Vikran Engineering Limited — Investor Presentation 2025

Nov 10, 2025

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Date: 10[th] November 2025

To, To, The Secretary The Secretary BSE Limited National Stock Exchange of India Limited Corporate Relationship Department, Listing Department, Phiroze Jeejeebhoy Towers, Dalal Street, Exchange Plaza, Bandra-Kurla Complex, Mumbai-400001. Bandra (E), Mumbai –400051. (Scrip Code: Equity - 544496 ) (Scrip Symbol: VIKRAN )

Dear Sir/Madam,

- Sub: Copy of Investor Presentation Disclosure under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Dear Sir/Madam,

Pursuant to Regulation 30 read with Part A of Schedule III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘Listing Regulations, 2015’), please find enclosed herewith copy of “Investor Presentation” for the investors/analysts call scheduled on Tuesday, November 11, 2025, at 12:30 PM (IST).

Please take the above information on record.

This is for your information and records.

Thanking You.

Yours faithfully,

FOR VIKRAN ENGINEERING LIMITED

KAJAL Digitally signed by KAJAL SAGAR SAGAR RAKHOLIYA RAKHOLIYA Date: 2025.11.10 20:57:46 +05'30' ____

Kajal Rakholiya Company Secretary and Compliance Officer

Place: Thane

Encl.: as above

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SAFE HARBOR

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This presentation has been prepared by Vikran Engineering Limited, solely to provide information about the Company to its stakeholders. No representation or warranty, express or implied is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of such information or opinions contained herein. None of the Company nor any of its respective affiliates, advisers or representatives, shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with this presentation.

The information contained in this presentation is only current as of its date. The Company may alter, modify or otherwise change in any manner the content of this presentation, without obligation to notify any person of such revision or changes. Certain statements made in this presentation may not be based on historical information or facts and may be "forward-looking statements", including those relating to the Company’s general business plans and strategy, its future financial condition and growth prospects, and future developments in its industry and its competitive and regulatory environment. Actual results may differ materially from these forward-looking statements due to number of factors, including future changes or developments in the Company’s business, its competitive environment, information technology and political, economic, legal and social conditions in India.

Please note that this presentation is based on the publicly available information including but not limited to Company’s website and Annual Reports.

This communication is for general information purposes only, without regard to specific objectives, financial situations and needs of any particular person. Please note that investments in securities are subject to risks including loss of principal amount.

This presentation does not constitute an offer or invitation to purchase or subscribe for any shares in the company and neither any part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever.

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TABLE OF CONTENTS

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Financial & Operational Highlights

Company Overview

Business Segments

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Industry Overview

Way ahead

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Financial Highlights

MANAGEMENT COMMENT

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“ “The first half of FY26 has been a period of steady growth for us, with healthy YoY improvement in revenue and a notable expansion in EBITDA margins. The performance reflects our continued focus on operational discipline, efficient execution, and prudent cost management across projects.

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Rakesh Ashok Markhedkar Promoter & CMD

We achieved strong order inflows, particularly in the Solar EPC segment, where we secured major projects worth ₹354 crore from Ellume Energy MH Solar One and ₹1,642 crore from Carbonminus Maharashtra One. These wins mark a key milestone in our renewable energy foray and significantly enhance our growth visibility. Following our successful IPO, our consolidated order book now exceeds ₹4,000 crore, providing healthy execution visibility for the next two years and reinforcing our position as a growing multi-sector EPC player.

The second half of the year contributes a larger share of EPC execution, and we expect this trend to continue in FY26 as well. With a healthy and diversified order pipeline and a growing presence across key infrastructure segments, we are well-positioned to undertake larger and higher-value projects in the coming quarters. Our robust execution capabilities, combined with a consistent focus on timely delivery and operational excellence, continue to strengthen client trust and enhance our project delivery performance.

