August 22, 2025
admin
Vikran Engineering IPO details & Review
Vikran Engineering IPO is a book-built issue of Rs. 772.00 crore, comprising a fresh issue of 7.43 crore shares aggregating Rs. 721.00 crore and an offer for sale of 0.53 crore shares aggregating Rs. 51.00 crore.
The IPO opens for subscription on August 26, 2025, and closes on August 29, 2025. The basis of allotment is expected to be finalized on September 1, 2025, while the tentative listing date on BSE and NSE is fixed as September 3, 2025.
The price band has been set at Rs. 92 to Rs. 97 per share. The lot size is 148 shares, requiring a minimum retail investment of Rs. 13,616.
-
For sNII (Small HNI) investors: 14 lots (2,072 shares) = Rs. 2,00,984.
-
For bNII (Big HNI) investors: 70 lots (10,360 shares) = Rs. 10,04,920.
Pantomath Capital Advisors Pvt. Ltd. is the Book Running Lead Manager to the issue, while Bigshare Services Pvt. Ltd. is the Registrar.
Table of Contents
- GMP
- Reviews
- Subscription
- Allotment
What is the latest news relating to Vikran Engineering IPO?
The premium trades are in high volume across the country.
Who are the promoters of Vikran Engineering IPO?
Rakesh Ashok Markhedkar, Avinash Markhedkar and Nakul Markhedkar are the company promoters.
The promoters hold 81.78% of pre-IPO capital of the company.
What are the Objects of Vikran Engineering IPO?
The Offer comprises a Fresh Issue by the Company and an Offer for Sale by the Selling Shareholders.
The net proceeds of the Offer are proposed to be utilised in the following manner:
1. Repayment/ prepayment/ redemption, in full or in part, of certain outstanding borrowings availed by:
(a) Our Company;
(b) and Certain of our Subsidiaries, namely, Schloss Chanakya, Schloss Chennai, Schloss Udaipur and TPRPL, through investment in such Subsidiaries; and
2. General corporate purposes
What is the business of Vikran Engineering?
Vikran Engineering is one of the fast-growing Indian Engineering, Procurement and Construction (EPC) company. It has a diversified project portfolio, with majority revenue from energy and water infrastructure verticals (contributing 49% each) which have a high growth potential in the medium term. It provides end-to-end services from conceptualisation, design, supply, installation, testing and commissioning on a turnkey basis and has presence across multiple sectors including power, water, and railway infrastructure. Within the power sector, it has presence in both- power transmission and power distribution and has completed projects under various schemes in power transmission (up to 400kV level), extra high voltage (EHV) substations (up to 765kV level) including construction of 132 KV transmission line and bay extension projects as part of railway electrification. In the water sector, our projects include underground water distribution and surface water extraction, overhead tanks, and distribution networks. The company also has experience in Solar EPC of ground mounted solar projects and smart metering. Also, as a part of railway projects it undertakes 132 kV traction substation projects and underground EHV cableling projects. It key competencies encompass inhouse design and engineering and timely project execution.
The company has successfully executed projects for government entities, public sector undertakings and private companies. Its focus on operational excellence, and efficient cost structure, and has enabled it to deliver high-value projects that meet stringent regulatory and quality standards.
The company has experience of executing EPC projects with some of its projects being completed either ahead of schedule or within the contractual time periods. As of August 31, 2024, it has successfully completed 44 projects across 11 states with a total executed contract value of ₹ 18,958.14 million. As of August 31, 2024, it has 34 ongoing projects across 17 states, aggregating orders of ₹ 39,570.55 million, of which Order Book of ₹ 19,557.00 million. Its clients in the government sector 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, Madhya Pradesh Madhya Kshetra Vidyut Vitran Company Limited, District Water and Sanitation Mission (PHED) and State Water and Sanitation Mission (SWSM). Further it is working on certain projects for Assam Power Distribution Company Limited and the Danapur division of the Eastern Central Railway.
| Vikran Engineering IPO Details | |
| IPO opens on | 26 August 2025 |
| IPO closes on | 29 August 2025 |
| Issue Type | Book Built Issue IPO |
| Issue Size | ? Shares / Rs 1000 Crore |
| * Fresh Issue | ? Shares / Rs 900 Crore |
| * Offer for Sale | ? Shares /Rs 100 Crore |
| Face Value per share: | Rs. 1 |
| Price Band | Rs. ? |
| Retail Discount | Rs 0 per share |
| Employee discount | Rs. 0 per share |
| Retail Lot Size | ? Shares |
| Listing will at | BSE, NSE |
How shares have been offered?
