Vikran Engineering IPO is a book-built issue worth ₹772.00 crore. The issue includes a fresh issue of 7.43 crore shares amounting to ₹721.00 crore and an offer for sale of 0.53 crore shares aggregating to ₹51.00 crore.
The subscription for the IPO opens on August 26, 2025, and closes on August 29, 2025. The basis of allotment is expected to be finalised on September 1, 2025, with a tentative listing date scheduled for September 3, 2025, on both BSE and NSE.
The price band for the IPO is fixed between ₹92.00 and ₹97.00 per share. Investors can bid in lots of 148 shares. For retail investors, the minimum investment required is ₹13,616. For sNII, the minimum application size is 14 lots, equating to 2,072 shares worth ₹2,00,984, while for bNII, it is 70 lots or 10,360 shares worth ₹10,04,920.
Pantomath Capital Advisors Private Limited is acting as the book-running lead manager, and Bigshare Services Private Limited is the registrar of the issue. Investors can refer to the Vikran Engineering IPO DRHP for complete details.
Industry Outlook
- Infrastructure projects are expected to account for 66–68% of overall investments during fiscals 2025–29, compared with 62% in fiscals 2019–24.
- Investments in this sector are projected to grow 1.7 times in the same period, supported by government initiatives like the National Infrastructure Pipeline (NIP), National Monetisation Pipeline (NMP), and Gati Shakti.
- Industrial investments are likely to grow 1.3 times, led by oil & gas expansion and PLI scheme-driven projects. Building construction is expected to increase 1.4 times, mainly due to rising residential demand, though its share will reduce to 16–18% from 21% earlier.
Vikran Engineering IPO Objectives
The company plans to allocate the net proceeds from the issuance to the following purposes:
- The company plans to utilise funds for the company’s working capital requirements to support business operations.
- Any remaining funds will be allocated toward general corporate purposes to strengthen overall growth and future opportunities.
About Vikran Engineering Limited
Vikran Engineering Limited is one of the fast-growing Indian Engineering, Procurement and Construction (EPC) companies with a diversified project portfolio. The company generates most of its revenue from the energy and water infrastructure segments, each contributing 49 percent, which hold strong growth potential in the medium term.
It provides end-to-end EPC services including conceptualisation, design, supply, installation, testing and commissioning, with operations spanning power, water and railway infrastructure. In the power sector, Vikran Engineering has executed projects in both transmission and distribution, covering transmission lines up to 400 kV, EHV substations up to 765 kV, and smart metering solutions.
Its water projects include underground distribution, surface water extraction, overhead tanks and network development. The company is also active in railway infrastructure with electrification projects, traction substations, underground EHV cabling and signalling systems.
Vikran Engineering has established a strong execution track record, completing 44 projects across 11 states with a total contract value of ₹18,958.14 million as of August 2024. It also has 34 ongoing projects in 17 states with orders worth ₹39,570.55 million.
The client base includes leading government bodies such as NTPC, Power Grid Corporation, State Water and Sanitation Missions, and several state electricity boards.
Financially, the company has delivered industry-leading growth, with a CAGR of 236.94 percent in PAT and 130.02 percent in EBITDA between fiscal 2022 and 2024, along with the highest ROE and ROCE among peers. This strong operational and financial performance highlights Vikran Engineering’s position as a key player in India’s infrastructure growth story.
How To Check the Allotment Status of Vikran Engineering IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
How To Apply for the Vikran Engineering IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the Vikran Engineering IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
Contact Details of Vikran Engineering IPO
Registered office: 401, Odyssey I.T. Park, Road No. 9, Wagle Industrial Estate, Thane (W) –400604, Maharashtra
Phone: +91-22-62638263
E-mail:companysecretary@vikrangroup.com
Vikran Engineering IPO Reservation
|
Investor Category |
Shares Offered |
|
QIB Shares |
Not more than 50.00% of the Offer |
|
Retail Shares |
Not less than 35.00% of the Offer |
|
NII Shares |
Not less than 15.00% of the Offer |
Vikran Engineering IPO Lot Size Details
|
Application |
Lots |
Shares |
Amount |
|
Retail (Min) |
1 |
148 |
₹14,356 |
|
Retail (Max) |
13 |
1,924 |
₹1,86,628 |
|
S-HNI (Min) |
14 |
2,072 |
₹2,00,984 |
|
S-HNI (Max) |
69 |
10,212 |
₹9,90,564 |
|
B-HNI (Min) |
70 |
10,360 |
₹10,04,920 |
Vikran Engineering IPO Promoter Holding
The promoters of the company include Rakesh Ashok Markhedkar, Avinash Markhedkar and Nakul Markhedka.
