Vikran Engineering IPO
GMP, Subscription, Price, Dates & Financial Details
Engineering - Construction
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…
Open Date
Tue, 26 Aug 2025
Close Date
Fri, 29 Aug 2025
Price Band
₹ 92 – 97
Lot Size
148
Issue Size
₹ 772.00 Cr
Minimum Investment
₹ 14,356 (148 Shares)
Grey Market Premium Analysis
Day Wise GMP→Unofficial premium quoted in the grey market, tracked daily against the price band cap.
Grey market trading is unregulated. GMP figures are indicative only and should not be the sole basis for investment decisions - treat as a sentiment indicator, not a guarantee.
IPO Details
Vikran Engineering IPO has successfully completed its IPO process and is now listed on the NSE and BSE. According to the Red Herring Prospectus (RHP), the IPO was a book-built issue with a total issue size of ₹772.00 Crore, comprising a fresh issue of 7.43 Crore equity shares aggregating to ₹721.00 Crore and an offer for sale (OFS) of 52.58 Lakh equity shares aggregating to ₹51.00 Crore by the existing shareholders.
The Vikran Engineering IPO remained open for subscription from August 26, 2025, to August 29, 2025. The basis of allotment was finalized on September 01, 2025, and the company's shares were listed on the NSE and BSE on September 03, 2025.
The company had fixed the price band at ₹92 to ₹97 per share, with a lot size of 148 shares. Retail investors were required to make a minimum investment of ₹14,356 (based on the upper price band) to apply for one lot.
Bigshare Services Pvt Ltd served as the registrar to the issue. Pantomath Capital Advisors Pvt Ltd, and Systematix Corporate Services Limited acted as the Book Running Lead Managers (BRLMs) to the issue.
With the successful completion of the IPO process, Vikran Engineering Limited is now a publicly listed company on the NSE and BSE. Investors can track the company's share price, trading performance, financial results, and corporate announcements through the stock exchanges.
Vikran Engineering IPO Timeline (Tentative)
- IPO Open Date
- Tue, 26 Aug 25
- IPO Close Date
- Fri, 29 Aug 25
- Basis of Allotment
- Mon, 01 Sep 25
- Initiation of Refunds
- Tue, 02 Sep 25
- Credit of Shares to Demat
- Tue, 02 Sep 25
- Listing Date
- Wed, 03 Sep 25 — NSE & BSE
Open Date
26 August 2025
Close Date
29 August 2025
Basis Of Allotment
01 September 2025
Listing Date
03 September 2025
IPO Subscription
Check Live Subscription →The Vikran Engineering IPO has received bids for 1,38,59,19,508 shares against 5,87,39,128 shares offered, resulting in an overall subscription of 23.59x. the NII category is subscribed 58.58x, Retail Investors 10.97x, and QIBs 19.45x. Within the NII category, BNII is subscribed 66.71x, while SNII is subscribed 42.32x.
QIB
19.45x
NII
58.58x
BNII
66.71x
SNII
42.32x
RII
10.97x
Total
23.59x
IPO Reservations
The Retail Individual Investor (RII) category has the highest allocation with 2,93,69,564 shares, representing 50% of the total issue. Qualified Institutional Buyers (QIBs) are allocated 1,67,82,608 shares (28.57%), while Non-Institutional Investors (NIIs) receive 1,25,86,956 shares (21.43%).
| Category | Shares Offered | Shares Offered % |
|---|---|---|
| Qualified Institutions | 16,782,608 | 28.57% |
| Non-Institutional | 12,586,956 | 21.43% |
| BNII | 8,391,304 | 14.29% |
| SNII | 4,195,652 | 7.14% |
| Retail Investors | 29,369,564 | 50% |
| Total | 58,739,128 | 100% |
Financials Details(₹ 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 |
Financials Performance
Performance Indicators
EPS Pre
Earnings per share before the IPO.
P/E Pre
IPO Offer Price ÷ EPS Pre.
