Vikran Engineering IPO: All You Need to Know
Vikran Engineering IPO Details
The Vikran Engineering IPO will open on 26 August 2025 and close on 29 August 2025. The company is raising ₹772 crore, which includes a fresh issue of ₹721 crore and an offer-for-sale of ₹51 crore.
- IPO Price Band: ₹92 – ₹97 per share
- Lot Size: 148 shares
- Minimum Investment (Retail): Around ₹13,600 – ₹14,400
- Allotment Date: 1 September 2025
- Listing Date: 3 September 2025 on NSE and BSE
| Detail | Information |
|---|---|
| IPO Open Date | 26 Aug 2025 |
| IPO Close Date | 29 Aug 2025 |
| Price Band | ₹92 – ₹97 |
| Lot Size | 148 shares |
| Minimum Investment | ~₹13,600 – ₹14,400 |
| Issue Size | ₹772 crore |
| Allotment Date | 1 Sept 2025 |
| Listing Date | 3 Sept 2025 |
| FY25 Revenue | ₹922 crore |
| FY25 Profit | ₹78 crore |
| Vikran Engineering GMP | ~₹ 20-22(subject to change) |
Vikran Engineering IPO Details
The Vikran IPO will open for subscription on 26 August 2025 and will close on 29 August 2025. The company is planning to raise ₹772 crore through this public issue, which is a mix of fresh issue and offer for sale (OFS).
- Fresh Issue: ₹721 crore – funds raised here will go directly into the company for expansion, debt repayment, and working capital needs.
- Offer for Sale (OFS): ₹51 crore – existing shareholders will sell part of their stake, but the proceeds will not go to the company.
This combination indicates that while Vikran Engineering is keen to raise growth capital, promoters are also partially unlocking value for themselves.
Vikran Engineering GMP (Grey Market Premium)
As per market reports, the Vikran Engineering GMP is trading around ₹20 above issue price. This shows some positive demand before listing, but GMP can change quickly.
Vikran Engineering Lot Size
Investors can apply for the IPO in lots. The Vikran Engineering lot size is fixed at 148 shares per lot.
Below is the table showing lot size details for Retail Investors and **HNIs (High Net Worth Individuals):
| Application | Lots | Shares | Amount |
| Retail (Min) | 1 | 148 | ₹14,356 |
| Retail (Max) | 13 | 1924 | ₹1,86,628 |
| S-HNI (Min) | 14 | 2072 | ₹2,00,984 |
| S-HNI (Max) | 69 | 10,212 | ₹9,90,564 |
| B-HNI (Min) | 70 | 10,360 | ₹10,04,920 |
Vikran Engineering IPO Prospectus
Vikran Engineering IPO Reservation
The IPO shares are divided among different investor categories. Here is the Vikran Engineering IPO reservation (quota) details:
| Investor Category | Reservation % |
|---|---|
| QIB (Qualified Institutional Buyers) | 50% of the issue |
| NII / HNI (Non-Institutional Investors) | 15% of the issue |
| Retail Investors | 35% of the issue |
| Employees (if any) | — |
Key Performance Indicators for Vikran Engineering IPO
| KPI | Value |
| ROE (%) | 16.63 |
| RoCE (%) | 23.34 |
| Debt/Equity | 0.58 |
| PAT Margin (%) | 8.44 |
| EBITDA Margin (%) | 17.50 |
Vikran Engineering – Financials (FY2022–FY2025)
Financial Summary (₹ crore)
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
|---|---|---|---|---|
| Assets | 1,354.68 | 959.79 | 712.47 | 540.84 |
| Total Sales | 922.36 | 791.44 | 529.18 | 479.57 |
| Profit After Tax | 77.82 | 74.83 | 42.84 | 6.59 |
| EBITDA | 160.24 | 133.30 | 79.71 | 41.67 |
| Net Worth | 467.87 | 291.28 | 131.14 | 88.92 |
| Reserves and Surplus | 449.52 | 290.95 | 130.85 | 78.78 |
| Total Borrowing | 272.94 | 183.39 | 154.92 | 140.55 |
Strengths of Vikran Engineering
- Strong presence in power transmission, water projects, and railways
- Consistent revenue and profit growth
- Long-term contracts with government and PSU clients
- Diversified project portfolio across multiple states
Risks to Consider
- Heavy dependence on government tenders
- Project delays or cancellations may hurt revenue
- Sector concentration in power and water infrastructure
- Some regulatory issues highlighted in the RHP
How to Apply for Vikran Engineering IPO
Applying for the Vikran Engineering IPO is simple. You can apply through your demat account, net banking (ASBA), or brokerage app like Zerodha, Upstox, Groww, Angel One, ICICI Direct, etc.
