Vikran Engineering IPO will open for subscription on August 26, 2025, and close on August 29, 2025. Vikran Engineering Limited, incorporated in 2008, is an Engineering, Procurement, and Construction (EPC) company operating across multiple infrastructure sectors. The company undertakes projects in power transmission and distribution, water infrastructure, railway infrastructure, and solar energy.
This IPO update will be followed by details on the Vikran Engineering IPO issue size, price band, financial performance, and risk factors.
Vikran Engineering IPO Date
The key pointers for the Vikran Engineering IPO dates are:
- Bidding Opening Date: August 26, 2025
- Bidding Closing Date: August 29, 2025
- Allotment Date: September 1, 2025
- Initiation of Refunds (in case of less or no allotment): September 2, 2025
- Shares Credited to Your Demat Account: September 2, 2025
- IPO Listing Date: September 3, 2025
- Listing on Exchange: BSE and NSE
WHY SMC
- 20 Lac+ unique clients
- 33+ Years of Serving
- Advance Technical Analysis
- Free Demat Account
Vikran Engineering: IPO Issue Size
Vikran Engineering IPO valuation, as denoted by the market capitalisation, stood at ₹2,501.74 crores. Here are the important details:
- Vikran Engineering IPO Price Band: ₹92 to ₹97 per share
- Lot Size: 148 Shares
- Issue Size and Amount: 7,95,87,627 shares (totalling up to ₹772 crores)
- Fresh Issue and Amount: 7,43,29,896 shares (totalling up to ₹721 crores)
- Offer for Sale and Amount: 52,57,731 shares of ₹1 (totalling up to ₹51 crores)
Vikran Engineering IPO Proceeds Usage
The net proceeds from the Vikran Engineering IPO are proposed to be utilised for the following purposes:
Funding working capital requirements – ₹541 crores
This portion will be used to support day-to-day operational needs, procurement of materials, payments to vendors, and smooth execution of ongoing and upcoming projects.
General corporate purposes
A part of the proceeds will also be utilised for broader business needs such as administrative expenses, strategic initiatives, and maintaining financial flexibility.
Vikran Engineering IPO Reservations
Vikran Engineering IPO reservations to different investors are:
- For QIBs: Not more than 50% of the Offer
- For NIIs: Not less than 15% of the Offer
- For Retail Investors: Not less than 35% of the Offer
Vikran Engineering IPO Lot Size
Vikran Engineering IPO lot size is 148 shares, wherein bidding can be done in multiples. The minimum amount that each category of investor needs to bid in this IPO is:
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 148 | ₹14,356 |
| S-HNI (Min) | 14 | 2,072 | ₹2,00,984 |
| B-HNI (Min) | 70 | 10,360 | ₹10,04,920 |
Vikran Engineering IPO Details: Promoter Holding
Rakesh Ashok Markhedkar, Avinash Markhedkar, and Nakul Markhedkar are the promoters of Vikran Engineering Limited. Rakesh Ashok Markhedkar is the promoter selling shareholders in this IPO.
Vikran Engineering Limited: Company Overview
Established in 2008, Vikran Engineering Limited is an Engineering, Procurement, and Construction (EPC) company that operates across diverse infrastructure sectors.
The company undertakes projects such as underground water distribution systems, surface water extraction works, overhead tanks, and distribution networks, delivering solutions for both power and water infrastructure needs.
In the power sector, Vikran Engineering specialises in extra-high voltage substations along with comprehensive power distribution systems. Its water infrastructure division is engaged in end-to-end projects covering pipelines, extraction facilities, storage tanks, and distribution networks.
The company also plays a role in railway infrastructure development and has been steadily expanding into solar EPC projects, strengthening its presence in the renewable energy space.
Projects and Order Book
By June 30, 2025, the company had completed forty-five projects across fourteen states with a total executed contract value of ₹1,920 crores.
During the same period, it was managing forty-four ongoing projects across sixteen states, with an aggregate order value of ₹5,120 crores, while its unexecuted order book stood at ₹2,442 crores. This reflects the company’s growing scale and presence across multiple geographies.
Client Base
Vikran Engineering has established a strong client base, particularly in the government sector, working with organisations such as NTPC Limited, Power Grid Corporation of India Limited, South Bihar and North Bihar Power Distribution Companies, and Transmission Corporation of Telangana Limited, among others.
These relationships underline the company’s ability to deliver large-scale projects with reliability and efficiency.
Key Strengths
The company’s competitive strengths lie in its position as one of the fast-growing EPC players with a proven record of timely project execution in both power transmission and water infrastructure.
It benefits from a diversified order book across different business verticals and has maintained consistent financial performance over the years. Its asset-light model enhances operational efficiency, while strong in-house technical and engineering capabilities ensure process control and quality assurance.
In addition, the company is supported by experienced promoters and a skilled management team with deep industry knowledge, which strengthens its ability to sustain growth in a competitive market.
WHY SMC
- 20 Lac+ unique clients
- 33+ Years of Serving
- Advance Technical Analysis
- Free Demat Account
Vikran Engineering IPO: Financial Performance
Vikran Engineering Ltd. key financials for different periods are as follows:
| Particulars (in ₹ Cr) | FY25 | FY24 | YoY Change |
|---|---|---|---|
| Revenue from Operations | 915.85 | 785.95 | 16.53% |
| Profit After Tax | 77.82 | 74.83 | 4.00% |
| EBITDA | 160.24 | 133.30 | 20.21% |
| Total Assets | 1,354.68 | 959.79 | 41.14% |
| Total Borrowings | 272.94 | 183.39 | 48.83% |
| Order Book | 2,044.32 | 2,114.80 | -3.33% |
| ROE (%) | 16.63% | 25.69% | -9.06% |
| Debt to Equity Ratio (x) | 0.58 | 0.63 | -5.00% |
- Vikran Engineering Ltd. recorded a 17% increase in revenue from operations, rising from ₹785.95 crores in FY24 to ₹915.85 crores in FY25, supported by higher execution of EPC projects across power and water infrastructure.
