Vikran Engineering IPO

Incorporated in 2008, Vikran Engineering Limited is an Engineering, Procurement, and Construction (EPC) company engaged in delivering infrastructure solutions across key sectors such as power, water, railways, and solar energy. The company specializes in extra-high voltage (EHV) substations up to 400kV and comprehensive power distribution systems. It is also involved in water infrastructure projects including underground water distribution, surface water extraction, overhead tanks, and distribution networks. Additionally, Vikran provides services in railway infrastructure and is expanding its presence in solar EPC projects.

As of June 30, 2025, Vikran Engineering has successfully completed 45 projects across 14 states with a total executed contract value of Rs 19,199.17 million. It currently manages 44 ongoing projects in 16 states, with total orders worth Rs 51,202.07 million, including an active order book of Rs 24,424.39 million. The company’s clientele primarily consists of government sector entities such as NTPC Limited, Power Grid Corporation of India Limited, and several state-level power distribution companies.

Vikran Engineering IPO Strengths

• Vikran Engineering is led by promoters with over three decades of experience in infrastructure EPC projects, providing the company with deep industry insights and operational expertise.
• The company operates in power transmission, railway electrification, water infrastructure, and other civil projects, which diversifies revenue streams and reduces sector-specific risks.
• Vikran Engineering has a cumulative order book exceeding ₹5,000 crore, providing strong revenue visibility and growth potential over the near term.
• The company has successfully executed projects in 22 states, reflecting its ability to manage operations across diverse geographies and regulatory environments.
• Vikran Engineering has received multiple excellence awards from government authorities, underlining its reputation for quality and timely project delivery.
• The company emphasizes zero accidents and world-class quality standards, which enhances its credibility and long-term client relationships.

Vikran Engineering IPO Risks

• A significant portion of Vikran Engineering’s revenue comes from government projects. Delays or cancellations of such contracts could adversely affect business operations and cash flows.
• The company competes in a highly competitive environment with aggressive bidding. There is no assurance it will win new projects or maintain margins amid pricing pressures.
• Challenges in timely execution of large-scale infrastructure projects, whether due to labor, material shortages, or regulatory approvals, may lead to cost overruns and loss of reputation.
• Changes in environmental, labor, or industry-specific regulations may increase compliance costs, delay approvals, or restrict operations.
• Dependency on subcontractors and suppliers for equipment and services may affect timely project completion if issues arise in quality or delivery.
• Extensive working capital requirements due to project-based billing cycles can strain liquidity. Delayed payments from clients may further affect cash flow.
• Operating primarily in infrastructure sectors and across certain regions exposes the company to economic and policy fluctuations in these specific areas.