Vikran Engineering Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Vikran Engineering Ltd filed with BSE on 15 Sept 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Vikran Engineering reported FY 2025-26 revenue growth of 36.4% to approximately Rs.1,249 crore with EBITDA of about Rs.175 crore and PAT growth of 17.9% to approximately Rs.92 crore. The consolidated order book expanded from approximately Rs.2,044 crore as of March 2025 to Rs.5,206 crore as of March 2026, and further to about Rs.6,496 crore by August 2026, driven by growth in the solar business alongside Power T&D, water infrastructure and railway electrification. Management also described the acquisition of NOPL Solar Projects and expansion through Vikran MP Solar as part of a broader move into renewable energy development.
Numbers mentioned
Revenue from operations: approximately Rs.1,249 Crore (FY 2025-26)
p. 5
“Revenue from operations increased by 36.4% to approximately Rs.1,249 Crore, compared with Rs.916 Crore in the previous year.”
Rakesh Markhedkar, page 5 of the filed PDF · View the filing
EBITDA: approximately Rs.175 Crore (FY 2025-26)
p. 5
“EBITDA stood at approximately Rs.175 Crore, while Profit After Tax increased by 17.9% to approximately Rs.92 Crore.”
Rakesh Markhedkar, page 5 of the filed PDF · View the filing
Consolidated order book: approximately Rs.5,206 Crore (as at 31st March 2026)
p. 5
“The consolidated order book increased from approximately Rs.2,044 Crore as at 31st March 2025 to approximately Rs.5,206 Crore as at 31st March 2026.”
Rakesh Markhedkar, page 5 of the filed PDF · View the filing
Standalone revenue from operations: approximately Rs.204 Crore (Q1 FY 2026-27)
p. 6
“In the first quarter of FY 2026-27, standalone revenue from operations was approximately Rs.204 Crore and EBITDA was approximately Rs.28 Crore.”
Rakesh Markhedkar, page 6 of the filed PDF · View the filing
Order book: approximately Rs.6,496 Crore (as of 11th August 2026)
p. 6
“as of 11th August 2026, our order book stood at approximately Rs.6,496 Crore, with Solar contributing about 62%, Power T&D about 28%, Water Infrastructure with railways contributing about 10%.”
Rakesh Markhedkar, page 6 of the filed PDF · View the filing
EBITDA margin growth: 24% y-o-y (Q1 FY 2026-27)
p. 6
“With the Q1 results EPC, our EBITDA margin has grown by 24% above y-o-y whereas the PAT has gone up to 210% y-o-y.”
Rakesh Markhedkar, page 6 of the filed PDF · View the filing
Final dividend: INR 0.18 per equity share (FY 2025-26)
p. 8
“the third item in the Notice relates to confirmation and to Declaration of final dividend of INR 0.18 per equity share of INR 1 each for the Financial Year ended March 31, 2026, as an Ordinary Resolution.”
Kajal Rakholiya, page 8 of the filed PDF · View the filing
NOPL overall project cost: about Rs.4,200 Crores
p. 15
“The overall project cost is about Rs.4,200 Crores, of which about 70 to 75% is what we are expecting as a debt and balance will be infused as equity.”
Ashish Bahety, page 15 of the filed PDF · View the filing
NOPL debt range: about Rs.2,800 to 3,150 Crores
p. 15
“the debt would be in the range of about Rs.2,800 to 3,150 Crores.”
Ashish Bahety, page 15 of the filed PDF · View the filing
Tender win ratio: around 20%
p. 14
“Tender winning record is around 20%. So whatever, our winning ratio is around 20%.”
Rakesh Markhedkar, page 14 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Project execution and profitability on ~Rs.6,500 crore order book — maintain profitability
stated firmly by Rakesh Markhedkar
p. 12
“we are sure we will be able to maintain the same profitability in our approximately 6,500 Crores project.”
Rakesh Markhedkar, page 12 of the filed PDF · View the filing
Execution timeline for order book — by end of this Financial Year
stated as an aspiration by Rakesh Markhedkar
p. 14
“by end of this Financial Year, you very rightly said, we are hopeful we will be maintaining the result for which we are known for.”
Rakesh Markhedkar, page 14 of the filed PDF · View the filing
Margins amid tariff impact — maintain margins
stated conditionally by Ashish Bahety
p. 14
“We would be able to maintain our margins, which we are maintaining from last four years.”
Ashish Bahety, page 14 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said Power T&D and infrastructure remain the core focus with careful project selection, and that it is open to opportunities in Bengal as its development plans evolve.
Answered by Rakesh Markhedkar
Asked by Manoj Kumar Gupta: What is the future outlook for the engineering and infrastructure business, and are there plans to expand in Bengal?
p. 11
“Coming to the Bengal portion, now we are very keen and open. As I mentioned, we will be very carefully selecting if a nice project comes.”
Rakesh Markhedkar, page 11 of the filed PDF · View the filing
Management said it maintains minimum profitability criteria before bidding and has expanded its vendor base to support execution.
Answered by Rakesh Markhedkar
Asked by Lokesh Gupta: How does the company manage margins given rising raw material costs, and how many orders are planned for execution in coming years?
p. 12
“In today's date, our registered vendors we have 4,500 vendors who are fully capable. We examine them before awarding the contract.”
Rakesh Markhedkar, page 12 of the filed PDF · View the filing
Management stated the win ratio is around 20% and described balancing execution, order book and growth capital.
Answered by Rakesh Markhedkar
Asked by Vinod Agarwal: What is the company's tender win ratio and when will the current order book be executed?
p. 14
“Vinod ji, I am very satisfied to tell you that we are trying to maintain the balance between all three, execution, order book, and bringing the growth capital.”
Rakesh Markhedkar, page 14 of the filed PDF · View the filing
The CFO said the company is not significantly exposed to import/export tariffs due to price escalation clauses in tenders, though some solar cell imports could see minor impact.
Answered by Ashish Bahety
Asked by Satish Shah: What impact have tariffs had on the company?
p. 14
“most of our project, whatever we have taken is based on the tenders and there is a price escalation also available with most of them.”
Ashish Bahety, page 14 of the filed PDF · View the filing
The CFO said financial closure for NOPL is still in process, with equity infusion of around Rs.1,000-1,200 crore, about 50% already infused.
Answered by Ashish Bahety
Asked by Saumadip Paul: How much debt has been sanctioned for NOPL and how much equity has been infused so far?
p. 15
“For the equity infusion about, as I said, around Rs.1,000 to 1,200 Crores will be the equity infusion of which around 50% we have already infused.”
Ashish Bahety, page 15 of the filed PDF · View the filing
Risks flagged
Potential impact of tariffs on imported solar cells
p. 14
“Since we are into solar and some of the solar cells, which are, I mean, mainly we are using for the imported thing. There might be some impact on that, but overall in terms of the current pricing we feel that there is no major impact.”
Ashish Bahety, page 14 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.