Vikran Engineering Limited has submitted to the Exchange, the financial results for the period ended March 31, 2026.
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Vikran Engineering reported standalone revenue of ₹1,24,931 lakhs for FY26, up 36.4% from ₹91,585 lakhs in FY25, driven by execution progress on EPC projects. Profit after tax grew 21.7% to ₹9,470 lakhs from ₹7,781 lakhs. The auditor issued an unqualified opinion but included an Emphasis of Matter noting a ₹2,929 lakh trade receivable from a customer disputed in Commercial Court, Jaipur, which management considers recoverable. Operating cash flow remained deeply negative at ₹43,699 lakhs (vs negative ₹12,907 lakhs in FY25), reflecting high working capital tied up in receivables and contract assets. The company completed a ₹670 crore IPO in September 2025 and is expanding into renewable energy via new subsidiaries. The board recommended a dividend of ₹0.18 per share and proposed raising up to ₹400 crore via non-convertible debentures.
Strong revenue and profit growth reflects solid project execution, but the large negative operating cash flow and disputed receivables are risks. The debenture issuance plan and increased borrowing limits signal higher leverage ahead. Shareholders may benefit from the dividend but should monitor cash conversion and the litigation outcome.