Vikran Engineering ltd has become a booming EPC (Engineering, Procurement and Construction) company and this has directly benefited as India has embarked on a huge infrastructure growth and uptake of renewable energy. Vikran Engineering Share Price On January 2, 2026 ₹99.17 (NSE & BSE).In recent years, the government attention paid to power transmission, solar energy, water supply, and railway electrification has generated a good pipeline of projects in the eyes of EPC players, and Vikran Engineering has already taken its place in this ecosystem.
In 2025, the company became more visible and had access to capital and ambitious expansion prospects as a result of its Vikran Engineering Share Price IPO. Its growing order book, rising operating margins, and strategic tilt towards solar EPC have predisposed it to be high interest mid-cap infrastructure stock among investors seeking long-term growth opportunities. EPC businesses are complex in nature. Vikran Engineering needs to keenly look at high debtor days, lengthy working capital cycles, reliance on a punctual implementation, and interests as some of the risks.
This article will discuss an in-depth and systematic outlook of 2026, including company history, business model, IPO, GMO history, financial results, order book, Vikran Engineering Share Price 2026-2030 share price, risks, and the investment opinion.
Vikran Engineering Ltd Company Overview
Vikran Engineering Ltd, which was incorporated in 2008, offers end to end turnkey infrastructure solutions as an EPC company. The company deals with projects starting with the conceptualization and design of engineering to procurement, construction, installation, testing and commissioning of the projects. This unified implementation feature enables Vikran Engineering to own the project fully and implement it on a turnkey project basis.
The company has 14 states of operation in India; it caters to the government departments, government sector undertakings, and government infrastructure authorities. The company started as Vikran Engineering Pvt Ltd but converted itself to Vikran Engineering Ltd following its IPO in 2025, and this is a new stage of growth and openness. Vikran Engineering has gained a good execution capability over the years in power transmission and distribution, solar EPC, water infrastructure and electrification of railroads. These segments can fit in the development points of India in the long term thus making the company be in a position to enjoy long term public investment and policy support.
| Particular | Details |
| Company Name | Vikran Engineering Ltd |
| Year of Incorporation | 2008 |
| Business Type | EPC – Infrastructure |
| Key Sectors | Power, Solar, Water, Railways |
| Operational Presence | 14 Indian states |
| Stock Exchanges | NSE & BSE |
| Face Value | ₹1 |
Business Model & Core Operations
Vikran Engineering is a turnkey EPC based business model, according to which the company undertakes the entire responsibility of the project. This is engineering design, material procuring, construction, installation, testing, and commissioning. This model has superior margins and increased value-addition as opposed to pure construction contracts but exposes the project implementers to greater risks of project execution.
One of the main characteristics of Vikran Engineering business activities is the asset-light model. The company is also heavily dependent on the engineering expertise and project management capability in-house and outsources some of the execution and fabrication processes. This scaling strategy allows companies to scale much faster without over-investing in fixed assets, which helps improve the return ratios including ROCE and ROE.
Yet, milestone based payments and late receivables are frequent in EPC contracts and this is the reason as to why the company is faced with high working capital needs.
| Segment | Description |
| Power T&D | Transmission lines, substations up to 400 kV |
| Solar EPC | Ground-mounted solar projects, evacuation |
| Water Infrastructure | Underground & surface pipelines |
| Railways | Traction substations, electrification |
| EPC Services | Design to testing & commissioning |
Market Position & Competitive Landscape
Vikran Engineering is a firm in a highly competitive industry of the EPC sector, and it competes with other large, established companies in the industry like L&T, KEC International, IRCON and NBCC. These firms are of scale, diversified order book, and well-balanced balance sheets.
Vikran Engineering specializes in small-to-mid size contracts as opposed to competing on mega projects, this enables them to execute the contracts faster, more capital efficient, and a comparatively higher ratio of returns. Though the company has a smaller scale than industry giants, it has differentiation in terms of high ROCE, industry specific exposure and good track record in execution.
| Factor | Status |
| Industry | Infrastructure & EPC |
| Competition | Very high |
| Project Focus | Small & mid-sized |
| Key Growth Driver | Govt infra & renewable push |
| Differentiator | High capital efficiency |
Vikran Engineering IPO Details
In August 2025 Vikran Engineering floated its initial public offering that was well received by investors. The overbooking was almost 69 times, indicating the high confidence in the growth potential of the company and industry tailwinds.
The IPO funds were used majorly as working capital that is essential to the EPC companies, as well as the general corporate uses that will be used to finance growth and expansion capacity.
| Parameter | Details |
| IPO Dates | Aug 26–29, 2025 |
| Issue Size | ₹772 Cr |
| Fresh Issue | ₹721 Cr |
| Offer for Sale | ₹51 Cr |
| Price Band | ₹92 – ₹97 |
| Lot Size | 148 shares |
| Listing Date | Sep 2025 |
| Subscription | ~69x |
| Anchor Book | ₹231.6 Cr |
IPO GMP (Grey Market Premium) History
Vikran engineering IPO GMP had moderate optimism before listing, with the highest anticipation at ₹20. This indicated a possible listing premium of between 17 and 20 per cent above the high price range. But the market at listing conditions resulted in a flat or marginal debut and GMP would vanish within a short time afterwards.