- Profit after tax (PAT) rose by 4%, moving from ₹74.83 crores in FY24 to ₹77.82 crores in FY25, reflecting steady profitability despite rising project costs.
- EBITDA improved by 20%, increasing from ₹133.30 crores in FY24 to ₹160.24 crores in FY25, indicating stronger operating efficiency.
- Total assets increased by 41%, moving from ₹959.79 crores in FY24 to ₹1,354.68 crores in FY25, reflecting investments in projects and infrastructure.
- Total borrowings climbed by 49%, from ₹183.39 crore in FY24 to ₹272.94 crore in FY25, highlighting increased reliance on debt to fund project growth and expansion.
- The order book of the company decreased by over 3% to ₹2,044.32 crores, highlighting the slight fall in orders received from the customers.
- The ROE fell to 16.63% (falling returns on shareholders’ equity) while the debt to equity ratio dropped to 0.58 (better management of debt).
Vikran Engineering IPO: Peer Comparison
Here is the competitor analysis of Vikran Engineering Limited:
| Company Name (FY25) | EPS (Basic) | P/E (x) | PAT Margin (%) |
|---|---|---|---|
| Vikran Engineering Limited | 4.35 | 22.88 | 8.44% |
| Bajel Projects Limited | 1.34 | 158.75 | 0.59% |
| Kalpataru Projects International Limited | 35.53 | 34.68 | 2.53% |
| Techno Electric & Engineering Company Limited | 37.19 | 40.17 | 17.42% |
| SPML Infra Limited | 7.61 | 36.79 | 5.82% |
| KEC International Limited | 21.80 | 35.71 | 2.60% |
| Transrail Lighting Limited | 25.72 | 30.73 | 6.10% |
- Vikran Engineering Limited’s EPS is only ₹4.35, showing moderate earnings for shareholders.
- Its pre-IPO PE ratio is 22.88, which is lower than the industry average PE ratio of 35.45. This means that Vikran Engineering IPO can be considered as an undervalued investment opportunity.
- PAT margin of the company is the second best in the industry at 8.44%, suggesting healthy profitability.
Vikran Engineering IPO Risk Factors
Vikran Engineering IPO GMP is ₹18 as of August 23, 2025 (at 11:55). It is expected to list at a 18.56% gain at a price of ₹115. However, GMP is not a safe or assured criterion to bid for an IPO. It is important to do your own analysis before investing in any IPO.
Vikran Engineering IPO is exposed to various risk factors that can eventually affect its business and investors’ perception:
- The company depends on third-party logistics providers for transporting its products, equipment, and machinery to project sites or customer locations. Any delay or refusal by these providers to deliver on time could negatively affect the company’s business operations, cash flows, and overall financial performance.
- The cost and availability of raw materials play a critical role in the company’s operations. Fluctuations in raw material prices or any shortage, or disruption in supply, particularly due to factors outside the company’s control, may have an adverse impact on its business, profitability, and cash flows.
- A significant portion of the company’s business comes from tenders awarded by government authorities, public sector undertakings, and private sector entities. Any delay in tender processes, reduction in tender opportunities, or adverse policy changes by government bodies could result in contract cancellations and terminations.
WHY SMC
- 20 Lac+ unique clients
- 33+ Years of Serving
- Advance Technical Analysis
- Free Demat Account
For all the insights on Vikran Engineering IPO and detailed expert advice, you can download the SMC ACE App or visit the SMC telegram channels. Take smart decisions and apply for the Vikran Engineering IPO easily on the SMC ACE Apply by opening free demat account now.
Frequently Asked Questions – FAQs
1. What are the IPO dates for Vikran Engineering Limited?
The IPO will open for subscription on August 26, 2025, and close on August 29, 2025. The allotment is expected to be finalised on September 1, 2025, and the tentative listing date is September 3, 2025, on both BSE and NSE.
2. What is the price band and lot size for the Vikran Engineering IPO?
The price band has been fixed at ₹92 to ₹97 per share, with a lot size of 148 shares. Retail investors can apply with a minimum investment of ₹14,356.
3. What is the issue size of the Vikran Engineering IPO?
The IPO consists of 7.95 crore shares aggregating up to ₹772 crores, which includes a fresh issue of ₹721 crores and an offer for sale of ₹51 crores.
4. How will Vikran Engineering use the IPO proceeds?
The net proceeds are proposed to be used for funding working capital requirements and general corporate purposes.
5. Who are the promoters of Vikran Engineering Limited?
The promoters of the company are Rakesh Ashok Markhedkar, Avinash Markhedkar, and Nakul Markhedkar.
References:
https://pantomath-web.s3.ap-south-1.amazonaws.com/1755580329841-VIKRANENGINEERINGLIMITED-RHP.pdf
https://www.investorgain.com/gmp/vikran-engineering-ipo-gmp/1385/
Author: All Content is verified by SMC Global Securities.
WHY SMC
- 20 Lac+ unique clients
- 33+ Years of Serving
- Advance Technical Analysis
- Free Demat Account
