Vikran Engineering was incorporated on June 04, 2008. It is a fast-growing Indian engineering, procurement, and construction (EPC) company with a diversified project portfolio, primarily focused on the high-growth energy and water infrastructure sectors. The company offers end-to-end services, including conceptualisation, design, supply, installation, testing, and commissioning, across power, water, and railway infrastructure
| Bidding Dates |
|---|
| 26 Aug 2025 - 29 Aug 2025 |
| Subscription |
|---|
| 23.59x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹13,616 | 1 | 13 | 148 | 79.6 M | ₹92 - ₹97 | 56.17 % | ₹7322.1 M - ₹7720.0 M | RHP DOC |
Vikran Engineering IPO SUBSCRIPTION STATUS
29 Aug '25Vikran Engineering IPO overall subscription rate was 23.59 times the total available shares
Vikran Engineering IPO retail subscription rate was 10.97 times in the retail segment
Vikran Engineering IPO non-institutional investor subscription rate was 58.58 times in the non-institutional investor category
Vikran Engineering IPO Qualified Institutional Bidder subscription rate was 19.45 times the available shares for Qualified Institutional Bidder
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 35% | 15% | 50% |
29 Aug 2025 (Day 3) | 10.97x | 58.58x | 19.45x |
28 Aug 2025 (Day 2) | 5.23x | 11.03x | 0.91x |
26 Aug 2025 (Day 1) | 2.32x | 5.15x | 0.41x |
Vikran Engineering FINANCIALS
| Period | Revenue from Operations (Rs in crore) | Net Profit (Rs in crore) | Cash Flow from Operations (Rs in crore) | Free Cash Flow (Rs in crore) | Margins |
| FY25 | 915.8 | 77.8 | -129.1 | -131.7 | 17.5% |
| FY24 | 785.9 | 74.8 | -66.5 | -68.5 | 17.0% |
| FY23 | 524.3 | 42.8 | 5.6 | 4.7 | 15.2% |
Vikran Engineering IPO SUBSCRIPTION STATUS DETAILS
Vikran Engineering had 79.6 M shares on offer
Vikran Engineering IPO offer price was in the range ₹92 - ₹97
Vikran Engineering IPO minimum Investment was ₹13616
Vikran Engineering IPO issue size was ₹ 7322.1 M - ₹ 7720.0 M
Vikran Engineering had a minimum lot size of 148 Shares per application
Vikran Engineering NUMBER OF SHARES ON OFFER
Vikran Engineering IPO IMPORTANT DATES
| Issue Open Date | 26 Aug 2025 |
| Issue close Date | 29 Aug 2025 |
| Allotment Date | 01 Sep 2025 |
| Refund Date | 02 Sep 2025 |
| Demat Account Credit Date | 02 Sep 2025 |
| Listing Date | 03 Sep 2025 |
| Listing on Exchange(s) | NSE and BSE |
| Vikran Engineering Allotment Status | Exchange/ Registrar |
Vikran Engineering IPO subscription opened on 26 Aug 2025, and closed on 29 Aug 2025
IPO allotment for Vikran Engineering was finalized on Monday, 01 Sep 2025
IPO listing for Vikran Engineering was on NSE and BSE on Wednesday, 03 Sep 2025
Vikran Engineering IPO LISTING GAINS
| Issue Price (adjusted) | 97.0 |
| Listing Open Price | 99.0 |
| Listing Close Price | 95.7 |
| Listing Gain% | 2.1% |
| Current Gain% | -25.3% |
Vikran Engineering Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Vikran Engineering Ltd. | 72.5 | 1869.9 | 20.4 | 1.1 | 1.5 | 7.4 | 3.7 | 1266.3 | 37.3 | 91.7 | 17.9 | 3.6 | 17.9 |
| ABB India Ltd. | 7649.5 | 162099.3 | 54.3 | 11.9 | 21.3 | 12.2 | 13555.1 | 8.1 | 1668.3 | -10.9 | 141 | ||
| Hitachi Energy India Ltd. | 36050 | 160683.5 | 139.7 | 1.1 | 17.5 | 19.1 | 8.2 | 8387.6 | 30.2 | 987.8 | 157.3 | 258.1 | 127.7 |
| Bharat Heavy Electricals Ltd. | 409 | 142416.4 | 58.5 | 0.1 | 4 | 6.1 | 2.1 | 34589.8 | 20.1 | 1600.3 | 199.7 | 7 | 739.4 |
| Siemens Ltd. | 3914.3 | 139396.2 | 89.6 | -2.2 | 7.8 | 19.9 | 12.9 | 25598.6 | 10.5 | 2751.6 | 1.3 | 43.7 | -40.3 |
| CG Power and Industrial Solutions Ltd. | 879 | 138482.1 | 110.8 | 4.5 | 10.8 | 15.1 | 9.5 | 12662.2 | 25.7 | 1206.3 | 23.8 | 7.9 | 24.7 |
Vikran Engineering INFORMATION ON IPO ISSUE
About Vikran Engineering
