Vikran Engineering Limited has informed the Exchange about Investor Presentation
VIKRAN · price
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Vikran Engineering reported FY26 revenue of ₹1,249.3 Cr, up 36.4% YoY, with PAT of ₹91.7 Cr (up 17.8%). However, EBITDA margin contracted to 14% from 17.5% in FY25 due to project-related cost escalation. The company disclosed a robust order book of ₹5,737 Cr (as of May 22, 2026), more than doubling from ₹2,044 Cr in FY25, with Solar (54%), Power T&D (33%), and Water (12%) as key segments. Management announced a strategic 100% acquisition of NOPL Solar Projects for ₹4,200 Cr, adding a 969 MW PM-KUSUM solar portfolio with a 25-year PPA with MSEDCL, projected to generate ~₹525 Cr annual revenue at 85-88% EBITDA margins. The company is transitioning from pure-play EPC to an integrated renewable energy platform with annuity-based revenue visibility.
Margin pressure remains a near-term concern as EBITDA margins declined 350 bps YoY, but the NOPL acquisition could significantly improve earnings quality through high-margin annuity streams once operational. The ₹5,737 Cr order book provides strong revenue visibility for 2-3 years.