Vikran Engineering Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Vikran Engineering Ltd filed with BSE on 01 Jun 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 Q4 FY26 revenue of Rs 647 crore versus Rs 355 crore a year earlier, with EBITDA of Rs 92 crore and PAT of Rs 56 crore. Full year FY26 revenue reached Rs 1,249 crore, EBITDA was approximately Rs 175 crore at about 14% margin, and PAT was Rs 92 crore versus Rs 78 crore in FY25. Management discussed the acquisition of NOPL Solar Private Limited, the status of the Onix project takeover, order book of Rs 5,700 crore, and guided to FY27 revenue of about Rs 2,200-2,500 crore.
Numbers mentioned
Revenue from operations: INR647 crores (Q4 FY26)
p. 6
“For Q4 FY'26 performance, revenue from operations was at INR647 crores, as compared to INR355 crores in last year, Q4 FY25, reflecting a healthy year-on-year growth driven by execution momentum across the power and T&D business, as well as increasing contribution from the solar EPC projects.”
Ashish Bahety, page 6 of the filed PDF · View the filing
EBITDA: INR92 crores, 14.2% (Q4 FY26)
p. 6
“Our EBITDA remains strong at INR92 crores in quarter four as compared to the last year, and as a percentage, it was 14.2%.”
Ashish Bahety, page 6 of the filed PDF · View the filing
PAT: INR56 crores (Q4 FY26)
p. 6
“PAT remains at INR56 crores as against INR38 crores in the corresponding quarter last year.”
Ashish Bahety, page 6 of the filed PDF · View the filing
Revenue from operations: INR1,249 crores (FY26)
p. 6
“For the full year performance of FY26, revenue from operations, stood at INR1,249 crores, which is the highest in the history of Vikran Engineering, as compared to INR916 crores in FY25.”
Ashish Bahety, page 6 of the filed PDF · View the filing
EBITDA: approximately INR175 crores, about 14% (FY26)
p. 6
“Our EBITDA stood at approximately INR175 crores, and our EBITDA margins remain at about 14%.”
Ashish Bahety, page 6 of the filed PDF · View the filing
PAT: INR92 crores (FY26)
p. 6
“PAT for FY26 stood at INR92 crores against INR78 crores approximately in FY25.”
Ashish Bahety, page 6 of the filed PDF · View the filing
Order book: INR5,700 crores
p. 10
“Actually INR5,700 crores is our current order book.”
Rakesh Markhedkar, page 10 of the filed PDF · View the filing
Credit rating: upgraded from BBB+ to IND A-
p. 5
“Another very important update for all the investors is that our credit rating has been upgraded from BBB+ to IND A- with a stable outlook.”
Nakul Markhedkar, page 5 of the filed PDF · View the filing
Water segment receivables: INR 400 Crores
p. 17
“So overall, our exposure from water is about INR 400 Crores (management erroneously mentioned as approximately INR 280 crores to INR300 crores but to read as about INR 400 Crores) which we have to receive from Jal Jeevan Mission projects.”
Ashish Bahety, page 17 of the filed PDF · View the filing
Provision taken in FY26: About INR 20 crores (FY26)
p. 18
“About INR 20 crores.”
Ashish Bahety, page 18 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.
Revenue — INR 2,200 plus crores · FY27
stated firmly by Nakul Markhedkar
p. 10
“So, talking about NOPL, we are pretty confident about our execution as an order pipeline and hence we are pretty sure that we'll be able to do INR 2,200 plus crores of revenue next year, as in FY27, with or without NOPL.”
Nakul Markhedkar, page 10 of the filed PDF · View the filing
EBITDA margin — 14%-15% · FY27
stated conditionally by Nakul Markhedkar
p. 12
“We should be in line with what we've already committed. 14%-15% is where we are very confident on and hoping to maintain that.”
Nakul Markhedkar, page 12 of the filed PDF · View the filing
Revenue — INR3,000 crores plus · FY28
stated as an aspiration by Nakul Markhedkar
p. 20
“So you can look at around INR3,000 crores plus for FY28.”
Nakul Markhedkar, page 20 of the filed PDF · View the filing
Cash flow from operations — positive · FY28
stated conditionally by Ashish Bahety
p. 13
“Once this pace is stabilized, definitely, I mean, we can see a positive cash flow which is expected from FY28.”
Ashish Bahety, page 13 of the filed PDF · View the filing
Data center order book target — INR100 crores · this financial year
stated as an aspiration by Rakesh Markhedkar
p. 14
“So, that is going on, but we have set a very small target of INR100 crores now to start with in the data center.”
Rakesh Markhedkar, page 14 of the filed PDF · View the filing
NOPL project extension — March 2027 · March 2027
stated firmly by Nakul Markhedkar
p. 11
“So MNRE has already given the extension till March 2027, and in line with MNRE's extension, even MSEDCL also has allowed us time till March 2027.”
Nakul Markhedkar, page 11 of the filed PDF · View the filing
Revenue mix — 60% solar, 30% power T&D, 10% water · FY27
stated firmly by Rakesh Markhedkar
p. 16
“So answering to very precisely: 60% solar, 30% power T&D, and approximately 10% from the water.”
