Vikran Engineering
August 26, 2025 – August 29, 2025
| Price | ₹92 - ₹97 |
| Premium | ₹21 |
|---|---|
| Lot size | 148 |
| Allotment | Sep 1, 2025 |
| Listing | Sep 3, 2025 |
Vikran Engineering About
| Category | Lot(s) | Qty | Amount | Reserved |
|---|---|---|---|---|
| Retail | 1 | 148 | 14356 | 188214 |
| sHNI | 14 | 2072 | 200984 | 1921 |
| bHNI | 70 | 10360 | 1004920 | 3841 |
Vikran Engineering IPO Information
| Total Issue Size | (79,587,629) shares (with a total value of ₹ 772.00 Cr) | |
| Fresh Issue Size | (74,329,897 shares (with a total value of ₹ 721 Cr) | |
| Offer for Sale Size | (5,257,732 shares of ₹1 (with a total value of ₹ 51 Cr) | |
| Issue Category | Bookbuilding IPO | |
| Listed On | BSE, NSE | |
| Share holding pre issue |
| |
| Share holding post issue |
|
Vikran Engineering IPO Subscription
| Investor Category | Shares Available |
|---|---|
| QIB Shares Available | Up to 50% of the Offer |
| Retail Shares Available | At least 35% of the Offer |
| NII Shares Available | At least 15% of the Offer |
Key Performance Indicators
| KPI | Mar-25 | Mar-24 | Mar-23 |
|---|---|---|---|
| ROE | 16.63% | 25.69% | 32.67% |
| ROCE | 23.34% | 30.43% | 28.04% |
| RONW | 16.63% | 25.69% | 32.67% |
| EPS (basic) | 4.35 | 4.92 | 2.89 |
| P/E Pre IPO | 22.88 | ||
| P/E Post IPO | 32.15 |
Financial Details in crores
| Period Ended | Mar-25 | Mar-24 | Mar-23 |
|---|---|---|---|
| Assets | 1,354.7 | 959.8 | 712.5 |
| Total Income | 922.4 | 791.4 | 529.2 |
| Profit After Tax | 77.8 | 74.8 | 42.8 |
| EBITDA | 160.2 | 133.3 | 79.7 |
| Net Worth | 467.9 | 291.3 | 131.1 |
| Reserves and Surplus | 449.5 | 291.0 | 130.9 |
| Total Borrowing | 272.9 | 183.4 | 154.9 |
Company Overview
Business Model: Engineering, Procurement & Construction (EPC)
Service Sectors:
Power T&D: EHV substations up to 400kV, distribution solutions
Water Infrastructure: Underground distribution, surface extraction, overhead tanks
Railway Infrastructure
Solar Energy (EPC)
Projects (as of June 30, 2025):
Completed: 45 projects across 14 states | Value: ₹19,199.17 mn
Ongoing: 44 projects across 16 states | Orders: ₹51,202.07 mn
Order Book: ₹24,424.39 mn
Key Government Clients: NTPC, Power Grid Corporation of India, South & North Bihar Power Distribution Co. Ltd., Transmission Corporation of Telangana, and others.
Strength
Asset-light business model – Operates with minimal fixed assets, focusing on project management and execution efficiency, which reduces capital intensity and improves return on capital.
Diversified order book – Strong presence across power transmission & distribution, water, railways, and solar EPC projects, ensuring revenue visibility and reducing dependence on a single sector.
Timely execution track record – Proven ability to deliver complex EPC projects on schedule, strengthening client trust and driving repeat business, particularly from government agencies.
Weakness
Regulatory and Compliance Risk – The Railway Board order (July 26, 2024) recommending a two-year ban for alleged breach of integrity and illegal gratification may adversely impact the company’s reputation, eligibility, and ability to secure future contracts.
Project Execution Risk – Inability to complete projects within contractual timelines could lead to penalties, loss of client trust, and reduced chances of winning new contracts through competitive bidding.
Working Capital Risk – High dependence on trade receivables, contract assets, and inventories exposes the company to liquidity pressures, affecting profitability and cash flow stability.
Vikran Engineering Lead Manager(s)
Vikran Engineering Address
401, Odyssey I.T. Park,
Road No. 9, Wagle Industrial Estate
Thane (W), Maharashtra, India
Thane, Maharashtra, 400604
Phone: +91-22-62638263
Email: companysecretary@vikrangroup.com
Website: https://www.vikrangroup.com/