Board Meeting Details

The Board of Directors meeting was held on 22nd May 2026, commencing at 05:07 PM and concluding at 05:45 PM.

Key Board Approvals

1. Financial Results Approval

  • Approved Audited Standalone and Consolidated Financial Results for quarter and year ended 31 March 2026, along with Auditors' Report thereon.
  • The results were reviewed by the Audit Committee pursuant to Regulation 33 of SEBI LODR Regulations, 2015.

2. Dividend Recommendation

  • Recommended a final dividend of 18% of face value, i.e., ₹0.18 per equity share of face value of ₹1 each for FY ended 31 March 2026.
  • Subject to approval of shareholders at the ensuing shareholders meeting.

3. Management Appointments

  • Recommended re-appointment of Mr. Nakul Markhedkar (DIN: 07028044) as Whole-Time Director effective 22nd May 2026, liable to retire by rotation.
  • Mr. Nakul Markhedkar is the son of Mr. Rakesh Markhedkar (Chairman & MD) and brother of Mr. Vipul Markhedkar.
  • His term of appointment is from 24th September 2024 to 23rd September 2029.

4. Fundraising Approval

  • Approved additional raising of funds up to ₹400 crore through issuance of secured, rated, listed and/or unlisted non-convertible debentures or other debt securities.
  • Can be issued through private placement and/or public issue basis, in one or more tranches.
  • Board delegated powers to Corporate Affairs Committee (CAC) for finalization of terms & conditions.

5. Designation Change

  • Approved change in designation of Mr. Vipul Markhedkar, Key Managerial Personnel (KMP), from Head – Business Operations to Chief Business Officer (CBO), effective 22nd May 2026.
  • Mr. Vipul Markhedkar is the son of Mr. Rakesh Markhedkar (Chairman & MD) and brother of Mr. Nakul Markhedkar.

6. Resignation Acceptance

  • Accepted resignation of Mr. Mukhesh Nandan Jha, Senior General Manager-Procurement & Senior Management Personnel.
  • He will continue until close of business hours on 20th June 2026.
  • Reason cited: to pursue better professional growth opportunities outside the Company.

7. Borrowing Limits Enhancement

  • Approved enhancement of overall borrowing limits from ₹1,000 crore (Fund based) to ₹1,500 crore (Fund based).
  • Authorized creation of security over assets/undertakings of the Company where required.
  • Subject to approval of shareholders pursuant to Sections 180(1)(c) and 180(1)(a) of Companies Act, 2013.

Financial Results Highlights (Standalone)

Profit & Loss Statement (FY2026)

  • Revenue from operations: ₹124,931 lakhs
  • Other income: ₹1,696 lakhs
  • Total income: ₹126,627 lakhs
  • Total expenses: ₹114,403 lakhs
  • Profit before tax: ₹12,103 lakhs
  • Total tax expense: ₹2,933 lakhs
  • Profit for the year: ₹9,170 lakhs
  • Other comprehensive income: ₹69 lakhs
  • Total comprehensive income: ₹9,239 lakhs
  • Basic EPS: ₹4.05 (Face value of ₹1 each)
  • Diluted EPS: ₹4.05 (Face value of ₹1 each)

Quarterly Performance (Q4 FY2026)

  • Revenue from operations: ₹64,740 lakhs
  • Other income: ₹680 lakhs
  • Total income: ₹65,420 lakhs
  • Total expenses: ₹57,627 lakhs
  • Profit before tax: ₹7,793 lakhs
  • Total tax expense: ₹2,193 lakhs
  • Profit for the quarter: ₹5,600 lakhs
  • Other comprehensive loss: ₹38 lakhs
  • Total comprehensive income: ₹5,562 lakhs
  • Basic EPS: ₹2.17
  • Diluted EPS: ₹2.17

Balance Sheet Position (as at 31 March 2026)

  • Total assets: ₹250,351 lakhs
  • Non-current assets: ₹10,906 lakhs
  • Current assets: ₹239,445 lakhs
  • Total equity: ₹123,737 lakhs
  • Equity share capital: ₹2,579 lakhs (Face value ₹1 each)
  • Other equity: ₹121,158 lakhs
  • Non-current liabilities: ₹5,654 lakhs
  • Current liabilities: ₹120,960 lakhs

Cash Flow Statement (FY2026)

  • Net cash used in operating activities: ₹43,699 lakhs
  • Net cash used in investing activities: ₹15,584 lakhs
  • Net cash generated from financing activities: ₹62,359 lakhs
  • Net change in cash and cash equivalents: ₹3,076 lakhs
  • Cash and cash equivalents at year end: ₹3,326 lakhs

Auditor's Report Key Points

Emphasis of Matter

  • Walker Chandiok & Co LLP highlighted uncertainty regarding recoverability of trade receivables amounting to ₹2,929 lakhs from a customer.
  • The amount is pending litigation in the Commercial Court, Jaipur, related to invoked performance and advance guarantees.
  • Management considers the amount good and recoverable, and no adjustment has been made in the financial statements.
  • Auditor's opinion is not modified in respect of this matter.

Audit Opinion

  • Unmodified opinion stating financial results give true and fair view in conformity with Ind AS.
  • Financial results prepared in accordance with Regulation 33 of SEBI LODR Regulations.

Consolidated Financial Results

  • Includes Vikran Engineering Limited (Holding Company) and Vikran MP Solar Private Limited (subsidiary from 22 January 2026).
  • Consolidated FY2026 profit attributable to owners: ₹9,170 lakhs
  • Consolidated FY2026 total comprehensive income attributable to owners: ₹9,239 lakhs
  • Subsidiary financials: Total assets ₹1.00 lakh, revenues Nil, net loss ₹0.25 lakh for period 22 Jan 2026 to 31 Mar 2026.

Significant Events and Notes

IPO Proceeds Utilization

  • Company completed IPO of 79,587,827 equity shares at ₹97 per share (including premium of ₹96).
  • Net proceeds received: ₹67,097 lakhs (gross ₹72,100 lakhs less offer expenses ₹5,003 lakhs).
  • Utilization as at 31 March 2026:
  • Funding working capital requirements: ₹54,100 lakhs (fully utilized)
  • General corporate purposes: ₹12,997 lakhs (fully utilized)
  • Total utilized: ₹67,097 lakhs

Post-Reporting Date Events

  • Acquired 100% equity stake in NOPL Solar Projects Private Limited for ₹1,000 lakhs (Share Purchase Agreements dated 27 April 2026 and 20 May 2026).
  • Incorporated and subscribed to 100% paid-up equity share capital of:
  • Vikran Renewable Private Limited (₹1 lakh) on 4 May 2026
  • Vikran For Good Foundation (₹1 lakh) on 4 May 2026
  • Both entities became wholly-owned subsidiaries.

Other Material Information

  • Company principally engaged in Engineering, Procurement and Construction (EPC) services segment.
  • New Labour Codes effective 21 November 2025 - Company has assessed estimated financial impact.
  • Non-current trade receivables include ₹2,929 lakhs from a customer with ongoing litigation in Commercial Court, Jaipur.
  • Revenue, costs, and profits can vary widely between quarters due to project-based nature of business.