Vikran Engineering Unlisted Shares
Vikran Engineering Limited
INE01R501028
Incorporation Date: 04-Jun-2008
Listing Status: DRHP Not Filed
About Vikran Engineering Unlisted Shares
Overview of Vikran Engineering Unlisted Shares
Vikran Engineering Limited
Vikran Engineering Limited is an Indian Engineering, Procurement & Construction (EPC) company focused on Power Transmission & Distribution, Solar EPC, Water Infrastructure and Railway Electrification. The company provides end-to-end infrastructure solutions covering engineering, procurement, construction, installation, testing and commissioning. Vikran has established a pan-India presence and executes projects primarily for government entities, public-sector undertakings, utilities and institutional customers.
🏢 Introduction & Infrastructure
Established: 2008; headquartered in Mumbai, Maharashtra.
Core Capability: Integrated EPC execution across power, renewable energy, water and railway infrastructure.
Power Infrastructure: Capable of executing transmission lines up to 765 kV and substations up to 400 kV, including AIS and GIS.
Project Execution: Experience across multiple states and challenging geographical terrains.
Supply Chain: Supported by an extensive vendor and supplier network for project procurement and execution.
Execution Base: Capabilities include engineering, procurement, civil works, electrical works, installation, testing and commissioning.
⚙️ Business Model & Operational Verticals
Vikran follows an integrated EPC model, managing projects from engineering and procurement to construction and commissioning.
1. Power Transmission & Distribution
High-voltage transmission lines
AIS and GIS substations
Power distribution networks
Rural electrification
Transformers and feeder infrastructure
Smart metering and grid-related projects
2. Solar EPC
Utility-scale solar projects
Solar PV EPC
Balance-of-System (BoS) solutions
Solar plant engineering, construction and commissioning
3. Water Infrastructure
Water treatment plants
Drinking-water supply systems
Water distribution networks
Pumping stations
Rural water-supply projects
Water-management infrastructure
4. Railway Electrification
Railway traction electrification
Electrical infrastructure
Traction substations and associated systems
Railway electrical EPC projects
👥 Management Structure
Vikran Engineering is promoted by the Markhedkar family.
Rakesh Ashok Markhedkar — Chairman & Managing Director
Avinash Ashok Markhedkar — Whole-Time Director
Nakul Ashok Markhedkar — Whole-Time Director
The management is supported by professional teams across engineering, project execution, procurement, business development and corporate functions.
📦 Key Product & Program Portfolio
| Business Vertical | Key Products / Programs |
|---|---|
| Power Transmission | High-voltage transmission lines, EHV infrastructure |
| Substations | AIS & GIS substations up to 400 kV |
| Power Distribution | Distribution networks, transformers, feeders, rural electrification |
| Smart Metering | Smart meters and grid modernisation solutions |
| Solar EPC | Solar PV plants, utility-scale EPC, BoS solutions |
| Water Infrastructure | Water treatment, pipelines, pumping systems, drinking-water projects |
| Railway Electrification | Traction electrification and railway electrical infrastructure |
🤝 Key Customers & Project Ecosystem
Vikran has executed projects for government entities, PSUs and power utilities, including:
POWERGRID
NTPC
Madhya Pradesh Power Transmission Company
South Bihar Power Distribution Company
Transmission Corporation of Telangana
East Central Railway
Various state power utilities and government authorities
⭐ Key Business Highlights
Multi-sector EPC capabilities across power, solar, water and railway infrastructure.
End-to-end project execution from engineering and procurement to commissioning.
Experience in high-voltage transmission and substation projects.
Presence across multiple Indian states.
Capability to execute projects in challenging and remote terrains.
Established relationships with government entities, PSUs and utilities.
Expansion into renewable energy, water infrastructure and railway electrification.
Growing capabilities in smart metering and grid-modernisation projects.
