The initial public offering (IPO) on Vikran Engineering kicks-off for bidding on Tuesday August 26. The EPC solutions player is selling its shares in the price band of 92-97 per share and investors can apply for a minimum of 148 equity shares and its multiples thereafter.
The three-day bidding shall conclude on Friday, August 29.
The Rs 772 crore IPO of Vikran Engineering is entirely a fresh share sale of 7.95 crore equity shares worth Rs 721 crore and an offer-for-sale (OFS) of up to 52.57 lakh equity shares worth Rs 51 crore. The net proceeds from the issue shall be utilized towards funding the working capital requirement; and general corporate purposes.
Incorporated in 2008, Thane-based Vikran Engineering is an engineering, procurement, and construction (EPC) company. Its projects include underground water distribution and surface water extraction, overhead tanks, and distribution networks. It is active in power transmission, water infrastructure, railway infrastructure and solar energy sector.
Vikran Engineering raised Rs 231.6 crore from anchor investors as it allocated 2,38,76,287 equity shares at Rs 97 apiece. Its anchor book include names like Societe Generale, Bengal Finance and Investment, Bank of India Mutual Fund (MF), Negen, ITI MF, Nippon India, Samco MF, Taurus Flexi Cap Fund, SBI GIC, 360 One, VPK Global Ventures Fund and more.
Vikran Engineering has reserved 50 per cent of the net issue for qualified institutional bidders, while non-institutional investors (NIIs) will get 15 per cent of the allocation. Retail investors will have 35 per cent share allocation in this IPO. Before kicking off, Vikran Engineering was commanding a grey market premium of Rs 21 per share, suggesting 22 per cent gains for the investors.
Vikran Engineering reported a net profit of Rs 77.82 crore with a revenue of Rs 922.36 crore for the financial year ended on March 31, 2025. The company clocked a net profit of Rs 74.83 crore with a revenue of Rs 791.44 crore for the year 2023-24. Vikran Engineering shall command a market capitalization Rs 2,501,74 crore.
Pantomath Capital Advisors and Systematix Corporate Services are the book running lead managers for Vikran Engineering IPO and Bigshare Services is the registrar of the issue. Shares of the company shall be listed at both BSE and NSE on September 3, 2025. Here’s what host of brokerage firms say about the IPO of Vikran Healthcare IPO:
Reliance Securities
Rating: Subscribe
Vikran Engineering represents a scalable EPC platform with strong credentials across power, transport, water, and renewable sectors, benefiting directly from India’s infrastructure-led growth cycle. Its asset-light model, pan-India presence, and alignment with large government schemes enhance earnings visibility while reducing balance-sheet risks, said Reliance Securities.
“Vikran Engineering presents a promising outlook as it gears up for its IPO, leveraging its established position as a fast-growing EPC player with a diversified order book of Rs 700.93 crore across power transmission, water infrastructure, and railway sectors. With improving operational efficiencies and rising participation in high-value projects, we recommend subscribing,” it added.
Anand Rathi Shares & Stock Brokers
Rating: Subscribe for long-term
With a consistent track record of executing large-scale projects along with asset-light model for marquee government and public sector clients and PAN India presence, Vikran Engineering is well-positioned to capitalize on opportunities in the high-growth infrastructure sector, said Anand Rathi Shares & Stock Brokers.
Given the government’s focus on recycling the water and their push on power infrastructure, the company is well positioned to capitalize on future tenders. On the valuation front the issue appears fully priced. Considering its scalability, financial strength, and sectoral tailwinds, we assign a ‘subscribe for long term’ rating for the IPO,” it added.
SBI Securities
Rating: Neutral
Vikran Engineering offers turnkey solutions across design, supply, installation, and commissioning. It is valued at FY25 P/E of 32.1 times and EV/EBITDA of 12.4 times It registered strong revenue, Ebitda and profit CAGR of 32.2 per cent, 41.8 per cent and 36.9 per cent to Rs 915.8 crore, Rs 160.2 crore and Rs 77.8 crore for FY23-FY25, respectively, said SBI Securities.
