Vikran Engineering IPO: Price Band, Analysis, Allotment And GMP

Vikran Engineering IPO - Company Analysis

Vikran Engineering IPO, a Mainboard IPO, is a bookbuilding issue of Rs. 772 Cr (~7.95 crore Shares) by Vikran Engineering Ltd., which was incorporated in 2008 and is an Engineering, Procurement, and Construction (EPC) company.

The company's projects include distribution networks, overhead tanks, and subterranean water delivery and surface water extraction. Its operating revenue increased at a CAGR of 28.74%.

It is one of the rapidly expanding engineering, procurement, and construction ("EPC") firms, with prompt completion of water infrastructure projects and power transmission and distribution projects.

 

Sectors of Services:

Full power distribution solutions, including extra-high voltage (EHV) substations up to 400kV, are the main focus of power transmission and distribution.

Water Infrastructure: Contributed to projects involving underground water delivery, surface water extraction, overhead tanks, and distribution networks.

Railway Infrastructure: Offering assistance for initiatives involving railway infrastructure.

Solar Energy: Growing participation in solar EPC initiatives.

Among the government sector clients of the company are NTPC Limited, Power Grid Corporation of India Limited, North Bihar Power Distribution Co. Ltd., South Bihar Power Distribution Co. Ltd., and Transmission Corporation of Telangana Limited and more.

 

Vikran Engineering Pre IPO Investors

Among the pre-IPO investors are Ashish Kacholia (2.14%), Mukul Agrawal (1.48%), and India Inflection Opportunity Fund (IIOF) (5.82%).

 

Projects

Solar-based water supply scheme

400 kV SubStation

 

Vikran Engineering IPO Details

The Vikran IPO open date is from Aug 26 to Aug 29, with IPO allotment on Sep 01, refund initiation on Sep 02, 2025.

The Rs. 772 Cr mainline IPO comprises a combination of fresh issue of 7.43 crore shares (Rs. 721 Cr) and an offer for sale (OFS) of 0.53 crore shares (Rs. 51 Cr).

The Vikran Engineering IPO listing date might be on Wednesday, 03 September 2025, and it will be listed at the BSE and NSE. The Vikran Engineering IPO price band is Rs. 92 to Rs. 97 for each Share. 

Events	Date
IPO Opening Date	Aug 26, 2025
IPO Closing Date	Aug 29, 2025
IPO Allotment Date	Sep 01, 2025
Refund Initiation	Sep 02, 2025
Tentative IPO Listing Date	Sep 03, 2025

 

Industry Outlook

Overall investments in the sector are expected to increase by 1.5 times between fiscal years 2025-2029 and 2019-2024. 

(Source: CRISIL MI&A)

If you want to apply for the IPO, click to open a Demat Account.

 

 

Company Financial 

(Amount in Cr)

Period	31 Mar 2025	31 Mar 2024	31 Mar 2023
Total Assets	1,354.68	959.79	712.47
Total Revenue	922.36	791.44	529.18
PAT	77.82	74.83	42.84
EBITDA	160.24	133.30	79.71
Net Worth	467.87	291.28	131.14
Reserves and Surplus	449.52	290.95	130.85
Total Borrowing	272.94	183.39	154.92

Cash Flows

The cash flows for various activities are shown below:

(Amount in millions)

Net Cash Flow In Multiple Activities	31 Mar 2024	31 Mar 2023	31 Mar 2022
Net Cash Flow Operating Activities	(664.77)	55.51	189.87
Net Cash Flow Investing Activities	(159.36)	(143.22)	(52.43)
Net Cash Flow Financing Activities	823.71	87.54	(172.74)

 
Revenue Bifurcation 

Vertical-wise Revenue Breakdown

 

Client-wise Revenue Breakdown

(Source RHP)

The Objective of The Issue

• Financing the company's working cash needs. ~ Rs. 541 Cr.

• General corporate purposes.

Click to check the IPO application status.

Listed Peers of Vikran Engineering Ltd.

Company Name	Face Value (Rs. per Share)	EPS (Rs.)	P/E (x)
Bajel Projects Ltd.	2	0.37	689.32
Kalpataru Projects International Ltd.	2	31.37	42.11
Techno Electric & Engineering Company Limited	2	24.94	64.25
SPML Infra Ltd.	2	-1.42	-
KEC International Limited	2	13.49	75.61

Valuation

Metric	Value
ROE	16.63%
ROCE	23.34%
Debt/Equity	0.58
PAT Margin	8.44%
EBITDA	17.50%
Price to Book Value	3.81
RoNW	16.63%

 

Evaluation of P/E Ratio

Considering the period of FY 2024, with an EPS of Rs. 4.92 from the last year, the resulting P/E ratio is 19.71x. When compared with the industry’s average P/E of 60.66x, it indicates an undervaluation (on a P/E ratio basis only). Hence, the price of the Share seems fairly priced for the investors.