Furthermore, as we work towards expanding our footprint into international markets, particularly in Africa and the Middle East, we remain confident of achieving sustained growth, driving geographical diversification, and further consolidating our market position in the EPC industry”

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FINANCIAL SNAPSHOT

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Profit After Tax
Revenue from Operations EBITDA & Margins
14%
176
9
8% 25
13
159
2
Q2 FY25 Q2 FY26
Q2 FY25 Q2 FY26 Q2 FY25 Q2 FY26
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Revenue from Operations EBITDA & Margins Profit After Tax
14%
335
15
9%
48
295
27
6
H1 FY25 H1 FY26 H1 FY25 H1 FY26 H1 FY25 H1 FY26
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CONSOLIDATED PROFIT & LOSS STATEMENT

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Particulars (₹ Cr) Q2 FY26 Q2 FY25 YoY H1 FY26 H1 FY25 YoY FY25 Revenue from operations 176.3 159.2 10.7% 335.4 295.3 13.6% 915.8 Other income 3.0 1.1 3.7 1.3 6.5 Total income 179.3 160.4 11.8% 339.1 296.6 14.3% 922.4 Cost of materials consumed 101.1 101.3 154.6 176.5 483.7 Project-related expense 6.9 19.1 57.8 38.3 160.4 Employee benefits expense 22.2 15.2 40.2 30.6 67.6 Other expenses 20.6 10.8 34.7 22.7 43.9 EBITDA 25.4 12.8 98.9% 48.1 27.2 76.6% 160.2 EBITDA Margin (%) 14.4% 8.0% 14.3% 9.2% 17.5% Depreciation and amortisation 0.6 0.8 1.2 1.6 3.0 Finance Cost 18.0 10.1 33.4 17.8 53.6 Profit before tax 9.8 3.0 221.5% 17.2 9.1 88.4% 110.2 Tax 0.7 1.0 2.4 2.8 32.4 Profit After Tax 9.1 2.1 338.0% 14.8 6.3 132.9% 77.8 PAT Margin (%) 5.2% 1.3% 4.4% 2.1% 8.5% _EBITDA is calculated excluding Other Income_ I n v e s t o r P r e s e n t a t i o n N o v 2 0 2 5

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CONSOLIDATED BALANCE SHEET

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Particulars (₹ Cr) Sep-25 Mar-25	Particulars (₹ Cr) Sep-25 Mar-25	Particulars (₹ Cr) Sep-25 Mar-25
Property,plant and equipment	8.7	9.0
Investmentproperties	2.1	2.1
Intangible assets	0.2	0.2
Right-of-use assets	1.4	1.5
Other financial assets	24.7	20.7
Deferred tax assets (net)	26.2	15.2
Non-current tax assets (net)	2.4	1.8
Other non-current assets	13.5	11.9
Total non-current assets	79.1	62.5
Inventories	64.1	59.9
Investments	1.2	1.1
Trade receivables	613.0	634.3
Cash and cash equivalents	180.1	2.5
Bank balances other than above	395.7	64.6
Loans	3.5	2.0
Other financial assets	6.3	11.5
Contract assets	553.2	466.4
Other current assets	73.6	49.8
Total current assets	1,890.7	1,292.2
Total assets	1,969.8	1,354.7

Particulars (₹ Cr) Sep-25 Mar-25	Particulars (₹ Cr) Sep-25 Mar-25	Particulars (₹ Cr) Sep-25 Mar-25
Equity share capital	25.8	18.4
Other equity	1,134.8	449.5
Total Equity	1,160.5	467.9
Long – Term Borrowings	4.9	31.9
Lease liabilities	0.9	0.8
Provisions	3.5	3.6
Total Non - Current Liabilities	9.3	36.3
Borrowings	311.6	241.0
Lease liabilities	0.6	0.7
Trade payables	376.1	477.6
Other financial liabilities	16.9	17.1
Other current liabilities	67.0	70.7
Provisions	5.8	7.4
Current tax liabilities (net)	22.1	36.0
Total Current Liabilities	800.0	850.5
Total Equity and Liabilities	1,969.8	1,354.7

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CONSOLIDATED CASHFLOW STATEMENT

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Particulars (₹ Cr) H1FY26 H1FY25	Particulars (₹ Cr) H1FY26 H1FY25	Particulars (₹ Cr) H1FY26 H1FY25
Cashflow from Operating Activities	-166.6	-89.9
Cashflow from Investing Activities	-333.6	3.8
Cashflow from Financing Activities	677.8	91.5
Net Change in Cash and Cash Equivalents	177.6	5.4

