Vikran Engineering Serves NTPC, Power Grid, Railways, Water Boards
BILKULONLINE | Ahmedabad | 21 Aug 2025
Vikran Engineering Limited announced the launch of its maiden initial public offering (IPO), with the price band fixed at ₹92 to ₹97 per equity share of face value ₹1 each. The IPO will open on Tuesday, August 26, 2025, and close on Friday, August 29, 2025. Investors can bid for a minimum of 148 equity shares and in multiples thereafter.
The public issue comprises a fresh issue of equity shares aggregating up to ₹721 crore and an offer for sale (OFS) worth up to ₹51 crore by promoter Rakesh Ashok Markhedkar, taking the total issue size to ₹772 crore at the upper end of the band. Net proceeds of ₹541 crore from the fresh issue will be used for working capital requirements and general corporate purposes.
Rakesh Ashok Markhedkar, Chairman and Managing Director of Vikran Engineering, said during a media interaction in Ahmedabad, “Our focus has been on strengthening India’s infrastructure backbone across power and water sectors. With this IPO, we aim to accelerate growth by funding our working capital and expanding our project execution capacity.”
Ashish Bahety, CFO of Vikran Engineering, added, “The company has seen consistent revenue growth and profitability, driven by diversification across energy, water, solar EPC, and smart metering. The IPO gives us a stronger foundation to deliver larger and more complex projects.”
Dishant Sagwaria, President of Pantomath Capital Advisors, the book-running lead manager, noted, “Vikran Engineering has demonstrated robust execution with a pan-India presence and marquee government clients. Its strong order book of over ₹5,120 crore underlines visibility of future growth.”
According to a CRISIL report, Vikran Engineering is one of the fastest-growing EPC companies in India in terms of revenue growth over FY23–25, outpacing the industry average. As of June 30, 2025, the company has successfully executed 45 projects across 14 states with a total value of ₹1,919.92 crore and is currently working on 44 projects across 16 states, with orders worth ₹5,120.21 crore, of which ₹2,442.44 crore are executable.
Its clients include NTPC Limited, Power Grid Corporation of India, South and North Bihar Power Distribution Companies, Transmission Corporation of Telangana, Madhya Pradesh Power Transmission Company, State Water and Sanitation Missions, Assam Power Distribution Company, and Indian Railways (Danapur division).
Financially, Vikran Engineering’s revenue from operations grew 16.53% to ₹915.85 crore in FY25 from ₹785.95 crore in FY24, while profit after tax rose 3.99% to ₹77.82 crore in FY25.
Pantomath Capital Advisors Limited and Systematix Corporate Services Limited are the book-running lead managers, while Bigshare Services Private Limited is registrar to the issue. The IPO will be made through the book-building process, with up to 50% reserved for qualified institutional buyers, not less than 15% for non-institutional investors, and at least 35% for retail investors.