Insights of Vikran Engineering Unlisted Shares
VIKRAN Engineering Limited
1. Financial Highlights – FY25 vs FY26
All monetary values are in ₹ Crore.
| Metric | FY25 | FY26 | YoY Growth | Margin FY25 | Margin FY26 |
|---|---|---|---|---|---|
| Net Revenue | 915.85 | 1,249.31 | +36.41% | — | — |
| EBITDA | 160.23 | 175.13 | +9.29% | 17.49% | 14.02% |
| PBT | 110.19 | 121.03 | +9.84% | 12.03% | 9.69% |
| PAT | 77.81 | 91.70 | +17.85% | 8.50% | 7.34% |
Key insight: VIKRAN delivered strong 36.4% revenue growth in FY26, but profitability grew at a slower pace, resulting in margin compression. EBITDA margin declined from 17.49% to 14.02%, while PBT margin declined from 12.03% to 9.69%. Finance costs increased from ₹53.58 Cr to ₹66.44 Cr, while other expenses increased sharply, putting pressure on operating profitability. Despite this, PAT increased 17.85%, supported partly by lower income-tax expense.
2. Key Company Developments
Major shift toward Solar EPC: FY26 marked VIKRAN's biggest strategic diversification as Solar EPC became the largest driver of its order book. The consolidated order book increased from ₹2,044 Cr in March 2025 to ₹5,206 Cr in March 2026, with Power T&D and Solar together accounting for 87% of the order book.
₹2,035 Cr solar EPC order: VIKRAN secured a turnkey EPC contract from NOPL Solar for development of 600 MW AC solar projects across Maharashtra. This was among the company's largest single EPC orders.
₹459 Cr NTPC Renewable Energy order: The company received an EPC contract for a 400 MW AC grid-connected solar project in Chitrakoot, Uttar Pradesh, further strengthening its renewable-energy positioning.
Move from EPC execution to solar development: VIKRAN acquired 100% of NOPL Solar Projects and entered the solar developer model, with the company stating that it is developing a 969 MW solar project across Maharashtra. It also incorporated VIKRAN MP Solar and VIKRAN Renewable as wholly owned subsidiaries.
Strong execution base: As of March 2026, VIKRAN had completed 47 projects, with executed contract value above ₹1,928 Cr, operating across 18 states and 190+ active sites, supported by 881+ employees and 3,500+ suppliers.
3. Industry Insights & Trends
Power transmission demand: India's expanding renewable capacity is creating a parallel requirement for transmission infrastructure. VIKRAN's established Power T&D business is positioned around this requirement, with capabilities covering EHV substations up to 765 kV and transmission lines up to 400 kV.
Solar EPC is becoming a major growth opportunity: The company's Annual Report identifies utility-scale EPC as a major growth area, supported by India's renewable-energy capacity expansion, grid integration requirements and transmission upgrades.
Infrastructure spending remains supportive: The Annual Report highlights a record ₹12.2 lakh crore infrastructure CAPEX allocation in Union Budget 2026-27, along with significant allocations toward railways, water and renewable-energy-related infrastructure.
Solar diversification changes the business mix: The shift into Solar EPC expands VIKRAN beyond its traditional government/PSU-led EPC base. Management reported that its order-book client mix had shifted to 58% private sector, 21% PSU and 21% government, which can reduce dependence on government payment cycles.
4. Latest Funding / Valuation
IPO & Listing
VIKRAN completed a ₹772 Cr main-board IPO and listed on NSE and BSE on September 3, 2025.
IPO price: ₹97 per share
Price band: ₹92–97
The issue was reported as heavily oversubscribed.
Before the IPO, the company raised approximately ₹185.54 Cr through a pre-IPO placement, including investments from Ashish Kacholia, Mukul Agrawal and IIOF.
The IPO proceeds were primarily intended for working-capital requirements and general corporate purposes.
Financial Charts of Vikran Engineering Unlisted Shares
Balance Sheet of Vikran Engineering Unlisted Shares
Profit and Loss of Vikran Engineering Unlisted Shares
Ancillary of Vikran Engineering Unlisted Shares
Ratio Analysis
Peers
Industry Benchmarking
Segment Revenue
Subsidaries
Security Allotment
Corporate Governance
Team Management Details
FAQs of Vikran Engineering Unlisted Shares
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How to buy Vikran Engineering Limited?
Below are three ways through which you can purchase Vikran Engineering Limited:
- We at Altius Investech have many actively traded scripts and are market makers of unlisted shares. To check out all the unlisted shares traded. (Click on link). To submit a request to buy Vikran Engineering Limited, please click on the trade button at the top of this page
- Additionally, you can download our app from your play store or app store, register on our application, and engage in active trading there.
Download the Altius App here https://onelink.to/hf4m72 - You can also reach out to us at : +91 8240614850 / +91 8240861716
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How to sell Vikran Engineering Limited?