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ORDER BOOK

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₹ in Cr	As at September 30, 2025	As at September 30, 2025	As at March 31, 2025	As at March 31, 2025	As at September 30, 2024	As at September 30, 2024
Segment	Order Book	% Order Book	Order Book	% Order Book	Order Book	% Order Book
Power T&D	1,483.9	66.1%	1,237.4	60.5%	1,224.2	58.2%
Water	717.3	32.0%	764.6	37.4%	836.8	39.8%
Railway	41.2	1.8%	42.3	2.1%	43.9	2.1%
Solar	2.4	0.1%	-	-	-	-
Total	2,244.8	100.0%	2,044.3	100.0%	2,104.8	100.0%

Total Order Book as on 10[th] November 2025

~ ₹ 4,000+ Cr**

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32% 18%
50%
Power Transmission Water & Railway
Solar
& Distribution Infrastructure
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Client Type mix in the Order Book

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Government,
26%
Order Book
Private Sector, Segmentation
61% by Client Type
PSUs, 13%
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**This includes two new orders In October and November 2025

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CONSOLIDATED ANNUAL PROFIT & LOSS STATEMENT

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Particulars (₹ Cr) FY25 FY24	Particulars (₹ Cr) FY25 FY24	Particulars (₹ Cr) FY25 FY24
Revenue from operations	915.8	785.9
Other income	6.5	5.5
Total income	922.4	791.4
Cost of materials consumed	483.7	385.0
Project-related expense	160.4	167.8
Employee benefits expense	67.6	59.0
Other expenses	43.9	41.0
EBITDA*	160.2	133.3
EBITDA Margins	17.5%	17.0%
Depreciation and amortisation	3.0	4.1
Finance Cost	53.6	34.0
Profit before tax	110.2	100.7
Tax	32.4	25.9
Profit After Tax	77.8	74.8

*EBITDA is calculated excluding Other Income

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CONSOLIDATED BALANCE SHEET

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Particulars (₹ Cr) Mar-25 Mar-24	Particulars (₹ Cr) Mar-25 Mar-24	Particulars (₹ Cr) Mar-25 Mar-24
Property,plant and equipment	9.0	8.6
Investmentproperties	2.1	2.1
Intangible assets	0.2	0.2
Right-of-use assets	1.5	0.9
Other financial assets	20.7	25.7
Deferred tax assets (net)	15.2	8.8
Non-current tax assets (net)	1.8	3.9
Other non-current assets	11.9	13.1
Total non-current assets	62.5	63.3
Inventories	59.9	50.7
Investments	1.1	0.9
Trade receivables	634.3	463.9
Cash and cash equivalents	2.5	0.1
Bank balances other than above	64.6	49.9
Loans	2.0	0.0
Other financial assets	11.5	3.1
Contract assets	466.4	289.2
Other current assets	49.8	38.8
Total current assets	1,292.2	896.5
Total assets	1,354.7	959.8

Particulars (₹ Cr) Mar-25 Mar-24	Particulars (₹ Cr) Mar-25 Mar-24	Particulars (₹ Cr) Mar-25 Mar-24
Equity share capital	18.4	0.3
Other equity	449.5	290.9
Total Equity	467.9	291.3
Long – Term Borrowings	31.9	10.7
Lease liabilities	0.8	0.4
Provisions	3.6	2.8
Total Non - Current Liabilities	36.3	13.9
Borrowings	241.0	172.7
Lease liabilities	0.7	0.4
Trade payables	477.6	296.9
Other financial liabilities	17.1	4.1
Other current liabilities	70.7	152.1
Provisions	7.4	10.6
Current tax liabilities (net)	36.0	17.9
Total Current Liabilities	850.5	654.6
Total Equity and Liabilities	1,354.7	959.8

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Com pany Overview

ABOUT THE COMPANY

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One of India’s fast-growing, diversified EPC companies, providing concept-to-commissioning solutions across key infrastructure sectors

Diversified Presence

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Power Transmission & Distribution

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Water Infrastructure

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Solar EPC Projects

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Railway Electrification

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PAN India Presence

45 completed projects across 14 states; currently active in 16 states with 190+ project and store locations

Robust Order Book

~ ₹ 4,000+ Cr as of Nov 10, 2025

Operational Efficiency

Asset-light model, 3,500+ supplier network, and strong cost control

Experienced Leadership

Promoters with over 70 years of cumulative industry experience, supported by a professional management team

