Vikran Engineering IPO
Open MainLineCurrent GMP
₹7 (+7.22%)
Price Band
₹ 92 – 97
Lot Size
148
Issue Size
₹772 Cr
Minimum Investment
₹14356 (148 Shares)
Listing Date
03 September 2025
Subscription
23.59x
About the Company
Vikran Engineering Limited is a fast-growing Indian Engineering, Procurement, and Construction (EPC) company, outpacing industry averages in revenue growth between FY23–FY25 (Source: CRISIL Report). Though smaller in revenue compared to listed peers, the company achieved an impressive revenue CAGR of 32.17%, growing from ₹5,243.05 million in FY23 to ₹9,158.47 million in FY25.
The company offers end-to-end EPC solutions—from design and supply to installation and commissioning—across key infrastructure sectors, with a major focus on energy and water infrastructure, and additional presence in railways.
Key Business Verticals
- Power Transmission & Distribution:
- Projects up to 765 kV (transmission lines) and 400 kV (substations – AIS and GIS).
- Smart metering (30,000 connections executed).
- Water Infrastructure:
- Includes surface and underground drinking water projects.
- Participates in large-scale government schemes like Jal Jeevan Mission and Har Ghar Jal Yojana.
- Currently handling 12 projects across Uttar Pradesh, Chhattisgarh, and Madhya Pradesh.
- Railway Infrastructure:
- Focused on electrification projects including 25kV OHE systems, 132 kV traction substations, and underground EHV cabling.
Performance Highlights (FY25)
- EBITDA Margin: 17.50% – Highest among peers.
- PAT Margin: 8.44% – Second highest.
- Return on Equity (ROE): Among the top performers.
- Completed 45 projects in 14 states with total contract value of ₹19,199.17 million.
- 44 ongoing projects across 16 states with total orders worth ₹51,202.07 million (₹24,424.39 million in active order book).
Clientele & Projects
Vikran Engineering works extensively with government and public sector undertakings, including:
- NTPC Limited
- Power Grid Corporation of India
- State electricity and water boards
- Eastern Central Railway (Danapur division)
Projects are secured through competitive bidding processes.
Core Strengths
- Strong in-house design and engineering capabilities.
- Proven track record of timely and early project execution.
- Operational efficiency and cost-effective delivery models.
Promoters
- Rakesh Ashok Markhedkar
- Avinash Markhedkar
- Nakul Markhedkar
Promoters Holding
Holding Pre Issue
81.78%
Holding Post Issue
56.17%
Objects of the Issue
The Company Vikran Engineering IPO proposes to utilise the Net Proceeds from the Issue towards the following objects:
- Funding working capital requirements of the Company.
- General corporate purposes.
Address / Contact Info
Vikran Engineering Limited
401, Odyssey I.T. Park,
Road No. 9, Wagle Industrial Estate
Thane (W), Maharashtra
Thane, Maharashtra, 400604
Phone: +91-22-62638263
Email: companysecretary@vikrangroup.com
Website: https://www.vikrangroup.com/
IPO Snapshot
IPO Timeline (Tentative)
IPO Open Date
Tuesday, 26 August 2025
IPO Close Date
Friday, 29 August 2025
Basis of Allotment
Monday, 01 September 2025
Initiation of Refunds
Tuesday, 02 September 2025
Credit of Shares to Demat
Tuesday, 02 September 2025
Listing Date
Wednesday, 03 September 2025 — NSE & BSE
Important Dates
Open Date
26 August 2025
Close Date
29 August 2025
Basis Of Allotment
01 September 2025
Listing Date
03 September 2025
Financial Performance (₹ in Crores)
| Particular | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Assets | 1354.68 | 959.79 | 712.47 |
| Revenue | 922.36 | 791.44 | 529.18 |
| Profit After Tax | 77.82 | 74.83 | 42.84 |
| Net Worth | 467.87 | 291.28 | 131.14 |
| Reserve & Surplus | 449.52 | 290.95 | 130.85 |
| Total Borrowings | 272.94 | 183.39 | 154.92 |
EPS Pre
4.24%
EPS Post
3.02%
P/E Pre
22.88
P/E (Post Issue)
32.15x
Company Financial Information
KPI Information (₹ in Crores)
| Particular | Mar-25 | Mar-24 | Mar-23 |
|---|---|---|---|
| ROE % | 16.63 | 25.69 | 32.67 |
| ROCE % | 23.34 | 30.43 | 28.04 |
| Debt / Equity | 0.58 | 0.63 | 1.18 |
| RoNW % | 16.63 | 25.69 | 32.67 |
| PbW | 0 | 0 | 0 |
| Pat Margin % | 8.44 | 9.46 | 8.1 |
Return Ratio
IPO Reservations
| Category | Shares Offered | Shares Offered % | Max Allotee |
|---|---|---|---|
| Qualified Institutions | 16782608 | 28.57 | 0 |
| Non-Institutional | 12586956 | 21.43 | 0 |
| BNII | 8391304 | 14.29 | 0 |
| SNII | 4195652 | 7.14 | 0 |
| Retail Investors | 29369564 | 50 | 0 |
| Total | 58739128 | 100 | 0 |
Subscription Status ( Fri, 29 Aug 25 01:42 PM)
| Category | Shares Offered | Shares Bid For | Subscription (x) |
|---|---|---|---|
| Qualified Institutions | 16782608 | 326446412 | 19.45x |
| Non-Institutional | 12586956 | 737370484 | 58.58x |
| BNII | 8391304 | 559815180 | 66.71x |
| SNII | 4195652 | 177555304 | 42.32x |
| Retail Investors | 29369564 | 322102612 | 10.97x |
| Total | 58739128 | 1385919508 | 23.59x |
Subscription figures are updated periodically and may change until issue closing. Data reflects bids placed across exchanges.
