Vikran Engineering Ltd

Dividend record details

• Purpose: Final dividend for FY ended 31 March 2026.
• Type of Security: Equity shares of Rs 1 each, fully paid.
• Record Date: Friday, 28 August 2026.
• Dividend Rate: ₹0.18 per equity share (18%).
• Dividend Payout Date: On or after 14 September 2026, if approved.
• Last Date for TDS/exemption forms: 26 August 2026.
• Subject to shareholder approval at the AGM.
• Board recommended final dividend on 22 May 2026.

AGM notice and dividend details

• AGM on 11 September 2026 at 11:30 IST via VC/OAVM.
• Non-registered email holders receive a weblink and QR to AGM notice and FY25-26 annual report.
• Final dividend for FY2025-26: INR 0.18 per share; record date August 28, 2026.
• Dividend payout date, if approved, on or after September 14, 2026.
• Last date for submission of tax deduction/exemption forms: August 26, 2026.
• E-voting window open September 7, 2026 9:00 AM to September 10, 2026 5:00 PM.
• E-voting cut-off date: September 4, 2026.
• Access to AGM notice and Annual Report via Vikran website and NSDL e-voting portal.
• KYC update required; ensure bank accounts linked to KYC-compliant folios for dividend credit.
• Shareholders advised to register email with DP/RTA to receive notices.

AGM Details

• AGM date/time/mode: 11 Sept 2026 at 11:30 IST via VC/OAVM.
• Remote e-voting window: 7 Sept 2026 09:00 IST to 10 Sept 2026 17:00 IST.
• Cut-off for remote e-voting: 4 Sept 2026.
• Record date for final dividend: 28 Aug 2026.

Key Resolutions

• Adopt audited standalone and consolidated financial statements for FY2025-26.
• Nakul Markhedkar, retires by rotation, to be appointed as Director.
• Declare final dividend of ₹0.18 per equity share.
• Amend MOA to add energy, renewables, and related infrastructure objects.
• Amend AoA to include Nominee Director clause 137(e) for debentures.
• Increase fund-based borrowing limit to ₹1,500 crore.
• Increase total borrowings cap to ₹1,500 crore.
• Increase Section 186 limits: investments/loans up to ₹1,500 crore fund-based.
• Ratify Cost Auditor remuneration for FY2026-27 at ₹4 Lakh.
• Remuneration for Kanchan Markhedkar up to ₹3.677 crore for FY2026-27.
• Remuneration for Vipul Markhedkar up to ₹2.199 crore for FY2026-27.
• Issue of debentures up to ₹1,000 crore; private/public placement.

Director Changes

• Nakul Markhedkar to be re-appointed as Director (retiring by rotation).

Auditors

• Cost Auditor appointed for FY2026-27; remuneration ₹4 Lakh.

Material Related Party Transactions

• Remuneration for Kanchan Markhedkar up to ₹3.677 crore.
• Remuneration for Vipul Markhedkar up to ₹2.199 crore.

Debt / Financing Approvals

• Debentures issuance up to ₹1,000 crore; private/public placement and related actions.

Overview & milestones

• IPO completed: ₹772 crore main-board IPO listing on NSE/BSE on 3 Sep 2025.
• Pre-IPO placement raised ≈₹185.54 crore from marquee investors.
• 47 projects completed; 190+ active sites across 18 states; 881+ employees; 3,500+ suppliers.
• NOPL Solar 600 MW EPC win worth ₹2,035 crore; NTPC Renewable Energy 400 MW BoS order worth ₹459.2 crore.
• Solar became largest order-book driver; total order book rose to ₹5,206 crore (Mar-2026).
• Order book mix: Power TD + Solar constitute 87% of total; diversified into Water and Railway as well.
• As of FY26, 47 projects executed with total contract value ₹1,928 crore; 33.43% revenue CAGR 2022-23 to 2025-26.

Financial performance

• Standalone revenue from operations: ₹1,249.31 crore in FY26, up 36.41% YoY.
• Total income: ₹1,266.27 crore; EBITDA ₹175.12 crore; PAT ₹91.70 crore.
• EBITDA margin 14.02%; PAT margin 7.34%; EPS ₹4.05 (FY26).
• Q4 FY26 revenue ₹647.4 crore; 82% YoY growth; 143% sequential growth vs Q3 FY26.
• FY26 revenue growth driven by Solar EPC and high-value T&D orders.

