Vikran Engineering has secured a significant new contract and reported its latest quarterly results, highlighting the company's market position and recent developments.

Major Contract Win

Vikran Engineering Limited has announced the acceptance of a Letter of Award worth Rs 1,641.91 crores from Carbonminus Maharashtra One Private Limited. The contract involves:

• Project Scope: Development of 505 MWAC Capacity Crystalline Ground Mounted Solar PV Technology Grid Interactive Solar PV Power Plants
• Location: Various districts in Maharashtra
• Project Duration: 11 months
• Scheme: MSEDCL LIS scheme

This Engineering, Procurement, and Commissioning (EPC) contract encompasses the design, engineering, supply, erection, testing, and commissioning of solar power plants.

Financial Performance and IPO

The company has approved its unaudited financial results for the quarter and half year ended September 30, 2025. Key highlights include:

• Initial Public Offering: Completed IPO of 79,587,627 equity shares at Rs 97.00 per share
• Net Proceeds: Received Rs 67,097.00 lakhs from fresh issue
• Listing: Equity shares listed on NSE and BSE on September 3, 2025

Ongoing Litigation

The auditor's review report highlighted an ongoing litigation:

• Dispute: Recovery of Rs 2,929.00 lakhs from a customer
• Status: Pending in Commercial Court, Jaipur
• Next Hearing: Scheduled for November 16, 2025

Market Implications

The combination of a significant new contract and the recent IPO may position Vikran Engineering favorably in the renewable energy sector. The solar power project win could indicate market confidence in the company's capabilities within the solar energy space.

As the renewable energy sector continues to expand in India, Vikran Engineering's latest developments may attract investor attention. However, the outcome of the ongoing litigation could potentially impact the company's financials.

Vikran Engineering Limited, a recently listed company, finds itself in a regulatory dispute with the Bombay Stock Exchange (BSE) over the submission of its annual report. The company has been fined Rs 1,22,720 by BSE for alleged non-compliance with Regulation 34 of SEBI's Listing Obligations and Disclosure Requirements (LODR) Regulations.

The Dispute

The core of the dispute lies in the timing of Vikran Engineering's listing and its Annual General Meeting (AGM). According to the company:

• The 17th AGM was held on August 25, 2025
• Vikran Engineering was listed on NSE and BSE on September 3, 2025
• The company argues that Regulation 34 was not applicable at the time of the AGM, as it was not yet listed

Company's Response

Vikran Engineering has taken several steps to address this issue:

1. Disputed the penalty, citing inapplicability of Regulation 34 at the time of the AGM
2. Uploaded the Annual Report for Financial Year 2024-25 on its website
3. Requested BSE to waive the imposed penalty
4. Awaiting BSE's response on the matter

Compliance Efforts

In its LODR disclosure dated October 31, 2025, Vikran Engineering stated:

"The Company had duly complied with all applicable provisions of the Companies Act, 2013 prior to listing, in relation to convening and conducting its Annual General Meeting."

The company has made the Annual Report, including the Notice of the 17th AGM, available on its website.

Impact and Next Steps

While the financial impact of the fine is relatively small, the dispute highlights the complexities that newly listed companies may face in navigating regulatory requirements. Vikran Engineering is currently awaiting BSE's response to their request for a penalty waiver.

This situation underscores the importance for companies to ensure clear communication and alignment with regulatory bodies, especially during the transition period from private to public status.

Investors and stakeholders will be watching closely to see how this regulatory matter is resolved and whether it will have any implications for Vikran Engineering's relationship with the stock exchanges going forward.

Disclosure Details

As the situation develops, Vikran Engineering Limited is expected to provide further updates on the resolution of this regulatory matter.