Peer Comparision
| Company | Face Value | PE Ratio | EPS Basic | EPS Diluted | RoNW | Net Assets |
|---|---|---|---|---|---|---|
| Vikran Engineering Ltd | 1 | 0.00 | 4.35 | 4.35 | 16.63 | 25.49 |
| Bajel Projects Ltd | 2 | 158.75 | 1.34 | 1.34 | 2.32 | 57.63 |
| Kalpataru Projects International Ltd | 2 | 34.68 | 35.53 | 35.53 | 8.77 | 378.80 |
| Techno Electric & Engineering Company Ltd | 2 | 40.17 | 37.19 | 37.19 | 11.31 | 321.55 |
| SPML Infra Ltd | 2 | 36.79 | 7.61 | 7.61 | 6.22 | 107.43 |
Lot Size & Investment Details
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 1 | 148 | 14,356.00 |
| Retail (Max) | 13 | 1,924 | 186,628.00 |
| S-HNI (Min) | 14 | 2,072 | 200,984.00 |
| S-HNI (Max) | 69 | 10,212 | 990,564.00 |
| B-HNI (Min) | 70 | 10,360 | 1,004,920.00 |
Registrar
Bigshare Services Pvt Ltd
91-22-6263 8200
investor@bigshareonline.com
https://www.bigshareonline.com
Book Running Lead Managers
- Pantomath Capital Advisors Pvt Ltd
- Systematix Corporate Services Limited
RHP Document
DRHP Document
Anchor Investors
Disclaimer: This data is for informational purposes only and does not constitute investment advice. Figures shown are illustrative sample data.
Frequently Asked Questions
Everything you need to know before applying to an IPO.
Vikran Engineering IPO is a Book-building IPO worth ₹772 crores. The price band is ₹92 to 97 per share. The IPO opens on Tue, Aug 26, 2025 and closes on Fri, Aug 29, 2025. It will be listed on BSE and NSE. Bigshare Services Pvt Ltd is the registrar.
The Vikran Engineering IPO opens on Tue, Aug 26, 2025 and closes on Fri, Aug 29, 2025
Vikran Engineering IPO Price Band is ₹92 to 97.
Vikran Engineering IPO lot size is 148, and the minimum amount required for application is ₹14356.
The minimum investment for Vikran Engineering IPO is approximately ₹14356 based on the upper price band.
To apply for the Vikran Engineering IPO, investors can use the ASBA (Application Supported by Blocked Amount) process via their bank's net banking or apply through UPI using a registered broker or trading app. The IPO is available in retail, HNI, and institutional investor categories. Investors must select the lot size, enter bid details within the price band, and submit their application before the IPO closing date of Fri, Aug 29, 2025. After submission, funds are blocked until the basis of allotment of Vikran Engineering IPO is finalised.
Vikran Engineering IPO issue size is ₹772 crores.
Vikran Engineering IPO allotment date is Sat, Jun 27, 2026.
The registrar for Vikran Engineering IPO is Bigshare Services Pvt Ltd. Investors can go to Bigshare Services Pvt Ltd website for IPO allotment status, refund processing, and other queries related to Vikran Engineering IPO through their official website or helpline.
The Vikran Engineering IPO GMP (Grey Market Premium) is ₹7 as of Wed, Sep 3, 2025. Based on the upper price band of ₹97 per share, the estimated Vikran Engineering IPO listing price is ₹104, indicating a potential listing gain of approximately 31% over the issue price.