Vikran Engineering Limited Posts Solid Start to FY27 with Revenue Growth as it Expands Renewable Energy Portfolio
Vikran Engineering Limited has reported a positive commencement to Financial Year 2027, achieving approximately 28% year-on-year revenue growth and an approximate 24% increase in EBITDA. The performance reflects continuous execution momentum across its various business verticals, including Power Transmission & Distribution (T&D).The company also highlighted the strategic acquisition of NOPL Solar Projects, marking a key milestone in transforming Vikran into an integrated renewable energy infrastructure platform.
Financial Performance Highlights
As per the standalone and consolidated profit statements for Q1 FY27, operational results demonstrated significant growth trends, particularly within the core Power segment.The company’s performance data across the relevant quarters is detailed below:
Standalone Profit & Loss Statement (₹ Cr)
| Particulars | Q1 FY27 | Q1 FY26 | YoY (%) | Q4 FY26 |
|---|---|---|---|---|
| Revenue from operations | 204.0 | 159.2 | 28.2% | 647.4 |
| Other income | 11.2 | 0.7 | 6.8 | |
| Total income | 215.2 | 159.8 | 34.6% | 654.2 |
| Cost of materials consumed | 91.0 | 53.5 | 258.4 | |
| Project-related expense | 42.4 | 50.9 | 256.2 | |
| Employee benefits expense | 23.4 | 18.1 | 22.7 | |
| Other expenses | 19.2 | 14.1 | 17.9 | |
| EBITDA* | 28.0 | 22.7 | 23.7% | 92.2 |
| EBITDA Margin (%) | 13.7% | 14.2% | 14.2% | |
| Depreciation and amortisation | 1.1 | 0.6 | 1.0 | |
| Finance Cost | 15.0 | 15.3 | 20.0 | |
| Profit before tax | 23.1 | 7.4 | 212.2% | 77.9 |
| Tax | 5.6 | 1.7 | 21.9 | |
| Profit After Tax | 17.5 | 5.7 | 209.9% | 56.0 |
| PAT Margin (%) | 8.6% | 3.5% | 8.6% |
*Note: EBITDA is calculated excluding Other Income.
Consolidated Profit & Loss Statement (₹ Cr)
| Particulars | Q1 FY27 | Q1 FY26 | YoY (%) | Q4 FY26 |
|---|---|---|---|---|
| Revenue from operations | 141.6 | 159.2 | -11.0% | 647.4 |
| Other income | 10.2 | 0.7 | 6.8 | |
| Total income | 151.8 | 159.9 | -5.0% | 654.2 |
| Cost of materials consumed | 69.2 | 53.5 | 258.4 | |
| Project-related expense | 21.4 | 50.9 | 256.2 | |
| Employee benefits expense | 21.1 | 18.1 | 22.7 | |
| Other expenses | 18.6 | 14.1 | 17.9 | |
| EBITDA* | 11.3 | 22.7 | -50.2% | 92.2 |
| EBITDA Margin (%) | 8.0% | 14.2% | 14.2% | |
| Depreciation and amortisation | 1.1 | 0.6 | 1.0 | |
| Finance Cost | 15.0 | 15.3 | 20.0 | |
| Profit before tax | 5.4 | 7.4 | -26.5% | 77.9 |
| Tax | 1.4 | 1.7 | 21.9 | |
| Profit After Tax | 4.0 | 5.7 | -29.4% | 56.0 |
| PAT Margin (%) | 2.8% | 3.5% | 8.7% |
Strategic Transition and Renewable Energy Focus
The acquisition of NOPL Solar Projects represents a strategic transition for Vikran from a pure-play EPC contractor to an integrated renewable energy infrastructure company. This move is set to create stable, long-duration cash flows and significantly improve revenue visibility.Details of the NOPL solar project include:
- Total Project Cost: ₹ 4,200 Cr
- Target Investment: 969 MW PM-KUSUM Solar Portfolio
- Off-taker: MSEDCL
- PPA Tenure: 25 Years
- Tariff: ₹ 3.074/kWh
The company projects an average annual revenue potential of approximately ₹ 525+ Cr and EBITDA generation of around ₹ 450+, with estimated EBITDA margins ranging from 85-88%. The project is underpinned by a government back-dropped de-risked model, including a signed 25-year PPA with MSEDCL and ₹ 1,017 Cr in Central Financial Assistance under PM-KUSUM.
Operational Highlights and Market Position
The core Power T&D business continues to maintain strong momentum for the company. Recent developments include securing a POWERGRID order for a 400 kV GIS substation package and successfully commissioning the Miao-Namsai transmission line in Arunachal Pradesh.Rakesh Ashok Markhedkar, Promoter and CMD, stated that the integrated NOPL Solar Project is now under direct EPC execution by Vikran, focusing on disciplined execution while enhancing capabilities in large-scale renewable infrastructure. Looking ahead, he mentioned continued confidence in structural growth across power and renewable energy, noting that the company is also selectively evaluating opportunities such as Battery Energy Storage Systems and Data Centre infrastructure.
Order Book Snapshot
The company's diversified order book stands robustly at over ₹ 6,496 Cr as of August 11, 2026.Order Book Composition (₹ in Cr)
| Vertical | As on 30th Jun, 2026 (Order Book) | % Order Book |
|---|---|---|
| Solar | 4,017.3 | 63% |
| Power T&D | 1,674.9 | 26% |
| Water | 620.9 | 10% |
| Railway | 40.7 | 1% |
| Total | 6,354.0 | 100% |
Company Overview and Capabilities
Vikran Engineering Limited maintains a diversified presence across various infrastructure sectors, serving clients in government and public sector undertakings as well as private entities. The company possesses an operational footprint in 18 states with over 190 project and store locations nationwide, supported by a network of 3,500+ suppliers.Key business areas include:
- Power Transmission & Distribution: Capabilities extend to transmission lines up to 765 kV and substations (AIS & GIS) up to 400 kV.
- Solar EPC: Focuses on utility-scale ground-mounted solar projects, with experience in multi-location project execution capabilities.
- Water Infrastructure: Covers designing and constructing water treatment plants (WTPs), overhead service reservoirs (OHSR), and implementing multi-village water supply schemes.
- Railway Infrastructure: Includes Overhead Electrification (OHE) and Traction Substations (TSS).
VIKRAN Stock Price Movement
Today, Vikran Engineering Limited shares edged higher to close at ₹73.64, gaining 1.1% in post-market trading. The stock saw significant volume throughout the session, with a total of 1,886,369 shares traded.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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