| Investor Category | Shares Offered |
| QIB Shares Offered | Not more than 50% of the Offer |
| Retail Shares Offered | Not less than 35% of the Offer |
| NII Shares Offered | Not less than 15% of the Offer |
How shares can be applied in this IPO?
| 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 |
| What is the timetable of Vikran Engineering IPO? | |
| IPO opens on | 26 August 2025 |
| IPO Closes on | 29 August 2025 |
| IPO Allotment on | 1 September 2025 |
| Unblocking of Asba | 2 Sepetember 2025 |
| Credit of Shares | 2 September 2025 |
| Listing of Shares | 3 September 2025 |
| Registered Office of Vikran Engineering 401, Odyssey I.T. Park, Road No. 9, Wagle Industrial Estate, Thane (W) – 400604, Maharashtra |
|
| The Lead Managers of the IPO Pantomath Capital Advisors Pvt ltd Systematix Corporate Services ltd |
|
| Registrar to IPO | |
| Bigshare Services Limited |
Vikran Engineering IPO Financial Snapshot
| Period Ended | 31-Mar-25 | 31-Mar-24 | 31-Mar-23 |
| Assets | 1,354.68 | 959.79 | 712.47 |
| Total Income | 922.36 | 791.44 | 529.18 |
| Profit After Tax | 77.82 | 74.83 | 42.84 |
| EBITDA | 160.24 | 133.3 | 79.71 |
| Net Worth | 467.87 | 291.28 | 131.14 |
| Reserves and Surplus | 449.52 | 290.95 | 130.85 |
| Total Borrowing | 272.94 | 183.39 | 154.92 |
| Amount in Rs. Crore | |||
| KPI | Values |
| ROE | 16.63% |
| ROCE | 23.34% |
| Debt/Equity | 0.58 |
| RoNW | 16.63% |
| PAT Margin | 8.44% |
| EBITDA Margin | 17.50% |
| Price to Book Value | 3.81 |
| EPS | 3.2 |
| PER | 32.15 |
How Vikran Engineering IPO compares with the Peers?
| Company Name | P/E (x) | RoNW (%) |
| Vikran Engineering Ltd. | 32.15 | 16.63 |
| Bajel Projects Limited | 158.75 | 2.32 |
| Kalpataru Projects International | 34.68 | 8.77 |
| Techno Electric & Engineering | 40.17 | 11.31 |
| Spml Infra Limited | 36.79 | 6.22 |
| Kec International Limited | 35.71 | 10.67 |
| Transrail Lighting Limited | 30.73 | 17.36 |
# This is only coverage of News related to Grey Market. We do not deal in grey market premium, nor we recommend dealing in Grey Market. Investment decision based on Grey Market trends can be faulty.
Vikran Engineering IPO Review
by Paresh Gordhandas, CA & Research Analyst.
-
Vikran Engineering is coming out with a Rs. 772 crore IPO through a mix of fresh issue and offer for sale.
-
The company operates in the engineering sector with established presence and reputed clientele.
-
Financial performance has shown steady growth with Total Income rising from Rs. 529.18 crore in FY23 to Rs. 922.36 crore in FY25.
-
Profitability has also improved, with PAT growing from Rs. 42.84 crore in FY23 to Rs. 77.82 crore in FY25.
-
Operating performance is strong, as EBITDA increased to Rs. 160.24 crore in FY25, reflecting robust margins.
-
Net Worth expanded significantly from Rs. 131.14 crore in FY23 to Rs. 467.87 crore in FY25, showing financial strength.
-
Borrowings have risen from Rs. 154.92 crore in FY23 to Rs. 272.94 crore in FY25, but remain manageable against net worth.
-
Consistent profit growth and higher reserves of Rs. 449.52 crore in FY25 underline the company’s healthy balance sheet.
-
At the IPO price band of Rs. 92–97 per share, valuations appear reasonable given the earnings and growth momentum.
-
Overall, Vikran Engineering IPO offers a blend of growth visibility and financial stability, making it an attractive consideration for investors.
Quicklinks
The IPO opens on August 26, 2025, and closes on August 29, 2025. Allotment is expected on September 1, 2025, and listing on September 3, 2025.
The price band is fixed at Rs. 92 to Rs. 97 per share.
Retail investors need to apply for at least 148 shares, amounting to Rs. 13,616.
For sNII, the minimum application is 14 lots (2,072 shares) costing Rs. 2,00,984, while for bNII, it is 70 lots (10,360 shares) costing Rs. 10,04,920.
With rising revenues, consistent profitability, and strong net worth growth, the IPO looks fundamentally sound at the given valuations.
