and BOT/HAM models.
- MOA Clause 3(A)(I)(c) inserted to allow power generation, supply, and trading across renewable and conventional sources.
- AOA Clause 137(e) inserted to grant Debenture Trustees the right to appoint or remove a Nominee Director.
Vikran Engineering Limited has received a Show Cause Notice under Section 73 of the CGST Act from the GST Department, Indore, alleging excess Input Tax Credit (ITC) availed during FY 2022-23. The total demand includes tax of Rs 1,71,20,276 and a penalty of Rs 17,12,027.60, aggregating to approximately Rs 1.88 Cr. The total claimed demand represents about 47% of its TTM net profit of Rs 4 Cr, though management stated it expects no material impact and will respond within the specified timeline.
- Tax demand raised: Rs 1,71,20,276 under Section 73 of the CGST Act, 2017
- Penalty imposed: Rs 17,12,027.599 pertaining to FY 2022-2023
- Notice received via email on 17th September, 2026 (dated 11th September, 2026)
- Allegations relate to excess ITC availed and excess ITC on reverse charge inward supplies
Vikran Engineering Limited has informed the exchanges regarding its scheduled investor/analyst interaction on Monday, September 21, 2026. The management will participate in one-on-one and group meetings in person at the Anand Rathi-Annual Flagship Conference in Mumbai. The company clarified that discussions will strictly be based on generally available information without any unpublished price sensitive information (UPSI).
- Meeting scheduled for Monday, September 21, 2026
- Event: Anand Rathi-Annual Flagship Conference in Mumbai
- Format: In-person one-on-one and group meetings
- No Unpublished Price Sensitive Information (UPSI) to be discussed
Vikran Engineering Limited submitted a revised Scrutinizer's Report for its 18th Annual General Meeting held on September 11, 2026. The revision rectifies clerical errors where Resolutions 9, 10, and 11 were mistakenly labeled as 'Special Resolutions' instead of 'Ordinary Resolutions'. These resolutions pertain to the ratification of Cost Auditors' remuneration and related-party remuneration approvals for KMPs Mrs. Kanchan Markhedkar (CHRO) and Mr. Vipul Markhedkar (CBO). No other changes were made to the voting outcomes or report details.
- Clerical error corrected for Resolutions 9, 10, and 11 from 'Special Resolution' to 'Ordinary Resolution'
- Resolution 9 involves ratification of Cost Auditors' remuneration for FY ending March 31, 2027
- Resolutions 10 and 11 cover related-party remuneration for KMPs (CHRO and CBO)
- AGM was held on 11th September, 2026, with original filing dated 12th September, 2026
Vikran Engineering has released the transcript of its 18th Annual General Meeting held on September 11, 2026. Management reported that FY26 revenue reached approximately Rs 1,249 crore (up 36.4% YoY) with EBITDA of Rs 175 crore and PAT of Rs 92 crore (up 17.9% YoY). The company's order book stood at Rs 5,206 crore as of March 31, 2026, compared to Rs 2,044 crore in the prior year. Additionally, management highlighted progress on the NOPL project which has a total project cost of about Rs 4,200 crore with financial closure currently underway.
- FY26 revenue increased 36.4% to approximately Rs 1,249 crore compared to Rs 916 crore in FY25
- FY26 PAT grew 17.9% YoY to approximately Rs 92 crore with EBITDA at Rs 175 crore
- Consolidated order book surged to Rs 5,206 crore as of March 31, 2026, from Rs 2,044 crore in FY25
- NOPL project cost is estimated at Rs 4,200 crore with debt expected between Rs 2,800 to Rs 3,150 crore and ~50% of the planned equity already infused
- Management noted a historical tender winning ratio of approximately 20%
Vikran Engineering Limited submitted the voting results and scrutinizer's report for its 18th Annual General Meeting held on September 11, 2026. The meeting took place via Video Conference from 11:30 AM to 12:10 PM IST. All business items proposed in the AGM notice were approved by shareholders with requisite majority. The scrutinizer report was submitted by M/s. Geeta Canabar & Associates.
- 18th Annual General Meeting held on 11th September, 2026
- AGM proceedings conducted between 11:30 A.M. (IST) and 12:10 P.M. (IST)
- All resolutions approved by members with requisite majority via remote e-voting and Insta Poll
- Scrutinizer appointed was Ms. Geeta Canabar of M/s. Geeta Canabar & Associates
Vikran Engineering Limited conducted its 18th Annual General Meeting on September 11, 2026, through video conferencing with 55 members present. Among the 12 agenda items tabled, the company sought shareholder approval to issue Non-Convertible Debentures (NCDs) or debt securities up to Rs 1,000 Cr. Other resolutions included adoptions of FY26 financial statements, approval of borrowing and investment limits, and remuneration approvals for related parties Kanchan Markhedkar and Vipul Markhedkar. The detailed voting results will be disclosed separately upon scrutinizer certification.
- AGM held on September 11, 2026, with a quorum of 55 members present.
- Special resolution tabled to approve issuance of NCDs/debt securities up to Rs 1,000 Cr on private placement/public issue basis.
- Proposed approval of borrowing limits under Section 180(1)(c) and investment/guarantee limits under Section 186.
- Ordinary resolutions considered for remuneration of related parties Mrs. Kanchan Markhedkar (CHRO) and Mr. Vipul Markhedkar (CBO).
Financial Performance
Revenue Growth by Segment
H1 FY26 revenue grew 13.6% YoY to INR 335.45 Cr. The order book of INR 4,240 Cr is dominated by Power Transmission & Distribution at 82%, Water at 17%, and Railway Infrastructure at 1%.
