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Vikran Engineering Limited Investor Presentation 2026
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Investor Presentation
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VIKRAN ENGINEERING LIMITED
(Formerly Known as VIKRAN ENGINEERING & EXIM PRIVATE LIMITED)
Date: 25th May 2026
| To, The Secretary BSE Limited Corporate Relationship Department, Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai-400001. (Script Code: Equity - 544496) | To, The Secretary National Stock Exchange of India Limited Listing Department, Exchange Plaza, Bandra-Kurla Complex, Bandra (E), Mumbai -400051. (Script Symbol: VIKRAN) |
|---|---|
Dear Sir/Madam,
Sub: Revised Investor Presentation- Disclosure under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Dear Sir/Madam,
With reference to our earlier intimation dated 22nd May 2026 regarding submission of the Investor Presentation for Q4 and financial year ended 31st March, 2026, we wish to inform you that certain revisions have been made in the said Investor Presentation.
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"), please find enclosed herewith the revised Investor Presentation of the Company for the quarter and year ended 31st March, 2026.
The revised presentation supersedes the presentation submitted earlier on 22nd May 2026.
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: 2026.05.25 10:24:43 +05'30'
Kajal Rakholiya
Company Secretary and Compliance Officer
Mem. No. A45271
Place: Thane
Encl.: as above
Registered Office: B-2 & B-3, B Wing, 3rd Floor, Ashar IT Park, Road No.16-Z, Wagle Industrial Estate, Thane - 400604.
CIN: L93000MH2008PLC272209 • Email: [email protected] • Tel.: 022-68693200
www.vikrangroup.com
VIKRAN
ENGINEERING LIMITED
Investor Presentation May 2026
SAFE HARBOR
VIKRAN ENGINEERING LIMITED
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.
Investor Presentation May 2026
VIKRAN ENGINEERING LIMITED
TABLE OF CONTENTS
04
Financial & Operational Highlights
13
Company Overview
21
Business Verticals
29
Way ahead
Investor Presentation May 2026
Financial Highlights
VIKRAN ENGINEERING LIMITED
MANAGEMENT COMMENT
Rakesh Ashok Markhedkar
Promoter & CMD
FY26 has been a defining year for Vikran Engineering as we strengthened our position across high-growth infrastructure segments, particularly Solar EPC. The scale-up in our order book reflects growing customer confidence in our execution capabilities and our ability to participate meaningfully in India's energy transition journey.
During the year, we also expanded our renewable energy footprint through strategic investments that complement our EPC capabilities and strengthen our participation across the clean energy value chain.
As we move into FY27, our focus remains on disciplined execution, margin improvement, operational efficiencies, and calibrated expansion across Power T&D, Solar and Data Center. We believe the Company is well positioned to benefit from the strong capex cycle underway in India's infrastructure and renewable energy sectors.
With a robust bidding pipeline, improving execution visibility and a strong emphasis on governance and risk management, we remain confident about building a scalable and sustainable growth platform over the medium term. We are also evaluating opportunities in select international markets to further diversify our growth trajectory.
Investor Presentation May 2026
VIKRAN ENGINEERING LIMITED
FINANCIAL SNAPSHOT
(₹ in Cr)
Revenue from Operations
EBITDA & EBITDA Margin*
PAT & PAT Margin
Revenue from Operations
EBITDA & EBITDA Margins
PAT & PAT Margin
*EBITDA is calculated excluding Other Income
Investor Presentation May 2026
