Vikran Engineering Ltd(VIKRAN)

NSE: VIKRANBSE: 544496

₹ 52.32-0.74%refreshed 26 Oct, 12:44 pm ISTMarket cap: ₹ 1,349 crWebsite: www.vikrangroup.comUpdated: 24 Oct 2026

About

Vikran Engineering Ltd is an Indian EPC contractor active in power transmission and distribution, solar energy, and water infrastructure, with FY26 standalone revenue of ₹1,249 Cr - the highest in the company's history. Its consolidated order book stood at ₹6,496 Cr as of 11 August 2026, more than tripling from ₹2,044 Cr a year earlier, driven by a decisive pivot into large-format solar EPC. The company is listed on Indian exchanges and operates across 190+ active sites in 16 states.^[1][2][3][4]

Business segments

Solar EPC constitutes 62% of the order book as of Aug 2026, up from nil at Mar 2025, following large project wins from NTPC Renewable Energy (400 MW), NOPL Solar (600 MW), and Ellume Energy (100 MW).^[1][2]
Power T&D accounts for ~28% of the order book as of Aug 2026, encompassing substations up to 765 kV, transmission lines, GIS substations, and distribution projects.^[1]
Water infrastructure and railways make up the remaining ~10% of the order book as of Aug 2026; the water segment order book declined from ₹764.6 Cr (37.4% of total) at Mar 2025 to ₹662.2 Cr (13.3%) by Dec 2025.^[1][4]
Management guided FY27 revenue mix at approximately 60% solar, 30% Power T&D, and 10% water, reflecting a deliberate shift away from water infrastructure.^[2]

Order book and book-to-bill

Total order book grew from ₹5,206 Cr at Mar 2026 to ₹6,354 Cr at 30 Jun 2026 and ₹6,496 Cr by 11 Aug 2026, implying an implied book-to-bill of ~2.9x on Q1 FY27 standalone revenue.^[1]
The order book more than doubled in FY26, rising from ₹2,044 Cr (Mar 2025) to ₹5,206 Cr (Mar 2026).^[1][2]
New T&D orders in Q1 FY27 totalled ~₹650 Cr, including ~₹530 Cr from MSEDCL and ~₹120 Cr from Power Grid for a 400 kV GIS substation.^[1]
Tender win ratio is ~20% of tendered value; the company has 4,500 registered vendors as of Q1 FY27.^[1]

Key operating metrics

Q1 FY27 standalone revenue from operations was ₹204 Cr (+28.2% YoY); standalone EBITDA margin was 13.7% vs 14.2% in Q1 FY26.^[1]
Debtor days stood at 296 days in Q1 FY27, a peak level management expects to reduce by end of FY27.^[1]
Consolidated Q1 FY27 revenue was ₹141.6 Cr (-11% YoY) with EBITDA margin of 8.0%, depressed by Ind AS elimination of ₹62.4 Cr of intra-group EPC billings to wholly owned subsidiary NOPL; management directs investors to standalone figures.^[1]
Private sector constitutes ~60% of the order book and government ~40% as of H1 FY26, up from an earlier 50-50 split.^[5]

NOPL Solar - flagship project

Vikran completed 100% acquisition of NOPL Solar Projects Pvt Ltd and received a direct EPC order of ~₹3,518 Cr (incl. GST) for a 969 MW PM-KUSUM solar project in Maharashtra, replacing the prior engagement.^[1][2]
NOPL holds a 25-year PPA with MSEDCL at ₹3.074/kWh; total project cost is ₹4,200 Cr with lender sanction in place.^[2]
45 MW had been commissioned across nine sites as of Q1 FY27, with 240 MW in advanced execution; 650 MW commissioning milestone targeted by end of FY27.^[1]
NOPL project debt financing of ₹2,800 - ₹3,150 Cr (70 - 75% debt-equity) was targeted for financial closure by Q2 FY27; ~50% of equity of ₹1,000 - ₹1,200 Cr had already been infused.^[1]

Operations and site footprint

The company was active at 190+ project and store locations across 16 states as of 31 Dec 2025.^[4]
Three POWERGRID 765 kV substations were delivered ahead of schedule by 2.5 - 3 months each over the 18 months to Q1 FY27.^[1]
The 132 kV Miao - Namsai transmission line in Arunachal Pradesh (40.6 km, 138 towers) was successfully commissioned in Q1 FY27.^[1]
Solar EPC execution capability extends to projects up to 2 GWp and Balance of System projects up to 1 GWp.^[4]

Expansion and capex

Vikran MP Solar Private Limited is developing 45.75 MW AC of grid-connected solar PV under Madhya Pradesh's Surya Mitra Krishi Feeders Scheme, expanding Vikran's renewable asset-ownership platform beyond NOPL.^[1]
Management targets at least one data center EPC order by end of FY27; Ernst & Young has been engaged as consultant to prepare bids.^[1][2]
International EPC expansion into Middle East and Africa is under active evaluation; Middle East progress delayed due to regional conflict while Africa pipeline continues.^[1]
Battery Energy Storage Systems (BESS) is being selectively evaluated as an adjacent opportunity to the solar EPC platform.^[1]

Recent developments

India Ratings upgraded Vikran's credit rating from BBB+ to IND A - with a stable outlook, announced in FY26.^[2][5]
The 18th AGM passed a special resolution approving issuance of debt securities (NCDs/bonds) up to ₹1,000 Cr to fund NOPL and broader working capital needs.^[1]

Market Cap

₹1,349 Cr

High / Low

₹118 / 51

Stock P/E

22.6

Price / Book

1.1

Book Value

₹48

EPS

₹3.6

No. of Shares

25.79 Cr

ROCE

12.3%

ROE

7.4%

OPM

14.9%

Debt / Equity

0.24

Sales

₹1,249 Cr

Net Profit

₹92 Cr

Promoter holding

56.3%

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