Vikran Engineering IPO

23.48x

subscribed

Vikran Engineering IPO

Power Generation/Distribution
listed
₹13,616Min. investment
  1. Pre-apply
    25 Aug
  2. Bid start
    26 Aug
  3. Bid end
    29 Aug
  4. Allotment
    1 Sep
  5. Release of funds
    2 Sep
  6. Demat transfer
    2 Sep
  7. Listing
    3 Sep

About Vikran Engineering Limited

SectorPower Generation/Distribution
Price range₹92.00 – ₹97.00
IPO type
Regular
Lot size148 shares
Issue size₹772Cr
Red Herring Prospectus
Read
Market Cap
₹2,501.74CrLower than sector avg
RevenueApr 2024 - Mar 2025
₹915.85CrLower than sector avg
Growth rate3Y CAGR
20.40%Higher than sector avg

Vikran Engineering Limited IPO Overview

Vikran Engineering Limited IPO date

Vikran Engineering Limited IPO will open for subscription on August 26, 2025, and the closing date for the IPO is August 29, 2025. After this, investors are expected to be updated about the allotment status on September 1, 2025.

Investors who have been allotted shares can expect them to be credited to their demat account on September 2, 2025. The shares will be listed on the NSE and the BSE on Wednesday, September 3, 2025.

Vikran Engineering Limited IPO price band

The IPO includes a fresh issue of shares and an offer for sale. The IPO price band has been set between ₹92 to ₹97 per share. Interested investors can choose a price within this band to apply for the IPO.

The IPO is a book-building issue, comprising a fresh issue of ₹721 crore and an offer for sale of ₹51 crore.

Vikran Engineering Limited's IPO listing price will be determined on September 3, 2025. The listing price is the price at which a company’s shares debut on the stock exchanges.

Vikran Engineering Limited IPO lot size

Vikran Engineering Limited IPO details have been declared. The minimum lot size for an application is 148 shares, and the investor would have to apply for a minimum of 1 lot. Meanwhile, the IPO issue size is approximately ₹772 crore.

Checklist

Quality analysis
Revenue growth
Company valuation
Earnings expansion
Risk analysis
Debt to Equity ratio
Promoter holdings
Shares pledged
The investment checklist helps you understand a company's financial health at a glance and identify quality investment opportunities easily

Compare

Companies in this sector
NTPC LtdNTPC Ltd
Power Grid Corporation of India LtdPower Grid Corporation of India Ltd
Adani Power LtdAdani Power Ltd
Revenue
Higher revenue means strong sales and good market demand
This IPO
₹915.85Cr
This sector
₹7,783.3Cr
Compare with companies
3Y growth
Strong 3-year growth shows consistent progress and potential
This IPO
20.40%
This sector
0.01%
Compare with companies
PAT
Higher PAT means strong profitability and efficient cost management
This IPO
₹77.82Cr
This sector
₹1,281.2Cr
Compare with companies
Market cap
Higher market cap means strong confidence but may suggest overvaluation
This IPO
₹2,501.74Cr
This sector
₹38,103.65Cr
Compare with companies
P/E ratio
Lower ratio usually means stock is undervalued
This IPO
22.30
This sector
45.35
Compare with companies
D/E ratio
Lower ratio usually means fewer liabilities
This IPO
0.58
This sector
2.10
Compare with companies

Objectives

Working capital requirements
75.03%
General corporate purposes
24.97%

Strength and Weakness

Timely execution capabilities

The company has completed 45 projects across 14 states, representing a total executed contract value of ₹1,919.9 crore. As of June 30, 2025, the company has an unexecuted order book of ₹2,442.4 crore. The company’s experience in constructing Extra High Voltage (EHV) substations up to 765kV further demonstrates its strong technical and execution capabilities.

Diversified order book

The company maintains a well-diversified order book, which stood at ₹2044.32 crores as of March 31, 2025. This comprises power transmission and distribution (60.53%), water infrastructure (37.40%), and railways & infra (2.07%). Its client mix is also broad-based, with 61.73% of the order book from government projects, 18.41% from public sector undertakings, and 19.86% from private sector contracts. Such diversification provides revenue visibility and reduces concentration risks.

Pan-India presence with strong supply chain

Vikran Engineering has established a significant pan-India presence, having executed projects across 22 states, with current operations spanning 16 states and supported by 190 sites and store locations as of June 30, 2025. The company has nurtured long-term relationships with more than 3,500 suppliers and service providers, ensuring reliable access to raw materials and equipment across diverse geographies.

Asset light model

The company operates on an asset-light model, preferring to lease equipment from third-party lessors rather than making heavy upfront capital investments. The efficiency of this model is reflected in its steadily improving fixed asset turnover ratio, which increased from 57.38 in FY23 to 91.00 in FY24 and further to 101.27 in FY25.

