Vikran Engineering Limited has informed the Exchange regarding 'Investor Presenatation for Quarter and Year ended 31st March 2026'.
VIKRAN · price
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Vikran Engineering reported FY26 revenue of Rs 1,249.3 Cr, up 36.4% YoY, with Q4 FY26 revenue at Rs 647.4 Cr, surging 82.2% YoY. However, EBITDA margin contracted to 14.0% in FY26 from 17.5% in FY25, and Q4 margin fell to 14.2% from 19.1% a year ago, indicating margin pressure despite strong topline growth. PAT grew 17.8% YoY to Rs 91.7 Cr in FY26. The company disclosed a massive order book of Rs 5,737 Cr as of May 2026 (up 155% from Rs 2,044 Cr), dominated by Solar (54.2%) and Power T&D (32.8%). A landmark event was the 100% acquisition of NOPL Solar Projects Private Limited, a 969 MW PM-KUSUM solar portfolio with a 25-year PPA with MSEDCL, at a total project cost of Rs 4,200 Cr, with average annual revenue potential of Rs 525+ Cr and EBITDA margins of 85-88%. Management targets margin improvement, operational efficiency, and expansion into data centers and international markets in FY27.
The stock benefits from an exceptionally large and diversified order book and a transformative solar asset acquisition that could shift Vikran from pure-play EPC to an integrated renewable energy platform. However, the sharp margin compression in Q4 and FY26 is a concern and will be closely watched in FY27 execution.