VIKRAN
Vikran Engineering share price & financials
- Price
- ₹72.13
- Market cap
- ₹1.6k Cr
- Sector
- Construction
- Calls analysed
- 3
Vikran Engineering Limited Q1 FY27
What went well
- Standalone revenue grew approximately 28.2% Y-o-Y to INR 204 crores.
- Standalone EBITDA grew around 23.7% Y-o-Y to INR 28 crores, with a margin of 13.7%.
- Standalone PAT surged by 209.9% Y-o-Y to INR 17.5 crores, with PAT margin at 8.6%.
What to watch
- Consolidated EBITDA margin was lower at 8% due to the initial consolidation of NOPL, where costs are booked without full revenue recognition.
- INR 29 crores disputed amount in trade receivables is under court review, though management is confident of a positive outcome.
What Vikran Engineering Limited does
Vikran Engineering is a diversified, PAN-India EPC company delivering concept-to-commissioning infrastructure solutions across power transmission & distribution, solar EPC, water infrastructure and railway electrification. It earns by winning and executing turnkey contracts for government bodies, PSUs and private clients, covering design, supply, installation, testing and commissioning. The company runs an asset-light model, leasing equipment rather than owning heavy machinery and relying on a large PAN-India supplier network, and has recently diversified into renewable energy by acquiring a large PM-KUSUM solar power portfolio. It is also exploring entry into data centre and metro infrastructure EPC.
Segments
- Power Transmission & Distribution
- Solar EPC
- Water Infrastructure
- Railway Infrastructure
- Active project/store locations (as of Mar 2026)
- 190+
- States with currently active operations
- 16
- Completed projects to date
- 45 (across 14 states)
- Unique states served cumulatively
- 22
- Solar EPC handling capacity
- Ground-mounted solar PV EPC up to 2 GWp; balance-of-system up to 1 GWp
- Solar capacity currently under construction
- 1.5 GW (1 GW as developer, 500 MW as EPC contractor)
Guidance record · Q1 FY27
what the last two calls moved 12 tracked 0 delivered 3 missed 9 open- Bid Winning Ratio went quiet said Q2 FY26 Promised: Maintaining 20% to 22% of our winning ratio. Q1 FY27: The metric was not mentioned for the second consecutive quarter. Management instead commented on being 'very choosy' about new orders to improve margins.
- FY27 Turnover revised up said Q2 FY26 Promised: Reach up to around INR 2500 crores of turnover approximately without raising any further working capital requirement Q1 FY27: Guidance revised upwards to 'around INR2,200 crores to INR2,500 crores of orders in current financial year'. This brings the upper end of the target back in line with the original promise.
- FY28 Revenue on track said Q4 FY26 Promised: So you can look at around INR3,000 crores plus for FY28. Q1 FY27: The long-term target was not mentioned, which is expected. The current order book growth and execution plans for FY27 support the trajectory towards this goal.
All 12 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue down 11.0%, net profit down 29.4% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 159 | 265 | 355 | 159 | 176 +11% | 266 +1% | 647 +82% | 142 −11% |
| EBITDA | 13 | 65 | 68 | 23 | 25 +92% | 35 −46% | 92 +36% | 11 −50% |
| Net profit | 2 | 34 | 38 | 6 | 9 +350% | 21 −38% | 56 +48% | 4 −29% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −46.2% 1Y
1Y: ₹106.05 on 10 Sept 2025 → ₹57.08. High ₹114.88 (19 Sept 2025), low ₹51.9 (30 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- −10.2%
- 12 Aug
- Q4 FY26
- +9.3%
- 26 May
- Q2 FY26
- +3.3%
- 15 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 36.5% a year over 1 year, FY25 to FY26. Operating margin narrowed to 14.0%.
