Vikran Engineering Limited has submitted to the Exchange, the financial results for the period ended December 31, 2025.
VIKRAN · price
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On the reaction day the stock moved 9.9 pts less than Nifty Microcap 250 and 10.2 pts less than its Civil Construction peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Vikran Engineering reported its Q3 FY26 (quarter ended 31 December 2025) and 9M FY26 unaudited results. Profit after tax for Q3 FY26 came in at Rs. 1,986 lakhs versus Rs. 330 lakhs in Q3 FY25, a sharp jump of roughly 500% year-on-year on a small base. For the nine months ended December 2025, PAT stood at Rs. 5,510 lakhs versus Rs. 781 lakhs in the same period last year. The auditor (Walker Chandiok & Co LLP) gave an unqualified limited review but drew attention to an ongoing customer dispute in the Jaipur Commercial Court where Rs. 2,929 lakhs in receivables are under recovery risk. Separately, the Internal Auditor M/s. Shetty & Shetty resigned citing health reasons, the Board approved raising up to Rs. 300 Crores via term loan or unlisted secured NCDs, and the company paid a small Rs. 5,900 NSE penalty for a one-day delay in disclosing a related party transaction.
Strong PAT growth is a positive signal for shareholders, though the small base and quarterly lumpiness typical of EPC businesses make sustainability worth watching. The Rs. 2,929 lakh disputed receivable is a key risk to monitor — a negative ruling could materially impact earnings. The planned Rs. 300 Crore borrowing will increase debt but provides growth capital, and the company's recently listed IPO (Sep 2025) gives it strong cash reserves (Rs. 67,097 lakhs raised, ~Rs. 25,531 lakhs still unutilised).