Vikran Engineering
Book Building issueMainboardBSE₹772 Cr issue
+2.78%
Listing gain over issue price
Issue size
₹772 Cr
1 lot at cut-off
₹14,356
Lot size
148shares
Open
26 Aug 2025
Close
29 Aug 2025
Allotment
01 Sep 2025
Listing
03 Sep 2025
Listing performance
Issue price
₹97
Listed at
₹99.70
Listing-day close
₹95.71
Latest price
₹52.57
Close on 23 Oct 2026
Listing gain
+2.78%
Return since issue
-45.80%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 26 Aug 2025 – 29 Aug 2025
- Listing date
- 03 Sep 2025
- Face value
- ₹1 per share
- Issue price
- ₹97 per share
- Lot size
- 148 shares
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹772 Cr
- Market cap at offer price
- ₹2,502 Cr
- Promoter holding
- 81.78% → 56.17% pre-issue → post-issue
- ISIN
- INE01R501028
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Pantomath Capital Advisors Pvt.Ltd.
- Registered office
- 401, Odyssey I.T.Park, Road No.9, Wagle Industrial Estate, Thane (W), Maharashtra
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 2,38,76,287 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 148 shares per lot, in multiples, at ₹97
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 148 | ₹14,356 |
| Retail (max) | 13 | 1,924 | ₹1,86,628 |
| S-HNI (min) | 14 | 2,072 | ₹2,00,984 |
| S-HNI (max) | 69 | 10,212 | ₹9,90,564 |
| B-HNI (min) | 70 | 10,360 | ₹10,04,920 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
2,38,76,287
Anchor portion
₹232 Cr
at ₹97 per share
Valuation and performance
Valuation at offer price
₹97 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 4.24 | 3.02 |
| P/E (×) | 22.88 | 32.12 |
| Price to book (×) | 3.81 | — |
| Market cap | — | ₹2,502 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 16.63%
- ROCE
- 23.34%
- Debt / equity
- 0.58
- PAT margin
- 8.44%
- EBITDA margin
- 17.50%
- NAV per share
- ₹25.49
- Price to book
- 3.81
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Vikran Engineering
Vikran Engineering Limited (formerly known as Vikran Engineering & Exim Private Limited) is an EPC company incorporated in 2008, originally as Ratangiri Financial Advisory Private Limited, and underwent multiple name changes reflecting its evolution into an infrastructure services provider. The company was converted to a public limited company on September 20, 2024. Vikran Engineering operates in the power transmission and distribution, water infrastructure, and railway sectors, providing comprehensive services from conceptualization and design through supply, installation, testing, and commissioning on a turnkey basis. The company has experienced significant revenue growth, with revenues increasing from ₹5,243.05 million in Fiscal 2023 to ₹9,158.47 million in Fiscal 2025, representing a CAGR of 32.17%. The company earns revenue through competitive bidding for EPC contracts primarily from government entities, public sector undertakings, and private companies.
Company Analysis
from RHPVikran Engineering Limited is a fast-growing Indian Engineering, Procurement and Construction (EPC) company providing end-to-end services across power transmission and distribution, water infrastructure, and railway sectors.
Vikran Engineering Limited (formerly known as Vikran Engineering & Exim Private Limited) is an EPC company incorporated in 2008, originally as Ratangiri Financial Advisory Private Limited, and underwent multiple name changes reflecting its evolution into an infrastructure services provider. The company was converted to a public limited company on September 20, 2024. Vikran Engineering operates in the power transmission and distribution, water infrastructure, and railway sectors, providing comprehensive services from conceptualization and design through supply, installation, testing, and commissioning on a turnkey basis. The company has experienced significant revenue growth, with revenues increasing from ₹5,243.05 million in Fiscal 2023 to ₹9,158.47 million in Fiscal 2025, representing a CAGR of 32.17%. The company earns revenue through competitive bidding for EPC contracts primarily from government entities, public sector undertakings, and private companies.
