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In a separate announcement, Vikran Engineering reported that BSE Limited has withdrawn a penalty of Rs 1,22,720 previously levied for non-compliance with Regulation 34 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.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.

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.