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JOURNEY

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OURNEY	OURNEY
2023 2024 2025
Serviced first order from NTPC Ltd. for a project in Kupwara, J&K 2014 2015 2016 2020 • Secured an EPC order of 400 Kv-500 MVA reactors including bay works from PowerGrid; • Secured first overhead railway electrification order • Secured first 132 kV GIS substation order 2018 2022 Bagged first project in water infrastructure vertical under “PM Har Ghar Jal Yojana” in Madhya Pradesh; Received two rural water supply project in Uttar Pradesh. Special appreciation: Commissioning bays at Karnool, Raipur & Patiala Substation” by Power Grid Corp of India Ltd. Secured 765 kV substation project from Power Grid Successfully listed on NSE and BSE Secured 1st solar EPC orders from Ellume Energy Secured largest order of₹1,641 crore from Carbonminus Maharashtra One
Received first Power Sector order in Madhya Pradesh Received “Fastest Growing Indian Company Excellence Award-2016 in International Achievers Conference Received Three Excellence award by Bihar Chief Minister within span of six months. Acquisition by Markhedkar Family in Nov - 2014

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OUR EXECUTIVE BOARD OF DIRECTORS AND KMPS

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Experienced Promoters backed by Senior Leadership Team

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Rakesh Ashok Markhedkar , Promoter & CMD

• Experience of over 34 years in EPC project execution

• Has previously worked with Larsen and Toubro, Voltage Engineering, EMCO, KEI Industries, ERA Infra Engineering, and Bajaj Electricals

• Bachelors in engineering (electrical) from Samrat Ashok Technological Institute, Vidisha (M.P.), Barkatullah University

• Master degree in science in quality management from the BITS Pilani, Rajasthan

• Participated in the General Management Programme for Larsen and Toubro Limited conducted by the IIM Bangalore

Avinash Markhedkar , Whole Time Director

• Holds Bachelor's degree in engineering (mechanical) from Samrat Ashok Technological Institute, Vidisha (M.P.), Barkatullah University and an MBA from Indira Gandhi National Open University.

• Program on leading and managing from IIM, Calcutta

• Over 33 years of experience; Had worked with companies such as Grasim Cement and UltraTech Cement

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Nakul Markhedkar , Whole Time Director

• Holds a Bachelor's degree in technology (electronics and communication engineering), from Manav Rachna International University

• Also held the position of procurement Director of the Company and has over 9 years of experience

Ashish Bahety, Chief Financial Officer

• A Associate member of The Institute of Chartered Accountants of India, Diploma in business finance and MBA from the ICFAI University, B.Com. from MDSU, Ajmer, Diploma in Business Finance.

• Over 18 years of experience in Finance; previously associated with R Kabra & Co., A.F. Ferguson & Co, QCS, CRISIL, NSL Sugars, Hindustan National Glass & Industries, S.V. Refineries and JMC Projects (India).

Dibyendu Ray, Chief Operating Officer

• Holds B.Tech. in Electrical Engineering from Jadavpur University, a postgraduate certificate in general management from IIM Calcutta, and is registered as Chartered Engineer by the Engineering Council, UK

• Has 34 years of experience; worked with organisations such as BARC, Siemens, Sterling and Wilson, and KEC International.

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BRIEF PROFILE OF INDEPENDENT DIRECTORS

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Rakesh Sharma, Independent Director

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• He holds a Bachelor’s degree in Engineering (Mechanical) from Punjab Engineering College, Punjab Engineering College, Punjab University and a Master’s degree in marketing management from Jamnalal Bajaj Institute of Management Studies, University of Bombay

• He has worked at TATA Iron and Steel Company Limited, ACC- Babcock Limited, The Associated Cement Companies Limited, Punj Llyod Private Limited, H.M. Electricals Private Limited and Larsen & Tourbo Limited. He has approximately 34 years of experience

Arun Unhale, Independent Director

• He holds a Bachelor’s degree in Science (Agriculture) from Mahatma Phule Agricultural University and Bachelor’s degree in Law (General) from Shivaji University

• He also holds Master’s degree in Law from Shivaji University and Master’s degree in master’s degree in arts (History) from Shivaji University. He joined employment under Indian Administrative Services (IAS) in 1984 and retired in 2023. He has an experience of over 39 years.

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Priti Savla, Independent Director

• She holds a Bachelor’s degree in Commerce (Financial Accounting and Auditing) from University of Mumbai. She is an associate member of The Institute of Chartered Accountants of India.

• She is a practicing Chartered Accountant since 2002. She has an experience of about 21 years.