About Vikran Engineering Limited

Vikran Engineering is an Indian Engineering, Procurement and Construction (EPC) company, providing end-to-end services from design, installation, testing and commissioning on a turnkey basis with a presence across multiple sectors, including power, water and railway infrastructure. As of June 30, 2025, the company has completed 45 projects across 14 states with a total executed contract value of ₹1,919.9 crore.
The company operates across three primary infrastructure business verticals. Power transmission and distribution involves the construction of high-voltage transmission lines up to 765 kV, substations up to 400 kV (both AIS and GIS), and power distribution networks, including 30,000 smart metering connections. Water Infrastructure provides turnkey solutions for surface and underground drinking water projects, with services extending to water distribution networks and rainwater harvesting systems, primarily serving rural areas under the Jal Jeevan Mission. Railway Infrastructure focuses on railway electrification, including overhead electrification systems, signalling systems, 220 kV underground EHV cable work, and 132 kV transmission line construction.
In FY25, the power transmission and distribution segment contributed 72.90% of total revenue (₹667.67 crore), a significant increase from 48.27% in FY23. Water infrastructure contributed 26.79% of revenue (₹245.33 crore) in FY25, down from 49.40% in FY23, while railway & infrastructure contributed 0.31% of revenue (₹2.85 crore) in FY25.
As of June 30, 2025, the company has 44 ongoing projects across 16 states, aggregating orders of ₹5,120.2 crore, with an unexecuted order book of ₹2,442.4 crore. The order book to revenue ratio was 223.22% as of FY25. The company participates in competitive bidding processes primarily through tendering to secure contracts from government entities, public sector undertakings, and private companies.
Major government sector clients include NTPC Limited, Power Grid Corporation of India Limited, South Bihar Power Distribution Co. Ltd, North Bihar Power Distribution Co. Ltd, Transmission Corporation of Telangana Limited, Madhya Pradesh Power Transmission Company Limited, and various state water and sanitation missions. The company also works on projects for Assam Power Distribution Company Limited and the Danapur division of the Eastern Central Railway.
The transmission sector is experiencing strong growth, with the total length of domestic transmission lines rising from 413,407 circuit kilometres (ckm) in FY19 to 494,374 ckm in FY23. Substation capacities grew from 899,663 MVA in FY19 to 1,337,513 MVA in FY25 at a CAGR of 6.8%. According to the CRISIL report, estimated investment in the transmission sector is expected to reach ₹4.5-5.5 lakh crore over FY26-FY30 cumulatively.
The water infrastructure segment benefits from government support through schemes like the Jal Jeevan Mission, under which approximately 124.3 million additional rural households have been provided tap water connections, accounting for 80.9% of rural households in India having a tap water supply as of July 11, 2025. The company has positioned itself to capitalise on these government initiatives through its integrated EPC solutions and rural electrification projects.
Now, Vikran Engineering Ltd is launching its initial public offering (IPO), which consists of a fresh issue worth up to ₹721 crore and an offer for sale of ₹51 crore. The total issue size of the IPO is ₹772 crore. Its shares will be listed on the NSE and BSE.

IPO Subscription Status

Date
QIB
NII
Retail
Total
26-Aug-25
0.4 times (X)
5.13 times (X)
2.34 times (X)
2.39 times (X)
28-Aug-25
0.79X
10.86X
5.26X
5.25X
29-Aug-25
10.21X
57.88X
10.8X
23.48X

Latest News on IPO

news logo
Vikran Engineering Ltd has filed its draft red herring prospectus (DRHP) with the capital market regulator, Securities and Exchange Board of India (SEBI), for an initial public offering (IPO).Vikran Engineering, based in Mumbai, operates as an Engineering, Procurement & Construction (EPC) firm, focusing on power, water, and railway infrastructure projects.
news logo
Vikran Engineering IPO, valued at ₹772 crore, comprises a fresh issue of 7.43 crore shares worth ₹721 crore and an offer for sale of 0.53 crore shares totalling ₹51 crore.

2 min read

news logo
Vikran Engineering IPO: The initial share sale is an issuance of new equity shares valued at ₹721 crore as well as an offer for sale (OFS) of ₹51 crore.

3 min read

news logo
Vikran Engineering IPO day 2: The ₹772 crore initial share sale comprises a fresh issuance of 7.43 crore shares valued at ₹721 crore as well as an offer for sale of ₹51 crore. It has set a price band of ₹92 to ₹97 per share, and a lot consists of 148 shares.

3 min read

news logo
Vikran Engineering IPO day 3: The initial share sale seeks to raise ₹772 crore via fresh issuance of shares aggregating to ₹721 crore and an offer for sale valued at ₹51 crore by promoter Rakesh Ashok Markhedkar.

3 min read

news logo
Vikran Engineering IPO allotment: The ₹772 crore initial public offering, with the price band of ₹92 to ₹97 per share, consisted of a fresh issuance of shares valued at ₹721 crore and an offer for sale, or OFS, of ₹51 crore.

3 min read

Frequently asked questions

How to invest in the IPO?

Investors can apply for the IPO through their Demat account via the stock exchange or through their broker.

What is the issue size of Vikran Engineering IPO ?

The issue size of the Vikran Engineering IPO is 772 Cr.

What is 'pre-apply' for Vikran Engineering IPO ?

Pre-applying for an IPO allows you to submit your application before the official subscription period begins.

Which exchanges will Vikran Engineering IPO shares list on?

The IPO shares will typically list on major stock exchanges such as the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), as specified in the IPO prospectus.