Business mix & growth drivers

• Four core verticals: Power TD, Solar EPC, Water Infrastructure, Railway Electrification.
• Solar EPC pivot: Largest driver of order-book expansion; secured 400 MW NTPC order and 600 MW NOPL order.
• Consolidated order book grew from ₹2,044 crore (Mar-2025) to ₹5,206 crore (Mar-2026).
• Solar and Power TD together account for 87% of the order book; diversification to water/railways ongoing.
• Geographic footprint expanded to 18 states; 190+ active sites; asset-light execution with 3,500+ suppliers.

Capital structure & dividends

• IPO net proceeds: ₹67.097 crore used for working capital and general corporate purposes.
• Share capital increased to ₹2,579 crore (Mar-2026) from ₹1,836 crore (Mar-2025) via IPO and amalgamations.
• Final dividend proposed: ₹0.18 per equity share (18%); payable subject to AGM approval.
• Outstanding NCDs: ₹50 crore as of Mar-2026; earlier issuances redeemed as scheduled.

Governance, risk & audit

• Board: 6 directors including 3 independent; multiple committees formed (Audit, NRC, Risk, CSR, Stakeholders, IPO).
• RPT disclosures: one-day delay noted; penalty paid; improved governance monitoring implemented.
• Auditors: Statutory Walker Chandiok; Internal Auditor changed to RSM Astute; Secretarial Audit by Geeta Canabar & Associates.
• New listed-company governance framework; all SEBI LODR-mandated committees fully functional.

CSR & sustainability

• CSR spend FY25-26: ₹1.38 crore; focus on healthcare, education, rural empowerment.
• VIKRAN for Good Foundation (Section 8) established May 2026 to drive CSR programs.
• Key CSR contributions: ₹7.6331 million to Sri Venkateswara Pranadana Trust; ₹5.0 million to Sai Nursing Institute; ₹1.2 million to Gram Pukar.
• CSR policy published on Vikran site; 2% average net profit benchmark disclosed.

Strategic developments & post-year actions

• Completed acquisition of NOPL Solar Projects Private Limited: 49% then 51% stake; 100% subsidiary by May 20, 2026.
• Vikran Renewable Private Limited and Vikran for Good Foundation formed May 2026; solar development & CSR expansion.
• Vikran MP Solar Private Limited established Jan 22, 2026 as SPV for 400 MW solar project EPC.
• Group exploring selective opportunities in Africa and the Middle East; continued focus on scalable EPC execution.

Outlook & risks

• Macro tailwinds for T&D and solar EPC; India’s grid modernization and 500 GW non-fossil target supportive.
• Strong order pipeline for utility-scale solar (+BESS), ISTS/TBCB projects; execution risk tied to ROW/clearances.
• Long payment cycles expected; diversification mitigates PSUs’ payment risk; ramping O&M potential via solar assets.
• Integration of new subsidiaries and CSR foundations to stabilize cash flows and resilience.

Financial Performance

• Standalone income from operations: INR 204 crores; up 28.2% YoY.
• Standalone EBITDA: INR 28 crores; EBITDA margin 13.7%.
• Standalone PAT: INR 17.5 crores; PAT margin 8.6%.
• Consolidated income from operations: INR 141.6 crores; EBITDA: INR 11.3 crores.
• Consolidated EBITDA margin: 8%; Consolidated PAT: INR 4 crores; PAT margin 2.8%.
• NOPL project now 100% equity; consolidation reflected in standalone vs consolidated results.
• NOPL revenue recognized in Q1 standalone: INR 62 crores.
• Solar EPC revenue (excluding NOPL) in Q1: ~INR 70 crores; water: INR 12 crores.

