Vikran Engineering IPO is scheduled to open on August 26, 2025, and will close on August 29, 2025. The basis of allotment will be finalized on September 1, 2025, refunds are expected on September 2, 2025, and shares will be credited to Demat accounts the same day. The IPO is set to list on September 3, 2025, on both BSE and NSE.
Vikran Engineering IPO is a Book Built Issue worth around ₹772 crores, comprising a fresh issue of ₹721 crores and an offer for sale of up to 52,57,731 equity shares with a face value of ₹1 each. The price band is fixed between ₹92 to ₹97 per share, with a lot size of 148 shares. For retail investors, the minimum application amount stands at ₹14,356 (based on the upper price band).
The quota distribution includes 35% for retail investors, 50% for QIBs, and 15% for HNIs. For sNII, the minimum investment is ₹2,00,984 (14 lots or 2,072 shares), while for bNII, it is ₹10,04,920 (70 lots or 10,360 shares). Financially, the company reported revenues of ₹922.36 crores in 2025 against ₹791.44 crores in 2024, with profits of ₹77.82 crores in 2025 compared to ₹74.83 crores in 2024. Considering its consistent performance, the IPO looks attractive for long-term investors.
Overview of Contents
About Vikran Engineering IPO
Vikran Engineering Limited, incorporated in 2008, is one of the leading companies in the Engineering, Procurement, and Construction (EPC) sector. Over the years, the company has successfully executed projects for both government and private clients, building a strong reputation for operational excellence and cost efficiency. With expertise in power, water, railway, and solar infrastructure, the company has become a trusted name across multiple sectors. Its key strengths include geographical and sector diversification, experienced promoters, a strong order book, and a comfortable financial profile. The company focuses on providing high-quality services, maintaining strong client relationships, and ensuring timely project execution.
By June 30, 2025, Vikran Engineering had completed 45 projects across 14 states with a total executed contract value of ₹19,199.17 million. It also had 44 ongoing projects in 16 states with orders worth ₹51,202.07 million, of which the order book stood at ₹24,424.39 million. The company’s services cover a wide range of sectors — from power transmission and distribution (including EHV substations up to 400kV), water infrastructure projects like underground distribution networks and overhead tanks, to railway and solar EPC projects.
Financially, Vikran Engineering has shown consistent growth, with revenue increasing from ₹529.18 crore in 2023 to ₹791.44 crore in 2024, and further rising in 2025. The company works with top government clients such as NTPC, Power Grid Corporation of India, South Bihar and North Bihar Power Distribution Companies, and Transmission Corporation of Telangana, among others. As of June 30, 2025, it employed 761 permanent staff members, supported by in-house engineering and technical teams.
Its competitive strengths include being one of the fastest-growing EPC firms, having a diversified order book, following an asset-light model, and possessing strong process control and quality assurance systems. With experienced leadership and deep domain knowledge, Vikran Engineering continues to strengthen its position as a reliable EPC service provider in India.
Vikran Engineering IPO Overview
| Particulars | Information |
|---|---|
| IPO Opening Date | August 26, 2025 |
| IPO Closing Date | August 29, 2025 |
| IPO Type | Book Built Issue |
| Face Value per Share | ₹1 |
| Price Band | ₹92 – ₹97 per equity share |
| Lot Size (Retail Minimum) | 148 shares (₹14,356 at upper band) |
| Total Issue Size | 7,95,87,627 equity shares (aggregating up to ₹772 Crores) |
| Fresh Equity Issue | 7,43,29,896 shares (worth around ₹721 Crores) |
| Offer for Sale (OFS) | 52,57,731 shares (aggregating to about ₹51 Crores) |
| Expected Listing Date | September 3, 2025 |
| Listing Exchange | NSE & BSE |
| Shareholding Before IPO | 18,35,81,130 equity shares |
| Shareholding After IPO | 25,79,11,026 equity shares |
| Investor Quota (Allocation) | QIB – up to 50% Retail – up to 35% NII – up to 15% |
Vikran Engineering IPO Prospectus
| DRHP | Click here |
| RHP | Click here |
Vikran Engineering IPO Dates
| Event | Date (Day) |
|---|---|
| IPO Opens | August 26, 2025 (Tuesday) |
| IPO Closes | August 29, 2025 (Friday) |
| Basis of Allotment | September 1, 2025 (Monday) |
| Refunds Initiation | September 2, 2025 (Tuesday) |
| Credit to Demat A/c | September 2, 2025 (Tuesday) |
| IPO Listing Date | September 3, 2025 (Wednesday) |
Vikran Engineering IPO Lot Size
| Investor Category | Lots | Shares | Investment (Approx) |
|---|---|---|---|
| Retail Minimum | 1 | 148 | ₹14,356 |
| Retail Maximum | 13 | 1,924 | ₹1,86,628 |
| Small HNI (Minimum) | 14 | 2,072 | ₹2,00,984 |
| Big HNI (Minimum) | 70 | 10,360 | ₹10,04,920 |
| Small HNI (Maximum) | 69 | 10,212 | ₹9,90,564 |
Vikran Engineering IPO Promoter Holding
The company is promoted by Rakesh Ashok Markhedkar, Avinash Markhedkar, and Nakul Markhedkar. The promoters hold a pre-issue shareholding of 81.78%, which will reduce after the IPO once the fresh issue and offer for sale are completed.
