Vikran engineering Limited's Board of Directors convened on February 13, 2026, to approve the company's Q3FY26 unaudited financial results and several key corporate decisions. The meeting, held from 5:25 PM to 6:15 PM, addressed multiple agenda items including financial performance review, internal auditor resignation, and funding arrangements for future growth.

Board Meeting Outcomes and Key Decisions

The board approved four major items during the meeting, with significant implications for the company's operational and financial structure.

The board delegated powers to the Corporate Affairs Committee (CAC) for finalizing terms and conditions of the proposed NCD issuance, which will be conducted through private placement.

Financial Performance Overview

The company's Q3FY26 financial results demonstrate mixed performance with revenue growth offset by margin pressures during the execution ramp-up phase.

For the nine-month period FY26, the company reported revenue from operations of ₹601.91 crore compared to ₹560.50 crore in the corresponding period of FY25, representing a growth of 7.40%. However, EBITDA for 9M FY26 stood at ₹82.90 crore with a margin of 13.80%, compared to ₹92.40 crore and 16.50% margin in 9M FY25.

Order Book Composition and Growth

The company's consolidated order book has exceeded ₹4,700 crore as of February 13, 2026, representing substantial growth from the ₹2,044.30 crore order book recorded as of March 31, 2025. This growth has been driven primarily by large-format solar EPC orders that have materially enhanced revenue visibility.

The Power T&D & Solar segment now represents 86% of the total order book, highlighting the company's successful expansion into the renewable energy sector.

Corporate Governance and Compliance Updates

The board accepted the resignation of internal auditor M/s. Shetty & Shetty, citing health-related issues of the senior auditor who had been handling the company's internal audit for four years. The resignation was effective from February 13, 2026, with the board placing on record its appreciation for services rendered.

Additionally, the board noted the payment of a ₹5,900 penalty to NSE for a one-day delay in disclosing a Related Party Transaction. The company paid this penalty on December 29, 2025, and has implemented measures to strengthen internal compliance monitoring mechanisms.

Strategic Funding Initiative

The board's approval for issuing up to ₹300 crore in unlisted, secured, rated, redeemable non-convertible debentures represents a significant step in the company's funding strategy. The NCDs will be issued through private placement, with the Corporate Affairs Committee empowered to finalize terms and conditions including tenure, coupon rate, security arrangements, and redemption schedule.

Operational Highlights and Future Outlook

Vikran Engineering operates across four key infrastructure sectors with specialized capabilities in power transmission & distribution, solar EPC projects, water infrastructure, and railway infrastructure. The company maintains a strong operational presence with projects executed across 22 Indian states and over 3,500 suppliers in its network.

As of December 31, 2025, the company operated 190 active sites while maintaining an asset-light model for equipment and machinery to enhance operational efficiency. With its diversified business model and strategic focus on high-growth sectors like solar EPC, the company is positioning itself for scalable growth in India's expanding infrastructure market.

Vikran engineering Limited has announced the resignation of its internal auditors M/S. Shetty and Shetty, Chartered Accountants, in a regulatory filing dated February 14, 2026. The resignation became effective immediately from the close of business hours on February 13, 2026.

Reason for Resignation

The departure stems from health challenges faced by the senior auditor who had been managing the company's internal audit functions for the past four years. According to the company's disclosure, the senior auditor was diagnosed with dengue along with other health-related issues, which significantly impacted their ability to commence and complete audit work according to the original timelines.

Regulatory Compliance

The company has fulfilled its disclosure obligations under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The announcement was made to both BSE Limited and National Stock Exchange of India Limited through proper regulatory channels.

Company Communication

The regulatory filing was signed by Kajal Rakholiya, Company Secretary and Compliance Officer, and submitted from the company's Thane office. The communication included detailed annexures as required under SEBI regulations, providing comprehensive information about the resignation circumstances.

Impact on Operations

While the company has not disclosed immediate replacement plans, the resignation creates a vacancy in the internal audit function that will need to be addressed to maintain regulatory compliance and internal governance standards.