Order Book and Execution

• Order book stands at INR 6,496 crores; mix solar EPC 62%, Power T&D 28%, water 10%.
• NOPL direct order from NOPL: INR 3,518 crores including GST.
• NOPL 969 MW capacity; execution period: 12 months.
• Nine sites commissioned ~45 MW; ~15 MW to be commissioned in coming days.
• Around 240 MW in advanced stages for NOPL.
• April wins: MSEDCL orders ~INR 530 crores; 400 kV GIS substation package ~INR 120 crores.

NOPL and Solar EPC Update

• NOPL 969 MW project restructured after acquisition; project moved to execution.
• 132 KV Miao-Namsai line commissioned; length 40.6 kilometers; 138 towers.
• Miao-Namsai line commission marked as second line in six months.
• Focus on converting order book to revenue and cash flow; disciplined bid strategy.
• Domestic focus with selective overseas opportunities (Middle East, Africa); Europe not explored yet.

Funding, Working Capital and Receivables

• Jal Jeevan Mission receivables about INR 120 crores; extended timeline to FY28.
• Disbursement timing for NOPL funding targeted within this quarter; funding mix ~75:25.
• CFA subsidy discussions; around INR 1,017 crores expected to assist refinance.
• Capex for NOPL to be funded from internal accruals (~INR 1,000 crores); backups available.

Guidance and Outlook

• FY27 priorities: timely execution of existing orders, successful delivery of NOPL, disciplined solar EPC intake.
• Data center opportunity: aim to secure at least one order by end-FY27.
• NOPL revenue guidance: ~INR 1,500 crores in FY27; ~INR 100 crores in Sep; ~INR 1,400 crores in H2.
• Cash-positive by end-FY27 if 650 MW of NOPL is commissioned.

Q&A Highlights

• NOPL revenue recognized in Q1 standalone: INR 62 crores; total NOPL revenue to be realized later.
• Consolidated revenue excludes NOPL in the standalone figure; NOPL revenue shifts to asset in consolidation.
• Q2-Q4 NOPL revenue guidance: INR 1,500 crores; potential quarter slippage possible.
• Debt servicing: 25-year PPA with government; expected to cover interest and repayments; no EPC stress.
• Jal Jeevan receivables improvement; payment cycle to improve by year-end; center funds released for Jal Jeevan.

Business overview

• Diversified EPC player across Power T&D, Solar EPC, Water, and Railway.
• Strategic shift to an integrated renewable platform via the NOPL Solar acquisition.
• Targeting BESS and Data Centre opportunities; expanding in private and international markets.

Operational highlights

• NOPL Solar integration strengthens renewable platform; PM-KUSUM portfolio cost ₹4,200 Cr with 25-year PPA.
• POWERGRID 400 kV GIS substation package won; Miao–Namsai line commissioned.
• Order Book stands at ₹6,496 Cr as of 11 Aug 2026; 80% land secured, 100+ installation partners.
• Strategic acquisition of NOPL Solar Projects transforms Vikran into integrated renewable platform.

Financial performance

• Standalone revenue ₹204.0 Cr; YoY growth 28.2%.
• Standalone EBITDA ₹28.0 Cr; margin 13.7%; PAT ₹17.5 Cr; margin 8.6%.
• Consolidated revenue ₹141.6 Cr; YoY -11%.
• Consolidated EBITDA ₹11.3 Cr; margin 8.0%; PAT ₹4.0 Cr; margin 2.8%.

Capital structure & liquidity

• No balance-sheet detail disclosed; funding supported by PM-KUSUM CFA and government subsidies.
• CFA of ₹1,017 Cr under PM-KUSUM; 80% land secured for projects.

Strategic priorities & outlook

• Pursue disciplined growth with timely execution and prudent capital allocation.
• Solar EPC growth; selectively pursue BESS and Data Centre opportunities.
• Expand in private EPC and international markets (focus Middle East); maintain asset-light model.

Risks & mitigation

• Temporary margin compression due to overhead absorption; mitigated by asset capitalization into renewables.
• Intra-group consolidation reduces reported EPC profitability until assets generate power.
• Execution risk mitigated by 80% land secured and 100+ installation partners.

Governance & leadership

• Promoter & CMD: Rakesh Ashok Markhedkar; CFO: Ashish Bahety; Directors include Rakesh Sharma, Arun Unhale, Priti Savla.