EPS Post
Expected earnings per share after the IPO..
P/E (Post Issue)
IPO Offer Price ÷ EPS Post.
Vikran Engineering Limited KPI Information
| 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 |
| Pat Margin % | 8.44 | 9.46 | 8.1 |
Peers Comparison
| 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 |
About Vikran Engineering Limited
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.
Vikran Engineering IPO Promoters
- Rakesh Ashok Markhedkar
- Avinash Markhedkar
- Nakul Markhedkar
Promoters Holding
Holding Pre Issue
81.78%
Holding Post Issue
56.17%
Vikran Engineering IPO Objective
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.
Vikran Engineering Limited Address / Contact Details
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
Vikran Engineering IPO Lot Size
The Vikran Engineering IPO has a lot size of 148 shares. Retail investors require a minimum investment of ₹14,356 by applying for 1 lot (148 shares). The maximum application allowed for the retail category is 13 lots (1,924 shares), requiring an investment of ₹1,86,628.
| 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 |
Issue Reservation
- QIB — 28.57%
- NII — 21.43%
- RII — 50%
Book Running Lead Managers
- Pantomath Capital Advisors Pvt Ltd
- Systematix Corporate Services Limited
IPO Documents & Links
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Disclaimer: This data is for informational purposes only and does not constitute investment advice.
Frequently Asked Questions
Everything you need to know before applying to an IPO.
What is the Vikran Engineering IPO?
Vikran Engineering IPO is a Book-building IPO with a total issue size of ₹772 crore. The Vikran Engineering IPO price band is ₹92 to 97 per share. The Vikran Engineering IPO subscription opens on Tue, Aug 26, 2025, and closes on Fri, Aug 29, 2025. The Vikran Engineering IPO will be listed on the NSE,BSE. Bigshare Services Pvt Ltd is the registrar for the Vikran Engineering IPO.
When will the Vikran Engineering IPO open for subscription?
The Vikran Engineering IPO opens on Tue, Aug 26, 2025 and closes on Fri, Aug 29, 2025
What is Vikran Engineering IPO Price Band?
Vikran Engineering IPO Price Band is ₹92 to 97 per share.
What is Vikran Engineering IPO Lot Size?
Vikran Engineering IPO lot size is 148 shares, Retail investors need a minimum investment of ₹14356 based on the upper price band
What is the minimum investment for Vikran Engineering IPO?
The minimum investment for Vikran Engineering IPO is ₹14356, based on one lot of 148 shares at the upper price band of ₹97 per share.
How to apply for Vikran Engineering IPO?
Investors can apply for the Vikran Engineering IPO through the ASBA (Application Supported by Blocked Amount) facility offered by their bank or through UPI using a SEBI-registered broker or trading app. Select the desired lot size, enter your bid within the price band, and submit the application before Fri, Aug 29, 2025. The application amount remains blocked until the Vikran Engineering IPO allotment is finalized.
What is Vikran Engineering IPO Issue Size?
Vikran Engineering IPO issue size is ₹772 crores.
What is the Vikran Engineering IPO Allotment Date?
Vikran Engineering IPO allotment date is Mon, Sep 1, 2025.
Who is the Vikran Engineering IPO Registrar?
The registrar for Vikran Engineering IPO is Bigshare Services Pvt Ltd. Investors can go to Bigshare Services Pvt Ltd website to check Vikran Engineering IPO allotment status, refund processing, and other IPO-related information.
What is the Vikran Engineering IPO GMP?
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 7.22% over the issue price.
Who is the Vikran Engineering IPO Lead Manager?
The book-running lead managers (BRLMs) for the Vikran Engineering IPO are Pantomath Capital Advisors Pvt Ltd, and Systematix Corporate Services Limited. The lead managers are responsible for managing the IPO process, including issue structuring, regulatory compliance, marketing the public issue, coordinating with investors, and ensuring a smooth listing process. For complete details, investors should refer to the Vikran Engineering IPO Red Herring Prospectus (RHP).