“As of June 2025, it boasts a diversified order book of Rs 2,442 crore. It follows an asset-light model, renting equipment as needed to reduce fixed costs and improve project efficiency. Among core peers, it has the highest profitability margins (Ebitda and PAT) as of FY25. We maintain a ‘neutral’ view on it and would like to monitor the performance post listing,” it added.
Swastika Investmart
Rating: Subscribe
Vikran Engineering is among the fastest-growing Indian EPC players, recording a revenue CAGR of 32.17 per cent. It offers a diversified project portfolio with complete end-to-end solutions. It has consistently reported growth in both revenue and profitability over the reviewed periods, said Swastika Investmart.
“As of June 30, 2025, it holds a healthy order book of over Rs 2,442 crore. Considering the latest financials, the IPO seems fairly valued. Investors may consider this issue for listing gain and long-term horizon,” it suggested.
Marwadi Financial Services
Rating: Subscribe with caution
We assign a ‘subscribe with caution’ rating to this IPO given the company’s diversified order book, presence across business verticals, and consistent financial growth, said Marwadi Financial Services. However, negative net cash flows from operating activities in recent fiscals make us cautious from a long-term investment perspective, it added.
Arihant Capital Markets
Rating: Subscribe
Vikran Engineering presents a promising outlook as it gears up for its IPO, leveraging its established position as a fast-growing EPC player with a diversified order book across power transmission, water infrastructure, and railway sectors, said Arihant Capital Markets.
“Its strategic focus on capitalizing on government initiatives like the Revamped Distribution Sector Scheme and Jal Jeevan Mission, coupled with its asset-light model and pan-India presence, positions it well to benefit from India’s infrastructure boom. The issue is valued at a P/E ratio of 32.15 times, based on PAT of FY25 EPS of Rs 3. We are recommending a ‘subscribe’ rating,” it added.
Canara Bank Securities
Rating: Subscribe with caution
Vikran Engineering has had a robust financial performance. It has established itself as one of the most reliable EPC players in the power segment. Further, experienced promoters tip the balance in its favour as they have more than three decades of experience in the EPC space with various organizations, said Canara Bank Securities.
“The issue is fairly priced against its listed peers. However, ban on the company by the executive director of Gati Shakti and stretched working capital remains a concern. We recommend ‘subscribe’ the issue for investors with high-risk appetite,” it added.
AUM Capital
Rating: Subscribe
Vikran Engineering is fastest growing Indian EPC, posted CAGR of 32.17 per cent revenue growth. It has a diversified portfolio of projects with end-to-end services linked. The company posted growth in its top and bottom lines for the reported periods. Strong order book position of more than Rs 2,442 Cr gives it a steady earnings visibility in the near term, said AUM Capital.
“Various social and economic infrastructure projects announced by the Government provide good growth opportunities for established players like VEL. Keeping in mind its diversification strategies into solar and its fairly leveraged balance sheet position, we would recommend a ‘subscribe’ to the issue,” it added.
Laksmishree Investment
Rating: Subscribe
Vikran Engineering is a compelling investment opportunity in India’s booming infrastructure sector. A fast-growing EPC company, it has built a diverse portfolio with a strong focus on high-potential verticals like power and water infrastructure. Its financial performance demonstrates exceptional growth. Its well-diversified order book provides excellent visibility for future earnings, said Lakshmishree.
“The IPO proceeds will be strategically used for working capital requirements to support its rapid growth trajectory. With a proven track record of successfully executing projects for prominent government and public sector clients, and a business model that capitalizes on a high-growth sector, Vikran Engineering is well-positioned for long-term scalability,” it added with a ‘subscribe’ tag.
BP Equities
Rating: Subscribe
On the upper price band, the issue is valued at a P/E ratio of 22.3 times based on FY25 earnings, which is trading at a discount, compared to its peers, said BP Equities. “Thus, considering the company’s favourable market positioning, we recommend a ‘subscribe’ rating for this issue,” it said.
Ventura Securities
Rating: Subscribe
Ventura Securities has suggested to subscribe to the issue citing diversified project portfolio across power, water and railway sectors; strong track record; established relationships with major government and public sector clients; robust financial growth; and successful capital raising of over Rs 100 crore in pre-IPO funding rounds.