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 has submitted its monitoring agency report for the quarter ended September 30, 2025, revealing the utilization of Rs 205.77 crore from its Rs 721 crore Initial Public Offering (IPO) proceeds. The company reported no deviations from its stated objectives, demonstrating a commitment to transparency and adherence to its financial plans.

Fund Utilization Breakdown

The report, issued by Care Ratings Limited as the appointed monitoring agency, provides a detailed breakdown of the fund utilization:

Working Capital Deployment

Vikran Engineering has strategically deployed Rs 158.47 crore towards its working capital requirements. The funds were transferred to multiple cash credit accounts, which were subsequently utilized for various operational needs, including payments to suppliers, tax obligations, salaries, and working capital demand loan (WCDL) payments.

Issue Expenses and General Corporate Purposes

The company incurred Rs 47.30 crore in issue-related expenses, slightly lower than the initially allocated Rs 50.03 crore. No funds have been utilized from the Rs 129.97 crore earmarked for general corporate purposes during this quarter.

Unutilized Funds Management

The remaining Rs 515.23 crore of the IPO proceeds has been invested in fixed deposits with Union Bank of India, with varying maturity dates extending up to April 10, 2026. These deposits offer interest rates ranging from 5.25% to 6.20%.

Regulatory Compliance

In a separate announcement, Vikran Engineering reported that BSE Limited has withdrawn a penalty of Rs 1,22,720 previously levied for non-compliance with Regulation 34 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This withdrawal came after the company's submission on October 31, 2025.

Looking Ahead

With a significant portion of the IPO funds still unutilized, Vikran Engineering is positioned to continue its planned expansion and operational improvements. The company's management has indicated that the remaining funds will be utilized in subsequent quarters, in line with their stated objectives and market conditions.