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KEY STRENGTHS

SPECIALIZED EXPERTISE & DECADES OF EXPERIENCE

• 93+ Years of Combined Experience in Design & Engineering

• Promoters bring 7+ decades of cumulative industry experience (from firms like L&T, Voltas)

• In-house Technical Model handles design, supply chain, and regulatory compliance

DIVERSIFIED BUSINESS & MARKET STABILITY

• Sectoral De-risking: Diverse order book spans Power, Water, and Railway/Infrastructure

• Geographic Reach : Projects executed across 22 Indian states

• Client Mix: Strong diversification across Government, Public Sector, and Private Clients

CERTIFIED QUALITY & TECHNOLOGY INTEGRATION

• Adherence to ISO 9001, 14001, and 45001 standards

• Leveraging Technology with specialized design software and tools

• SAP Implementation automates and controls critical business functions

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HIGHEST FINANCIAL PERFORMANCE & MARGINS

• Achieved Highest EBITDA Margin, ROCE, and ROE among peers

• Demonstrated Fastest Revenue CAGR (32.17% during FY23-25)

• Asset Light Model uses equipment leasing to lower costs and boost efficiency

ROBUST MONITORING & TIMELY DELIVERY

• Centralized Project Monitoring Group (CPMG) ensures stringent quality and regulatory standards

• Continuous Value Engineering minimizes delays and ensures timely project execution

• Exceptional Fixed Asset Turnover Ratio achieved 101.27x in FY25

PROVEN TRACK RECORD & RECOGNITION

• Award-Winning performance, including the "Faster Completion Project Award"

• Documented letters of client appreciation for successful project completion

• Specializing in customized solutions for complex projects

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1 CRISIL

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GEOGRAPHICAL PRESENCE

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22 3,500+ Unique States Served till date Suppliers’ Network & Relationships PAN India 190 Asset Light Active Sites as on 30[st] June 2025 Model for Equipments and Machineries

To Expand into Middle East in the Private Sector EPC Projects

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KEY CLIENTELE

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Governments / Public Sector Undertakings (PSUs)

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I n v e s t o r P r e s e n t a t i o n N o v 2 0 2 5

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~~Se~~ gments

BUSINESS AREAS

Experience

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Power Transmission & Distribution

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Solar EPC Projects

• Transmission lines- HV

• Water Pump Installation

• Substations- AIS & GIS

• Ground Mounted Solar Projects

• Power Distribution Network

• Smart Metering

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Railway Infrastructure

Water Infrastructure

• Overhead Electrification

• Drinking Water Projects

• Traction Sub-Station

• Water Distribution projects

Diversification reduces reliance on a single revenue stream, cushioning against market fluctuations and cyclical shifts

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Renewable Energy

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Metro Infrastructure

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Industrial Projects

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POWER TRANSMISSION, SUBSTATION & DISTRIBUTION

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Delivering Reliable Power Infrastructure from Grid to Ground.

One of India’s leading power transmission EPC companies, Vikran Engineering specializes in the construction of high-voltage transmission lines up to 400 kV and substations up to EHV 765 kV (AIS & GIS) across diverse terrains and operating conditions. With proven expertise in power distribution EPC covering rural electrification, system strengthening, and smart metering, ensuring energy access for underserved communities and enhancing grid efficiency nationwide.

Core Capabilities

• High-Voltage Transmission Lines up to 765 kV.

• Design & execution of AIS substations up to 400 kV

• EPC of 132–400 kV underground cables for industrial and urban infrastructure.

• High-voltage switching & distribution substations

• Rural and remote area electrification projects under major government schemes.

• Feeder bay and substation augmentation for power distribution utilities.

• Integration of smart meters for data-driven monitoring and efficient billing.

Landmark Projects

• MPPTCL 400 kV Ashtha–Ujjain–Indore Transmission Line (90 km)

• PGCIL 132 kV Khonsa–Deomali Transmission Line (45 km) – Completed within 12 months

• PGCIL 132 kV Miao–Namsai (41 km) and Changlang–Jairampur (60 km), Arunachal Pradesh

• PGCIL Bihar Package: 400 kV Substation Work with 500 MVA Power Transformer

• PGCIL Punjab Package: 400 kV Substations at Jalandhar, Patiala & Samba

• Feeder bay and substation augmentation for power distribution utilities.