| Year ending | FY25 | FY26 |
|---|---|---|
| Revenue | ₹915 Cr | ₹1.2k Cr |
| Operating profit | ₹160 Cr | ₹175 Cr |
| Operating margin | 17.5% | 14.0% |
| Interest | ₹52 Cr | ₹66 Cr |
| Depreciation | ₹4 Cr | ₹4 Cr |
| Net profit | ₹78 Cr | ₹92 Cr |
| Net margin | 8.5% | 7.3% |
| Cash from operations | ₹-129 Cr | ₹-437 Cr |
| Free cash flow | ₹-132 Cr | ₹-440 Cr |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹26 Cr | ₹26 Cr |
| Reserves | ₹83 Cr | ₹93 Cr | ₹131 Cr | ₹291 Cr | ₹1.1k Cr | ₹1.2k Cr |
| Borrowings | ₹98 Cr | ₹92 Cr | ₹157 Cr | ₹184 Cr | ₹318 Cr | ₹301 Cr |
| Other liabilities | ₹192 Cr | ₹314 Cr | ₹425 Cr | ₹484 Cr | ₹491 Cr | ₹965 Cr |
| Total liabilities | ₹373 Cr | ₹499 Cr | ₹712 Cr | ₹960 Cr | ₹2.0k Cr | ₹2.5k Cr |
| Fixed assets | ₹9 Cr | ₹14 Cr | ₹14 Cr | ₹12 Cr | ₹12 Cr | ₹21 Cr |
| Capital work in progress | ₹2 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹7 Cr | ₹12 Cr | ₹1 Cr | ₹1 Cr | ₹1 Cr | ₹1 Cr |
| Other assets | ₹355 Cr | ₹474 Cr | ₹698 Cr | ₹947 Cr | ₹2.0k Cr | ₹2.5k Cr |
| Total assets | ₹373 Cr | ₹499 Cr | ₹712 Cr | ₹960 Cr | ₹2.0k Cr | ₹2.5k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Sep 2025, the public added +7.92 pp while DIIs trimmed −6.90 pp. The shareholder count grew 16% to 1,25,514.
- Promoters
- 56.3%
- FIIs
- 1.3%
- DIIs
- 5.7%
- Public
- 36.7%
Since Sep 2025
- Public +7.92 pp
- DIIs −6.90 pp
- FIIs −1.11 pp
How it drifted, 4 quarters
Over this window the public went from 28.8% to 36.7% — +7.9 pp.
Ownership split by quarter, oldest first. Sep '25: Promoters 56.2%, FIIs 2.4%, DIIs 12.6%, Public 28.8%.Dec '25: Promoters 56.2%, FIIs 1.6%, DIIs 8.5%, Public 33.7%.Mar '26: Promoters 56.3%, FIIs 1.1%, DIIs 6.8%, Public 35.8%.Jun '26: Promoters 56.3%, FIIs 1.3%, DIIs 5.7%, Public 36.7%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- The Wealth Company Alternates Trust-India Inflection Opportunity Fund AIF newly disclosed 3.85% held
The same filing shows 0 holders trimming and 2 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Vikran Engineering Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Rakesh Ashok Markhedkar | 40.06% | unchanged |
| Nakul Markhedkar | 5.16% | unchanged |
| Vipul Markhedkar | 5.16% | unchanged |
| Kanchan Rakesh Markhedkar | 5.16% | unchanged |
| The Wealth Company Alternates Trust-India Inflection Opportunity Fund AIF | 3.85% | newly disclosed |
| Ashish Kacholia | 1.52% | unchanged |
| Ashish Agarwal Individual | 1.52% | unchanged |
| Negen Undiscovered Value Fund AIF | 1.47% | unchanged |
| Vikran Global Infraprojects Private Limited | 0.73% | unchanged |
| Avinash Ashok Markhedkar Huf | 0.00% | unchanged |
| Florence Multimedia Private Limited | 0.00% | unchanged |
| Sarvapalaka Vanijya Private Limited | 0.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
All earnings calls (3)
Read the Q1 FY27 call →Learn to analyse Vikran Engineering Limited
Guides on how to read this kind of business and the numbers that matter.