| Date | GMP (₹) | Premium | Estimated Listing |
| Aug 25, 2025 | 20 | ~20% | ₹113–117 |
| Listing Day | 0 | 0% | ₹97–100 |
Vikran Engineering Ltd Current Stock Snapshot (2026)
Vikran Engineering trades at an average value of ₹110-115 as of January 2026 which translates into a market capital of about ₹2,558–2,605 Cr. Stock has been volatile after IPO, but still continues to draw attention because of its good order book and long term growth story.
| Parameter | Value |
| Current Price | ₹110–115 |
| Market Capitalisation | ₹2,558–2,605 Cr |
| 52-Week High | ₹118 |
| 52-Week Low | ₹84.2 |
| P/E Ratio | ~30 |
| Book Value | ₹45 |
| Dividend Yield | 0% |
Vikran Engineering Ltd Financial Performance Overview
Vikran Engineering has reported the continuous growth in revenues and profitability, particularly following FY23. Margin expansion has been supported by better project execution, higher value contracts and being able to scale.
Profit & Loss Summary (₹ Crore)
| FY | Revenue | Operating Profit | Net Profit |
| FY21 | 336 | 36 | 17 |
| FY22 | 476 | 34 | 10 |
| FY23 | 524 | 80 | 43 |
| FY24 | 786 | 134 | 75 |
| FY25 | 916 | 162 | 77.8 |
Vikran Engineering Ltd Share Growth Metrics & Trends
The growth information indicates a high rate of profit compounding, especially in the past three years. Nevertheless, the growth in profits has been slowed in the recent period because of increased interest rates and lengthy working capital cycles.
| Metric | CAGR |
| Sales CAGR (5Y) | 16% |
| Sales CAGR (3Y) | 24% |
| Profit CAGR (5Y) | 18% |
| Profit CAGR (3Y) | 95% |
Vikran Engineering Ltd Order Book Strength & Visibility
The greatest growth driver to Vikran Engineering is order book visibility. By FY26, the management has steered towards an order book of ₹5,700 crore, which should have been supported by solar EPC, power infrastructure and select challenges overseas.
| Metric | Details |
| FY25 Revenue | ₹916 Cr |
| Current Order Book | ~₹5,000 Cr |
| Target Order Book | ₹5,700 Cr |
| Revenue Guidance FY26 | ₹1,400–1,600 Cr |
| EBITDA Margin Target | ~17.5% |
Vikran Engineering Ltd Share Price Target 2026–2030
Analysts forecast strong upside long-term based on anticipated order execution, margin expansion and domination of solar EPC. These estimates take the form of seamless implementation and stable macro-environment.
Share Price Targets
| Year | Min Price (₹) | Max Price (₹) | Key Drivers |
| 2026 | 200 | 404 | Solar EPC, BESS orders |
| 2027 | 387 | 621 | Revenue ₹1,400–1,600 Cr |
| 2028 | 600 | 830 | Overseas expansion |
| 2029 | 812 | 1,054 | Strong execution |
| 2030 | 1,034 | 1,300 | Integrated solar leadership |
Vikran Engineering Share Price Short term projections imply that it will consolidate within the same levels whereas in the long run it is projected to be bullish.
Vikran Engineering Ltd Balance Sheet & Leverage
The balance sheet indicates a rapid growth, increased assets and borrowings. Although leverage is an excellent driver of growth, it also exposes the company to financial risks in case cash flows fail to turn positive.
| Item | FY25 |
| Reserves | 450 |
| Borrowings | 274 |
| Total Assets | 1,355 |
| Other Assets | 1,341 |
Vikran Engineering Ltd Cash Flow & Working Capital Risk
The crucial issue is the cash flow. There are also high debtor days and delayed collections leading to negative operating cash flow which is typical in EPC businesses, but also dangerous when it is prolonged.
| Metric | Days |
| Debtor Days | 253 |
| Inventory Days | 45 |
| Payable Days | 360 |
| Working Capital Days | 149 |
Vikran Engineering Ltd Shareholding Pattern (Post-IPO)
After the IPO, promoter holding came at a discount of holding, though comfortable. The growth of institutional involvement is a good indicator of governance and trust.
| Holder | Stake |
| Promoters | 56.2% |
| FIIs | 2.38% |
| DIIs | 12.64% |
| Public | 28.80% |
Recent News & Developments
Vikran Engineering has experienced a positive trend on the inflows of orders particularly in the solar EPC projects.
| Date | Update |
| Dec 2025 | Order book target ₹5,700 Cr |
| Oct 2025 | ₹354 Cr solar EPC order (Maharashtra) |
| Sep 2025 | IPO listing on NSE & BSE |
Final Investment Outlook
Vikran Engineering Ltd is a high growth high risk EPC stock. Good order book visibility, solar EPC orientation, and margin guidance are favouring long-term optimistic views. But it is not suitable to conservative investors because it is affected by working-capital stress and execution dependency. Vikran Engineering Share Price upside potential to 2030 may be high in case Vikran Engineering works on the receivables management and maintains the discipline in the execution.
FAQs
It has high long-term growth prospects owing to its order book and solar EPC orientation but with greater risk on pressure of working capital.
Analyst estimates put the target of 2030 between ₹1,030 and 1,300, provided there is successful performance.
Delays in EPC projects in terms of paying milestones and consequently increase receivable cycles.
No, the company does not pay dividends as it reinvests the earnings to grow.
It is more appropriate with more advanced investors who are aware of the risks in the EPC and infrastructure sector.
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