Step-by-Step Guide
- Login to Your Demat Account
- Open your broker app (like Zerodha, Groww, Upstox) or net banking (like HDFC, ICICI, SBI).
- Go to IPO Section
- Look for the “IPO” tab or “Current Issues” option.
- Wait for Allotment
- IPO closes on 29 August 2025.
- Allotment date: 1 September 2025.
- Check status on NSE/BSE or your broker’s app.
- Select Vikran Engineering IPO
- Click on Vikran Engineering IPO Apply option.
- Choose Your Category & Lot Size
- Retail Investor: Minimum 1 lot = 148 shares.
- HNI (sHNI/bHNI): Higher multiples (check the Vikran Engineering lot size table above).
- Enter Bid Price
- You can bid at the cut-off price (safest option) or enter a price within the band ₹92 – ₹97.
- Confirm & Submit
- Enter your UPI ID (if using UPI) and approve the mandate on your UPI app.
- For ASBA (net banking), the amount will be blocked in your bank account.
Company Profile – Vikran Engineering Details
Vikran Engineering Limited, founded in 2008 and headquartered in Thane, Maharashtra, is a fast-growing Engineering, Procurement & Construction (EPC) company. Over the years, the company has expanded its presence across India, successfully completing projects in power transmission, water supply, railway electrification, and solar EPC.
The company is promoted by Rakesh Ashok Markhedkar (CMD), with support from directors Avinash and Nakul Markhedkar. Vikran Engineering has established a strong reputation for executing complex projects for government agencies, public sector undertakings (PSUs), and state utilities.
Backed by marquee investors like Ashish Kacholia and Mukul Agrawal, Vikran Engineering has built a solid order book and is now entering the capital market with its IPO to fuel future growth.
Business Model of Vikran Engineering
Vikran Engineering operates on a turnkey EPC business model, which means the company manages projects from design to execution. The process involves:
- Engineering – Detailed planning, designing, and technical structuring.
- Procurement – Sourcing of raw materials, machinery, and advanced equipment.
- Construction – On-ground execution, testing, and commissioning of projects.
This end-to-end model ensures quality control, timely delivery, and cost efficiency, making the company a reliable partner for large-scale infrastructure projects.
The business model is supported by:
- Long-term contracts with PSUs and state governments.
- A diversified portfolio, reducing dependence on a single sector.
- Strong repeat business from satisfied clients.
Service Portfolio of Vikran Engineering
Vikran Engineering’s service offerings span across critical infrastructure sectors:
1. Power Transmission & Distribution
- Design and construction of high-voltage transmission lines (up to 765 kV).
- Development of substations (AIS & GIS up to 400 kV).
- Smart metering and advanced distribution solution.
India’s demand for electricity has been growing rapidly due to urbanization, industrial growth, and digital transformation. To meet this demand, a robust power transmission and distribution (T&D) network is essential. Vikran Engineering plays a vital role in this sector by offering end-to-end solutions.
High-Voltage Transmission Lines (Up to 765 kV)
- The company specializes in the design, engineering, and construction of transmission lines.
- Projects cover extra-high-voltage levels (up to 765 kV), ensuring efficient electricity transfer across long distances with minimal losses.
- These transmission lines are critical to carrying power from generation plants (thermal, hydro, solar, or wind) to distribution grids that feed industries, businesses, and households.
Development of Substations (AIS & GIS up to 400 kV)
- Substations act as the backbone of power distribution. Vikran Engineering builds both:
- AIS (Air Insulated Substations) – cost-effective and suitable for large open areas.
