Vikran Engineering Limited is an Engineering, Procurement, and Construction (EPC) company with a diversified presence across power, water, railway, and solar infrastructure projects.
🔧 Service Sectors
- Power Transmission & Distribution ⚡ – Expertise in Extra High Voltage (EHV) substations up to 400kV and end-to-end distribution solutions.
- Water Infrastructure 💧 – Specialized in underground water distribution, surface water extraction, overhead tanks, and distribution networks.
- Railway Infrastructure 🚆 – Execution of large-scale railway infrastructure projects.
- Solar Energy ☀️ – Growing footprint in solar EPC projects, contributing to India’s renewable energy push.
As of June 30, 2025, Vikran Engineering has completed 45 projects worth ₹19,199.17 million and is executing 44 projects worth ₹51,202.07 million, with a strong order book of ₹24,424.39 million.
Vikran Engineering has built strong relationships with leading government sector clients, including NTPC, Power Grid Corporation of India, South Bihar and North Bihar Power Distribution Companies, and the Transmission Corporation of Telangana, among others.
Vikran Engineering IPO – Details
| IPO Opening Date | 26 August 2025 |
| IPO Closing Date | 29 August 2025 |
| Issue Type | Book Built Issue IPO |
| Issue Size | Total Issue Size: 7,95,87,627 Shares Worth ₹772.00 Crore Fresh Issue: 7,43,29,896 Shares Worth ₹721.00 Crore Offer For Sale: 52,57,731 Shares Worth ₹51.00 Crore |
| Face Value | ₹1 per equity share |
| IPO Price | ₹92 – ₹97 per share |
| Market Lot | 148 Shares |
| Min Order | 148 Shares [ 1 Lot ] |
| Listing At | BSE, NSE |
| Register | Bigshare Services Pvt.Ltd. |
| QIB Shares Offered | 50% |
| NII (HNI) Shares Offered | 15% |
| Retail Shares Offered | 35% |
Vikran Engineering IPO – Date Schedule
| IPO Open Date | 26 August 2025 |
| IPO Close Date | 29 August 2025 |
| Basis of Allotment | 01 September 2025 |
| Initiation of Refund | 02 September 2025 |
| Credit of Shares to Demat Account | 02 September 2025 |
| IPO Listing Date | 03 September 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on August 29, 2025 |
Vikran Engineering IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 148 | ₹14,356 |
| Retail (Max) | 13 | 1,924 | ₹1,86,628 |
| S-HNI (Min) | 14 | 2,072 | ₹2,00,984 |
| S-HNI (Max) | 69 | 10,212 | ₹9,90,564 |
| B-HNI (Min) | 70 | 10,360 | ₹10,04,920 |
Competitive Strength
- One of the fast-growing engineering, procurement and construction (“EPC”) companies, with timely execution of power transmission and distribution and water infrastructure sector.
- Diversified Order Book across business verticals and consistent financial performance.
- Asset light model
- In-house technical and engineering capabilities, process control and quality assurance.
- Experienced promoters and a management team having domain knowledge.
Company Promoters
- Rakesh Ashok Markhedkar
- Avinash Markhedkar
- Nakul Markhedkar
Company Financials
| Particulars | Total Revenue | Total Expense | Profit After Tax | Total Borrowing |
|---|---|---|---|---|
| 31 March 2023 | ₹529.18 Cr | ₹476.51 Cr | ₹42.84 Cr | ₹154.92 Cr |
| 31 March 2024 | ₹791.44 Cr | ₹690.68 Cr | ₹74.83 Cr | ₹183.39 Cr |
| 31 March 2025 | ₹922.36 Cr | ₹812.18 Cr | ₹77.82 Cr | ₹272.94 Cr |
Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 16.63% |
| ROCE | 23.34% |
| Debt/Equity | 0.58 |
| RoNW | 16.63% |
| PAT Margin | 8.44% |
| EBITDA Margin | 17.50% |
| Price to Book Value | 3.81 |
| Pre IPO | Post IPO | |
| EPS (₹) | 4.24 | 3.02 |
| P/E (x) | 22.88 | 32.15 |
Object Of The Issue
| Objects of the Issue | Expected Amount (₹ in crores) |
|---|---|
| Funding working capital requirements of the Company. | ₹541.00 |
| General corporate purposes. |
Vikran Engineering IPO Peer Comparison
| S. No. | Face Value (₹) | Company Name | P/E Ratio |
|---|---|---|---|
| 1 | 2 | Bajel Projects Ltd | 158.75 |
| 2 | 2 | Kalpataru Projects International Ltd | 34.68 |
| 3 | 2 | Techno Electric & Engineering Company Ltd | 40.17 |
| 4 | 2 | SPML Infra Ltd | 36.79 |
| 5 | 2 | KEC International Limited | 35.71 |
| 6 | 2 | Transrail Lighting Limited | 30.73 |
✅Strengths
- Strong execution track record across multiple states.
- Diversified portfolio in power, water, railway & solar EPC.
- Established relationships with large government/PSU clients.
- Robust order book ensuring revenue visibility.
⚠️Risks
- High dependence on government contracts with possible delays in payments.
- Working capital–intensive business model.
- Exposure to raw material price fluctuations.
- Competitive EPC industry with pressure on margins.
Vikran Engineering IPO Promoter Holding
| Pre Issue Share Holding | 81.78% |
| Post Issue Share Holding | 56.17% |
Vikran Engineering IPO Prospectus
Company Contact Information
| Vikran Engineering Ltd. 401, Odyssey I.T. Park, Road No. 9, Wagle Industrial Estate Thane (W), Maharashtra Thane, Maharashtra, 400604 Phone: +91-22-62638263 Email: companysecretary@vikrangroup.com Website: https://www.vikrangroup.com/ |
Vikran Engineering IPO Registrar
| Bigshare Services Pvt.Ltd. Phone: +91-22-6263 8200 Email: ipo@bigshareonline.com Website: https://ipo.bigshareonline.com/IPO_Status.html |
Vikran Engineering IPO Lead Manager(s)
| 1. Systematix Corporate Services Ltd. 2. Pantomath Capital Advisors Pvt.Ltd. |
Vikran Engineering IPO FAQs
| What is Vikran Engineering IPO? Vikran Engineering IPO is a main-board IPO. The issue is priced at ₹92 to ₹97 per equity share. The IPO is to be listed on BSE & NSE. |
| When will Vikran Engineering IPO open? The IPO is to open on 26 August 2025 for QIB, NII, and Retail Investors. |
| What is Vikran Engineering IPO Investors Portion? The investors’ portion for QIB – 50%, NII – 15%, and Retail – 35%. |
| What is Vikran Engineering IPO Size? Vikran Engineering IPO size is ₹772.00 Crore. |
| What is the Vikran Engineering IPO Minimum and Maximum Lot Size for Retail? The minimum bid is 148 Shares with ₹14,356 while the maximum bid is 1,924 Shares with ₹1,86,628. |
| What is the Vikran Engineering IPO Allotment Date? Vikran Engineering IPO allotment date is 01 September 2025. |
| What is the Vikran Engineering IPO Listing Date? Vikran Engineering IPO listing date is 03 September 2025. The IPO is to be listed on BSE and NSE. |