• Rajiv Gandhi Grameen Vidyutikaran Yojana (RGGVY)

• Deendayal Upadhyay Gram Jyoti Yojana (DDUGJY)

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WATER INFRASTRUCTURE

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Provides turnkey solutions for water treatment plants, distribution networks, and rainwater harvesting systems, catering to the diverse water infrastructure needs of communities across India. With deep expertise in both surface and underground drinking water projects, the company leverages advanced engineering and smart automation to ensure efficiency and sustainability

Core Capabilities

• Design, supply, and construction of WTPs

• Overhead Service Reservoirs & Intake Wells

• Distribution networks for surface & underground projects

• Rainwater harvesting & multi-village water schemes

• Automation, SCADA & electro-mechanical systems

Landmark Projects

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Betul, MP

₹ 254.34 Cr project under Har Ghar Jal Yojana

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Chhattisgarh

₹ 87.41Cr project under Har Ghar Jal Yojana

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RAILWAY INFRASTRUCTURE

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specializes in designing and executing projects across overhead electrification (OHE), traction substations (TSS), underground EHV cabling, and signaling & telecommunication systems, ensuring seamless operations for both mainline railways and metro networks.

Landmark Projects

Core Capabilities

• –

• Overhead Electrification (OHE) Design, supply, and construction of 25 kV, 50 Hz AC systems

• Traction Substations (TSS) – Construction of 132 kV and 220 kV substations

• Underground EHV Cabling – Laying extra-high voltage cables for railway projects

• Signaling & Telecommunication – Implementation of signaling systems for safe and efficient railway operations

• 220kV Vondh-Bhachau TSS (Western Railway) – 16 KM OHE and 8.1 KM underground cable line

• –

• 132kV Transmission Line under RE Project Danapur 35 KM route, completed design, supply, erection, testing & commissioning

• –

• Sengottai-Punalur Section, Tamil Nadu Electrification including OHE and TSS works

• Banka Traction Substation, Bihar – 132 kV transmission line construction

• Underground cabling projects in Bhachau, Gujarat, and other locations

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GLIMPSE OF SOME OF THE KEY PROJECTS EXECUTED (1/2)

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OHE 25kV, 50 Hz AC Railway Electrification

Purpose : Power Distribution work in Arunachal Pradesh Intra State

Project between Sengottai & Punalur section of Tamil Nadu for CORE

Location: Tamil Nadu

Description: Design, Supply & Construction of 132kV Transmission Line in NER & Sikkim from PGCIL

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EPC, Testing, Commissioning, Trial Run and O&M of Various Components of Ghogri Multi-Village Scheme, District Betul in Single Package on ‘TurnKey Job Basis’ of the Entire Water Supply Scheme for 10 Years Location: Madhya Pradesh

Purpose : Power distribution work in Kupwara, Kashmir Description: Loss Reduction Work under RDSS scheme from NTPC.

End-to-end turnkey solutions, including design, supply, installation, testing and commissioning

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765 kV AIS Bays / 400 kV Bays in Raipur Substation for Power Grid Corporation of India Limited Location: Raipur

90 KM of Ashta - Ujjain

400 kV DCDS Transmission Line on twin Moose Conductor for MPPTCL Location: Ujjain, Madhya Pradesh

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GLIMPSE OF SOME OF THE KEY PROJECTS EXECUTED (2/2)

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Substation Package SS-99 (ii) Augmentation of transformation capacity by 1×500MVA, 400/220kV ICT under Augmentation of transformation Capacity by 1x500MVA, 400/220kV ICT Location: Pavagada, Karnataka

Others

• Commissioning of 765 kV AIS Bays / 400 kV Bays in Raipur Substation for PGCIL.

• Commissioning of 90 KM of Ashta -- Ujjain 400 kV DCDS Transmission Line on twin Moose

• Conductor for MPPTCL in Madhya Pradesh.

• Commissioning of 220 kV UG EHV Cable work of Bhachau Project for CORE Railway in Gujarat.

• Commissioned 400 kV Bina Substation with 80 MVA Reactor for MPPTCL.

• Commissioned 220 kV Sub station & Associated line in REWA Region for MPPTCL in Madhya Pradesh.

• Commissioned 220 kV GIS for Muzaffarpur substation for PGCIL in BIHAR.

• PGCIL 400 kV Substation with 500 MVA Power Transformer at Muzaffarpur in BIHAR.

• Commissioning of Power Distribution Projects in Bihar, Madhya Pradesh, Maharashtra.

