Vikran Engineering Ltd

Vikran Engineering announced that the credit rating assigned to the Company by India Ratings & Research has been reaffirmed at 'A-'. However, the rating outlook has been revised from 'Stable' to 'Negative'. The short term rating has also been reaffirmed at A2+.

The Maharashtra State Electricity Distribution Company is a Government of Maharashtra undertaking. These contracts are for undertaking distribution infrastructure strengthening works in the Nashik and Kolhapur zones under the ADB-funded power distribution enhancement program. The Nashik package is valued at Rs 235.63 crore, while the Kolhapur package stands at Rs 295.17 crore. The scope includes end-to-end EPC execution covering survey, design, engineering, supply, installation and commissioning of distribution infrastructure, including new substations, transmission lines, transformer augmentation, underground cabling and GIS-based asset mapping. Both projects are to be executed on a turnkey basis with a completion timeline of 21 months from the respective award dates. Rakesh Markhedkar, chairman and managing director, Vikran Engineering, said: These two LoAs from MSEDCL under the ADB-funded program are a strong validation of our technical capabilities and our consistent execution track record in large-scale power distribution infrastructure. Winning both the Nashik and Kolhapur Zone packages through competitive national bidding is a clear vote of confidence in our engineering depth and project management capabilities. Vikran Engineering provides end-to-end services from conceptualization, design, supply, installation, testing, and commissioning on a turnkey basis and has a presence across multiple sectors, including power, water, and railway infrastructure. The company had reported a 37.9% decline in standalone net profit to Rs 20.91 crore on a 0.5% rise in net sales to Rs 266.46 crore in Q3 FY26 as compared with Q3 FY25.

Vikran Engineering said that it has secured Rs 530.80 crore worth of distribution infrastructure orders from Maharashtra State Electricity Distribution Company (MSEDCL), a Government of Maharashtra undertaking. These contracts are for undertaking distribution infrastructure strengthening works in the Nashik and Kolhapur zones under the ADB-funded power distribution enhancement program. The Nashik package is valued at Rs 235.63 crore, while the Kolhapur package stands at Rs 295.17 crore. The scope includes end-to-end EPC execution covering survey, design, engineering, supply, installation and commissioning of distribution infrastructure, including new substations, transmission lines, transformer augmentation, underground cabling and GIS-based asset mapping. Both projects are to be executed on a turnkey basis with a completion timeline of 21 months from the respective award dates. Rakesh Markhedkar, chairman and managing director, Vikran Engineering, said: These two LoAs from MSEDCL under the ADB-funded program are a strong validation of our technical capabilities and our consistent execution track record in large-scale power distribution infrastructure. Winning both the Nashik and Kolhapur Zone packages through competitive national bidding is a clear vote of confidence in our engineering depth and project management capabilities. Vikran Engineering provides end-to-end services from conceptualization, design, supply, installation, testing, and commissioning on a turnkey basis and has a presence across multiple sectors, including power, water, and railway infrastructure. The company had reported a 37.9% decline in standalone net profit to Rs 20.91 crore on a 0.5% rise in net sales to Rs 266.46 crore in Q3 FY26 as compared with Q3 FY25. The scrip had lost 0.34% to end at Rs 55.38 on the BSE yesterday.

Vikran Engineering announced that it has received two major Letters of Award (LoA) aggregating to Rs 530.80 crore (excluding GST) from Maharashtra State Electricity Distribution Co. (MSEDCL), a Government of Maharashtra Undertaking, for the development of distribution infrastructure & system strengthening works across Nashik zone and Kolhapur zone in the state of Maharashtra. Both LoAs were issued under the power distribution enhancement program funded by the Asian Development Bank (ADB), awarded through National Competitive Bidding. The Nashik zone contract is valued at Rs 235.63 crore and the Kolhapur zone contract at Rs 295.17 crore, both excluding GST.

Profit before tax (PBT) fell 42.9% YoY to Rs 25.92 crore in Q3 FY26. During the quarter, total expenses increased 11.19% to Rs 245.83 crore in Q3 FY26 compared with Rs 221.09 crore in Q3 FY25. Cost of material consumed stood at Rs 69.78 crore (down 50.92% YoY), project-related expenses were at Rs 121.34 crore (up 293.96% YoY), employee benefit expenses stood at Rs 20.92 crore (up 7.67% YoY), and finance cost was at Rs 13.06 crore (down 35.76% YoY) during the period under review. The company's consolidated order book surged 146% YoY to over Rs 4,987 crore as of 31 December 2025, from Rs 2,027 crore a year ago, providing strong revenue visibility for the next two years. The company has also incorporated a Special Purpose Vehicle (SPV), Vikran MP Solar. Rakesh Markhedkar, chairman & managing director of Vikran Engineering, said, 'FY26 marks a pivotal year for Vikran Engineering as we significantly strengthened our presence in the Solar EPC segment. The large-format solar orders secured during the year have materially enhanced our revenue visibility, with our consolidated order book now exceeding Rs 4,700 crore as of 13th February 2026. While margins during the period reflect execution ramp-up and project mix dynamics, we expect operating leverage benefits to play out as solar projects move into advanced execution phases. With a strong pipeline across Power T&D, Solar, and Water, and a clear focus on disciplined bidding and risk management, we are positioning Vikran Engineering for scalable and sustainable growth. We are also actively evaluating opportunities in select international markets, particularly in Africa and the Middle East, to diversify our growth trajectory.' Vikran Engineering provides end-to-end services from conceptualization, design, supply, installation, testing, and commissioning on a turnkey basis and has a presence across multiple sectors, including power, water, and railway infrastructure.Powered by Capital Market - Live

