Vikran Engineering Q2 FY27 results: net profit ₹2.75 crore

How did Vikran Engineering perform in Q2 FY27?

Vikran Engineering reported consolidated revenue from operations of ₹211.84 crore in Q2 FY27, compared with ₹141.59 crore in Q1 FY27, an increase of 49.6%. Total income was ₹215.71 crore against ₹151.78 crore in Q1 FY27, while total expenses rose to ₹212.91 crore from ₹146.35 crore. EBITDA was ₹22.26 crore against ₹11.28 crore, and the EBITDA margin was 10.5% compared with 8.0%.

Consolidated profit before tax was ₹2.80 crore in Q2 FY27, down from ₹5.43 crore in Q1 FY27, while net profit was ₹2.75 crore against ₹3.99 crore. Basic EPS was ₹0.11, compared with ₹0.15. Other income fell to ₹3.87 crore from ₹10.19 crore, and finance costs rose to ₹20.60 crore from ₹14.95 crore. No exceptional item was reported.

On a standalone basis, Q2 FY27 revenue was ₹220.13 crore, up 24.9% from ₹176.3 crore in the year-ago quarter, and net profit was ₹7.87 crore against ₹9.14 crore. The investor presentation showed standalone Q2 FY27 EBITDA of ₹20.1 crore, down 20.8% year on year, with a 9.1% margin against 14.4%. Management said the consolidated results were affected by the elimination of NOPL-related intra-group EPC revenue and margins.

What do the balance sheet and cash flow show?

Consolidated total assets were ₹2707.59 crore at 30 September 2026, compared with ₹2503.51 crore at 31 March 2026. Total equity was ₹1237.64 crore against ₹1237.37 crore, while borrowings rose to ₹536.32 crore from ₹292.27 crore. Cash fell to ₹3.36 crore from ₹33.27 crore. Inventories increased to ₹105.76 crore from ₹79.92 crore, trade receivables fell to ₹637.14 crore from ₹1013.07 crore, and trade payables were ₹641.56 crore against ₹788.42 crore.

For the first half of FY27, operating cash flow was ₹559.28 crore, investing cash flow was a negative ₹786.91 crore, financing cash flow was ₹197.72 crore, and capital expenditure was ₹807.03 crore. The available filing excerpts did not provide the corresponding year-earlier first-half cash-flow figures. The auditor’s review report noted uncertainty over the recoverability of a balance of INR 2,636 lakhs due from a customer, pending before the Commercial Court, Jaipur; management considered the amount recoverable and made no adjustment.

Which businesses drove the quarter?

Engineering, Procurement and Construction (EPC) services reported revenue of ₹207.18 crore and EBIT of ₹21.77 crore in Q2 FY27, with an EBIT margin of 10.5%. Power generation and supply reported revenue of ₹4.66 crore and EBIT of ₹2.81 crore, with an EBIT margin of 60.3%. The available filing excerpts did not provide year-ago segment revenue or EBIT figures, so year-on-year segment growth could not be stated.

What else did the company announce?

The company filed the outcome of its Board meeting held on 5 November 2026. The filing states that the Board approved the matter under Regulation 30 and other applicable SEBI listing requirements, but the excerpt does not specify approval of a dividend, fund raise or appointment. The same-day filings also included the Q2 FY27 investor presentation, which stated that the October order book was ₹6,257 crore.

What did Vikran Engineering's management say?

Management said standalone H1 FY27 revenue from operations rose approximately 27% year on year to ₹424.1 crore and profit after tax grew around 72% to ₹25.38 crore. It said EBITDA remained broadly stable at ₹48.13 crore while the company remained focused on improving operating margins and maintaining financial discipline. Management also said the NOPL Solar Projects integration covered 152 locations across Maharashtra with planned capacity of 969 MW AC and that an IREDA term loan of up to ₹2,941.19 crore would be disbursed in line with execution progress.

Management said the 969 MW NOPL portfolio had an average annual revenue potential of approximately ₹525+ crore upon commissioning, average EBITDA generation of approximately ₹450+ crore and an EBITDA margin profile of 85-88%. It expects Q2 FY28 consolidated numbers to inflect as NOPL assets move toward commissioning and power-generation contribution becomes material. The presentation also said the company aimed to expand into private-sector infrastructure EPC and explore international markets, particularly in the Middle East and African countries.

Management identified execution, funding and commissioning as key considerations for the NOPL programme. The presentation stated that more than 80% of land was secured, 100+ installation partners had been identified and PM-KUSUM central financial assistance of ₹1,017 crore was available. It also described conflicting status information: one slide said the 969 MW project was successfully commissioned, while other commentary referred to planned capacity and execution toward commissioning in Q2 FY28, with a separate showcase stating that 50 MW had been commissioned across Maharashtra.

How did other Civil Construction companies do?

Vikran Engineering was compared with 34 other Civil Construction companies. Their median revenue growth was 12.6%, and 26 of the 34 companies reported higher profit. peers_growing_slower_than_company and peers_growing_faster_than_company are not available in the supplied facts.