Below are three ways through which you can sell Vikran Engineering Limited:
- We at Altius Investech have many actively traded scripts and are market makers of unlisted shares. To check out all the unlisted shares traded. (Click on link). To submit a request to sell Vikran Engineering Limited, please click on the trade button at the top of this page
- Additionally, you can download our app from your play store or app store, register on our application, and engage in active trading there.
Download the Altius App here https://onelink.to/hf4m72 - You can also reach out to us at : +91 8240614850 / +91 8240861716
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What is the price of Vikran Engineering Limited?
We provide a two way quote on all the shares we deal in. Your buy price for Vikran Engineering Limited is ₹113 and your sell price for Vikran Engineering Limited is ₹95. The price is based on our estimates and market conditions.
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What is the lock-in period of Vikran Engineering Limited?
The lock-in period for Vikran Engineering Limited varies depending on the category of investors:
- For retail Investors, HNIs, or Body Corporates, the lock-in period is 6 months from the date of the listing of Vikran Engineering Limited
- For Venture Capital Funds or Foreign Venture Capital Investors, there is a lock-in period of 6 months from the date of acquisition of Vikran Engineering Limited
- For AIF-II (Alternative Investment Funds - Category II), there is no lock-in period
August 2021 saw the introduction of this regulation by SEBI. The purpose of the regulation change, which lowered the lock-in period from a year to six months, was to incentivize additional investments in firms getting ready for initial public offerings, or IPOs. Since its introduction, a number of Portfolio Management Services (PMS) have advised their clients to purchase Pre-IPO shares in order to take advantage of the advantages associated with early-stage investments. This reduction in the lock-in period is considered as a significant step forward.
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How is the Vikran Engineering Limited price calculated?
Fundamental & Comparative valuation models and the forces of demand and supply in the market for unlisted shares dictate the price. These prices are based on our estimates and transaction history of Vikran Engineering Limited. The price is also determined from the most recent funding round for Vikran Engineering Limited. This provides us with a benchmark valuation, offering a clear indication of the company's current market value as perceived by investors and industry experts.
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What are the lot sizes of Vikran Engineering Limited?
We can generally arrange lot sizes starting with an investment of INR 20,000. To confirm the lot sizes of Vikran Engineering Limited with us kindly click here.
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What are the financials of Vikran Engineering Limited?
The financials of Vikran Engineering Limited which includes the P/L of Vikran Engineering Limited and the Balance Sheet of Vikran Engineering Limited is in the financials section (Click on link).
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Where can I find the annual report of Vikran Engineering Limited?
The annual report of Vikran Engineering Limited is available in the annual report section (Click on link).
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Is buying Vikran Engineering Limited legal in India?
Yes, buying and selling unlisted shares in India is indeed 100% legal. This activity is regulated and governed under the guidelines provided by the Securities and Exchange Board of India (SEBI). Investors and traders must adhere to these regulations and guidelines to ensure compliance with legal and financial standards. It's important for participants in the unlisted share market to be aware of and understand these regulations to engage in transactions legally and securely.
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Short-term Capital Gain taxes to be paid on Vikran Engineering Limited?
When you sell unlisted shares within a period of two years from the date of acquisition, any profit earned from the sale is classified as Short-term Capital Gain (STCG). This gain is then added to your total income for that financial year. The tax on this short-term capital gain is calculated based on your applicable individual income tax slab rates. Therefore, the rate at which you will pay tax on the STCG from unlisted shares depends on your total income, including this gain, and the tax slab it falls under as per the prevailing income tax laws in India. It's important for investors to consider these tax implications when engaging in transactions involving unlisted shares.
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Long-term Capital Gain taxes to be paid on Vikran Engineering Limited and how are They Taxed?
Long-term Capital Gains (LTCG) on unlisted shares in India refer to the profits earned from the sale of unlisted shares that have been held for more than two years. The key aspects of LTCG on unlisted shares include:
- Tax Rate: LTCG on unlisted shares is taxed at a rate of 20%.
- Indexation Benefit: This is a significant advantage for investors. Indexation allows for adjusting the purchase price of the shares for inflation, which can reduce the taxable gain.
- Importance for Investors: Understanding LTCG is crucial, especially for High Net-worth Individuals (HNIs) and retail investors, as it impacts their investment strategy and tax planning. Knowing these details helps in making informed investment decisions.
