Vikran Engineering Limited

Vikran Engineering Limited is an engineering, procurement and construction contractor, meaning it takes on infrastructure projects on a turnkey basis: it designs the works, buys the materials and equipment, and builds and commissions the asset for the client. Its work is concentrated in three areas. The largest is power transmission and distribution, covering overhead lines up to 765 kV and air insulated and gas insulated substations up to 400 kV. The second is water infrastructure, including surface water extraction, overhead tanks and underground distribution networks. The third is railway infrastructure, alongside a smaller solar energy practice. The company was incorporated in 2008 and is based in Thane, Maharashtra. It has executed work across a large part of the country, having completed in the region of 45 projects in more than a dozen states, with roughly the same number under execution at the time of the issue. Its customers are overwhelmingly public sector: state power distribution and transmission utilities, central undertakings such as NTPC and Power Grid Corporation, and state water missions. That mix means revenue comes largely from competitively tendered government contracts rather than from private clients. Revenue grew from about Rs 529 crore in FY23 to roughly Rs 922 crore in FY25, with profit after tax rising from about Rs 43 crore to about Rs 78 crore over the same period, so the business scaled quickly in the run up to the issue. Like most EPC contractors it is working capital intensive, because payment is tied to certified project milestones while materials and labour must be funded up front, and the bulk of the fresh issue proceeds was earmarked for exactly that. The order book stood at roughly Rs 2,400 crore as of mid 2025, giving the company visibility over its near term revenue.

The company placed 2,38,76,287 equity shares with anchor investors at Rs 97 per share, the top of the price band, raising Rs 231.60 crore on 25 August 2025. Domestic mutual funds took roughly 37 percent of the anchor book. The participants included Bank of India Mutual Fund, ITI Mutual Fund, Samco Mutual Fund, Nippon India, SBI General Insurance, 360 ONE, LC Pharos Multi Strategy Fund, Bengal Finance and Investment, IMAP India and Societe Generale.