Vikran Engineering Q1 FY27: ₹62.4 Cr of Revenue Eliminated, 45 MW Switched On, and a ₹6,496 Cr Order Book

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1. At a Glance

Consolidated revenue for the June 2026 quarter was ₹141.59 crore, down 11.0% from ₹159.16 crore. Operating profit was ₹11.28 crore at a 7.97% margin, against ₹22.65 crore and 14.23% a year earlier. PAT was ₹3.99 crore against ₹5.65 crore, EPS ₹0.15 against ₹0.31, other income ₹10.19 crore.

Much of the quarter’s investor presentation is devoted to explaining that arithmetic, which makes it a better read than most order-win releases. Management’s reconciliation shows standalone revenue of ₹204.0 crore with ₹62.4 crore of intra-group EPC billing eliminated on consolidation: Vikran is building a 969 MW solar portfolio for NOPL Solar Projects Private Limited, its wholly owned subsidiary since 20 May 2026. Asked whether that gap was entirely NOPL, the CFO said, “Yes, that’s right.”

The rest of the quarter kept the company secretary in stationery. Vikran bought 49% of NOPL on 27 April for ₹4.90 crore, the other 51% on 20 May for ₹5.10 crore, and in June accepted a ₹3,517.98 crore EPC work order from the company it had just finished buying.

The order book stood at ₹6,496 crore as on 11 August 2026.

2. Introduction

Incorporated in 2008, operating from 2014 per Infomerics, and acquired by the Markhedkar family in November 2014, Vikran spent its first six years as a company that existed more than it operated. What followed was a decade of collecting verticals the way other firms collect certifications. A first power order in 2015. A PowerGrid reactor order and railway electrification in 2020, water infrastructure in 2022. A first NTPC order in 2023, for loss-reduction work in Kupwara, Kashmir.

2025 was the loud year: a 765 kV substation project from PGCIL, a 400 MW solar EPC order from NTPC Renewable Energy, and a listing on 3 September. The IPO raised ₹772 crore, of which a ₹721 crore fresh issue was earmarked for working capital first and general corporate purposes second — an order of priority that describes the business exactly.

Revenue ran ₹524 crore in FY23, ₹786 crore in FY24, ₹916 crore in FY25 and ₹1,249 crore in FY26, and management puts FY23–26 revenue CAGR at 33.57%, citing CRISIL. The model is asset-light by design: equipment is rented rather than owned and the fixed asset base at March 2026 was ₹21.46 crore — under a fifth of one POWERGRID order booked in July. Fixed asset turnover, which the deck reports with visible enthusiasm, was 58.74x.

Forty-five projects are complete across 14 states, with operations in 18 states as on 30 June 2026.

3. Business Model: WTF Do They Even Do?

They build the unglamorous middle of Indian infrastructure and hand over the keys — design, supply, installation, testing, commissioning, turnkey.

Power T&D is the founding business, and the catalogue reads 7 transmission and substation projects up to 765 kV, 30 distribution projects at 33/11 kV, and 30,000+ smart metering connections — a figure that also read 30,000+ at FY25 and has evidently decided that is enough metering for now.

Water is Jal Jeevan Mission work in UP, MP and Chhattisgarh. Railways is 25 kV overhead electrification and traction substations; per Infomerics it contributed 0.01% of FY26 revenue, and its order book was ₹40.7 crore on 31 March 2026 and ₹40.7 crore on 30 June 2026, unmoved to the rupee.

Then solar arrived and took the plate. Infomerics’ FY26 standalone split runs Solar EPC 56.16%, power distribution 28.48%, EHV 8.88%, water 6.42%, railways 0.01%. The order book agrees: solar absent at March 2025, ₹2,825.1 crore at March 2026, and ₹4,017.3 crore of a ₹6,354.0 crore book at June 2026.

The NOPL portfolio is 969 MW under PM-KUSUM, which in practice means agricultural solar scattered across Maharashtra rather than one enormous field — management described roughly “150 projects… each… INR 20-30 crores,” so the outfit threading 765 kV line through Arunachal forest is now installing farm-scale solar in a hundred and fifty places at once. Nine sites and about 45 MW were commissioned as at the call, with about 265 MW at an advanced stage.

4. Financials Overview

Figures are consolidated, in ₹ crore.

The QoQ column measures against March 2026, when revenue was