Explore the Shreeji Shipping Global IPO.

IPO's Strengths 

• One of the rapidly expanding engineering, procurement, and construction ("EPC") firms, with prompt completion of water infrastructure projects and power transmission and distribution projects.

• Consistent financial results and a varied order book across company verticals.

• Model of asset light.

• Internal engineering and technical skills, process management, and quality control.

 

IPO’s Weaknesses 

• India's EPC sector has come under fire for its effects on the environment, notably with regard to energy use and garbage production.

• In India, the EPC sector demands a large initial investment. This, together with high borrowing costs, may restrict the EPC industry's ability to build.

• An increase in the price of raw materials would affect the companies' profitability.

 

Vikran Engineering IPO GMP 

Vikran Engineering IPO GMP today is Rs. 12 as of 20 Aug 2025, while writing this information. Hence, the Vikran Engineering IPO listing price (estimated) might be Rs. 109 (upper price + current GMP or grey market premium).

Vikran Engineering Limited IPO Summary

IPO Opening & Closing Date	Aug 26, 2025 to Aug 29, 2025
Face Value	Rs. 1 per Share
Issue Price	Rs. 92 to Rs. 97
Lot Size	148 Shares
Issue Size	7,95,87,627 Shares (Rs. 772 Cr)
Offer for Sale	52,57,731 Shares (Rs. 51 Cr)
Fresh Issue	7,43,29,896 Shares (Rs. 721 Cr)
Listing At	BSE, NSE
Issue Type	Book Built Issue IPO
Registrar	Bigshare Services Pvt. Ltd.

 

 

Vikran Engineering IPO Lot Size

The IPO allows retail investors to invest in a minimum and maximum of 1 Lot (148 Shares) amounting to Rs. 14356 and 13 Lots (1924 Shares) amounting to Rs. 186628, respectively, while for S-HNI investors, the minimum Lot is 14 (2072 Shares) amounting to Rs. 200984.

Minimum Lot Investment (Retail)	1 Lot
Maximum Lot Investment (Retail)	13 Lots
SHNI (Minimum)	14 Lots
SHNI (Maximum)	69 Lots
BHNI (Minimum)	70 Lots

Vikran Engineering IPO Reservation

Institutional Share Portion	50%
Retail Investors' Share Portion	35%
Non-Institutional Shares Portion	15%

 

Vikran Engineering IPO Allotment Status

To check the Vikran Engineering IPO allotment status, visit the official Registrar’s website or the BSE website. Below are the website links for you.

Using Registrar’s Website - Bigshare IPO allotment status

Using BSE Website - ​BSE IPO allotment status

 

Promoters And Management of Vikran Engineering Ltd.

• Rakesh Ashok Markhedkar

• Avinash Markhedkar

• Nakul Markhedkar

Pre-Issue Promoter Shareholding	81.78%
Post-Issue Promoter Shareholding	-

 

Vikran Engineering IPO Lead Managers

• Pantomath Capital Advisors Pvt. Ltd.  

 

 

Dividend Policy

The company has paid a dividend of Rs. 105, Rs. 135, Rs. 35 for FY24, FY23, FY22 respectively.

 

Conclusion

An opportunity to participate in a rapidly expanding EPC business with robust order books, varied industries, and steady revenue development is presented by the Vikran Engineering IPO. The fundamentals appear appealing with solid margins, undervaluation in comparison to sector rivals, and government-backed initiatives. Risks such changes in the price of raw materials, high capital requirements, and environmental compliance still exist.

 

Finowings IPO Analysis

Hope you enjoyed the Finowings IPO Analysis. We tried our best to give every required detail about the company that you should know before applying to the IPO. 

You must consult your financial advisor before making any financial decisions. 

To Apply for the IPO, Click Here.

To Read the Prospectus of the Company Click Here to Download the DRHP.

Click Here To Stay Updated With The Upcoming IPOs.

DISCLAIMER: This blog is NOT any buy or sell recommendation. No investment or trading advice is given. The content is purely for educational and information purposes only. Always consult your eligible financial advisor for investment-related decisions.