VIKRAN ENGINEERING LIMITED
CONSOLIDATED PROFIT & LOSS STATEMENT
| Particulars (₹ Cr) | Q4 FY26 | Q4 FY25 | YoY (%) | Q3 FY26 | QoQ (%) | FY26 | FY25 | YoY (%) |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 647.4 | 355.4 | 82.2% | 266.5 | 143.0% | 1,249.3 | 915.8 | 36.4% |
| Other income | 6.8 | 4.0 | 6.5 | 16.9 | 6.5 | |||
| Total income | 654.2 | 359.3 | 82.1% | 273.0 | 139.7% | 1,266.2 | 922.4 | 37.3% |
| Cost of materials consumed | 258.4 | 165.0 | 69.8 | 482.8 | 483.7 | |||
| Project-related expense | 256.2 | 91.3 | 121.3 | 435.4 | 160.4 | |||
| Employee benefits expense | 22.7 | 17.6 | 20.9 | 83.8 | 67.6 | |||
| Other expenses | 17.9 | 13.6 | 19.6 | 72.2 | 43.9 | |||
| EBITDA* | 92.2 | 67.9 | 35.9% | 34.9 | 164.5% | 175.1 | 160.2 | 9.3% |
| EBITDA Margin (%) | 14.2% | 19.1% | 13.1% | 14.0% | 17.5% | |||
| Depreciation and amortisation | 1.0 | 0.6 | 1.2 | 3.4 | 3.0 | |||
| Finance Cost | 20.0 | 15.5 | 13.1 | 66.4 | 53.6 | |||
| Exceptional Item | 0.0 | 0.0 | 1.2 | 1.2 | ||||
| Profit before tax | 77.9 | 55.7 | 39.9% | 25.9 | 200.6% | 121.0 | 110.2 | 9.8% |
| Tax | 21.9 | 17.9 | 5.0 | 29.3 | 32.4 | |||
| Profit After Tax | 56.0 | 37.8 | 48.3% | 20.9 | 167.7% | 91.7 | 77.8 | 17.8% |
| PAT Margin (%) | 8.6% | 10.6% | 7.8% | 7.3% | 8.5% | |||
| EPS | 2.17 | 2.06 | 0.81 | 4.05 | 4.35 |
*EBITDA is calculated excluding Other Income
Investor Presentation May 2026
VIKRAN
ENGINEERING LIMITED
CONSOLIDATED BALANCE SHEET AS ON
| Particulars (₹ Cr) | 31-Mar-26 | 31-Mar-25 |
|---|---|---|
| Property, plant and equipment | 10.8 | 9.0 |
| Investment properties | 2.1 | 2.1 |
| Intangible assets | 0.2 | 0.2 |
| Right-of-use assets | 8.4 | 1.5 |
| Trade Receivables | 29.3 | 29.3 |
| Other financial assets | 14.7 | 20.7 |
| Deferred tax assets (net) | 30.1 | 15.2 |
| Non-current tax assets (net) | 1.1 | 1.8 |
| Other non-current assets | 12.3 | 11.9 |
| Total non-current assets | 109.1 | 91.8 |
| Inventories | 79.9 | 59.9 |
| Investments | 1.2 | 1.1 |
| Trade receivables | 1,013.1 | 605.0 |
| Cash and cash equivalents | 33.3 | 2.5 |
| Bank balances other than above | 186.5 | 64.6 |
| Loans | 54.2 | 2.0 |
| Other financial assets | 72.7 | 11.5 |
| Contract assets | 863.9 | 466.4 |
| Other current assets | 89.7 | 49.8 |
| Total current assets | 2,394.5 | 1,262.9 |
| Total assets | 2,503.5 | 1,354.7 |
| Particulars (₹ Cr) | 31-Mar-26 | 31-Mar-25 |
| --- | --- | --- |
| Equity share capital | 25.8 | 18.4 |
| Other equity | 1,211.6 | 449.5 |
| Total Equity | 1,237.4 | 467.9 |
| Long – Term Borrowings | 45.8 | 31.9 |
| Lease liabilities | 6.9 | 0.8 |
| Provisions | 3.8 | 3.6 |
| Total Non - Current Liabilities | 56.5 | 36.3 |
| Borrowings | 246.4 | 241.0 |
| Lease liabilities | 1.8 | 0.7 |
| Trade payables | 788.4 | 477.6 |
| Other financial liabilities | 8.2 | 17.1 |
| Other current liabilities | 130.5 | 70.7 |
| Provisions | 6.7 | 7.4 |
| Current tax liabilities (net) | 27.6 | 36.0 |
| Total Current Liabilities | 1,209.6 | 850.5 |
| Total Equity and Liabilities | 2,503.5 | 1,354.7 |
Investor Presentation May 2026
VIKRAN ENGINEERING LIMITED
ORDER BOOK
| ¥ in Cr | As on 31^{st} Mar, 2026 | As on 31^{st} Mar, 2025 | ||
|---|---|---|---|---|
| Vertical | Order Book | % Order Book | Order Book | % Order Book |
| Solar | 2,825.1 | 54.2% | - | - |
| Power T&D | 1,705.8 | 32.8% | 1,237.4 | 60.5% |
| Water | 634.4 | 12.2% | 764.6 | 37.4% |
| Railway | 40.7 | 0.8% | 42.3 | 2.1% |
| Total | 5,206.0 | 100.0% | 2,044.3 | 100.0% |
Total Order Book as on 22nd May, 2026
~~5,737 Cr*~~
49% Solar
39% Power T&D
11% Water Infrastructure
1% Railway Infrastructure
Private Sector, 51%
*We are executing additional Solar EPC order of ~ Rs 1400 Crs with NOPL Solar Projects Private Limited.