Power transmission and distributionWater infrastructureRailway infrastructureEngineering, Procurement and Construction (EPC)
Objects of the Issue
- Funding working capital requirements of our Company ₹5,410.00 million p.30
- General corporate purposes p.30
- Funding working capital requirements of the Company ₹5,410.00 million p.133
- General corporate purposes p.133
- Capex for specific projects and infrastructure development
Issue Structure
- Total Issue
- Up to ₹7,720 million
- Fresh Issue
- Up to ₹7,210 million comprising up to [●] Equity Shares of face value ₹1 each
- Offer for Sale
- Up to ₹510 million comprising up to [●] Equity Shares of face value ₹1 each by Rakesh Ashok Markhedkar
- Price Band
- [●] per Equity Share (Floor Price: ₹[●]; Cap Price: ₹[●])
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares thereafter
- Face Value
- ₹1 each
Business Model
Vikran Engineering operates on a project-based EPC model where the company bids competitively for infrastructure projects awarded primarily by government authorities, public sector undertakings, and private sector clients. Projects are awarded through a competitive bidding process called tariff-based competitive bidding (TBCB) for power transmission projects and similar mechanisms for water and railway infrastructure. The company provides end-to-end services from design, procurement, construction, installation, testing and commissioning on a turnkey basis. Revenue is recognized based on work executed on projects, with significant working capital requirements as the company manages trade receivables, contract assets, and inventories. As of Fiscal 2025, government, PSU, and private sector customers accounted for approximately 61.73%, 18.41%, and 19.86% of the order book respectively.
Business Segments
Design, supply, construction, and installation of power transmission and distribution infrastructure including transmission lines, substations, and related equipment
Design, supply, construction, and installation of water infrastructure projects including water treatment plants, supply systems, and related water management infrastructure
Design, supply, construction, and installation of railway and other infrastructure projects
EPC services for power transmission and distribution infrastructure projects
EPC services for water infrastructure projects
EPC services for railway infrastructure projects
Project-specific joint ventures as unincorporated associations of persons
Engineering, procurement and construction services for power transmission and distribution infrastructure including EHV Air Insulated Substations up to 400 kV and transmission projects up to 765kV
Engineering, procurement and construction services for water infrastructure projects
Engineering, procurement and construction services for railway infrastructure projects
Construction of high-voltage transmission lines up to 765 kV, substations up to 400 kV (both Air Insulated Substations (AIS) and Gas Insulated Substations (GIS)), power distribution networks, and smart metering connections
Turnkey solutions for surface and underground drinking water projects including design, supply, erection of intake water treatment plant, overhead services reservoir, water distribution networks, rainwater harvesting systems, and supply of drinking water through tube wells in rural areas
Railway electrification including overhead electrification and signalling systems, 132 kV traction substations, and 220 kV underground EHV cable work
Provides EHV substation services up to 765 kV, GIS substations, transmission lines up to 400 kV, EHV underground cabling work, and power distribution projects of 33 kV and 11 kV. Services include design, supply, construction, installation, testing and commissioning on turnkey basis.
Designs, supplies and constructs water infrastructure projects including intake water treatment plants (WTP), overhead service reservoirs (OHSR), pipe networks and distribution systems under schemes such as Jal Jeevan Mission. Projects executed on turnkey basis.
Implements railway infrastructure projects involving EPC of overhead equipment, power systems, and traction substations. Also exectures signalling and telecommunication works.
The Company provides integrated end-to-end EPC services including infrastructure projects, power transmission and distribution, Extra High Voltage (EHV) substations, and water infrastructure encompassing design, supply, civil works, construction, testing and commissioning.
EPC services for power transmission and distribution infrastructure projects
EPC services for water infrastructure projects
EPC services for railways and other infrastructure projects
The company's entire business falls under one operational segment of EPC as defined in Ind AS 108. The company is principally engaged in the EPC business where majority of erection/installation work are carried through various sub-contractors.
