Vikran Engineering IPO Price: ₹92 to ₹97 per share
IPO Dates: 26th August 2025 – 29th August 2025
Company Overview
Incorporated in 2008, Vikran Engineering Limited is an Engineering, Procurement, and Construction (EPC) company engaged in delivering end-to-end solutions across multiple infrastructure sectors. The company’s services include conceptualisation, design, supply, installation, testing, and commissioning on a turnkey basis. Its portfolio spans power transmission and distribution, water infrastructure, railway infrastructure, and solar energy.
Originally established as Ratangiri Financial Advisory Pvt. Ltd in June 2008 in Kolkata, West Bengal, the company underwent several name changes to reflect its evolving business model. In August 2015, it became Vikran Engineering & Exim Pvt. Ltd, later renamed Vikran Engineering Pvt. Ltd in June 2024. Following conversion into a public limited company in September 2024, it adopted its current name, Vikran Engineering Limited.
Business Operations
Vikran Engineering has executed projects across 14 states and continues to expand its footprint nationwide. As of June 30, 2025, the company had successfully completed 45 projects with an executed contract value of ₹1,919.92 Cr. At the same time, it was managing 44 ongoing projects across 16 states, amounting to ₹5,120.21 Cr, of which the unexecuted order book stood at ₹2,442.44 Cr.
Its major project portfolio includes:
- Solar Energy: EPC services for ground-mounted solar projects, enhancing its presence in the renewable energy space.
- Power Transmission and Distribution: High-voltage transmission lines up to 765 kV, substations up to 400 kV (both AIS and GIS), distribution networks, and over 30,000 smart metering connections.
- Water Infrastructure: Underground and surface water supply, overhead tanks, water treatment plants, and ductile iron pipe distribution networks under the Jal Jeevan Mission.
- Railway Infrastructure: Railway electrification, overhead electrification systems, underground EHV cabling, and construction of 132 kV railway traction substations.
Clients and Partnerships
The company has developed strong relationships with government and public sector undertakings. Its 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, and Madhya Pradesh Power Transmission Company, among others. Vikran Engineering also works with state water and sanitation missions and regional railway authorities.
Key Ongoing Projects
The company is currently executing several prestigious projects, including:
- Ghogri Multi Village Water Supply Scheme, Betul, Madhya Pradesh – EPC with O&M for 10 years (Started August 2022).
- 400kV Saharsa Substation Extension, Bihar (Started July 2020).
- 220kV Amritsar Substation Extension, Punjab (Started March 2023).
- Transmission Line Packages TW 29B & TW 30B, Arunachal Pradesh (Started 2021).
- 400/220kV Muzaffarpur Substation Extension, Bihar (Started July 2020).
- Loss Reduction Works under RDSS Scheme, Kupwara, Jammu & Kashmir (Started November 2023).
- Solar-based Water Supply Project under Jal Jeevan Mission, Raebareli, Uttar Pradesh (Started July 2023).
- Smart Metering Project, Guntur, Andhra Pradesh (Started February 2023).
Competitive Strengths
Vikran Engineering’s position in the industry is supported by its distinct advantages:
- One of the fastest-growing EPC companies with a proven track record in timely project execution.
- Diversified order book across power, water, railways, and solar sectors.
- Pan-India presence supported by a robust supply chain.
- Asset-light business model ensuring scalability and efficiency.
- In-house design, technical, and engineering expertise with strong process control and quality assurance.
- Experienced promoters and management team with deep domain knowledge.
Bidding Starts In
Vikran Engineering IPO Specifics:
| IPO Date | August 26, 2025 to August 29, 2025 |
| Face Value | ₹1 per share |
| Price Band | ₹92 to ₹97 per share |
| Lot Size | 148 Shares |
| Total Issue Size | 7,95,87,627 shares (aggregating up to ₹772.00 Cr) |
| Fresh Issue | 7,43,29,896 shares (aggregating up to ₹721.00 Cr) |
| Offer For Sale | 52,57,731 shares (aggregating up to ₹51.00 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 18,35,81,130 shares |
| Share Holding Post Issue | 25,79,11,026 shares |
Vikran Engineering IPO Timetable (Important Dates)
| IPO Open Date | Tuesday, August 26 2025 |
| IPO Close Date | Friday, August 29 2025 |
| Basis of Allotment | Monday, September 1 2025 |
| Initiation of Refunds | Tuesday, September 2 2025 |
| Credit of Shares to Demat | Tuesday, September 2 2025 |
| Listing Date | Wednesday, September 3 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on August 29, 2025 |
Vikran Engineering IPO Lot Size
Bidders have the opportunity to bid for a minimum of 148 shares, with the option to increase in multiples. The table below outlines the minimum and maximum investment thresholds for both retail investors and High Net Worth Individuals (HNIs), specifying the corresponding number of shares and amounts involved.
| 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 |
Vikran Engineering IPO Reservation
| QIB Shares Offered | Not more than 50% of the Net offer |
| Retail Shares Offered | Not less than 35% of the Offer |
| NII (HNI) Shares Offered | Not less than 15% of the Offer |
Vikran Engineering Limited IPO Financial Information
| Period Ended | 31 Mar 2023 | 31 Mar 2024 | 31 Mar 2025 |
|---|---|---|---|
| Assets | 712.47 | 959.79 | 1354.68 |
| Revenue | 529.18 | 791.44 | 922.36 |
| Profit After Tax | 42.84 | 74.83 | 77.82 |
| EBITDA | 79.71 | 133.30 | 160.24 |
| Net Worth | 131.14 | 291.28 | 467.87 |
| Reserves & Surplus | 130.85 | 290.95 | 449.52 |
| Total Borrowing | 154.92 | 183.39 | 272.94 |
Key Performance Indicator – Vikran Engineering IPO
| KPI | Values |
|---|---|
| Market Cap | ₹2501.74Cr |
| EPS | ₹4.24 |
| P/E (x) | 22.88 |
| ROE | 16.63% |
| ROCE | 23.34% |
| PAT Margin | 8.44% |
| RoNW | 16.63% |
| Debt/Equity | 0.58 |
Objects of the Issue:
Vikran Engineering Limited proposes to utilize the net proceeds from its Initial Public Offering (IPO) for the following purposes:
- Funding Working Capital Requirements:
An amount of ₹541.00 crore will be allocated to meet the company’s working capital needs. This will support day-to-day operations, inventory management, and business expansion initiatives. - General Corporate Purposes:
The remaining funds will be used for general corporate activities, including administrative expenses, brand building, and other strategic initiatives to strengthen overall growth.
Prospectus Links:
Prospectus: Official documents that provide detailed information about the IPO and the company.
Vikran Engineering Limited IPO DRHP.
Vikran Engineering Limited IPO RHP
