Thane-based engineering, procurement and construction (EPC) company Vikran Engineering Limited reported standalone revenue from operations of ₹220.1 crore for the quarter ended 30 September 2026, up 24.9% from ₹176.3 crore a year earlier. Profit after tax (PAT) fell 13.2% to ₹7.9 crore. The company filed its results with the stock exchanges on 5 November 2026. Its order book stood at ₹6,257.53 crore on 31 October 2026, with solar projects making up 60%.
Key Financials
According to the company’s press release, the standalone figures for Q2 FY27 were:
- Revenue from operations: ₹220.1 crore, up 24.9% from ₹176.3 crore
- Earnings before interest, tax, depreciation and amortisation (EBITDA, excluding other income): ₹20.1 crore, down 20.8% from ₹25.4 crore
- EBITDA margin: 9.1%, against 14.4%
- PAT: ₹7.9 crore, against ₹9.1 crore
- PAT margin: 3.6%, against 5.2%
For the first half of FY27, revenue rose 26.5% to ₹424.1 crore from ₹335.4 crore. EBITDA was flat at ₹48.1 crore, while PAT rose 71.6% to ₹25.4 crore from ₹14.8 crore. The release covers standalone results and does not give consolidated figures that include subsidiary NOPL Solar Projects.
Orders and Financing
The order book of ₹6,257.53 crore is split 60% solar, 29% power transmission and distribution (T&D), 10% water infrastructure and 1% railway infrastructure. During the period the company won two orders from Power Grid Corporation of India (POWERGRID). The first, worth ₹120.69 crore, covers a 400 kV gas-insulated switchgear (GIS) substation extension package across Magarwada, Vadodara and Rajgarh. The second, worth ₹153.76 crore, covers a 400 kV air-insulated substation (AIS) extension at Tumkur-II, including civil works linked to a static synchronous compensator (STATCOM).
Wholly owned subsidiary NOPL Solar Projects secured term loan financing of up to ₹2,941.19 crore from the Indian Renewable Energy Development Agency (IREDA) for a 969 MW AC solar EPC project. Chairman and Managing Director Rakesh Markhedkar said the loan carries an interest rate of 9.15%, with disbursement aligned to execution progress across eight project clusters.
Management Comment
Markhedkar said the standalone business delivered healthy growth in H1 FY27 and that the company remained focused on improving operating margins and maintaining financial discipline as it scales up. He described the integration of NOPL Solar Projects, which covers 152 locations across Maharashtra, as an important milestone for its renewable platform. The immediate focus, he said, is disciplined execution and coordination across those sites.
Regulatory Matter
Vikran disclosed an administrative warning letter from the Securities and Exchange Board of India (SEBI), dated 4 November 2026, with its board meeting outcome and filed further details the following day. SEBI said Vikran should have disclosed a dispute with GS Products India under Regulation 30 of its listing rules. GS Products India had filed a claim of about ₹12.50 crore before the MSME Facilitation Council in Aligarh.
The company had argued that the additional disputed amount of about ₹1.81 crore was below its materiality threshold of ₹3.26 crore. SEBI held that the full claim exceeded the threshold. The company said it received the letter by e-mail at about 3:40 p.m. on 4 November 2026 and placed it before the board at its meeting the next day. Vikran said it is examining the observations, will take corrective measures where necessary and will disclose any financial impact separately.
Policy Backdrop
The company’s investor presentation describes the 969 MW NOPL portfolio as a PM-KUSUM solar project. At the Bharat Renewable Energy Summit & Expo 2026 on 2 November 2026, Prime Minister Narendra Modi highlighted the Green Energy Corridors of dedicated transmission lines and substations. He said the country is advancing to the next phase of strengthening transmission infrastructure.
About the Company
Vikran Engineering works across power T&D, extra-high-voltage substations, railway and metro electrification, water infrastructure, renewable energy and data centre infrastructure. It says it has completed 45 projects across 14 states for clients including NTPC, POWERGRID, state utilities and public health departments, supported by more than 3,500 vendors. The company is listed on NSE and BSE and says it is active in 18 states. The company also lists smart metering among its emerging capabilities.
The Company’s Recent Pipeline
- June 2026: received a turnkey EPC work order from subsidiary NOPL Solar Projects for 969 MW AC of solar plants at multiple locations in Maharashtra, with a tentative value of ₹3,517.98 crore including goods and services tax (GST).
- July 2026 (29 July): commissioned the 132 kV Miao-Namsai transmission line in Arunachal Pradesh, covering 40.6 km and 138 tower foundations, including two pile foundations built in difficult geological conditions.
- July 2026 (31 July): won the ₹120.69 crore POWERGRID order for the 400 kV GIS substation extension package.
- September 2026: won the ₹153.76 crore POWERGRID order for the Tumkur-II 400 kV AIS extension.
Outlook
Markhedkar said the company’s immediate focus is execution of the 969 MW NOPL portfolio across eight clusters in Maharashtra, with IREDA disbursements aligned to progress. He said the priorities are timely execution, a stronger presence in power transmission and renewables, disciplined project selection and prudent working capital management. The company’s response to the SEBI warning, after it consults its legal advisers, is the other item to watch, along with any separate disclosure of its financial impact.
Official Sources
- Vikran Engineering Limited – Q2 and H1 FY27 Press Release (NSE, 5 November 2026): https://nsearchives.nseindia.com/corporate/VIKRAN123_05112026194957_Intimation_of_Press_Release.pdf
- Vikran Engineering Limited – Investor Presentation Q2 FY27 (NSE, 5 November 2026): https://nsearchives.nseindia.com/corporate/VIKRAN123_05112026195500_Intimation_of_investor_presentation.pdf
- Vikran Engineering Limited – Disclosure of SEBI Administrative Warning Letter (NSE, 6 November 2026): https://nsearchives.nseindia.com/corporate/VIKRAN123_06112026222638_Intimation_of_Warning_Letter_-_SEBI.pdf
- Vikran Engineering Limited – Work Order from NOPL Solar Projects for 969 MW AC (NSE, 27 June 2026): https://nsearchives.nseindia.com/corporate/VIKRAN123_27062026001109_Intimation_of_Work_Order_-NOPL.pdf
- Vikran Engineering Limited – ₹153.76 Crore POWERGRID Order (NSE, 23 September 2026): https://nsearchives.nseindia.com/corporate/VIKRAN123_23092026233354_Press_Release-PGCIL_New_Order.pdf
- Prime Minister’s Office – PM Inaugurates Bharat Renewable Energy Summit & Expo 2026 (2 November 2026): https://www.pmindia.gov.in/en/news_updates/pm-inaugurates-bharat-renewable-energy-summit-expo-2026/
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