- GIS (Gas Insulated Substations) – compact, advanced, and ideal for cities where land is scarce.
- These substations ensure voltage regulation, load balancing, and safe electricity distribution.
Smart Metering & Distribution Solutions
- As India transitions to smart grids, Vikran Engineering has introduced smart metering solutions.
- These meters reduce power theft, improve billing accuracy, and help utilities track usage in real-time.
- The company also develops distribution networks, extending electricity access to rural and semi-urban regions, supporting the government’s “Power for All” initiative.
✅ Impact: By executing large-scale power projects, Vikran Engineering is directly contributing to India’s energy security and grid modernization.
2. Water Infrastructure
- Underground water distribution systems.
- Overhead tanks & pumping stations.
- Surface water extraction and treatment facilities.
- Rural and urban water supply projects.
Water is one of the most critical resources, and building sustainable water infrastructure has become a national priority. Vikran Engineering has delivered several turnkey water projects, supporting both urban and rural communities.
Underground Water Distribution Systems
- The company designs pipelines and underground water distribution networks that supply safe drinking water to homes and industries.
- Underground systems reduce water leakage, theft, and contamination, ensuring long-term efficiency.
Overhead Tanks & Pumping Stations
- Vikran Engineering builds large-capacity overhead tanks that act as storage reservoirs for towns and cities.
- These tanks are supported by pumping stations that regulate water pressure and supply, ensuring consistent distribution.
Surface Water Extraction & Treatment Facilities
- The company also develops surface water intake systems from rivers, lakes, and reservoirs.
- Projects include treatment plants that purify raw water, making it safe for human consumption and industrial usage.
- With advanced filtration and treatment technologies, Vikran ensures compliance with safety and environmental standards.
Rural & Urban Water Supply Projects
- Vikran Engineering is deeply involved in government water supply missions, providing 24×7 drinking water access in villages and small towns.
- It also executes urban water infrastructure projects, ensuring reliable supply in metropolitan areas.
3. Railway Electrification
- Electrification of railway tracks and traction substations.
- Overhead electrification (OHE) systems.
- Signalling and associated infrastructure works.
India has one of the largest railway networks in the world, and electrification is a major priority to reduce dependence on fossil fuels. Vikran Engineering has carved a niche in this segment by providing railway electrification solutions.
Electrification of Railway Tracks & Traction Substations
- The company executes large projects for the electrification of tracks, enabling trains to run on clean electricity rather than diesel.
- It also builds traction substations that convert grid power into the form required by trains, ensuring smooth and reliable operations.
Overhead Electrification (OHE) Systems
- Vikran Engineering designs and installs overhead electrification systems, which power trains through overhead wires and conductors.
- These systems are critical for ensuring uninterrupted train services on high-speed and freight routes.
Signalling & Associated Infrastructure
- Alongside electrification, the company also works on signalling systems, ensuring safe railway operations.
- It develops auxiliary infrastructure, including feeder lines, protection systems, and electrical interconnections.
4. Solar EPC
- Execution of turnkey solar power projects up to 100 MWp.
- Balance-of-system (BoS) services for projects up to 300 MWp.
- Integration of renewable solutions in line with India’s clean energy push.
As the world shifts toward renewable energy, solar power has emerged as the most scalable and cost-effective source. Vikran Engineering has established itself as a capable Solar EPC contractor.
Execution of Solar Power Projects (Up to 100 MWp)
- Vikran Engineering provides end-to-end services for solar power projects, from site analysis and design to construction and commissioning.
- It executes large-scale solar farms up to 100 MWp, supporting India’s renewable energy targets.
Balance-of-System (BoS) Services (Up to 300 MWp)
- Beyond complete projects, the company also provides Balance-of-System (BoS) services.
- These include installation of solar modules, inverters, cabling, monitoring systems, and integration with the main grid.
- Vikran’s BoS capacity extends up to 300 MWp, making it a strong player in large utility-scale projects.
Integration with Clean Energy Goals
- The company aligns with India’s National Solar Mission, helping to increase renewable capacity.
- By focusing on sustainable solar EPC solutions, Vikran Engineering is contributing to carbon reduction and green energy adoption.
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