Full Scale Village Electrification work in Bihar on Turnkey Basis under RGGVY Location: Bihar

• Executed OHE 25kV, 50 Hz AC Railway Electrification Project between Sengottai & Punalur section of Tamil Nadu for CORE.

• Commissioned 220 kV Substation Bays for PGCIL at Samba in Jammu and Kashmir Region.

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SEGMENT CAPABILITIES : POWER

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Transmission Line & Substations up to Power Distribution Network
Smart Metering Connections
Substation - up to 765kV 400 kV 33kV/11kV
7 Projects 3 Projects 30 Projects 30,000 Connections
Extra High Voltage (EHV) Air Insulated Substations (AIS)
High Voltage Gas Insulated Substations (GIS)
14,492
10,63
0
Total Power Segment Order Book
~82%
₹ 3457.6 Crore
of Total Book
FY22 FY24
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*Including solar projects, As on 10[th] Nov, 2025

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SEGMENT CAPABILITIES : WATER, RAILWAYS AND SOLAR

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Segment Water Railway& Infra Solar EPC	Head	Description
	Scope of Work	• Designing, supplying, and constructing water treatment plants (WTP) • Building overhead service reservoirs (OHSR)and intake wells • Laying distribution pipe networksfor surface and underground drinking water projects • Implementing rainwater harvesting systemsand multi-village water supply schemes
	Key Projects	• Executing projects under the Jal Jeevan Mission (JJM) in states like Uttar Pradesh, Madhya Pradesh, and Chhattisgarh • Multi-village water supply schemes in districts such as Betul (Madhya Pradesh) and Baloda Bazar (Chhattisgarh) • Projects for drinking water supply in Uttar Pradesh, including Azamgarh, Sultanpur, and Raebareli districts
	Strategic Importance	• Company’s involvement in water infrastructure aligns with India’s growing focus on providing safe and potable water to rural households • VIKRAN’s has ability to deliver large-scale projects efficiently
	Scope of Work	• Overhead Electrification (OHE): Designing, supplying, and constructing OHE systems for railway electrification projects (25 kV, 50 Hz AC) • Traction Substations (TSS): Construction of 132 kV and 220 kV traction substations • Underground EHV Cabling: Laying underground extra-high voltage (EHV) cables for railway projects • Signaling and Telecommunication: Implementation of signaling systems for railway operations
	Key Projects	• Electrification of the Sengottai-Punalur section in Tamil Nadu, including OHE and TSS works • Construction of a 132 kV transmission line for the Banka Traction Substation in Bihar • Underground cabling projects in Bhachau, Gujarat, and other locations
	Strategic Importance	• Railway infrastructure segment contributes to the company’s diversification strategy, reducing reliance on its core power T&D business • Segment, contributing only 1.4% of VIKRAN's FY 2024 revenue, is set for growth due to rising railway electrification and high-speed rail projects
	Capacity	• Undertaking solarPV projects up to 2 GWp • BoS projects for solar power plantsup to 1 GWp
	Strategic Importance	• Company’s entry into the solar EPC sector aligns with India’s push for renewable energy and sustainability • Diversification reduces reliance on traditional infrastructure projects and positions VIKRAN to capitalize on the growing demand for solar energy solutions

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~~O~~ verview

INDIAN EPC INDUSTRY SCENARIO

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Overall Investments in India (Rs Trillion) Sector wise share of investments
Infrastructure Industrial Building Construction
FY26-29P 20% 13% 20% 12% 3% 16% 16%
24
26
18
23
FY19-25 17% 12% 16% 11% 6% 17% 21%
100
70
Roads Rlwys Power Water Other Infra Building Const. Industrial Const.
FY19-25 FY26-29P
Investments in Power Sector
Distribution,
14%
Distribution,
27%
Projects Mode ₹ 19-21 ₹ 29-30
Non-EPC wise Breakup Trillion Transmission, 17% Trillion
Investments of Investments FY19-25 FY26-29P
, 60%
EPC Generation,
Investments… Transmission, Generation, 69%
16% 57%
Source: Industry Report from CRISIL
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INDIAN POWER INDUSTRY SCENARIO

