Vikran Engineering IPO
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Schedule of Vikran Engineering
| Issue open date | 26 Aug 2025 |
| Issue close date | 29 Aug 2025 |
| UPI mandate deadline | 29 Aug 2025 (5 PM) |
| Allotment finalization | 01 Sep 2025 |
| Refund initiation | 02 Sep 2025 |
| Share credit | 02 Sep 2025 |
| Listing date | 03 Sep 2025 |
| Mandate end date | 15 Sep 2025 |
| Lock-in end date for anchor investors (50%) | 01 Oct 2025 |
| Lock-in end date for anchor investors (remaining) | 30 Nov 2025 |
Note: The schedule is tentative. The anchor lock-in period ends 30 days after the actual allotment date for 50% of the shares and 90 days after for the remaining portion. The allotment status can be checked on the registrar's website and the exchange website.
About Vikran Engineering
Founded in 2008, Vikran Engineering is a rapidly growing Engineering, Procurement, and Construction (EPC) company headquartered in Thane, Maharashtra. The company specialises in turnkey infrastructure projects across power transmission (up to 765 kV), substations (AIS/GIS up to 400 kV), water supply, and railway electrification sectors. With a presence in over 17 Indian states, Vikran has completed 44 projects and is currently executing 34 more. Its clientele includes prominent government and public sector entities such as NTPC Limited, Uttar Pradesh Water Supply and Sanitation Mission, Andhra Pradesh Central Power Distribution Corporation Limited, MP Power Transmission Company Ltd, and South Bihar Power Distribution Company Ltd. The company has reported a revenue of ₹243.2 crore and a net profit of ₹27.89 crore in FY2024, reflecting a 19% CAGR in sales and over 80% CAGR in net profit over the past five years.
Financials of Vikran Engineering
Issue size
| Funds Raised in the IPO | Amount |
| Overall | ₹772 crores |
| Fresh issue | ₹721 crores |
| Offer for sale | ₹51 crores |
Utilisation of proceeds
| Purpose | INR crores (%) |
| Working capital requirement | 541 (75%) |
| General corporate purposes | 180 (25%) |
Industry Overview
India’s Engineering, Procurement, and Construction (EPC) sector is highly fragmented but positioned for growth driven by government infrastructure projects. The National Infrastructure Pipeline (NIP) with a ₹147 lakh crore outlay is the primary growth driver, creating approximately ₹92 lakh crore in EPC opportunities. The sector benefits from 62% of NIP projects being implemented through the EPC model. Investment growth is projected at 1.3-1.4 times between fiscals 2026-30 compared to 2019-25, supported by government initiatives like PM Gati Shakti and renewable energy focus. Transportation projects represent the largest opportunity segment, followed by power and water infrastructure, providing a clear pipeline for EPC companies to participate in India’s infrastructure development.
Peer comparison
| Company | Revenue (₹Cr) | EBITDA Margin | P/E Ratio |
| Vikran Engineering | 915.85 | 17.50% | 22.30x |
| Kalpataru Projects | 22315.78 | 8.22% | 34.68x |
| KEC International | 21846.70 | 6.88% | 35.71x |
| Techno Electric and Engineering | 2268.66 | 12.98% | 40.17x |
Strengths
- Diversified project portfolio across power, water, and railway sectors.
- Strong track record with 44 completed and 34 ongoing projects in 17 states.
- Established relationships with major government and public sector clients.
- Robust financial growth with significant CAGR in sales and net profit over five years.
- Successful capital raising of over ₹100 crore in pre-IPO funding rounds.
Risks
- High dependence on government contracts, subject to policy and budgetary changes.
- Working capital-intensive operations may affect liquidity during project execution.
- Exposure to regulatory and environmental compliance risks in infrastructure projects.
- Potential delays in project execution due to unforeseen site conditions or approvals.
- Concentration risk if a significant portion of revenue is derived from a few large clients
Allotment Status for Vikran Engineering
To check your allotment status – click here.
Subscription Figures for Vikran Engineering
As per media reports (Link), the Grey Market Premium (GMP) of Vikran Engineering is reported at ₹21 over the IPO price. This metric is not reliable, and to track IPO interest, it is better to check subscription numbers published by exchanges, which are considered more reliable indicators.
Subscription numbers as of 5:00 PM on August 29, 2025:
| Category | Reserved (lakhs) | Applied (lakhs) | Subscription (X times) |
|---|---|---|---|
| Institutional | 159.17 | 3264.46 | 20.51x |
| NII | 119.38 | 7373.62 | 61.77x |
| Retail | 278.55 | 3219.54 | 11.56x |
| Total | 557.11 | 13857.62 | 24.87x |