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Vikran Engineering IPO
Price Band
₹92.0–97.0
Issue Size
₹772.0 Cr
Lot Size
148 shares
Min Investment
₹14,356
GMP
+₹7.0 (7.22%)
Issue Price
₹97.0
Subject to Sauda
₹800
Paid only if allotted
Vikran Engineering IPO AI Summary
- Vikran Engineering IPO is listed on BSE, NSE in the Civil Construction sector.
- Price band: ₹92.0–₹97.0 per share, lot size 148 shares (min. investment ₹14,356).
- Subscription window: 26 Aug–29 Aug 2025, listing on 03 Sep 2025.
- Current GMP is +₹7.0 (7.22%), an estimated listing price of ₹104 — unofficial and can change daily.
Vikran Engineering Limited is an EPC company with a diverse portfolio in infrastructure projects. The company's financials show a positive trend in revenue and profit, and it aims to utilize IPO proceeds for working capital and corporate purposes. Investors should consider the associated risks and market conditions when evaluating this IPO.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
Vikran Engineering IPO — Third-Party Research Views
Reviews below reflect analyst calls made before this IPO closed on 29 Aug 2025 — not a current signal.
Reviewers are split — see individual calls below.
Recommendations are sourced from third-party research firms and are not TopFund's own investment advice.
Important Dates
Subscription Status
Subscription data unavailable
Vikran Engineering IPO Grey Market Premium (GMP) Today
GMP
+₹7.0
GMP %
+7.22%
Est. Listing
₹104.0
Updated: 25 Jul 2026 14:13
About the Company
Incorporated in 2008, Vikran Engineering Limited is an Engineering, Procurement, and Construction (EPC) company. The company's projects include underground water distribution and surface water extraction, overhead tanks, and distribution networks. Service Sectors: Power Transmission and Distribution: Specializing in extra-high voltage (EHV) substations up to 400kV and comprehensive power distribution solutions. Water Infrastructure: Engaged in projects involving underground water distribution, surface water extraction, overhead tanks, and distribution networks. Railway Infrastructure: Providing services in railway infrastructure projects. Solar Energy: Expanding presence in solar EPC projects. As of June 30, 2025, the company has completed 45 projects across 14 states with a total executed contract value of Rs 19,199.17 million. As of June 30, 2025, they have 44 ongoing projects across 16 states, aggregating orders of Rs 51,202.07 million, of which the Order Book is Rs 24,424.39 million. The company's clients in the government sector include NTPC Limited, Power Grid Corporation of India Limited, South Bihar Power Distribution Co. Ltd., North Bihar Power Distribution Co. Ltd., Transmission Corporation of Telangana Limited and more. As of June 30, 2025, the company had 761 permanent employees. Competitve Strengths: One of the fast-growing engineering, procurement and construction (“EPC”) companies, with timely execution of power transmission and distribution and water infrastructure sector. Diversified Order Book across business verticals and consistent financial performance Asset light model In-house technical and engineering capabilities, process control and quality assurance Experienced promoters and management team, having domain knowledge
Company Financials (₹ Cr)
As of 2025-03-31
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Assets | 1,354.68 | 959.79 | 712.47 |
| Total Income | 922.36 | 791.44 | 529.18 |
| Profit After Tax | 77.82 | 74.83 | 42.84 |
| EBITDA | 160.24 | 133.30 | 79.71 |
| NET Worth | 467.87 | 291.28 | 131.14 |
| Reserves and Surplus | 449.52 | 290.95 | 130.85 |
| Total Borrowing | 272.94 | 183.39 | 154.92 |
Key Ratios
EPS
₹4.24
NAV
₹25.49
ROE
16.63%
ROCE
23.34%
RoNW
16.63%
P/B Value
3.81
P/E Ratio
22.88
Market Cap
₹2501.74 Cr
PAT Margin
8.44%
Debt/Equity
0.58
Peer Comparison
| Company | NAV | RoNW | P/E (x) | EPS Basic | EPS Diluted |
|---|---|---|---|---|---|
| Transrail Lighting Limited | 140.11 | 17.36% | 30.73 | 25.72 | 25.72 |
| Kec International Limited | 200.88 | 10.67% | 35.71 | 21.8 | 21.8 |
| Spml Infra Limited | 107.43 | 6.22% | 36.79 | 7.61 | 7.61 |
| Techno Electric & Engineering Company Limited | 321.55 | 11.31% | 40.17 | 37.19 | 37.19 |
| Kalpataru Projects International Limited | 378.8 | 8.77% | 34.68 | 35.53 | 35.53 |
| Bajel Projects Limited | 57.63 | 2.32% | 158.75 | 1.34 | 1.34 |
| Vikran Engineering Ltd. This IPO | 25.49 | 16.63% | — | 4.35 | 4.35 |
Promoters
Rakesh Ashok Markhedkar, Avinash Markhedkar and Nakul Markhedkar
Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: # Issue Objects Est Amt (₹ Cr.) 1 Funding working capital requirements of the Company 541.00 2 General Corporate Purposes 129.97 3 Issue Expenses 53.57 Total 724.54
IPO Evaluation
Generated 23 Sep 2026Revenue Trend
Total income was ₹529.18 Cr in the year ended 31 Mar 2023, rising to ₹791.44 Cr by 31 Mar 2024, and further increasing to ₹922.36 Cr by 31 Mar 2025. This shows a consistent upward trend in revenue over the periods.
