Founded in 2008, Vikran Engineering is a rapidly growing Engineering, Procurement, and Construction (EPC) company headquartered in Thane, Maharashtra. The company specializes in turnkey infrastructure projects across power transmission (up to 765 kV), substations (AIS/GIS up to 400 kV), water supply, and railway electrification sectors. With a presence in over 17 Indian states, Vikran has completed 44 projects and is currently executing 34 more. Its clientele includes prominent government and public sector entities such as NTPC Limited, Uttar Pradesh Water Supply and Sanitation Mission, Andhra Pradesh Central Power Distribution Corporation Limited, MP Power Transmission Company Ltd, and South Bihar Power Distribution Company Ltd. The company has reported a revenue of ₹243.2 crore and a net profit of ₹27.89 crore in FY2024, reflecting a 19% CAGR in sales and over 80% CAGR in net profit over the past five years.
IPO schedule
Issue open date
2025-08-26
Issue close date
2025-08-29
UPI mandate deadline
2025-08-29 (5 PM)
Allotment finalization
2025-09-01
Refund initiation
2025-09-02
Share credit
2025-09-02
Listing date
2025-09-03
Mandate end date
2025-09-15
Lock-in end date for anchor investors (50%)
2025-10-01
Lock-in end date for anchor investors (remaining)
2025-11-30
Financials
Financial Year Ended
March 2023
March 2024
March 2025
Total Assets
712.46
959.79
1354.68
Revenue
529.17
791.43
922.36
Profit After Tax
42.84
74.83
77.82
Issue size
Funds Raised in the IPO
Amount
Overall
₹772 crores
Fresh issue
₹721 crores
Offer for sale
₹51 crores
Utilisation of proceeds
Purpose
INR crores (%)
Working capital requirement
541 (75%)
General corporate purposes
180 (25%)
Strengths
Diversified project portfolio across power, water, and railway sectors.
Strong track record with 44 completed and 34 ongoing projects in 17 states.
Established relationships with major government and public sector clients.
Robust financial growth with significant CAGR in sales and net profit over five years.
Successful capital raising of over ₹100 crore in pre-IPO funding rounds.
Risks
High dependence on government contracts, subject to policy and budgetary changes.
Working capital-intensive operations may affect liquidity during project execution.
Exposure to regulatory and environmental compliance risks in infrastructure projects.
Potential delays in project execution due to unforeseen site conditions or approvals.
Concentration risk if a significant portion of revenue is derived from a few large clients