|
Share Holding Pre-Issue |
81.78% |
|
Share Holding Post Issue |
- |
Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue.
Key Performance Indicators for Vikran Engineering IPO
|
KPI |
Value |
|
ROE (%) |
16.63 |
|
RoCE (%) |
23.34 |
|
Debt/Equity |
0.58 |
|
PAT Margin (%) |
8.44 |
|
EBITDA Margin (%) |
17.50 |
Vikran Engineering IPO Prospectus
Vikran Engineering IPO Registrar and Lead Managers
Vikran Engineering IPO Lead Managers
- Pantomath Capital Advisors Private Limited
Registrar for Vikran Engineering IPO
Bigshare Services Private Limited
- Contact Number: +91-22-6263 8200
- Email Address: ipo@bigshareonline.com
Vikran Engineering IPO Registrar
Financial Performance of Vikran Engineering Limited
| Particulars | Year ending on March 31, 2024 | Year ending on March 31, 2023 |
|---|---|---|
| Revenue from Operation (in ₹ million) | 7,859.48 | 5,243.05 |
| Profit/loss After Tax (in ₹ million) | 748.31 | 428.40 |
| Earnings per Equity Share (₹) | 4.92 | 2.89 |
| Net Worth (in ₹ million) | 2,912.80 | 1,311.35 |
| Return on Equity (%) | 35.44 | 38.86 |
| Return on Net Worth (RoNW) (%) | 25.69 | 32.67 |
| EBITDA (in ₹ million) | 1,332.95 | 797.14 |
Know before investing
Strengths
8Successfully completed 44 projects across 11 states with ₹18,958.14 million value.
Strong order book of ₹21,148.02 million as of March 31, 2024.
Currently executing 34 projects across 17 states with ₹39,570.55 million orders.
Built 10 EHV substations up to 765kV, showcasing technical expertise.
The asset-light model ensures lower fixed costs and efficient project execution.
Experienced management led by Rakesh Ashok Markhedkar with 34 years expertise.
Expanding presence into railways, metros, solar EPC, and water infrastructure.
Positioned to benefit from government programs like RDSS and National Solar Mission.
Risks
8Delays in project completion may hurt business prospects and financial performance.
Order book of ₹19,557 million may face cancellations or modifications.
Heavy reliance on government tenders; policy changes could impact operations.
Significant revenue from key customers increases dependency and business risk.
₹14.14 million from railways faces uncertainty due to litigation issues.
High working capital needs may affect cash flows and growth prospects.
Rising competition and aggressive bidding may reduce profitability and future projects.
Rapid growth at 28.74% CAGR may be difficult to sustain.
Vikran Engineering Limited Peer Comparison
| Company Name | Revenue from Operations FY24 (₹ million) | EPS FY24 (₹) | P/E Ratio | RoNW FY24 (%) |
|---|---|---|---|---|
| Vikran Engineering Limited | 7,859.48 | 4.92 | – | 25.69 |
| Bajel Projects Ltd | 11,692.12 | 0.37 | 689.32 | 0.76 |
| Kalpataru Projects International Ltd | 1,96,264.30 | 31.37 | 42.11 | 10.09 |
| Techno Electric Ltd | 15,023.81 | 24.94 | 64.25 | 12.41 |
| SPML Infra Ltd | 13,189.67 | -1.42 | - | -0.35 |
