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Vikran Engineering IPO
23.48xsubscribed

Vikran Engineering IPO

Power Generation/Distribution
listed
₹13,616Min. investment

Vikran Engineering Limited IPO Details

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 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

As on 26-Aug-25, 5:30 PM

Vikran Engineering IPO Timeline

  1. Pre-apply
    25 Aug 2025
  2. Bid start
    26 Aug 2025
  3. Bid end
    29 Aug 2025
  4. Allotment
    1 Sep 2025
  5. Release of funds
    2 Sep 2025
  6. Demat transfer
    2 Sep 2025
  7. Listing
    3 Sep 2025

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.

Checklist

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

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.

Objectives of Vikran Engineering Limited IPO

Working capital requirements
75.03%
The company will utilise ₹541.00 crore to fund its working capital requirements.
General corporate purposes
24.97%
Up to 25% of IPO proceeds will be used for general corporate purposes.

Compare

CompanyRevenue*3Y growthPATMarket capP/E ratioD/E ratio
This IPO₹915.85Cr20.40%₹77.82Cr₹2,501.74Cr22.300.58
This sector (avg.)₹7,783.3Cr0.01%₹1,281.2Cr₹38,103.65Cr45.352.10
₹1,88,138.06Cr---₹20,251.23Cr₹3,45,201.3Cr14.281.36
₹45,792.32Cr---₹15,245.13Cr₹2,38,560.5Cr15.691.41
₹11,212Cr---₹1,557Cr₹1,40,388.8Cr98.956.59

*Revenue for financial year 2024-25. Lower P/E and D/E ratios are generally preferred.

Vikran Engineering IPO Contact Details

Company NameVikran Engineering Limited

How to apply for Vikran Engineering IPO?

  1. Step 1

    Log in to your Upstox account to access IPO investments. Next, select the current IPO section.

  2. Step 2

    Specify IPO details. Enter the number of lots and the price you wish to apply for.

  3. Step 3

    Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.

  4. Step 4

    Mandate Notification. Your UPI app will receive a mandate notification to block funds.

  5. Step 5

    Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.

Vikran Engineering Limited IPO FAQs

Investors can apply for the Vikran Engineering IPO through their Demat account via the stock exchange or through their broker.
The issue size of the Vikran Engineering IPO is 772 Cr.
Pre-applying for an IPO allows you to submit your application before the official subscription period begins.
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.
Vikran Engineering IPO will be open between 2025-08-26 and 2025-08-29.
Vikran Engineering IPO allotment date is 2025-09-02. For Vikran Engineering IPO allotment status check, you can visit the website of the registrar of the IPO.
For Vikran Engineering IPO, the IPO registrar is Bigshare Services Private Limited. You can check Vikran Engineering IPO allotment status on the website of the registrar.
The shares are proposed to be listed on the BSE and NSE.
The Vikran Engineering IPO shares will typically be credited to your demat account one working day before the IPO's listing date, provided your application is successfully allotted.
The Vikran Engineering IPO lot size is 148 and minimum order quantity is 148.
Vikran Engineering IPO has set the price band for its IPO at 97 per equity share with a face value of 1.