Company Overview

Vikran Engineering Limited is described as one of India's fast-growing, diversified EPC companies providing concept-to-commissioning solutions across key infrastructure sectors. The company has a pan-India presence with 45 completed projects across 14 states and is currently active in 16 states with 190+ project and store locations. The company operates with an asset-light model and has a network of 3,500+ suppliers.

Core Business Verticals

The company operates across four main verticals:

  • Power Transmission, Substation & Distribution: Capabilities include 400 kV transmission lines, 400 kV & 220 kV substation projects for Utilities & PowerGrid, 132 kV transmission line packages in North-East India, distribution strengthening, and rural electrification projects under government schemes.
  • Solar EPC: Capabilities include ground-mounted solar projects from design to commissioning, BOS procurement management, switchyards & grid interconnection infrastructure, SCADA & monitoring systems, and O&M support. Key projects include 969 MW PM-KUSUM Solar Portfolio (NOPL) and 400 MW AC Solar EPC Project from NTPC Renewable Energy.
  • Water Infrastructure: Projects under PM Har Ghar Jal Yojana, multi-village rural water supply schemes, distribution network development projects, and water supply projects across Madhya Pradesh & Uttar Pradesh.
  • Railway Electrification: Western Railway electrification projects, Railway TSS & transmission connectivity works, underground cabling projects, and electrification projects across multiple railway zones.

Operational Statistics

  • 22 unique states served till date
  • 3,500+ suppliers' network & relationships PAN India
  • 190 active sites as on 31st March 2026
  • Asset light model for equipment and machineries

Strategic Acquisition - NOPL Solar Projects

The company has strategically acquired NOPL Solar Projects, representing a 969 MW PM-KUSUM Solar Portfolio. This acquisition transforms Vikran from a pure-play EPC contractor to an integrated renewable energy infrastructure company.

Acquisition Details:

  • 100% ownership structure
  • Total Project Cost: ₹4,200 Cr
  • PPA Tenure: 25 Years
  • Off-taker: MSEDCL
  • Tariff: ₹3.074/kWh
  • ₹1,017 Cr Central Financial Assistance under PM-KUSUM

Strategic Benefits:

  • Establishes long-term annuity-based revenue visibility
  • Enables value capture across the entire renewable value chain
  • Creates stable and predictable long-duration cash flows
  • Reduces dependence on cyclical EPC order inflows
  • Enhances project execution control and operational efficiency

Financial Projections from NOPL:

  • Average annual revenue potential: ~₹525+ Cr
  • Average EBITDA generation: ~₹450+ Cr
  • EBITDA margins: ~85-88%

Execution Status:

  • 80% land secured
  • 100+ installation partners identified
  • Distributed solar model reduces land & transmission risk

Order Book Analysis

As on 31st March 2026 (₹ in Cr):

  • Solar: 2,825.1 (54.2% of total)
  • Power T&D: 1,705.8 (32.8% of total)
  • Water: 634.4 (12.2% of total)
  • Railway: 40.7 (0.8% of total)
  • Total: 5,206.0

As on 31st March 2025 (₹ in Cr):

  • Power T&D: 1,237.4 (60.5% of total)
  • Water: 764.6 (37.4% of total)
  • Railway: 42.3 (2.1% of total)
  • Total: 2,044.3

The total order book as on 2nd July 2026 was over ₹6,400+ Cr.

Financial Snapshot - Consolidated Balance Sheet as on 31-Mar-26

Assets (₹ Cr):

  • Non-current assets: 109.1 (including intangible assets 2.1, right-of-use assets 0.2, trade receivables 8.4, other financial assets 14.7, deferred tax assets 30.1)
  • Current assets: 2,394.5 (including inventories 79.9, investments 1.2, trade receivables 1,013.1, cash and cash equivalents 33.3, bank balances 186.5, loans 54.2, contract assets 72.7, other current assets 89.7)
  • Total assets: 2,503.5

Equity and Liabilities (₹ Cr):

  • Equity share capital: 25.8
  • Other equity: 1,211.6
  • Total Equity: 1,237.4
  • Non-current liabilities: 56.5 (including long-term borrowings 45.8, lease liabilities 6.9, provisions 3.8)
  • Current liabilities: 1,209.6 (including borrowings 246.4, lease liabilities 1.8, trade payables 788.4, other financial liabilities 8.2, other current liabilities 130.5, provisions 6.7, current tax liabilities 27.6)
  • Total Equity and Liabilities: 2,503.5

Future Strategy and Way Forward

The company plans to further scale up operations through various strategic initiatives:

  • Expansion into Middle East and African countries for private sector EPC projects
  • Diversification into data center installations and smart metering projects
  • Expansion through government-led Power & Water Programs
  • Undertaking turnkey projects in solar EPC