Vikran Engineering IPO
Bookbuilding IPO | ₹772.00 Cr | Listing at BSE, NSE
IPO Open
Tue, Aug 26, 2025
IPO Close
Fri, Aug 29, 2025
Price Band
₹92.00 to ₹97.00
Market Cap (Pre-IPO)
₹2,501.74 Cr
IPO Details
| IPO Date | Aug 26, 2025 to Aug 29, 2025 |
| Listing Date | Tentative: Sep 03, 2025 |
| Face Value | ₹1.00 per share |
| Price Band | ₹92.00 to ₹97.00 |
| Lot Size | 148 Shares (Minimum: ₹14,356.00) |
| Sale Type | Offer For Sale + Fresh Issue |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Issue Size | ₹772.00 Crores |
| Total Shares Offered | 79,587,627 shares |
| Fresh Issue | 74,329,896 shares |
| Offer For Sale | 5,257,731 shares |
Subscription Data
| Category | Times Subscribed |
|---|---|
| QIB | 20.51x |
| NII | 61.77x |
| RII | 11.56x |
| Total | 24.87x |
Vikran Engineering IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | 3,97,93,812 (50.00%) |
| Retail Shares Offered | 2,78,55,670 (35.00%) |
| NII Shares Offered | 1,19,38,145 (15.00%) |
Vikran Engineering IPO Lot Size
Investors can bid for a minimum of 148 shares and in multiples thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 148 | ₹14,356 |
| Retail (Max) | 13 | 1,924 | ₹186,628 |
| S-HNI (Min) | 14 | 2,072 | ₹200,984 |
| S-HNI (Max) | 69 | 10,212 | ₹990,564 |
| B-HNI (Min) | 70 | 10,360 | ₹1,004,920 |
Vikran Engineering Financial Information (Restated Consolidated)
Vikran Engineering Ltd.'s revenue increased by 17% and profit after tax (PAT) rose by 4% between the financial year ending with March 31, 2025 and March 31, 2024.
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| 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 | 133.30 | 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 ₹ Cr
Key Performance Indicators
As of Monday, March 31, 2025| KPI | Values |
|---|---|
| ROE (Return on Equity) | 16.63% |
| ROCE (Return on Capital Employed) | 23.34% |
| Debt/Equity | 0.58 |
| RoNW (Return on Net Worth) | 16.63% |
| PAT Margin (Profit After Tax Margin) | 8.44% |
| EBITDA Margin | 17.50% |
| Price to Book Value | 3.81 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS Rs | 4.24 | 3.02 |
| P/E (x) | 22.88 | 32.15 |
| Promoter Holding | 81.78% | 56.17% |
Company Promoters
- Rakesh Ashok Markhedkar
- Avinash Markhedkar and Nakul Markhedkar are the company promoters.
Company Overview
Incorporated in 2008, Vikran Engineering Limited is an Engineering, Procurement, and Construction (EPC) company.
The company's projects include underground water distribution and surface water extraction, overhead tanks, and distribution networks.
Service Sectors:
- Power Transmission and Distribution: Specializing in extra-high voltage (EHV) substations up to 400kV and comprehensive power distribution solutions.
- Water Infrastructure: Engaged in projects involving underground water distribution, surface water extraction, overhead tanks, and distribution networks.
- Railway Infrastructure: Providing services in railway infrastructure projects.
- Solar Energy: Expanding presence in solar EPC projects.
As of June 30, 2025, the company has completed 45 projects across 14 states with a total executed contract value of Rs 19,199.17 million. As of June 30, 2025, they have 44 ongoing projects across 16 states, aggregating orders of Rs 51,202.07 million, of which the Order Book is Rs 24,424.39 million.
The company's 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 and more.
As of June 30, 2025, the company had 761 permanent employees.
Company Strengths
- One of the fast-growing engineering, procurement and construction (“EPC”) companies, with timely execution of power transmission and distribution and water infrastructure sector.
- Diversified Order Book across business verticals and consistent financial performance
- Asset light model
- In-house technical and engineering capabilities, process control and quality assurance
- Experienced promoters and management team, having domain knowledge
Use of Proceeds
| 1) | Funding working capital requirements of the Company. | 541.00 |
| 2) | General corporate purposes. | 129.97 |
Objectives
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
Vikran Engineering IPO Peer Comparison
Vikran Engineering peer comparison with similar listed entities. (As on March 31, 2025)| Company Name | EPS (Basic) | EPS (Diluted) | NAV (per share) (Rs) | P/E (x) | RoNW (%) | P/BV Ratio | Financial statements |
|---|---|---|---|---|---|---|---|
| Vikran Engineering Ltd. | 4.35 | 4.35 | 25.49 | 0.00 | 16.63 | 0.00 | - |
| Bajel Projects Limited | 1.34 | 1.34 | 57.63 | 158.75 | 2.32 | 3.72 | Consolidated |
| Kalpataru Projects International Limited | 35.53 | 35.53 | 378.80 | 34.68 | 8.77 | 3.26 | Consolidated |
| Techno Electric & Engineering Company Limited | 37.19 | 37.19 | 321.55 | 40.17 | 11.31 | 4.65 | Consolidated |
| Spml Infra Limited | 7.61 | 7.61 | 107.43 | 36.79 | 6.22 | 2.61 | Consolidated |
| Kec International Limited | 21.80 | 21.80 | 200.88 | 35.71 | 10.67 | 3.89 | Consolidated |
| Transrail Lighting Limited | 25.72 | 25.72 | 140.11 | 30.73 | 17.36 | 5.64 | Consolidated |
Quick Info
| Sector | Engineering & Construction (EPC) |
| Exchange | BSE, NSE |
| Market Cap (Pre-IPO) | ₹2,501.74 Cr |
| GMP | 0.00 |
Important Dates
| IPO Open | Aug 26, 2025 |
| IPO Close | Aug 29, 2025 |
| Allotment Date | Sep 01, 2025 |
| Credit to Demat | Sep 02, 2025 |
| Listing Date | Tentative: Sep 03, 2025 |
Lead Manager(s)
Pantomath Capital Advisors Pvt.Ltd.
Registrar
Bigshare Services Pvt.Ltd.
+91-22-6263 8200
Description
- Vikran Engineering IPO is a book build issue of ₹772.00 crores. The issue is a combination of fresh issue of 7.43 crore shares aggregating to ₹721.00 crores and offer for sale of 0.53 crore shares aggregating to ₹51.00 crores.
- Vikran Engineering IPO bidding started from Aug 26, 2025 and ended on Aug 29, 2025. The allotment for Vikran Engineering IPO was finalized on Sep 1, 2025. The shares got listed on BSE, NSE on Sep 3, 2025.
- Vikran Engineering IPO price band is set at ₹97.00 per share . The lot size for an application is 148. The minimum amount of investment required by an retail is ₹14,356 (148 shares) (based on upper price). The lot size investment for sNII is 14 lots (2,072 shares), amounting to ₹2,00,984, and for bNII, it is 70 lots (10,360 shares), amounting to ₹10,04,920.