Geographic Revenue Split
Currently 100% PAN India operations; however, the company is actively planning expansion into international markets including Africa and the Middle East to diversify its revenue base.
Profitability Margins
Net Profit (PAT) for H1 FY26 rose 150% to INR 15 Cr from INR 6 Cr in H1 FY25. Profitability is driven by a strategic shift toward high-margin private sector orders which now constitute 60% of the mix.
EBITDA Margin
EBITDA margin improved to 14% in H1 FY26 (INR 48 Cr) from 9% in H1 FY25 (INR 27 Cr), representing a 500 bps expansion due to better fixed-cost absorption and disciplined project selection.
Capital Expenditure
The company raised INR 772 Cr through its IPO in September 2025, with INR 541 Cr specifically earmarked for working capital to support the execution of its INR 4,240 Cr order book.
Credit Rating & Borrowing
Credit rating upgraded in December 2025 to IVR A-/Stable (Long Term) and IVR A2+ (Short Term). Average fund-based utilization is high at 92%, while non-fund-based utilization is 82%.
Operational Drivers
Raw Materials
Key materials include steel, copper, aluminum, and solar panels. These represent a significant portion of EPC costs, though 65% of orders include price escalation clauses to protect margins.
Import Sources
Sourced primarily from domestic suppliers across India; solar panels and specialized components are tied to specific manufacturer agreements for timely delivery.
Key Suppliers
Collaborates with major panel manufacturers and subcontractors; marquee clients/partners include NTPC, NHPC, and Ellume Energy MH Solar One Private Limited.
Capacity Expansion
Current order book stands at INR 4,240 Cr. Management indicates that existing working capital from IPO proceeds can support a turnover scale-up to INR 2,500 Cr without further capital raises.
Raw Material Costs
Susceptibility to volatile input prices is a key risk; 35% of the order book lacks escalation clauses, making margins vulnerable to sudden spikes in global commodity prices.
Manufacturing Efficiency
Focus on 'timely completion' as a core metric; the company is currently executing a INR 355 Cr solar project with a strict 11-month delivery schedule.
Logistics & Distribution
Distribution costs are integrated into turnkey EPC contracts for PAN India projects, including sites in Jalna, Dharashiv, and Solapur.
Strategic Growth
Expected Growth Rate
177%
Growth Strategy
Growth will be achieved by utilizing INR 772 Cr in IPO proceeds to scale operations from a ~INR 900 Cr revenue base to a target of INR 2,500 Cr. Strategy involves increasing private sector participation (now 60%), expanding into Solar EPC (INR 355 Cr recent win), and entering African and Middle Eastern markets.
Products & Services
Turnkey EPC services for Extra High-Voltage (EHV) substations, solar power plants, water supply infrastructure, and railway electrification.
Brand Portfolio
VIKRAN
New Products/Services
Expansion into Solar EPC with two prestigious turnkey contracts totaling over INR 355 Cr, expected to contribute significantly to H2 FY26 revenue.
Market Expansion
Targeting international expansion in Africa and the Middle East to diversify from the current 100% India-centric revenue model.
Market Share & Ranking
Positioned as one of the fastest-growing EPC companies in India based on revenue growth over the last two years.
Strategic Alliances
Maintains strategic tie-ups with solar panel manufacturers and specialized subcontractors to ensure execution within the 11-month project windows.
External Factors
Industry Trends
The industry is benefiting from the National Solar Mission and Swachh Bharat Mission. The shift toward renewable energy is reflected in Vikran's growing Solar EPC segment.
Competitive Landscape
Operates in a highly competitive, tender-based EPC market against both large diversified players and specialized infrastructure firms.
Competitive Moat
Moat is built on a 4.62x order-book-to-sales ratio and a reputation for timely execution (e.g., 11-month solar projects), which attracts high-margin private developers.
Macro Economic Sensitivity
Highly sensitive to government infrastructure budgets (40% of orders) and interest rate fluctuations affecting working capital costs.
Consumer Behavior
Shift in developer preference toward EPC partners with strong balance sheets post-listing, favoring Vikran's new capitalized status.
Geopolitical Risks
Expansion into Africa and the Middle East introduces risks related to local political stability and international trade barriers.
Regulatory & Governance
Industry Regulations
Subject to Central and State electricity regulatory norms, water management standards, and railway safety certifications for electrification projects.
Environmental Compliance
Complies with ESG standards required for large-scale solar and water infrastructure projects; specific costs not disclosed.
Taxation Policy Impact
Standard corporate tax rates apply; fiscal policy favoring infrastructure and renewable energy (Solar Mission) provides a tailwind.
Legal Contingencies
No specific pending court cases or values disclosed in the provided documents.
Risk Analysis
Key Uncertainties
Raw material price volatility (35% exposure) and the ability to maintain execution speed as the order book scales to INR 4,240 Cr.
Geographic Concentration Risk
Currently 100% concentrated in India, primarily in states like Maharashtra and Madhya Pradesh.
Third Party Dependencies
Dependent on subcontractors and panel manufacturers for the timely delivery of turnkey solar projects.
Technology Obsolescence Risk
Risk is low in traditional T&D but moderate in Solar EPC, requiring constant updates to procurement standards for high-efficiency panels.
Credit & Counterparty Risk
High exposure to government entities and private developers; receivables of INR 634 Cr indicate a significant portion of capital is tied up in the payment cycle.
