NSE: VIKRAN · BSE: 544496
VIKRAN ENGINEERING LTD
Executes engineering, procurement and construction contracts across power transmission and distribution, water infrastructure, railway electrification and solar energy. Recent work spans a Rs 120.69 crore 400 kV GIS substation package from POWERGRID across Magarwada, Vadodara and Rajgarh, and a 132 kV transmission line in Arunachal Pradesh. Order book stands at Rs 6,400 crore-plus, with solar at 54%, power T&D at 32% and water at 12% of order book per the investor presentation. Through wholly-owned subsidiary NOPL Solar Projects, the company has taken on a 969 MW solar EPC portfolio, including a Rs 3,517.98 crore work order and a Rs 4,200 crore PM-KUSUM portfolio with a 25-year PPA from MSEDCL. Materials account for 73.5% of revenue, employees 6.7% and other operating expenses 5.8%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Solar EPC, Power T&D, Water, Railway electrification and other. Diversified, project-based EPC contractor
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY26 |
|---|---|
| Revenue | 1,249 |
| EBITDA (ex other income) | 174 |
| margin % | 13.9 |
| Owners' profit | 92 |
| EPS, as reported (₹) | 4.05 |
| ROE % · ROCE % | 7.4 · 14.5 |
| Debt / equity (x) | 0.24 |
| Cash from operations | (437) |
| Capex | (3) |
Exhibit 2: Quarterly performance, last 2 quarters
| ₹ crore | Q4 FY26 | Q1 FY27 |
|---|---|---|
| Revenue | 647 | 142 |
| Profit before tax | 78 | 5 |
| Net profit | 56 | 4 |
| EPS (₹) | 2.17 | 0.15 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| LARSEN & TOUBRO LTD. | 5,04,226 | 30.4 | 3.92 | 18.4 | 14.7 | 11.9 | 16.0 | 12.5 |
| RAIL VIKAS NIGAM LIMITED | 37,739 | 42.0 | 3.84 | 27.2 | 8.9 | 7.5 | 5.8 | 7.5 |
| KALPATARU PROJECT INT LTD | 22,629 | 19.9 | 2.93 | 10.3 | 13.3 | 15.0 | 16.0 | 10.0 |
| CEMINDIA PROJECTS LIMITED | 20,566 | 34.2 | 8.57 | 17.5 | 24.9 | 31.7 | 29.8 | 10.5 |
| IRB INFRA DEV LTD. | 19,228 | 14.7 | 0.92 | 9.4 | 4.1 | 2.5 | 7.6 | 55.6 |
| NBCC (INDIA) LIMITED | 19,035 | 25.7 | 5.92 | 15.5 | 23.1 | 29.7 | 13.5 | 9.6 |
| ENGINEERS INDIA LTD | 14,062 | 17.9 | 4.47 | 15.7 | 22.0 | 26.5 | 4.6 | 20.1 |
| TECHNO ELEC & ENG CO. LTD | 9,758 | 22.6 | 2.35 | 16.0 | 11.4 | 12.4 | 29.6 | 20.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 22.8 | 13.5 | 71 of 101 | 30% |
| P/B | 1.1 | 1.2 | 37 of 85 | 57% |
| ROCE | 9.3 | 10.0 | 57 of 107 | 47% |
| ROE | 7.4 | 9.1 | 52 of 87 | 41% |
| Debt / Equity | 0.2 | 0.4 | 30 of 87 | 66% |
| EBITDA margin | 15.2 | 12.4 | 37 of 88 | 59% |
| Market cap | 1362 | 465 | 39 of 107 | 64% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 12 Oct 2026 · Subsidiary NOPL gets Rs 2,941 cr IREDA loan for 969 MW solar project | credit debt | high | — | — |
| 7 Oct 2026 · Non-applicability of Regulation 74(5) compliance certificate for Sep 2026 quarter | compliance | minimal | — | — |
| 30 Sept 2026 · Board approves Rs 2,941 Cr corporate guarantee for subsidiary | credit debt | high | — | — |
| 29 Sept 2026 · GST show cause notice for FY23 with Rs 7.8 crore demand | regulatory legal | high | — | — |
| 29 Sept 2026 · Vikran Engineering gets GST show cause notice for FY23, demand around Rs 3.34 crore | regulatory legal | high | — | — |
| 25 Sept 2026 · GST show cause notice for FY23 excess ITC claim, demand about Rs 1.55 crore | regulatory legal | high | — | — |
| 24 Sept 2026 · Vikran Engineering to meet investors at Bharat Connect Conference on 29 Sep | board shareholder meetings | low | — | — |
| 23 Sept 2026 · Trading window closure from Oct 1, 2026 for Q2 results | compliance | minimal | — | — |
| 23 Sept 2026 · Vikran Engineering gets Rs 5.34 cr GST demand notice for FY23 | regulatory legal | high | — | — |
| 22 Sept 2026 · Vikran Engineering wins ITAT appeal for AY 2016-17; tax demand dropped | regulatory legal | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.