Vikran Engineering IPO
Vikran Engineering Limited · EPC / Infrastructure Construction
- Price band
- To be announcedNot in this filing
- Issue size
- ₹772 Cr
- Face value
- ₹1per equity share
- Lot size
- To be announcedMin. investment shown once set
- Anchor biddingMon, 2025
- OpensTue, 2025
- ClosesFri, 2025
- AllotmentMon, 2025
- ListingWed, 2025
Dates marked in the offer document as tentative. Times in IST.
Information only, not investment advice. This page provides information compiled from official offer documents for information purposes only. It is not investment advice or a recommendation to apply for, buy or sell any security. We are not a SEBI-registered investment adviser or research analyst. Investments in IPOs are subject to market risks; read the offer document carefully before investing.
Issue details
- Issue type
- Book built, fresh issue
- Fresh issue
- —
- Offer for sale
- None
- Total issue
- —
- Face value
- ₹1
- Listing at
- NSE, BSE
- RHP date
- 18 Aug 2025
Source: Red Herring Prospectus dated 18 Aug 2025Updated
Reservation
| Category | Shares | Of net offer | Stated in RHP |
|---|---|---|---|
| Retail individual investors | — | — | 35% |
| Non-institutional investors (NII) | — | — | 15% |
| Qualified institutional buyers (QIB) | — | — | 50% |
| Anchor investors | — | — | — |
| Market maker | — | — | — |
Source: Red Herring Prospectus dated 18 Aug 2025Updated
Subscription
Category-wise subscription is published by the exchanges while the issue is open. It appears here once it is added from a licensed data source.
Valuation
FY 2024-25, pre-issue- EPS (basic)
- ₹4.35
- EPS (diluted)
- ₹4.35
- NAV per share
- ₹25.49
- RoNW
- 16.63%
- RoNW (Weighted average)
- 22.32%
- ROCE
- 23.34%
- Debt to equity
- 0.58
- EBITDA margin
- 17.50%
- PAT margin
- 8.44%
P/E and market cap are calculated once the price band is announced.
Source: Red Herring Prospectus dated 18 Aug 2025Updated
Financials
Consolidated, restated · ₹ crore| Period ended | 31 Mar 2025FY 2024-25 | 31 Mar 2024FY 2023-24 | 31 Mar 2023FY 2022-23 |
|---|---|---|---|
| Revenue from operations | 915.85 | 785.95 | 524.31 |
| Total income | 922.36 | 791.44 | 529.18 |
| EBITDA | 160.24 | 133.30 | 79.71 |
| Profit after tax | 77.82 | 74.83 | 42.84 |
| Net worth | 467.87 | 291.28 | 131.14 |
| Reserves and surplus | 449.52 | 290.95 | 130.85 |
| Total assets | 1,354.68 | 959.79 | 712.47 |
| Total borrowing | 272.94 | 183.39 | 154.93 |
FY 2024-25 vs FY 2023-24: revenue +16.5%, profit after tax +4.0%.
Source: Red Herring Prospectus dated 18 Aug 2025Updated
About the company
An engineering, procurement and construction company executing turnkey projects in power transmission and distribution, water infrastructure and railway electrification for government and private clients. Its revenue is concentrated in power and water verticals, and it operates an asset-light model that rents much of its equipment.
- Incorporated
- 2008
- Sector
- EPC / Infrastructure Construction
- CIN
- U93000MH2008PLC272209
- Website
- vikrangroup.com
Source: Red Herring Prospectus dated 18 Aug 2025Updated
Promoters and shareholders
| Name | Type | Before issue | After issue |
|---|---|---|---|
| Avinash Ashok Markhedkar | Promoter | — | — |
| Nakul Markhedkar | Promoter | 7.24% | — |
| Rakesh Ashok Markhedkar | Promoter group | 59.02% | — |
| Vipul Markhedkar | Promoter group | 7.24% | — |
| Kanchan Markhedkar | Promoter group | 7.24% | — |
| Vikran Global Infraprojects Private Limited | Promoter group | 1.03% | — |
Source: Red Herring Prospectus dated 18 Aug 2025Updated
Objects of the issue
₹ crore| Purpose | Amount |
|---|---|
| Funding working capital requirements of the company | 541.00 |
| General corporate purposes | Set with price |
Source: Red Herring Prospectus dated 18 Aug 2025Updated
Peer comparison
As listed in the offer document| Company | EPS | P/E | RoNW | NAV per share |
|---|---|---|---|---|
| Vikran Engineering LimitedIssuer | ₹4.35 | — | 16.63% | ₹25.49 |
| Bajel Projects Ltd | ₹1.34 | 158.75× | 2.32% | ₹57.63 |
| Kalpataru Projects International Ltd | ₹35.53 | 34.68× | 8.77% | ₹378.8 |
| Techno Electric & Engineering Company Ltd | ₹37.19 | 40.17× | 11.31% | ₹321.55 |
| SPML Infra Ltd | ₹7.61 | 36.79× | 6.22% | ₹107.43 |
| KEC International Limited | ₹21.8 | 35.71× | 10.67% | ₹200.88 |
| Transrail Lighting Limited | ₹25.72 | 30.73× | 17.36% | ₹140.11 |
Source: Red Herring Prospectus dated 18 Aug 2025Updated
Strengths and risks
Our summary of what the offer document statesStrengths
- Revenue grew at a CAGR of about 32% over FY23 to FY25 on restated figures.
- Asset-light model relying on rented equipment keeps fixed investment low.
- In-house design, engineering and quality systems across power, water and railway verticals.
- Order book of about ₹20,443 million as of March 2025 and ₹24,424 million as of June 2025.
- Experienced promoters with long EPC sector experience.
Risks
- A two-year debarment order from the Indian Railways is stayed by the Delhi High Court but remains under litigation.
- Trade receivables, contract assets and inventories form a very large share of total assets, tying up working capital.
- Most projects are won through competitive bidding and depend on government and PSU clients.
- Contingent liabilities of about ₹641 million, including disputed GST and income tax demands.
- Substantial outstanding litigation against the company, its directors and promoters.
Source: Red Herring Prospectus dated 18 Aug 2025Updated
Contacts
Source: Red Herring Prospectus dated 18 Aug 2025Updated
After listing
Listing price, day-one high and low, and the change from the issue price (set at allotment) appear here after the shares list on NSE and BSE.
Frequently asked questions
When does the Vikran Engineering IPO open and close?
According to the Red Herring Prospectus, the issue opens on Tuesday, 26 August 2025 and closes on Friday, 29 August 2025. These dates are tentative.
What is the Vikran Engineering IPO price band?
The Red Herring Prospectus does not include a price band. The company announces it by advertisement before the issue opens, and this page is updated when it is filed.
Where will Vikran Engineering shares list?
On NSE and BSE. The tentative listing date is Wednesday, 3 September 2025.
Who is the registrar of the issue?
Bigshare Services Private Limited (SEBI registration INR000001385). Allotment status is checked on the registrar's website.
How will the money raised be used?
₹541 Cr for funding working capital requirements of the company, and the rest for the other stated purposes.