Profit before tax (PBT) fell 42.9% YoY to Rs 25.92 crore in Q3 FY26. During the quarter, total expenses increased 11.19% to Rs 245.83 crore in Q3 FY26 compared with Rs 221.09 crore in Q3 FY25. Cost of material consumed stood at Rs 69.78 crore (down 50.92% YoY), project-related expenses were at Rs 121.34 crore (up 293.96% YoY), employee benefit expenses stood at Rs 20.92 crore (up 7.67% YoY), and finance cost was at Rs 13.06 crore (down 35.76% YoY) during the period under review. The company's consolidated order book surged 146% YoY to over Rs 4,987 crore as of 31 December 2025, from Rs 2,027 crore a year ago, providing strong revenue visibility for the next two years. The company has also incorporated a Special Purpose Vehicle (SPV), Vikran MP Solar. Rakesh Markhedkar, chairman & managing director of Vikran Engineering, said, 'FY26 marks a pivotal year for Vikran Engineering as we significantly strengthened our presence in the Solar EPC segment. The large-format solar orders secured during the year have materially enhanced our revenue visibility, with our consolidated order book now exceeding Rs 4,700 crore as of 13th February 2026. While margins during the period reflect execution ramp-up and project mix dynamics, we expect operating leverage benefits to play out as solar projects move into advanced execution phases. With a strong pipeline across Power T&D, Solar, and Water, and a clear focus on disciplined bidding and risk management, we are positioning Vikran Engineering for scalable and sustainable growth. We are also actively evaluating opportunities in select international markets, particularly in Africa and the Middle East, to diversify our growth trajectory.' Vikran Engineering provides end-to-end services from conceptualization, design, supply, installation, testing, and commissioning on a turnkey basis and has a presence across multiple sectors, including power, water, and railway infrastructure. Shares of Vikran Engineering slipped 1.12% to end at Rs 85.92 on the BSE on Friday.Powered by Capital Market - Live

Net profit of Vikran Engineering declined 37.92% to Rs 20.91 crore in the quarter ended December 2025 as against Rs 33.68 crore during the previous quarter ended December 2024. Sales rose 0.48% to Rs 266.46 crore in the quarter ended December 2025 as against Rs 265.20 crore during the previous quarter ended December 2024. ParticularsQuarter EndedDec. 2025Dec. 2024% Var. Sales266.46265.20 0 OPM %13.0824.57 - PBDT28.2946.08 -39 PBT27.1345.36 -40 NP20.9133.68 -38 Powered by Capital Market - Live

Vikran Engineering will hold a meeting of the Board of Directors of the Company on 13 February 2026.Powered by Capital Market - Live

Under the awards, Vikran Engineering will act as a Renewable Power Generator (RPG) for the implementation of the grid-connected solar photovoltaic (PV) based solar power plants. The projects will have a power purchase tenure of 25 years, with tariffs ranging between Rs 2.75 per kWh to Rs 2.80 per kWh, as specified in the LOAs The projects will be developed under the Surya Mitra Krishi Feeders Scheme, with feeder solarisation as part of the PM KUSUM-C scheme, for sale of power to Madhya Pradesh Power Management Company (MPPMCL). Vikran Engineering is a diversified EPC player. The company provides end-to-end turnkey solutions spanning conceptualization, design, supply, installation, testing, and commissioning, enabling it to capture the full value chain of project execution. On a standalone basis, net profit of Vikran Engineering rose 339.42% to Rs 9.14 crore while net sales increased 10.71% to Rs 176.29 crore in Q2 September 2025 over Q2 September 2024.Powered by Capital Market - Live

Under the awards, Vikran Engineering will act as a Renewable Power Generator (RPG) for the implementation of the solar power plants. The projects will have a power purchase tenure of 25 years, with tariffs ranging between Rs 2.75 per kWh to Rs 2.80 per kWh, as specified in the LOAs The projects will be developed under the Surya Mitra Krishi Feeders Scheme, with feeder solarisation as part of the PM KUSUM-C scheme, for sale of power to Madhya Pradesh Power Management Company (MPPMCL). Vikran Engineering is a diversified EPC player. The company provides end-to-end turnkey solutions spanning conceptualization, design, supply, installation, testing, and commissioning, enabling it to capture the full value chain of project execution. On a standalone basis, net profit of Vikran Engineering rose 339.42% to Rs 9.14 crore while net sales increased 10.71% to Rs 176.29 crore in Q2 September 2025 over Q2 September 2024. The counter rallied 4.40% to end at Rs 100.75 on Friday, 26 December 2025.Powered by Capital Market - Live