SWOT Analysis
Strengths
- • Fast-growing EPC company with strong revenue CAGR(p.29)
- • Diversified project portfolio across government, PSU, and private sectors(p.29)
- • Strong operational excellence and cost efficiency(p.29)
- • End-to-end service capability across multiple sectors(p.29)
- • Diversified project portfolio across power, water, and railway sectors(p.70)
- • Strong revenue and profit growth trajectory over three years(p.65)
- • Asset-light business model with flexible equipment leasing(p.71)
- • Substantial order book providing medium-term revenue visibility(p.65)
- • Established track record with 35% of order book under escalation clauses(p.55)
- • Strong revenue growth trajectory in EPC sector(p.141)
- • Pan-India project execution with established presence(p.141)
- • Diversified order book across multiple sectors(p.141)
- • Asset-light business model enabling capital efficiency(p.142)
- • In-house technical and engineering capabilities(p.142)
- • Improving profitability metrics(p.141)
- • Fast-growing revenue among EPC peers(p.213)
- • Strong revenue growth trajectory(p.213)
- • Highest operating EBITDA margin among peers(p.214)
- • Strong PAT margin and ROE(p.214)
- • Timely project execution capability(p.214)
- • In-house design and engineering competencies(p.214)
- • Diversified project portfolio(p.213)
- • Significant completed projects base(p.214)
- • Fast-growing EPC company with 32.17% revenue CAGR (FY23-25)(p.223)
- • Pan-India presence across 16 states with 190 sites and stores(p.227)
- • Asset-light business model with high fixed asset turnover ratio(p.228)
- • In-house technical and engineering capabilities with 12 designers/engineers and 93+ years cumulative experience(p.228)
- • Experienced promoter leadership with 34 years EPC sector experience(p.228)
- • Diversified order book across power, water, and railway sectors(p.224)
- • Strong credit ratings from multiple agencies(p.226)
- • Successfully completed 45 projects across 14 states with ₹19,199.17 million contract value(p.223)
- • Established track record in EPC services across power transmission, water infrastructure, and railways(p.392)
- • Strong order book visibility with contracts spanning multiple geographies(p.392)
- • Centralized procurement function delivering cost optimization and supplier partnerships(p.395)
- • Revenue growth with profitability across three fiscal years(p.393)
- • Experienced management team with industry expertise(p.356)
Weaknesses
- • Railway project ban for two years due to alleged integrity breach(p.44)
- • Significant exposure to trade receivables and working capital requirements(p.46)
- • High proportion of overdue receivables(p.47)
- • Negative operating cash flows despite profitability(p.50)
- • High dependence on key customers and sectors(p.53)
- • History of delays in statutory payments(p.48)
- • High and increasing working capital requirements relative to revenue(p.57)
- • Significant dependence on joint ventures with performance risks not fully controlled(p.54)
- • 48.90% of order book exposed to fixed-price contracts without escalation protection(p.56)
- • Debt service coverage ratio below 1 for all three fiscal years(p.80)
- • Declining return on equity and capital employed(p.80)
- • Litigation with customer on ₹292.90 million receivable pending in court(p.59)
- • Criminal proceedings filed by CBI involving bribery allegations(p.69)
- • Most operational premises are leased from promoters with renewal risks(p.58)
- • High working capital intensity requiring significant financing(p.134)
- • Elevated debt levels relative to equity(p.145)
- • Significant dependence on government and public sector contracts(p.134)
- • Concentrated market exposure in power and water sectors(p.134)
- • Smaller scale relative to listed industry peers(p.141)
- • Smaller revenue base relative to peers(p.213)
- • Very low market share(p.211)
- • Dependence on government sector clients(p.214)
- • Declining ROE ratio(p.222)
- • Dependence on top customer for 28.79% of revenue (FY2025)(p.251)
- • High concentration with top 10 customers representing 88.08% of revenue(p.251)
- • Limited experience in international markets(p.229)
- • Relatively smaller than listed industry peers in terms of revenue(p.223)
- • Project termination with ongoing litigation (RSDCL project)(p.236)
