Vikran Engineering Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2025.
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Vikran Engineering reported its first set of quarterly results since its September 3, 2025 IPO. Revenue from operations for Q1 FY26 (June quarter) stood at ₹15,916 lakhs, up about 17% from ₹13,606 lakhs in Q1 FY25. Profit after tax rose sharply to ₹565 lakhs from ₹429 lakhs, a growth of roughly 32% year-on-year, translating to EPS of ₹0.31. The board also approved exploring an investment of up to ₹175 crore in a Special Purpose Vehicle for a Solar Power Project, aimed at securing EPC work, funded through external borrowings or internal accruals. Two family members of CMD Rakesh Markhedkar were designated as Key Management Personnel (son Vipul Markhedkar as Head-Business Operations, wife Kanchan Markhedkar as CHRO), while GM Vinod Mohandass resigned citing personal reasons, effective September 30, 2025. Auditor Walker Chandiok gave an unmodified review report but highlighted an ongoing litigation involving ₹2,929 lakhs recoverable from a customer, pending in the Commercial Court, Jaipur.
PAT growth significantly outpaced revenue growth, indicating improved profitability in the post-listing quarter, which is positive for shareholders. The ₹175 crore solar SPV investment signals diversification into the renewable EPC space, though funding through external borrowings could pressure leverage. Related-party KMP appointments and the unresolved ₹2,929 lakh customer dispute flagged by auditors are governance and asset-quality risks worth monitoring.