Copy of Investor Presentation for the quarter and year ended 31st March 2026
VIKRAN · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Vikran Engineering reported record FY26 revenue of Rs 1,249.3 Cr (up 36.4% YoY) with PAT of Rs 91.7 Cr (up 17.8% YoY). However, margins compressed - EBITDA margin fell to 14.0% from 17.5% and PAT margin to 7.3% from 8.5% due to project mix. Q4 FY26 saw strong sequential recovery with revenue of Rs 647.4 Cr (up 82.2% YoY). The company completed acquisition of NOPL Solar Projects, acquiring 100% stake in a 969 MW PM-KUSUM solar portfolio for Rs 4,200 Cr with a 25-year PPA with MSEDCL, expected to generate ~Rs 525 Cr annual revenue at 85-88% EBITDA margins. Order book stands at Rs 5,737 Cr as of May 22, 2026, with Solar (54%) and Power T&D (33%) as major segments. Management targets margin improvement, operational efficiencies, and expansion into data centers and international markets.
Margin compression is a concern despite strong revenue growth. The NOPL acquisition transforms Vikran into an integrated renewable energy platform with annuity-based revenues, which could significantly improve earnings quality and cash flow visibility. The large order book provides multi-year revenue visibility.