Vikran Engineering Limited announced its audited financial results for the quarter and financial year ended March 31, 2026. The company reported significant growth in both revenue and profitability for the fiscal year, driven by its execution pipeline and expansion in the Solar EPC segment. The Board of Directors, in its meeting held on May 22, 2026, approved the audited standalone and consolidated financial results and recommended a dividend of ₹0.18 per equity share for the financial year ended March 31, 2026. Subsequently, the company filed a revised investor presentation on May 25, 2026, superseding the earlier submission.

Financial Performance

The company's consolidated revenue from operations for FY26 rose 36.4% to ₹1,249.3 crore, compared to ₹915.8 crore in the previous year. Profit After Tax (PAT) for the year increased 17.8% to ₹91.7 crore. EBITDA for the year stood at ₹175.1 crore, a growth of 9.3% year-on-year.

For the fourth quarter of FY26, revenue surged 82.2% to ₹647.4 crore, up from ₹355.4 crore in the corresponding quarter of the previous year. PAT for Q4 FY26 jumped 48.3% to ₹56.0 crore. EBITDA for the quarter increased 35.9% to ₹92.2 crore, with an EBITDA margin of 14.24%.

Consolidated Financial Results

*EBITDA is calculated excluding Other Income

Corporate Announcements

The Board approved the proposal to raise funds up to ₹400 crore through secured, rated, listed, and/or unlisted non-convertible debentures or other debt securities via private placement or public issue. Additionally, the Board approved the enhancement of the overall borrowing limits from ₹1,000 crore to ₹1,500 crore, subject to shareholder approval.

Operational Highlights

Vikran Engineering completed the acquisition of a 100% stake in NOPL Solar Projects Private Limited, strengthening its renewable energy portfolio. Additionally, the company commissioned its second 5 MW solar power plant in Ambi Jalgaon, Maharashtra, under the PM KUSUM Scheme.

Order Book Position

The company's total order book as of May 22, 2026, stood at ₹5,737 crore. The order book is diversified, with Solar contributing 49%, Power T&D at 39%, Waste at 11%, and Railway Infrastructure at 1%. The company recently received two Letters of Award worth ₹531 crores from MSEDCL for power distribution enhancement across Nashik and Kolhapur zones in Maharashtra.

Vikran Engineering Limited reported its audited financial results for the fourth quarter and fiscal year ended March 31, 2026, during an earnings conference call held on May 26, 2026. The company posted a record revenue of INR1,249 crores for FY26, a significant increase from INR916 crores in the previous year, driven by strong execution across power transmission and distribution (T&D) and solar EPC projects. For Q4FY26, revenue from operations stood at INR647 crores compared to INR355 crores in the corresponding quarter of the previous year. Profit after tax (PAT) for the quarter rose to INR56 crores from INR38 crores, while full-year PAT reached INR92 crores against INR78 crores in FY25.

Financial Performance

The company’s EBITDA for Q4FY26 was INR92 crores, representing a margin of 14.2%. For the full year, EBITDA was approximately INR175 crores with margins maintained around 14%. Management attributed the healthy year-on-year growth to execution momentum in the power T&D business and an increasing contribution from solar EPC projects. The EBITDA margins for the year were slightly impacted by a provision of INR20 crores taken against delayed receivables from Jal Jeevan Mission (JJM) projects, which the company expects to reverse as payments are received.

Strategic Acquisition and Order Book

A major strategic development during the year was the acquisition of NOPL Solar Private Limited, which holds 969 megawatts of PM-KUSUM power purchase agreements (PPAs) with the Maharashtra Government. This project requires an investment of INR4,200 crores and is expected to generate revenue of over INR500 crores over 25 years with strong EBITDA margins of 85% to 88%. Following this acquisition and other project wins, the company's total order book has expanded to INR5,700 crores. Management guided for a revenue of INR2,200 crores to INR2,500 crores in FY27, with approximately 60% expected to come from solar, 30% from power T&D, and the balance from water infrastructure.

Operational Outlook

Vikran Engineering is focusing on scaling its solar EPC vertical while maintaining its foundation in high-voltage transmission substations and underground cabling. The company has also identified data centers as a new growth area, targeting an initial order book of INR100 crores in the EPC segment. To support its expansion, the company’s credit rating was upgraded from BBB+ to IND A- with a stable outlook. Management expects the company to turn cash flow positive from FY28 onwards as the pace of growth stabilizes and the contribution from the NOPL subsidiary increases.