Vikran Engineering Limited reported a net profit of ₹9,170 lakh for the financial year ended March 31, 2026, representing a 17.8% increase from ₹7,781 lakh in the previous year. Revenue from operations for the period stood at ₹1,24,931 lakh, compared to ₹91,585 lakh in FY25. The company's statutory auditors, Walker Chandio & Co LLP, issued an unmodified opinion on the standalone and consolidated financial results.

Financial Performance

The company's total income for FY26 was ₹1,26,627 lakh, up from ₹92,236 lakh in the prior year. Profit before tax for the year increased to ₹12,103 lakh from ₹11,019 lakh. For the quarter ended March 31, 2026, the company recorded a profit of ₹5,600 lakh on a total income of ₹65,420 lakh.

Board Decisions and Corporate Actions

The Board of Directors, at its meeting held on May 22, 2026, recommended a final dividend of ₹0.18 per equity share of face value ₹1 each for FY26. Additionally, the Board approved a proposal to raise funds up to ₹400 crore through the issuance of secured, rated, listed, and/or unlisted non-convertible debentures or other debt securities via private placement or public issue. The Corporate Affairs Committee has been delegated the power to finalize the terms and conditions.

Management and Operational Changes

The Board recommended the re-appointment of Nakul Markhedkar as Whole-Time Director. Vipul Markhedkar's designation was changed from Head – Business Operations to Chief Business Officer (CBO) effective May 22, 2026. The company also accepted the resignation of Mukhesh Nandan Jha, Senior General Manager-Procurement, effective June 20, 2026.

Auditor's Emphasis and Disclosures

The auditors drew attention to an ongoing litigation with a customer regarding the recoverability of a balance amounting to ₹2,929 lakh, which is pending in the Commercial Court, Jaipur. Management assessed the amount as good and recoverable; consequently, no adjustment was made in the financial results. The company also reported an exceptional expense of ₹121 lakh for the year ended March 31, 2026, primarily due to the implementation of new Labour Codes increasing gratuity and compensated absence liabilities.

Vikran Engineering Limited has disclosed a total order book exceeding ₹6,400 Cr as of July 2, 2026, driven by a strategic expansion into the renewable energy sector. The infrastructure EPC major reported a 36% year-on-year increase in revenue from operations to ₹1,249 Cr for the financial year ended March 31, 2026, while profit after tax (PAT) rose to ₹92 Cr. The company is transitioning from a pure-play EPC contractor to an integrated renewable energy platform following the acquisition of NOPL Solar Projects Private Limited.

Order Book and Strategic Acquisition

The company's order book composition shifted significantly in FY26, with solar projects now constituting the largest segment. As of March 31, 2026, the solar vertical accounted for ₹2,825.1 Cr, representing 54.2% of the total order book of ₹5,206 Cr. This marks a substantial increase from the previous year when solar projects were not recorded in the order book. The Power Transmission & Distribution (T&D) vertical held an order book of ₹1,705.8 Cr, while Water Infrastructure stood at ₹634.4 Cr.

The acquisition of NOPL Solar Projects, covering a 969 MW PM-KUSUM solar portfolio, is central to the company's strategy. This project involves a total investment of ₹4,200 Cr and features a 25-year Power Purchase Agreement (PPA) with MSEDCL at a tariff of ₹3.074/kWh. The initiative is supported by ₹1,017 Cr in Central Financial Assistance under the PM-KUSUM scheme.

Financial Performance

Vikran Engineering reported steady financial growth across FY26. Revenue from operations increased from ₹916 Cr in FY25 to ₹1,249 Cr in FY26. EBITDA for the period stood at ₹175 Cr, with margins at 14%, while PAT margins were recorded at 7%.

The balance sheet reflects strong asset growth, with total assets increasing to ₹2,503.5 Cr as of March 31, 2026, up from ₹1,354.7 Cr in the previous year. Total equity also saw a significant rise, reaching ₹1,237.4 Cr compared to ₹467.9 Cr in FY25.

Operational Expansion

The company operates across 22 states with 190 active project sites as of March 31, 2026. Key business verticals include Power Transmission & Distribution, Solar EPC, Water Infrastructure, and Railway Electrification. Recent milestones include securing a 765 kV substation project from PGCIL and a 400 MW solar project from NTPC Renewable Energy in 2025.

Looking ahead, Vikran Engineering plans to scale up operations by leveraging government initiatives in solar and high-speed rail infrastructure. The firm also aims to expand its geographical footprint into the Middle East and African markets while exploring opportunities in data centres and smart metering.