1. At a Glance
Vikran Engineering Ltd, a Thane-based EPC player, is raising ₹772 Cr via IPO (₹721 Cr fresh issue + ₹51 Cr OFS). Price band is ₹92–₹97, lot size 148 shares (~₹14K retail minimum). Subscription runs from 26–29 Aug 2025, listing expected on 3 Sep 2025.
Pre-issue promoters hold 81.8%, which will dilute post-listing. Post-issue market cap = ₹2,502 Cr.
Basically, the company builds water, power, and solar projects across India — and now wants to construct a fat equity base with your money.
2. Introduction
Founded in 2008, Vikran started with pipes and power lines but has since grown into a diversified EPC company spanning power T&D, water infra, railways, and solar EPC.
Highlights:
- 45 projects executed worth ~₹19,200 Cr.
- 44 ongoing projects worth ~₹5,120 Cr (order book of ₹2,442 Cr as of June 2025).
- Clients = NTPC, PGCIL, Bihar Discoms, Telangana Transmission, etc. Basically, if there’s government money, Vikran has a seat at the table.
- 761 employees on payroll — and 7.6 crore new shares soon to feed.
Sounds like another infra EPC story? Yes. But the order book growth + asset-light model makes it worth a dekko.
3. Business Model – WTF Do They Do?
They’re contractors with helmets, engineers, and a lot of sub-contracting:
- Power T&D → Substations up to 400kV, distribution networks.
- Water Infra → Underground pipes, overhead tanks, treatment & distribution.
- Railway Infra → Track work, signaling.
- Solar EPC → Designing and executing solar power projects.
Earnings are lumpy, margins
