Vikran Engineering Limited – Investor Presentation Summary

Key Operational Highlights

  • Total Order Book as of 22nd May 2026: ₹5,206.0 Cr
  • Order Book Composition: Solar EPC (54.2%, ₹2,825.1 Cr), Power T&D (32.8%, ₹1,705.8 Cr), Water (12.2%, ₹634.4 Cr), Railway (0.8%, ₹40.7 Cr)
  • Previous Order Book (comparison): ₹2,044.3 Cr with different composition: Power T&D (60.5%, ₹1,237.4 Cr), Water (37.4%, ₹764.6 Cr), Railway (2.1%, ₹42.3 Cr)
  • Geographic Presence: 45 completed projects across 14 states; currently active in 16 states with 190+ project and store locations
  • Supplier Network: 3,500+ supplier network across India
  • Completed a 20 MW solar project in Bajrangwadi, Maharashtra in April 2026

Key drivers of operational performance: Scale-up in solar EPC order book, growing customer confidence in execution capabilities, strategic investments in renewable energy value chain, and diversified presence across infrastructure segments.

Segment-wise Performance

  • Solar EPC: Emerging as dominant segment with 54.2% share of order book (₹2,825.1 Cr)
  • Power T&D: Strong presence with 32.8% share of order book (₹1,705.8 Cr)
  • Water Infrastructure: 12.2% share of order book (₹634.4 Cr)
  • Railway Infrastructure: 0.8% share of order book (₹40.7 Cr)

Explanation of significant changes in segment performance: Major shift toward Solar EPC from previous dominance of Power T&D and Water segments, reflecting strategic focus on renewable energy infrastructure and participation in India's energy transition journey.

Financial Highlights

Revenue: ₹1,254.2 Cr (FY26)

EBITDA: ₹175.1 Cr (FY26)

PAT: ₹91.7 Cr (FY26)

EBITDA Margin: 14.0% (FY26)

PAT Margin: 7.3% (FY26)

YoY/QoQ comparison: EBITDA increased from ₹34.9 Cr in previous period to ₹175.1 Cr (164.5% growth), PAT increased from ₹20.9 Cr to ₹91.7 Cr (167.7% growth)

Drivers of financial performance: Higher revenue growth, improved operational efficiencies, and scale-up in project execution capabilities.

Comparison to market estimates: Not Specified

Key Risks: Not explicitly disclosed in the presentation

Geographical Revenue Split

Domestic vs Export/Regional Revenue: Not Specified

Regional Breakdown: Projects executed across 22 Indian states; currently active in 16 states

Balance Sheet Snapshot

Net Debt/Equity: Not Specified

Reserves: ₹1,211.6 Cr (Other equity as of 31-Mar-26)

Current Assets: ₹2,394.5 Cr (31-Mar-26)

Current Liabilities: ₹1,209.6 Cr (31-Mar-26)

Working Capital/Leverage Metrics: Not Specified

Financial Health Insights: Strong growth in total assets from ₹1,354.7 Cr (31-Mar-25) to ₹2,503.5 Cr (31-Mar-26), significant increase in trade receivables (₹605.0 Cr to ₹1,013.1 Cr) and contract assets (₹466.4 Cr to ₹863.9 Cr)

Capex & Cash Flow Health

Capital Expenditure: Not Specified

Free Cash Flow: Not Specified

Operating Cash Flow: Not Specified

Net Debt Movement: Not Specified

Investment Rationale: Focus on capacity expansion in renewable energy, technology upgrades, and strategic acquisitions to transform into integrated renewable energy platform

Strategic & R&D Initiatives

Investments in Innovation: Strategic acquisition of 969 MW PM-KUSUM Solar Portfolio from NOPL Solar Projects with total project cost of ₹4,200 Cr

Expected impact on growth: Average annual revenue potential of ~₹525+ Cr, average EBITDA generation of ~₹450+ Cr with margins of ~85-88%

Strategic Rationale: Transformation from pure-play EPC contractor to integrated renewable energy infrastructure company, establishing long-term annuity-based revenue visibility, diversifying business model beyond execution-led revenues

Industry Trends & Business Environment

Macro/Industry Trends: Strong capex cycle underway in India's infrastructure and renewable energy sectors, government push for renewable energy and sustainability through schemes like PM-KUSUM

Impact on Company: Enables participation in India's energy transition journey, provides growth opportunities in solar EPC and renewable energy infrastructure

Management Commentary & Growth Outlook

Strategic Outlook: "FY26 has been a defining year for Vikran Engineering as we strengthened our position across high-growth infrastructure segments, particularly Solar EPC. The scale-up in our order book reflects growing customer confidence in our execution capabilities and our ability to participate meaningfully in India's energy transition journey."

FY Guidance: Focus remains on disciplined execution, margin improvement, operational efficiencies, and calibrated expansion across Power T&D, Solar and Data Center segments

Market Share Targets: Not Specified

Risks and Opportunities: Evaluating opportunities in select international markets to further diversify growth trajectory, emphasis on governance and risk management

ESG Updates

Not Specified

Digital Transformation

SAP Implementation automates and controls critical business functions