- • Significant dependence on few major customers for revenue(p.360)
- • Substantial reliance on delayed payments and retention money from customers(p.346)
- • High leverage with significant short-term borrowings requiring rollover(p.386)
- • Cash credit facilities repayable on demand at floating interest rates(p.341)
- • History of defaults on payment obligations to various lenders(p.345)
- • Significant contingent liabilities including GST and income tax disputes(p.355)
- • Concentration of promoter shareholding creating governance risks(p.338)
- • Significant litigation and regulatory risk from GST evasion allegations(p.420)
- • Pending CBI charge sheet for alleged bribery in contract award(p.418)
- • Large pending customer litigation with material receivables dispute(p.413)
- • Two-year ban imposed by Railways on company for breach of integrity(p.418)
- • Material contingent GST liabilities under dispute(p.412)
- • Negative operating cash flows in recent years(p.410)
Opportunities
- • Significant growth in transmission sector driven by private participation(p.29)
- • Large EPC penetration opportunity in water infrastructure(p.29)
- • Railway infrastructure expansion through National Rail Plan(p.29)
- • Ability to diversify Order Book across new verticals and sectors(p.53)
- • Government focus on renewable energy and power transmission infrastructure expansion(p.65)
- • Expand footprint in overseas markets as part of growth strategy(p.65)
- • Consolidation opportunity in fragmented EPC sector with multiple competitors(p.64)
- • Government initiatives and policies supporting infrastructure development(p.65)
- • Expanding into allied/ancillary EPC sectors beyond core competencies(p.65)
- • Leverage growing order book for revenue expansion(p.135)
- • Support from government infrastructure investment initiatives(p.135)
- • Expand service offerings and geographic footprint(p.142)
- • Capitalize on increasing focus on power transmission and distribution infrastructure(p.141)
- • Expanding transmission infrastructure market(p.221)
- • Growing substation capacity requirements(p.221)
- • Government-backed water supply expansion(p.221)
- • Expanding railway infrastructure projects(p.206)
- • Rising water infrastructure investments(p.199)
- • Metro rail expansion opportunity(p.206)
- • Transmission sector estimated investment of ₹4.5-5.5 trillion (FY2026-30)(p.223)
- • Water supply and sanitation investment growth to ₹9.9 trillion (FY2025-29)(p.229)
- • Government initiatives under Jal Jeevan Mission with 124.3 million households receiving tap water connections(p.223)
- • Power demand expected to maintain 5-7% CAGR (FY2026-30)(p.228)
- • Railway infrastructure investment of ₹1.5-1.7 trillion (FY2025-30) for metros(p.229)
- • Expansion into solar and renewable energy sectors(p.229)
- • 750 million people without electricity access in Sub-Saharan Africa(p.229)
- • Government focus on power transmission sector expansion and infrastructure development(p.392)
- • Growth in renewable energy and green energy corridor development(p.392)
- • Expansion into water infrastructure and railways projects(p.392)
- • Increased private sector participation in infrastructure projects(p.391)
- • Growing bidding pipeline across government and PSU projects(p.392)
- • Growth in EPC services from increased project awards(p.407)
- • Expansion of power generation and distribution infrastructure(p.426)
Threats
- • Order Book decline with reduced government orders and project values(p.47)
- • Competitive bidding process with uncertain project awards(p.44)
- • Government policy changes affecting infrastructure investments(p.47)
- • Project execution risks and delays beyond company control(p.52)
- • Sector-specific economic and political changes(p.53)
- • Customer payment defaults and collection risks(p.53)
- • Intense competition from established players and new entrants with aggressive bidding(p.64)
- • Volatility in raw material prices (steel, cement, fuel) affecting project profitability(p.55)
- • Government policy changes and reduced tender flow from government entities(p.41)
- • Project delays and cost escalations beyond customer responsibility or recoverable under contracts(p.74)
- • Labor shortages and wage inflation in EPC industry(p.78)
- • Regulatory changes requiring increased compliance costs and environmental investments(p.71)
