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 a significant expansion in its solar energy portfolio alongside robust financial results for the second quarter of fiscal year 2026. The company has secured its largest-ever order and reported substantial growth in profitability, marking a pivotal moment in its business trajectory.

Record-Breaking Solar Project Win

Vikran Engineering has accepted a Letter of Award (LOA) from Carbonminus Maharashtra One Private Limited for a massive solar project valued at ₹1,641.91 crore. This project involves the development of a 505 MWAC capacity crystalline ground-mounted solar PV power plant under the MSEDCL LIS scheme across various districts in Maharashtra. The contract, which is to be executed within 11 months, encompasses design, engineering, supply, erection, testing, and commissioning of the solar facilities.

Strong Financial Performance in Q2 FY26

The company's financial results for the quarter ended September 30, 2025, reflect significant improvements across key metrics:

The company's EBITDA nearly doubled year-on-year, while profit after tax more than quadrupled, demonstrating strong operational efficiency and margin expansion.

Half-Year Performance Highlights

For the first half of FY26, Vikran Engineering reported:

• Revenue from operations of ₹335.40 crore, up 13.60% year-on-year
• EBITDA of ₹48.10 crore, a 76.60% increase from H1 FY25
• PAT of ₹14.80 crore, representing a 132.90% growth compared to the same period last year

Operational Achievements

The company has made significant strides in project execution:

• Commissioned 2×400 kV, 63 MVAR reactors for PGCIL at NTPC Kahalgaon plant
• Energized two 33/11 kV substations and lines in Assam for APDCL
• Commissioned four substations in Arunachal Pradesh for PGCIL

Robust Order Book

As of November 10, 2025, Vikran Engineering's order book has surpassed ₹4,000 crore, providing strong revenue visibility for the next two years. This includes the recent solar project wins:

• ₹354 crore project from Ellume Energy MH Solar One
• ₹1,642 crore order from Carbonminus Maharashtra One

Management Commentary

Rakesh Markhedkar, Chairman & Managing Director of Vikran Engineering Limited, commented on the company's performance: "The second quarter of FY26 has been a period of steady growth for us, with healthy YoY improvement in revenue and a notable expansion in EBITDA margins. The performance reflects our continued focus on operational discipline, efficient execution, and prudent cost management across projects."

He added, "Following our successful IPO, our consolidated order book now exceeds ₹4,000 crore, providing healthy execution visibility for the next two years and reinforcing our position as a growing multi-sector EPC player."

Future Outlook

Vikran Engineering is poised for further growth, with plans to expand its footprint into international markets, particularly in Africa and the Middle East. The company's strong order book, diversified project portfolio, and focus on the renewable energy sector position it well for sustained growth in the coming years.

As the company continues to strengthen its presence in key infrastructure segments and the burgeoning solar EPC market, it appears well-equipped to capitalize on India's growing infrastructure and clean energy needs.