Vikran Engineering was incorporated on June 04, 2008. It is a fast-growing Indian engineering, procurement, and construction (EPC) company with a diversified project portfolio, primarily focused on the high-growth energy and water infrastructure sectors. The company offers end-to-end services, including conceptualisation, design, supply, installation, testing, and commissioning, across power, water, and railway infrastructure
Object of the Issue
- Funding working capital requirements of the company
- General corporate purposes
Vikran Engineering - PROMOTERS
| Name |
|---|
| Rakesh Ashok Markhedkar |
| Avinash Markhedkar |
| Nakul Markhedkar |
Vikran Engineering - MANAGEMENT & LEADERSHIP
| Name | Designation |
|---|---|
| Rakesh Ashok Markhedkar | Chairman & Managing Director |
| Avinash Ashok Markhedkar | Whole-time Director |
| Nakul Markhedkar | Whole-time Director |
| Rakesh Kumar Sharma | Independent Director |
| Arun Bhagwan Unhale | Independent Director |
| Priti Paras Savla | Independent Director |
Vikran Engineering Book Running Lead Manager
Pantomath Capital Advisors Private Limited
vikran.ipo@pantomathgroup.com
Systematix Corporate Services Limited
mb.ipo@systematixgroup.in
Vikran Engineering Registrar to the Offer
Bigshare Services Private Limited
ipo@bigshareonline.com
Vikran Engineering Strengths
Diversified order book
The company's order book has grown from Rs 517.4 crore in FY22 to Rs 2,045.8 crore in FY23, and Rs 2,114.8 crore in FY24. It is diversified across power transmission and distribution, water infrastructure, and railway infrastructure, with a presence in all power transmission segments for added diversification
Geographical presence
With a nationwide presence at 195 locations as of August 31, 2024, the company provides a variety of EPC services designed to meet customer needs. This broad network ensures efficient project execution and strong customer satisfaction, having collaborated with major clients like NTPC and others
Asset light model
The company rents equipment from third-party lessors across various states to fulfil project requirements. This approach reduces fixed costs, enhances project efficiency, and allows the management team to concentrate on core business functions rather than maintaining in-house assets
Vikran Engineering Risks
Project timeliness and competitive bidding
As a rapidly growing EPC company, many projects are completed ahead of schedule or on time, mainly through competitive bidding. However, failing to meet deadlines or secure new contracts could negatively affect future business prospects and financial stability
Diversified tenders
For FY24, the company’s revenue was derived from a mix of tenders: 46.5% from government authorities, 21% from public sector undertakings, and 32.5% from the private sector. Delays in government tenders or adverse policy changes could significantly impact operations and financial performance
Bank guarantees
The company is required to furnish bank guarantees as part of its business. Inability to arrange these guarantees or meet obligations could adversely affect its cash flows and financial condition
IPO FAQs
This IPO consists of an offer for sale of up to Rs 51.0 crore, of 5,257,731 shares. It also consists of a fresh issue of Rs 721.0 crore.
The promoters of the company are Rakesh Ashok Markhedkar, Avinash Markhedkar and Nakul Markhedkar.
The category allocation of qualified institutional buyers is 50.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 35.0%.
The price band of the IPO is Rs 92.0 - 97.0.
The IPO application opens on Aug 26, 2025 and closes on Aug 29, 2025.
The minimum lot size for the IPO is 148. The maximum lot size for the IPO is 1924.
For all category investors, the minimum application amount for this IPO is Rs. 13,616.0, the maximum value for this IPO is Rs 186,628.0.
This IPO will be allotted on Sep 01, 2025.
The refund will be credited to your account on Sep 02, 2025.
The allotted shares will be credited to your demat on Sep 02, 2025.
Vikran Engineering Ltd.’s shares listed on the stock exchanges on Sep 03, 2025.