Profit Trend
Profit After Tax was ₹42.84 Cr in the year ending 31 Mar 2023, increasing to ₹74.83 Cr by 31 Mar 2024, and reaching ₹77.82 Cr by 31 Mar 2025. This indicates a positive growth in profitability across the reported periods.
Valuation
Vikran Engineering's implied P/E at the issue price of ₹97.0 is approximately 22.88, compared to peer companies trading at a P/E range of 30.73 to 158.75.
Grey Market Premium, Explained
The Grey Market Premium (GMP) indicates the price at which an IPO is expected to list compared to its issue price. A positive GMP suggests that the market anticipates a higher listing price, while a negative GMP indicates the opposite. However, GMP is not a guarantee of actual listing gains.
Who This IPO Suits
Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against the company's growth potential, sector performance, and overall market conditions.
Who May Want to Wait
Investors who are risk-averse or those who prefer stable, well-established companies may want to avoid investing in IPOs like this, which can be subject to market fluctuations and uncertainties.
IPO Timeline, Explained
The IPO opens on 26 Aug 2025 and closes on 29 Aug 2025. Allotment of shares is expected on 1 Sep 2025, with the listing date set for 3 Sep 2025.
Listing Gains — The Risk
Listing gains refer to the potential profit an investor can make when shares of an IPO are listed on the stock exchange. However, these gains are not guaranteed and can be influenced by market conditions, investor sentiment, and the company's performance post-listing.
This evaluation is generated from Vikran Engineering's own public IPO filing data for educational purposes and is not investment advice or a recommendation to apply, subscribe to, or avoid this issue — see Broker Recommendations below for named third-party research views (clearly attributed, not TopFund's own). TopFund is not a SEBI-registered investment adviser — see our Disclaimer.
Frequently Asked Questions
What is Vikran Engineering IPO GMP today?
Vikran Engineering IPO GMP today is +₹7.0 (7.22%), indicating an estimated listing price of ₹104. GMP is an unofficial grey-market indicator and can change daily.
What is the price band of Vikran Engineering IPO?
The price band of Vikran Engineering IPO is ₹92.0–₹97.0 per share.
When does Vikran Engineering IPO open and close?
Vikran Engineering IPO opens on 26 August 2025 and closes on 29 August 2025.
When does Vikran Engineering IPO list on the stock exchange?
Vikran Engineering IPO listed on 03 September 2025 at ₹104.0.
What is the lot size for Vikran Engineering IPO?
The lot size for Vikran Engineering IPO is 148 shares, requiring a minimum investment of ₹14,356.
What is the price band for the IPO?
The price band for the IPO is ₹92.0 to ₹97.0.
What is the lot size for the IPO?
The lot size for the IPO is 148 shares.
What is the minimum investment required?
The minimum investment required is ₹14,356.0.
When is the listing date for the IPO?
The listing date for the IPO is 3 Sep 2025.
What does GMP mean?
GMP stands for Grey Market Premium, which indicates the expected listing price of the IPO compared to its issue price.
Issue Details
Investor Allocation
Registrar
Lead Managers / Book Running
IPO Timeline
Open
26 Aug 2025
Close
29 Aug 2025
Allotment
01 Sep 2025
Listing
03 Sep 2025
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