India’s IPO market continues its robust performance in August 2025, with several new offerings. Joining the momentum, Vikran Engineering Limited, a leading Engineering, Procurement, and Construction (EPC) company, is launching its IPO. The company provides end-to-end services for projects in the power, water, and railway infrastructure sectors.
Here is a detailed insight into the Vikran Engineering IPO and the company’s outlook.
About Vikran Engineering Ltd.
Incorporated in 2008, Vikran Engineering Limited is a prominent Engineering, Procurement, and Construction (EPC) company specialising in sectors such as power transmission, water infrastructure, railway infrastructure, and solar energy. The company’s services include projects like underground water distribution, surface water extraction, overhead tanks, power substations up to 400kV, and solar EPC projects.
As of June 30, 2025, Vikran Engineering has completed 45 projects across 14 states with a total contract value of ₹19,199.17 million. The company currently has 44 ongoing projects across 16 states, amounting to ₹51,202.07 million in total orders, with an Order Book value of ₹24,424.39 million.
Vikran’s key clients include NTPC Limited, Power Grid Corporation of India, and various state power distribution companies.
Vikran Engineering (India) Ltd. IPO Details
The Vikran Engineering IPO is a book-building issue of ₹772 crore. The issue is a combination of a fresh issue of 7.43 crore shares (aggregating up to ₹721 crore) and an Offer for Sale (OFS) of 0.53 crore shares (aggregating up to ₹51 crore).
Important IPO Timeline
| Event | Date |
| IPO Open Date | Tue, Aug 26, 2025 |
| IPO Close Date | Fri, Aug 29, 2025 |
| Tentative Allotment | Mon, Sep 1, 2025 |
| Initiation of Refunds | Tue, Sep 2, 2025 |
| Credit of Shares to Demat | Tue, Sep 2, 2025 |
| Tentative Listing Date | Wed, Sep 3, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on August 29, 2025 |
Key IPO Details
| Particulars | Details |
| IPO Date | August 26, 2025 to August 29, 2025 |
| Listing Date | – |
| Face Value | ₹1 per share |
| Issue Price Band | ₹92 to ₹97 per share |
| Lot Size | 148 Shares |
| Sale Type | Fresh Capital-cum-Offer for Sale |
| Total Issue Size | 7,95,87,627 shares (aggregating up to ₹772.00 Cr) |
| Fresh Issue | 7,43,29,896 shares (aggregating up to ₹721.00 Cr) |
| Offer for Sale | 52,57,731 shares of ₹1 (aggregating up to ₹51.00 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre-Issue | 18,35,81,130 shares |
| Share Holding Post Issue | 25,79,11,026 shares |
Lot Size of Vikran Engineering Ltd. IPO
| Application | Lots | Shares | Amount |
| Retail (Min) | 1 | 148 | ₹14,356 |
| Retail (Max) | 13 | 1,924 | ₹1,86,628 |
| S-HNI (Min) | 14 | 2,072 | ₹2,00,984 |
| S-HNI (Max) | 69 | 10,212 | ₹9,90,564 |
| B-HNI (Min) | 70 | 10,360 | ₹10,04,920 |
Vikran Engineering Ltd. Financials
Vikran Engineering has shown consistent growth in its financials. As of March 31, 2025, the company has a market capitalisation of ₹2,501.74 crore at the upper price band. Its revenue from operations grew from ₹524.30 crore in FY23 to ₹915.85 crore in FY25, while its profit after tax (PAT) increased from ₹42.84 crore to ₹77.82 crore over the same period.
Key Performance Indicators (as of Mar 31, 2025)
- ROE: 16.63%
- ROCE: 23.34%
- Debt/Equity: 0.58
- RoNW: 16.63%
- PAT Margin: 8.44%
- EBITDA Margin: 17.50%
- Price to Book Value: 3.81
Company Financial Snapshot
| Period Ended | 31 Mar 2025 (₹ Cr) | 31 Mar 2024 (₹ Cr) | 31 Mar 2023 (₹ Cr) |
| Assets | 1,354.68 | 960 | 712.47 |
| Total Income | 922.36 | 791 | 529.18 |
| Profit After Tax | 77.82 | 75 | 42.84 |
| EBITDA | 160.24 | 133 | 79.71 |
| Net Worth | 467.87 | 291 | 131.14 |
| Reserves and Surplus | 449.52 | 290.95 | 130.85 |
| Total Borrowing | 272.94 | 183.39 | 154.92 |
Vikran Engineering Ltd.: Industry Outlook
The EPC sector is experiencing robust growth driven by increased government spending on infrastructure. With a strong presence in power, water, and railway projects, Vikran Engineering is well-positioned to capitalise on this demand. The company’s large and diverse order book, valued at over ₹5,120 crore as of June 30, 2025, provides strong revenue visibility.
Investors should be mindful of certain risks, including the tender-based nature of the business and potential volatility in raw material costs.
Use of IPO Proceeds
The net proceeds from the fresh issue will be utilised for:
| S.No. | Objects of the Issue |
Expected Amount (₹ in Crores) |
| 1 | Funding the working capital requirements of the Company | 541 |
| 2 | General corporate purposes | – |
Vikran Engineering IPO Peer Comparison
When evaluating Vikran Engineering, it is essential to consider its peers in the competitive EPC sector. Its key listed peers include Kalpataru Projects International, Techno Electric & Engineering Company, and KEC International. While these companies have varying market strategies, Vikran’s strong financial performance and focus on a diversified project portfolio position it for potential growth.
Conclusion
The Vikran Engineering IPO offers investors an opportunity to invest in a fast-growing EPC company with a solid financial track record and a diversified project portfolio. The strategic use of IPO proceeds for working capital needs indicates a focus on accelerating project execution and seizing future growth opportunities.
As a mainboard IPO, it may be suitable for investors with a moderate to high-risk appetite. A thorough review of the company’s fundamentals and a careful analysis of the market position are recommended before making an investment decision.