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India’s Peak Power Demand (in Billion Units)
2,500 12.0%
9.6%
CAGR 5-7% 10.0%
2,000 8.2%
7.6%
4.2% 8.0%
1,500
5.1% 1.3% -1.2% 6.5% 6.0%
4.0%
1,000
2.0%
500
0.0%
0 -2.0%
FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26P FY27 FY28 FY30P
1,275 1,291 1,276 1,380 1,512 1,627 1,695 1,800 2,265
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Total Transmission Length in India (above 220kV) in ‘00,000 ckm

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4.9
4.9
4.7
4.6
4.4
4.3
4.1
FY19 FY20 FY21 FY22 FY23 FY24 FY25
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Source: Industry Report from CRISIL

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Estimated Installed Capacity Addition by FY29 (in GW)
FY30P 250 40 375 70 50
FY25 215 32 172 56
Coal Other Fossil Renewable Other Non-Fossil Storage
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Substation Capacity in India (in mn MVA)
13.4
12.5
11.8
11.0
10.3
9.7
9.0
FY19 FY20 FY21 FY22 FY23 FY24 FY25
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INDIAN WATER EPC INDUSTRY SCENARIO

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Investment in Water Sector in India (Irrigation + WSS)
( ₹ trillion) 14.0
12.3
FY19-25 FY26-30P
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Status of Tap Water Supply for Households across India

as on 11th July 2025

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~77.8% of rural households in India
having tap water supply in their
homes
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Non-EPC Investments,
25%
Projects Mode
wise Breakup of
Investments
EPC Investments, 85%
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Har Ghar Jal Reported States/UTs Har Ghar Jal Certified States/UTs
0% - 10% 11% - 25% 26% - 50% 51% - 75% 76% - 100% 100%
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Source: Industry Report from CRISIL

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INDIAN RAILWAY INDUSTRY SCENARIO

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Investment in Railway Sector in India
(₹ trillion) 16.0
12.5
FY19-25 FY25-29P
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Investment in Metro Sector in India
1.7
0.8
FY19-23 FY24-28P
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Non-EPC Investments, 5%
Projects
Mode wise
Breakup of
Investments
EPC Investments, 95%
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Source: Industry Report from CRISIL

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Status of High Speed Rail Projects in India
Chennai - mysore Mumbai - Hyderabad
Mumbai - Nagpur Varanasi - Howrah
Delhi - Amritsar Delhi - Ahmedabad
Delhi - Varanasi
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Mumbai - Ahmedabad
Detail Project report
Under construction
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~~A~~ head

FURTHER SCALE UP THE OPERATIONS THROUGH VARIOUS STRATEGIC INITIATIVES

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Action Points to diversify further, scale up revenues and enhance margins

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Further strengthen our presence in Power Transmission and Distribution and Solar Sector

• Leveraging our experience in the power transmission and distribution sector, we intend to undertake additional projects and undertake higher value projects in this segment

• We will also intend to further strengthen our substation and underground cabling businesses

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Selectively expand our geographical footprint globally

• We aim to expand into infrastructure EPC projects in the private sector and explore international markets, particularly in Asian (Focus in Middle east) and African countries

• As per International Energy Agency (IEA), world energy outlook 2023, there are around 600 million people without access to electricity in Africa and they constitute around 80% of the global population without access

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Expand our EPC portfolio into other EPC sectors

• To enhance our business growth, we plan to expand our presence in various verticals, including railways and metros. This is expected to diversify our offerings, reduce dependency on existing services, and target higher-margin opportunities with lower working capital requirements

• We are set to expand into the Solar EPC by undertaking turnkey projects for Solar PV Systems up to 2 GWp and Balance of System projects for Solar Power plants up to 1 GWp

• Exploring projects in installations of Data Centres and Smart metering

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Capitalizing on Government initiatives and policies

• Aligning with the National Solar Mission and high-speed rail projects, the company targets solar EPC and bullet train power supply contracts

• Leverage government programs like AIBP and Pradhan Mantri Sahaj Bijli Har Ghar Yojana to expand in water and power distribution, driving growth and geographic diversification

• Aligning with Jal Jeevan Mission and RDSS to enable large-scale rural electrification and water supply projects

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Thank You !

For more information please contact,

Vikran Engineering Ltd 401, Odyssey I.T. Park, Road No. 9, Wagle Industrial Estate, Thane (W) – 400604, Maharashtra

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Mr. Sumit Kinikar / Mr. Bhavya Aggarwal Sumit.Kinikar@adfactorspr.com / bhavya.aggarwal@adfactorspr.com