Rakesh Markhedkar, page 16 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 margins in the last three years have been 15-17%, this year 14% due to provisioning against delayed JJM receivables, and expects to maintain a similar range going forward.
Answered by Ashish Bahety
Asked by Ashok Ajmera: Will EBITDA margins recover to historical 18-22% levels or stay at current lower levels?
p. 8
“However, as we have discussed that we are very prudent in selecting the projects, we are targeting those projects, which are in the similar margin range, and we are hopeful that going forward also we'll maintain this particular range as far as margins are concerned.”
Ashish Bahety, page 8 of the filed PDF · View the filing
Management confirmed 100% acquisition of the SPV, resolution of prior lender issues due to Vikran's stronger credit rating, and commissioning progress.
Answered by Nakul Markhedkar
Asked by Ashok Ajmera: What is the status of the Onix project takeover and any lender-related issues?
p. 8
“So, considering our financial strength, we are already an A-rated company, whereas, Onix was, I believe, a BB or a BBB rated.”
Nakul Markhedkar, page 8 of the filed PDF · View the filing
Management guided to Rs 2,200 crore plus revenue with or without NOPL, and detailed land acquisition and commissioning progress at NOPL.
Answered by Nakul Markhedkar
Asked by Pritesh Chheda: What is FY27 execution guidance with and without NOPL, and what milestones has NOPL achieved?
p. 11
“Since our takeover, we've managed to identify more or less around 85% of the land required for the project.”
Nakul Markhedkar, page 11 of the filed PDF · View the filing
Management said 25-30% of receivables are from JJM, reducing over time, and expects cash flow to turn positive from FY28.
Answered by Ashish Bahety
Asked by Paras Chheda: What is the exposure to JJM receivables and when will cash flow turn positive?
p. 13
“Once this pace is stabilized, definitely, I mean, we can see a positive cash flow which is expected from FY28.”
Ashish Bahety, page 13 of the filed PDF · View the filing
Management explained its presence in three of four data center EPC components and said it is targeting initial orders this year.
Answered by Rakesh Markhedkar
Asked by Prem Soni: What opportunity does the company see in data centers?
p. 14
“So very nicely seen. Now what is happening, the data center we are focusing because of the reason we have already out of four pillars of data center, we have presence in three.”
Rakesh Markhedkar, page 14 of the filed PDF · View the filing
Management clarified that around INR1,000 crore of additional order book may come depending on arm's length pricing, over and above INR5,700 crore.
Answered by Ashish Bahety
Asked by Aniket Madhwani: Is the additional INR1,400 crore solar EPC order included in the INR5,700 crore order book?
p. 17
“So around you can say about INR 1,000 crores would be additional order book which we may expect in coming days, apart from INR 5,700 crores.”
Ashish Bahety, page 17 of the filed PDF · View the filing
Management attributed higher creditors and debtors to Q4 procurement and execution activity and said receivables/payables should normalize as solar progresses.
Answered by Ashish Bahety
Asked by Ashutosh Singh: Is the increase in payable days and reliance on vendor credit sustainable?
p. 19
“And going forward, if we streamline the overall, I mean, progress of the project, which is expected in solar as compared to other infra projects, our overall receivables as well as payables both should be in normal range.”
Ashish Bahety, page 19 of the filed PDF · View the filing
Management said the order has not yet been placed and documentation is pending, so it was prudently excluded.
Answered by Nakul Markhedkar
Asked by Aryan Bhatia: Why is the additional INR1,400 crore NOPL project not included in the order book?
p. 19
“Because we've not yet given the -- we've not yet placed the order, so that's why.”
Nakul Markhedkar, page 19 of the filed PDF · View the filing
Risks flagged
Delayed receivables from Jal Jeevan Mission government projects requiring provisioning
p. 8
“So as a prudent practice, we have taken a provision against those receivables, which will be reversed once we get those receivables, because now we are seeing a very good momentum on those receivables also and the payments are coming, I mean, started flowing from this financial year”
Ashish Bahety, page 8 of the filed PDF · View the filing
Supply chain dependency on China amid geopolitical tensions
p. 9
“But as things stand, this war is not causing a lot of issues in our supply chain, and we actually were strategic in procuring a lot of critical items during the last financial year itself before things got worse.”
Nakul Markhedkar, page 9 of the filed PDF · View the filing
Negative operating cash flow due to growth-related working capital investment
p. 18
“So though we are having a very good positive EBITDA in last two-three years, but because of the investment in working capital, our cash flow from operating activities is negative.”
Ashish Bahety, page 18 of the filed PDF · View the filing
Higher creditors and debtors from increased Q4 procurement and execution activity
p. 19
“Yes, so with reference to your question about the creditors, yes, we are -- I mean, because of the last quarter, I mean Q4, we have done lot of procurements and work done in Q4 and that's where the creditors are slightly higher, same with debtors as well.”
Ashish Bahety, page 19 of the filed PDF · View the filing
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