Vikran Engineering Limited
Bookbuilding IPO · NSE, BSE
- Price band
- ₹92 - ₹97
- Lot size
- 148 shares
- Issue amount
- ₹772 cr
- Total subscription
- 24.91×
- Opens
- 26 Aug 2025
- Closes
- 29 Aug 2025
- Allotment
- 1 Sept 2025
- Listing
- 3 Sept 2025
Offer at a glance
Issue overview
- Issue size
- 7,95,87,629 shares
- Face value
- ₹1 Per Share
- Minimum investment
- ₹13,616
- Fresh issue
- ₹721 cr
- Offer for sale
- ₹51 cr
- Registrar
- Bigshare Services Private Limited
- Listing exchange
- NSE, BSE
- Maximum investment
- ₹14,356
- Issue type
- Bookbuilding IPO
- Shares before issue
- 18,35,81,130
- Shares after issue
- 25,79,11,026
Lot sizes
| Category | Lots | Shares | Amount |
|---|---|---|---|
| RETAIL | 1 | 148 | ₹14,356 |
| sHNI | 14 | 2,072 | ₹2,00,984 |
| bHNI | 70 | 10,360 | ₹10,04,920 |
Share reservation
Subscription & GMP
Subscription by category
Missing multiples are calculated from bids and offered shares when available.
GMP history
Application-wise demand
| Category | Reserved applications | Applied applications |
|---|---|---|
| RETAIL | 1,88,214 | 18,44,928 |
| HNIs(10L +) | 3,841 | 53,790 |
| HNIs (2-10L) | 1,921 | 83,093 |
Subscription demand
Amounts in ₹ crore. HNI subcategories are included in the NII total.
| Category | Offered | Demand |
|---|---|---|
| QIBs | 154.4 | 3,166.53 |
| RETAIL | 270.2 | 3,124.4 |
| HNIs 2+ | 38.6 | 1,722.29 |
| HNIs 10+ | 77.2 | 5,473.77 |
Financial performance
Company financials
In Crores · Reported periods may include interim results.
Key performance indicators
| Metric | Mar-25 | Mar-24 | Mar-23 |
|---|---|---|---|
| EPS | 4.35 | 4.92 | 2.89 |
| ROE | 16.63 | 25.69 | 32.67 |
| ROCE | 23.34 | 30.43 | 28.04 |
| RONW | 16.63 | 25.69 | 32.67 |
| PRE IPO(PE) | 22.88 | 0 | 0 |
| POST IPO(PE) | 32.15 | 0 | 0 |
Values and labels as reported in the issue data.
Peer comparison
| Company | P/E(X) | CMP* (₹) | Face value (₹) | NAV/Share (₹) | RONW(%) | EPS (Basic) (₹) |
|---|---|---|---|---|---|---|
| Vikran Engineering | NA | NA | 1 | 25.49 | 16.63 | 4.35 |
| Bajel Projects | 158.75 | 212.72 | 2 | 57.63 | 2.32 | 1.34 |
| Kalpataru Projects International | 34.68 | 1,232.10 | 2 | 378.80 | 8.77 | 35.53 |
| Techno Electric & Engineering | 40.17 | 1,493.50 | 2 | 321.55 | 11.31 | 37.19 |
| SPML Infra | 36.79 | 279.95 | 2 | 107.43 | 6.22 | 7.61 |
| KEC International | 35.71 | 778.55 | 2 | 200.88 | 10.67 | 21.8 |
| Transrail Lighting | 30.73 | 790.4 | 2 | 140.11 | 17.36 | 25.72 |
Company information
Company profile
Vikran Engineering Limited operates across multiple infrastructure sectors, with a strong focus on power transmission and distribution. The company handles extra-high voltage substations up to 400kV and transmission lines up to 765kV, along with rural electrification and network expansion projects. It is also active in water infrastructure, executing underground distribution, surface water extraction, treatment plants, and rainwater harvesting systems. In railways, the company undertakes electrification projects such as overhead electrification, traction substations, and related networks. Additionally, it is expanding in solar EPC, delivering turnkey PV projects, balance of system solutions, utility-scale solar farms, and rooftop installations. As of August 31, 2024, the company has completed 44 projects across 11 states with a total contract value of ₹18,958.14 million. It has 34 ongoing projects across 17 states worth ₹39,570.55 million, with an Order Book of ₹19,557.00 million. Major government clients include NTPC, Power Grid Corporation of India, South and North Bihar Power Distribution Companies, and Transmission Corporation of Telangana. With 195 sites and store locations nationwide, Vikran Engineering has built a strong pan-India presence. The company focuses on efficiency, cost control, and quality standards, ensuring timely project execution and safety under its “zero accident” policy. Its core values emphasize employee satisfaction, long-term customer relationships, and sustainability. Positioned as a key player in India’s infrastructure sector, it combines a diversified portfolio with a proven track record. The IPO proceeds will primarily fund working capital needs of ₹625.5 crores, representing 70% of the issue, with the balance allocated for general corporate purposes, capped at 25% of gross proceeds.
Strengths
- Asset-Light Model: minimal fixed assets, efficient project management, lower capital needs, and better returns
- Diversified Order Book: presence in power, water, railways, and solar EPC reduces sector dependence
- Proven Timely Delivery: strong track record in completing complex EPC projects on schedule, driving client trust and repeat business
Risk factors
- Regulatory & Compliance Risk: Railway Board’s proposed two-year ban (July 2024) may hurt reputation, eligibility, and future contracts
- Execution Risk: delays in project completion could cause penalties, loss of trust, and fewer new contracts
- Working Capital Pressure: heavy reliance on receivables, assets, and inventories may strain liquidity, profitability, and cash flow
Promoters
Rakesh Ashok Markhedkar
Avinash Markhedkar
Nakul Markhedkar
Registrar & documents
Lead manager
Pantomath Capital Advisors Pvt Ltd, Systematix Corporate Services Limited
Registrar & contacts
Bigshare Services Private Limited
[email protected]Official registrar portal ↗IPO allotment status guide →Registered office
401, Odyssey I.T. Park, Road No. 9, Wagle Industrial Estate Thane (W), Maharashtra Thane, Maharashtra, 400604
+91-22-62638263
[email protected]Company website ↗Understanding VIKRAN IPO data
Compare the price band and required investment with the company profile, financial results and offer documents. Subscription figures show reported demand by category; they do not establish the value of the business. GMP is an unofficial indication and can change before listing.