Vikran is a growing Engineering, Procurement & Construction (EPC), it positions itself as a comprehensive EPC service provider—handling everything from conceptualization and engineering design to supply, installation, testing, and commissioning. Basically it is an infrastructure delivering company with its diverse presence in Power sector, Water Infrastructure, Railway Infrastructure, Solar EPC. The issue size of the IPO is ₹ 772 Cr with as fresh issue of ₹ 721 Cr and Offer for sale (OFS) for ₹ 51 Cr.
Vikran Engineering is open for subscription from 26th Aug’25 and closes on 29nd Aug’25. The price band is ₹ 92 to ₹ 97/share with the lot size of 148 shares, aggregating to minimum investment for retail investors to ₹ 14,356 considering the upper band.
| Net Worth | ₹467.87 Cr |
| Revenue: | ₹922.36 Cr |
| EBITDA | ₹133.41 Cr |
| PAT | ₹77.82 Cr |
| EBITDA Margin: | 14.46% |
| PAT Margin | 8.43% |
Vikran Engineering Ltd Financials (Consolidated Figures)
| Year (Approx Values) | Revenue (₹ Cr) | Profit (₹ Cr) | Assets (₹ Cr) | Borrowings (₹ Cr) | Net Worth (₹ Cr) |
| 2025 | 915.8 | 77.8 | 1354.6 | 272.9 | 467.8 |
| 2024 | 785.9 | 74.8 | 959.7 | 183.4 | 291.2 |
| 2023 | 524.3 | 42.8 | 712.4 | 154.9 | 131.1 |
Core Offerings & Store location of Vikran Engineering
Founded in 2008.
Mr. Rakesh Ashok Markhedkar (Chairman & Managing Director)
Vikran Engineering specializes in across multiple infrastructure verticals like Power (EHV), Water Infrastructure, Railway Infrastructure, Solar EPC, backed by a pan-India presence and diversified project portfolio
Vikran doesn’t have standalone manufacturing plants, the company manages its large network of project execution sites and store locations PAN India. It is present across 195 project sites and store locations throughout India
Vikran Engineering IPO Strengths & Risks
Strengths:
> Diversified portfolio across power, water, railway sectors
> Strong project execution track record: numerous completed and many ongoing projects in present across India.
> High-profile govt. clients like NTPC, Power Grid, Bihar power utilities, Madhya Pradesh Power Transmission and with may other state govt.
> Strong financial growth: healthy CAGR in revenue and profit across the past few years, Undervalued compared to peers
> Strong inhouse resources, and managing operations.
Risks:
> Heavy reliance on government contracts, any fluctuation or policy change might be challenging
> Negative cash flow in the year 2025
> Regulatory and environmental compliance risks inherent in EPC projects.
> Top 10 customers accounts for ₹ 806 crore out of ₹915 crore revenue in year 2025, any loss or fluctuation in this may affect adversely.
> Contingent liabilities amounting to ₹ 64.13 crore if any of these materialize it may put pressure on company’s finances.
Vikran Engineering: IPO date & invest detail
| IPO Open Date: | 26 August 2025 |
| IPO Close Date: | 29 August 2025 |
| Anchor Investor Bidding | 25 August 2025 |
| IPO Allotment Date: | 01 September 2025 |
| Refunds & Demat Credit | 02 September 2025 |
| Tentative Listing Date: | 03 September 2025 |
| IPO Category | ENTERPRISE |
| Symbol | VIKRANENG |
| Face Value: | Rs.10 per Equity Share |
| Issue Size: | ~₹772 crore |
| Lot Size: | 148 shares per lot and multiples thereof |
Vikran Engineering Composition & Proceeds
| Fresh Issue: | ~7.43 Cr shares |
| Offer for Sale: | ~0.53 Cr shares |
| Employee reservation | Nil |
| Price Range | ₹ 92- ₹97 per share |
| Face Value: | ₹ 10 |
| Debt Repayment | – |
| Working Capital | ₹ 541 Crore |
| Facility Expansion | – |
| General corporate purpose | ₹ 180 Crore |
| IPO Listing on: | NSE & BSE |
| Retail Quota: | ≥ 35% |
| QIB Quota: | ≤ 50% |
| NII Quota: | ≥ 15% |
| Application Type | Lot Size | No. of Lots | No. of Shares | Investment Amount |
| Retail(Min) | 148 | 1 | 148 | 14,356 |
| Retail (Max) | 148 | 13 | 1,924 | 1,86,628 |
| Small HNI (Min) | 148 | 14 | 2,072 | 2,00,984 |
| Small HNI (Max) | 148 | 66 | 9,768 | 9,47,496 |
| Big HNI (Min) | 148 | 67 | 9,916 | 9,61,852 |
Vikran Engineering Grey market premium
| Date | IPO Price | IPO GMP | GMP Trend | Estimated listing | Estimated profit (Per lot) |
| 29-Aug | – | – | – | – | – |
| 28-Aug | ₹ 97 | ₹ 14 | Negative | ₹ 117 | ₹ 2,960 |
| 27-Aug | ₹ 97 | ₹ 18 | +Positive | ₹ 115 | ₹ 2,664 |
| 26-Aug | ₹ 97 | ₹ 20 | +Positive | ₹ 117 | ₹ 2,960 |
| 25-Aug | ₹ 97 | ₹ 20 | +Positive | ₹ 117 | ₹ 2,960 |
| 24-Aug | ₹ 97 | ₹ 14 | – Negative | ₹ 111 | ₹ 2,072 |
| 23-Aug | ₹ 97 | ₹ 24 | Neutral | ₹ 121 | ₹ 3,552 |
| 22-Aug | ₹ 97 | ₹ 24 | Neutral | ₹ 121 | ₹ 3,552 |
| 21-Aug | ₹ 97 | ₹ 25 | + Positive | ₹ 122 | ₹ 3,700 |
| 20-Aug | ₹ 97 | ₹ 15 | + Positive | ₹ 112 | ₹ 2,220 |
Promoters – Pre offer equity (Approx)
Rakesh Ashok Markhedkar ~ 59.02%
Vipul Markhedkar ~7.24%
Nakul Markhedkar ~7.24%
Kanchan Markhedkar ~7.24%
Vikran Global Infraprojects Pvt Ltd ~1.03%
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