Date: 05th November 2026

Financial Performance Summary

Quarterly Performance (Q2 FY27 vs Q2 FY26)

  • Revenue from Operations: ₹220.1 crore (vs ₹176.3 crore) - 24.9% YoY growth
  • EBITDA: ₹20.1 crore (vs ₹25.4 crore) - 20.8% YoY decline
  • EBITDA Margin: 9.1% (vs 14.4%)
  • PAT: ₹7.9 crore (vs ₹9.1 crore) - 13.2% YoY decline
  • PAT Margin: 3.6% (vs 5.2%)

Half-Yearly Performance (H1 FY27 vs H1 FY26)

  • Revenue from Operations: ₹424.1 crore (vs ₹335.4 crore) - 26.5% YoY growth
  • EBITDA: ₹48.1 crore (vs ₹48.1 crore) - 0.1% YoY growth
  • EBITDA Margin: 11.4% (vs 14.3%)
  • PAT: ₹25.4 crore (vs ₹14.8 crore) - 71.6% YoY growth
  • PAT Margin: 6.0% (vs 4.4%)

*EBITDA is calculated excluding Other Income.

Operational Highlights

Project Commissioning

  • Successfully commissioned the 132 kV Miao-Namsai Transmission Line in Arunachal Pradesh
  • Project coverage: 40.6 km with 138 tower foundations
  • Demonstrates execution capabilities in challenging terrains

New Order Wins

  • Secured ₹120.7 crore order from POWERGRID for 400 kV GIS Substation Extension Package across Magarwada, Vadodara and Rajgarh
  • Secured ₹153.76 crore order from POWERGRID for 400 kV AIS Substation Extension at Tumkur-II, including STATCOM-related civil works
  • Total new orders: ₹274.45 crore (excluding GST)

Financing Activity

  • Secured ₹2,941.19 crore term loan financing from IREDA for 969 MW AC Solar EPC project
  • Financing obtained through wholly owned subsidiary NOPL Solar Projects
  • Interest rate: 9.15%
  • Disbursement will be aligned with execution progress across eight project clusters

Order Book Position (as of 31st October 2026)

  • Total Order Book: ₹6,257.53 crores
  • Order Book Mix:
  • Solar: 60%
  • Power T&D: 29%
  • Water Infrastructure: 10%
  • Railway Infrastructure: 1%

Management Commentary

Mr. Rakesh Markhedkar, Chairman & Managing Director, commented:

  • Delivered healthy growth in standalone business during H1 FY27 with 27% YoY revenue growth
  • PAT grew by 71.7% to ₹25.38 crore reflecting improved profitability
  • Focus on improving operating margins and maintaining financial discipline
  • Integration of NOPL Solar Projects marks important milestone in renewable energy platform
  • Project covers 152 locations across Maharashtra with planned capacity of 969 MW AC
  • Immediate focus on disciplined execution and effective coordination across project locations
  • Core Power Transmission & Distribution business continues to strengthen presence in high-voltage infrastructure
  • Priorities include timely project execution, prudent working capital management, and sustainable long-term value creation

Business Overview

Vikran Engineering Limited is a diversified EPC player with expertise across:

  • Power Transmission & Distribution
  • Water Infrastructure
  • Railway Electrification
  • Emerging capabilities in Solar EPC and Smart Metering

Company provides end-to-end turnkey solutions spanning conceptualization, design, supply, installation, testing, and commissioning.

Completed 45 projects across 14 states with clients including:

  • NTPC
  • Power Grid Corporation of India
  • State utilities
  • Public health departments

Asset-light model with in-house design and engineering expertise and strong supply chain of 3,500+ vendors.