- • Delays in government land acquisition and environmental clearances affecting project execution(p.67)
- • Economic slowdown in India affecting infrastructure investment and construction sector demand(p.86)
- • Macroeconomic risks including interest rate fluctuations, inflation, and foreign exchange volatility(p.88)
- • Geopolitical risks including war, terrorism, and civil unrest impacting business confidence(p.89)
- • Project execution and completion risks affecting cash flows(p.134)
- • Volatility in material and labor costs impacting project margins(p.135)
- • Extended payment cycles from government customers creating working capital pressure(p.135)
- • Regulatory and compliance risks in infrastructure projects(p.134)
- • Competition from larger, established EPC companies(p.141)
- • Intense market competition(p.185)
- • Environmental compliance complexities(p.173)
- • Cost overruns and project delays(p.185)
- • Rising input costs and material price volatility(p.173)
- • Economic slowdown risks(p.173)
- • Distribution sector financial stress(p.185)
- • Technology advancement investment requirements(p.173)
- • Intense competition in EPC sector with established players(p.253)
- • Rising input costs difficult to pass to customers(p.253)
- • Need for ongoing R&D investment to stay competitive with technology changes(p.253)
- • Order book subject to cancellation, modification or delays beyond company control(p.240)
- • High dependence on government and PSU customers (61.73% of order book as of March 31, 2025)(p.225)
- • Regulatory changes in power distribution sector(p.255)
- • Dependency on government budgetary allocations and policy changes(p.391)
- • Regulatory risks from GST and income tax authorities(p.355)
- • Highly competitive fragmented industry with larger competitors(p.394)
- • Project execution risks and cost escalation uncertainties(p.395)
- • Liquidity risk from demand-based cash credit facilities(p.341)
- • Interest rate risk from variable rate borrowings(p.365)
- • Dependence on limited key customers for significant revenue and order book(p.415)
- • Finance cost pressure from increased borrowings(p.407)
- • High expected credit loss provisions indicating credit risk(p.408)
- • Regulatory compliance risks on labour and sub-contractor matters(p.414)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Rakesh Ashok Markhedkar | Promoter/Promoter Selling Shareholder | 59.02% | — |
| Avinash Ashok Markhedkar | Promoter | — | — |
| Nakul Markhedkar | Promoter | 7.24% | — |
| Rakesh Ashok Markhedkar | Promoter | — | — |
| Nakul Markhedkar | Promoter | — | — |
| Avinash Ashok Markhedkar | Promoter | — | — |
| Rakesh Ashok Markhedkar | Promoter | 59.02% | — |
| Nakul Markhedkar | Promoter | 7.24% | — |
| Vipul Markhedkar | Promoter Group | 7.24% | — |
| Kanchan Markhedkar | Promoter Group | 7.24% | — |
| Vikran Global Infraprojects Private Limited | Promoter Group | 1.03% | — |
| Rakesh Ashok Markhedkar | Promoter | — | — |
| Rakesh Ashok Markhedkar | Promoter/Chairman and Managing Director | — | — |
| Avinash Ashok Markhedkar | Promoter/Whole-time Director | — | — |
| Nakul Markhedkar | Promoter/Whole-time Director | — | — |
| Rakesh Ashok Markhedkar | Promoter | 59.02% | — |
| Avinash Ashok Markhedkar | Promoter | — | — |
| Nakul Markhedkar | Promoter | 7.24% | — |
| Rakesh Markhedkar | Promoter | 59.02% | — |
| Kanchan Markhedkar | Promoter Group | 7.24% | — |
| Nakul Markhedkar | Promoter | 7.24% | — |
| Vipul Markhedkar | Promoter Group | 7.24% | — |
| Avinash Markhedkar | Promoter | — | — |
| Rakesh Ashok Markhedkar | Promoter Selling Shareholder | — | — |
| Promoter Selling Shareholder | Promoter Selling Shareholder | — | — |
Leadership
Rakesh Ashok Markhedkar · Chairman and Managing Director
Ashish Bahety · Chief Financial Officer
Kajal Sagar Rakholiya · Company Secretary and Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Vikran Engineering IPO FAQs
What is the lot size of Vikran Engineering IPO?
The minimum lot size of Vikran Engineering IPO is 148 shares. One lot costs ₹14,356 at the cut-off price.
When does Vikran Engineering IPO open and close?
Vikran Engineering IPO opened for subscription on 26 Aug 2025 and closed on 29 Aug 2025.
What is the listing date of Vikran Engineering IPO?
Vikran Engineering IPO listed on 03 Sep 2025.