Thane, February 14, 2026: Vikran Engineering Limited (BSE: 544496 | NSE: VIKRAN) today announced its un-audited financial results for the third quarter and nine months ended December 31, 2025, reporting steady revenue growth alongside a sharp expansion in its consolidated order book driven by strong solar EPC wins.
The company’s consolidated order book stood at ₹4,987 crore as of December 31, 2025, compared with ₹2,027 crore a year earlier, reflecting a 146% year-on-year increase. The order inflow momentum provides revenue visibility for the next two years, supported by large-format solar projects.
Consolidated Financial Performance
Quarterly Performance
| Particulars (₹ Cr.) | Q3 FY26 | Q3 FY25 | YoY Change | Q2 FY26 | QoQ Change |
|---|---|---|---|---|---|
| Revenue from Operations | 266.5 | 265.2 | +0.5% | 176.3 | +51.1% |
| EBITDA | 34.9 | 65.2 | -46.5% | 25.4 | +37.4% |
| EBITDA Margin (%) | 13.1% | 24.6% | - | 14.4% | - |
| PAT | 20.9 | 33.7 | -38.0% | 9.1 | +129.7% |
| PAT Margin (%) | 7.8% | 12.7% | - | 5.2% | - |
Nine-Month Performance
| Particulars (₹ Cr.) | 9M FY26 | 9M FY25 | YoY Change |
|---|---|---|---|
| Revenue from Operations | 601.9 | 560.5 | +7.4% |
| EBITDA | 82.9 | 92.4 | -10.3% |
| EBITDA Margin (%) | 13.8% | 16.5% | - |
| PAT | 35.7 | 40.0 | -10.8% |
| PAT Margin (%) | 5.9% | 7.1% | - |
Order Book Expansion and Project Wins
The company secured multiple solar EPC contracts during the period:- ₹2,035.3 crore turnkey order from Onix Renewables Limited for a 600 MW AC solar plant.
- ₹459.2 crore EPC contract from NTPC Renewable Energy for a 400 MW AC Solar Project in Uttar Pradesh covering Balance of System work.
- Order from M.P. Urja Vikas Nigam Limited for implementation of 45.75 MW AC grid-connected Solar PV plants.
Additionally, Vikran Engineering cancelled an order worth ₹1,641.91 crore from Carbonminus Maharashtra One Private Limited following a detailed internal review, citing prudence and strategic alignment.
Management Commentary
Mr. Rakesh Markhedkar, Chairman and Managing Director, stated that FY26 marks a pivotal year for the company with a significant push into the Solar EPC segment. He noted that large-format solar orders have materially enhanced revenue visibility, with the consolidated order book exceeding ₹4,700 crore as of February 13, 2026.He added that while margins reflect execution ramp-up and project mix, operating leverage benefits are expected as solar projects advance into deeper execution phases. The company is also evaluating opportunities in select international markets, particularly Africa and the Middle East, to diversify growth.
About Vikran Engineering Limited
Vikran Engineering Limited is a diversified EPC company with operations across Power Transmission and Distribution, Water Infrastructure, Railway Electrification, Solar EPC, and Smart Metering. The company delivers end-to-end turnkey solutions from design and supply to installation and commissioning.It has completed 45 projects across 14 states and serves marquee clients including NTPC, Power Grid Corporation of India, state utilities, and public health departments. The company is listed on BSE and NSE under the scrip code 544496 and symbol VIKRAN.
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