Vikran Engineering Limited , a leading engineering, procurement, and construction (EPC) company, has reported a robust performance for the first half of fiscal year 2026, along with significant new order wins in the solar energy sector.

Financial Highlights

• Revenue for H1 FY26 stood at INR 176.00 crores, marking a 13.60% year-on-year growth.
• EBITDA margins showed improvement compared to the previous year.
• Profit After Tax (PAT) rose significantly to INR 14.80 crores from INR 6.30 crores in H1 FY25.

Major Order Wins

Vikran Engineering has secured two substantial solar EPC contracts totaling INR 1,997.00 crores:

1. A INR 355.00 crore project from Ellume Energy MH Solar One Private Limited for a 100 MW solar power project in Maharashtra.
2. A landmark INR 1,642.00 crore project from Carbonminus Maharashtra One Project Limited.

These orders mark Vikran's formal entry into the Solar EPC space and align with the company's strategy to diversify into renewable energy.

Order Book and Revenue Visibility

• The company's order book now exceeds INR 4,000.00 crores, providing strong revenue visibility across Power, Water, and Railway infrastructure segments.
• The current order book is expected to be executed within 18 months, offering clear revenue visibility for FY26 and FY27.

Segment-wise Performance

As of the latest data:

Management Commentary

Rakesh Markhedkar, Promoter, Chairman, and Managing Director, stated, "We are confident of sustaining our growth trajectory, backed by a robust order book, a favorable industry outlook, and our continuous focus on execution excellence."

Future Outlook

• The company aims to expand into infrastructure EPC projects within the private sector.
• Vikran is exploring opportunities in international markets, particularly in Africa and the Middle East.
• Plans to strengthen presence in the Water segment and pursue opportunities in emerging areas such as data centers and smart metering.

Financial Strategy

• The proceeds from the recent IPO are being strategically deployed to enhance working capital and expand operational capabilities.
• The company's credit rating has been upgraded to A- stable by India Ratings, reflecting consistent performance and financial prudence.

Vikran Engineering's strong order book, diversification into solar EPC, and focus on high-margin projects position it well for continued growth in the infrastructure and renewable energy sectors.

Vikran Engineering Limited , a diversified EPC player, has announced the termination of its largest-ever solar project order worth ₹1,641.91 crore from Carbonminus Maharashtra One Private Limited. This development comes just over a month after the company had accepted the Letter of Award in November 2025, marking a significant strategic shift in the company's project portfolio.

Project Termination Details

The company disclosed under Regulation 30 of SEBI Listing Regulations that it has decided not to proceed with the solar project after conducting a detailed internal evaluation. The project involved the development of a 505 MWAC capacity crystalline ground-mounted solar PV power plant under the MSEDCL LIS scheme across various districts in Maharashtra.

Strategic Decision Rationale

According to the company's regulatory filing, the decision was taken based on mutual understanding with the counterparty and aligns with several key factors:

• Long-term strategic priorities assessment
• Risk-return framework evaluation
• Execution bandwidth considerations
• Capital allocation discipline

The company emphasized that this development is not expected to have any material adverse impact on its ongoing operations, financial position, or growth outlook.

Recent Financial Performance Context

Prior to this termination, Vikran Engineering had reported strong financial results for Q2 FY26, demonstrating robust operational performance:

Order Book Impact

With this termination, the company's order book, which had exceeded ₹4,000 crore as of November 2025, will see a reduction. However, the company maintains that it continues to focus on opportunities that are strategically aligned, execution-ready, and accretive to long-term shareholder value.

Management's Strategic Focus

The company stated that it remains committed to pursuing projects that align with its strategic objectives and risk management framework. This selective approach reflects the management's emphasis on maintaining operational discipline and ensuring sustainable growth rather than pursuing volume-driven expansion.

Vikran Engineering continues to operate across multiple infrastructure segments while maintaining its focus on the renewable energy sector, positioning itself for sustained growth through carefully selected projects that meet its stringent evaluation criteria.