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.

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.