Objects of the Issue
- Funding working capital requirements of the Company
- General corporate purposes.
Vikran Engineering IPO Financial Performance
| Particulars | FY 2025 (Mar 31) | FY 2024 (Mar 31) | FY 2023 (Mar 31) |
|---|---|---|---|
| Total Income | 922.36 | 791.44 | 529.18 |
| Profit After Tax (PAT) | 77.82 | 74.83 | 42.84 |
| EBITDA | 160.24 | 133.30 | 79.71 |
| Net Worth | 467.87 | 291.28 | 131.14 |
| Reserves & Surplus | 449.52 | 290.95 | 130.85 |
| Total Assets | 1,354.68 | 959.79 | 712.47 |
| Total Borrowings | 272.94 | 183.39 | 154.92 |
Vikran Engineering IPO Valuation – FY2025
| Key Metric | Value |
|---|---|
| Earnings Per Share (EPS) | ₹4.35 (Basic) |
| Net Asset Value (NAV) | ₹25.49 |
| Return on Net Worth (RoNW) | 16.63% |
| Return on Equity (ROE) | 16.63% |
| Return on Capital Employed (ROCE) | 23.34% |
| EBITDA Margin | 17.50% |
| Profit After Tax (PAT) Margin | 8.44% |
| Debt-to-Equity Ratio | 0.58 |
| Price to Earnings (P/E) | N/A |
Vikran Engineering IPO Review
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Bigshare Services Pvt Ltd
Phone: +91-22-6263 8200
Email: ipo@bigshareonline.com
Website: https://ipo.bigshareonline.com/IPO_Status.html
IPO Lead Managers aka Merchant Bankers
- Pantomath Capital Advisors Pvt Ltd
- Systematix Corporate Services Limited
Company Address
Vikran Engineering Limited
401, Odyssey I.T. Park,
Road No. 9, Wagle Industrial Estate
Thane (W) – 400604, Maharashtra
Phone: +91-22-62638263
Email: companysecretary@vikrangroup.com
Website: https://www.vikrangroup.com/
Vikran Engineering IPO FAQs
When does the Vikran Engineering IPO open and close?
The IPO will open on August 26, 2025 (Tuesday) and close on August 29, 2025 (Friday).
What is the issue size of Vikran Engineering IPO?
The company plans to raise about ₹772 crore through this IPO, which includes a fresh issue of ₹721 crore and an offer for sale (OFS) worth ₹51 crore.
What is the price band of the Vikran Engineering IPO?
The IPO price band has been fixed between ₹92 to ₹97 per equity share.
What is the lot size and minimum investment required?
One lot consists of 148 shares. For retail investors, the minimum investment is ₹14,356 (at the upper price band).
How is the share allocation divided among investors?
The IPO quota is distributed as follows: QIB – 50%, Retail – 35%, and NII – 15%.
When will the allotment for Vikran Engineering IPO be announced?
The basis of allotment is expected on September 1, 2025 (Monday).
When will the shares be credited to Demat accounts?
Shares will be credited on September 2, 2025 (Tuesday).
What is the listing date for Vikran Engineering IPO?
The company’s shares are scheduled to list on September 3, 2025 (Wednesday) on both BSE and NSE.
What are the financial highlights of the company?
For FY2025, the company reported a revenue of ₹922.36 crore and a net profit of ₹77.82 crore, showing consistent growth compared to previous years.
Should investors apply for Vikran Engineering IPO?
Based on steady revenue growth, strong order book, and reasonable valuations, analysts suggest this IPO may be a good option for long-term investors.