- Calculation: LTCG is calculated by subtracting the indexed cost of acquisition (the purchase price adjusted for inflation) from the sale price of the shares. The profit thus calculated is subject to a 20% tax.
- Applicability: LTCG tax is applicable to profits from the sale of unlisted shares held for more than two years.
- Relevance: This tax is particularly relevant to investors in the unlisted share market, including those considering selling their holdings after a period of more than two years.
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Applicability of Taxes on Vikran Engineering Limited once it is listed?
When shares initially bought in the unlisted market become listed, the taxation rules change significantly if these shares are sold through a stock exchange. Here's what investors need to know:
Transition to Listed Market Tax Rates: Once unlisted shares are listed on the stock exchange and subsequently sold, the tax rates applicable to listed securities come into effect. This shift means that the favourable tax treatments for listed shares, as per the prevailing tax laws, will apply.
Taxation Based on Holding Period: The crucial factor in determining the type of capital gains tax (Long-term or Short-term) is the holding period of the shares. Importantly, this period is calculated from the original purchase date when the shares were unlisted.
Long-term vs. Short-term Capital Gains: If the shares are sold after being held for more than one year from the date of purchase (including the period when they were unlisted), they are subject to Long-term Capital Gains (LTCG) tax.
Conversely, if sold within one-year, Short-term Capital Gains (STCG) tax rates apply.
Significance for Investors: This information is vital for investors in the unlisted market, as it impacts their tax planning and decision-making process. Understanding these nuances ensures that investors can strategically plan the sale of their shares post-listing to optimize tax implications.
Advice for Investors: It's advisable for investors to keep a record of their purchase dates and monitor the listing dates closely. Additionally, staying updated with the latest tax regulations or consulting with a financial advisor is recommended for accurate tax calculations and compliance. -
How does Altius Investech source Vikran Engineering Limited?
At Altius Investech, our approach to sourcing Vikran Engineering Limited unlisted shares involves a strategic and direct method. Primarily, we acquire these shares from the below key groups:
Employees of the Company: Employee stock option plans (ESOPs) or other compensation packages frequently include shares for firm employees. For a various reasons, such as including portfolio diversification or financial considerations, some of these employees may eventually choose to sell their shares. We engage with these employees, providing them a platform to sell their shares.
Initial Investors: These are the angel or early-stage investors who provided capital to the business in its early stages. These original investors may look to sell all or part of their ownership position in the company as it develops and flourishes. This might be done for various reasons such as in order to maximise their investment, reallocate resources, or make other calculated financial decisions.
Funding rounds and VC funds: Altius Investech sources the shares from private placement rounds in which private companies seek to obtain capital from the market. Through our platform, venture capital funds can liquidate their shares and we receive the inventory from them when they decide to sell a portion of their ownership through block trades.
By establishing connections with these groups, Altius Investech guarantees our clients a steady and dependable supply of Vikran Engineering Limited unlisted shares. This process not only makes it easier for employees and initial investors in liquidating their assets, but it also gives our clients access to shares that aren't often found on the open market. Our platform effectively facilitates a win-win situation for both buyers and sellers. -
How to trust Altius Investech before buying Vikran Engineering Limited from its platform?
Altius Investech stands at being India's fastest growing and leading marketplace for buying and selling unlisted shares. We believe in enabling access to alternative sources of investments at lower entry barriers to private equity investments.
With more than 25 years of experience, Altius Investech has carved a niche in the financial market by serving more than 8000 clients. The incredible journey is further highlighted by the vast number of transactions that Altius Investech has facilitated transactions that have already exceeded 300 crores.
For investors Altius Investech curates investment opportunities in companies at reasonable valuations which are on the verge of an IPO leading to massive value unlocking. Investments are backed by thorough research and sound investment thesis, with a time bound exit plan.
For ESOP Shareholder and existing Investors, we assist them to liquidate their shares even if they are not publicly traded by creating a platform where we find the right buyers and sellers for the best prices.
Altius Investech have been featured in top media news outlets like Economic Times, Financial Express, Money control. Check out about us on these - leading publications (Click on link) Our journey over these years has not just been about numbers; it's been about building trust and reliability.
We at Altius Investech are dedicated to upholding the greatest levels of ethics and transparency, making sure that your investment experience is not only profitable but also safe and reliable.
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