Client Type mix in the Order Book
PSUs, 17%
Investor Presentation May 2026
VIKRAN
ENGINEERING LIMITED
STRATEGIC ACQUISITION OF NOPL SOLAR PROJECTS
Transforming Vikran into an Integrated Renewable Energy Platform
Business Transformation
- Strategic transition from a pure-play EPC contractor to an integrated renewable energy infrastructure company
- Establishes long-term annuity-based revenue visibility
- Diversifies business model beyond execution-led revenues
Enhanced Earnings Quality
- Creates stable and predictable long-duration cash flows
- Improves revenue visibility and strengthens operating cash flow profile
- Enhances overall earnings sustainability through recurring income streams
Strong Strategic Synergies
- Enables to capture value across the entire renewable value chain
- Enhances project execution control, operational efficiency, and quality assurance
- Enables scalable expansion in distributed solar infrastructure opportunities
Improved business resilience
- Reduces dependence on cyclical EPC order inflows
- Builds a more resilient and diversified revenue model
- Strengthens long-term business sustainability
Investor Presentation May 2026
VIKRAN
ENGINEERING LIMITED
LONG TERM VALUE CREATION
| Particulars | Details |
|---|---|
| Target Investment | 969 MW PM-KUSUM Solar Portfolio |
| Acquisition Structure | 100% Ownership |
| Total Project Cost | ₹4,200 Cr |
| PPA Tenure | 25 Years |
| Off-taker | MSEDCL |
| Tariff | ₹3.074/kWh |
Strong Earnings & Cashflow Visibility
- Average annual revenue potential of ~₹525+ Cr
- Average EBITDA generation of ~₹450+ Cr
- EBITDA margins of ~85-88%
Strong Execution & Scalability Advantage
- 80% land secured
- 100+ installation partners identified
- Distributed solar model reduces land & transmission risk
Government Backed De-risked Model
- 25-year signed PPA with MSEDCL
- ₹1,017 Cr Central Financial Assistance under PM-KUSUM
Investor Presentation May 2026
Company Overview
VIKRAN ENGINEERING LIMITED
ABOUT THE COMPANY
One of India's fast-growing, diversified EPC companies, providing concept-to-commissioning solutions across key infrastructure sectors
Diversified Presence
Power Transmission & Distribution
Solar EPC Projects
Water Infrastructure
Railway Electrification
PAN India Presence
45 completed projects across 14 states; currently active in 16 states with 190+ project and store locations
Robust Order Book
Over ₹ 5,737 Cr as of 22nd May, 2026
Operational Efficiency
Asset-light model, 3,500+ supplier network, and strong cost control
Experienced Leadership
Promoters with over 71 years of cumulative industry experience, supported by a professional management team
Investor Presentation May 2026
JOURNEY
VIKRAN ENGINEERING LIMITED
| 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|
| Serviced first order from NTPC Ltd. for a project in Kupwara, J&K | 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 1^{st} solar EPC orders from Ellume Energy | |||
| Secured 400 MW Solar project from NTPC Renewable Energy | Completed acquisition of 100% stake in NOPL Solar Projects Private Limited | ||
| Two Letters of Award received from MSEDCL | |||
| Execution of PPA with MP Urja Vikas Nigam Limited for 45.5 MW | |||
| 2022 | 2022 | 2020 | |
| 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. | • 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 | |||
| 2014 | 2015 | 2016 | 2018 |
| Acquisition by Markhedkar Family in Nov - 2014 | 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. |
Investor Presentation May 2026
VIKRAN ENGINEERING LIMITED
OUR EXECUTIVE BOARD OF DIRECTORS AND KMPS
Experienced Promoters backed by Senior Leadership Team
Rakesh Ashok Markhedkar, Promoter & CMD
- Experience of over 35 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 34 years of experience; Had worked with companies such as Grasim Cement and UltraTech Cement
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 10 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 19 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 35 years of experience; worked with organisations such as BARC, Siemens, Sterling and Wilson, and KEC International.
Investor Presentation May 2026
VIKRAN ENGINEERING LIMITED
OUR EXECUTIVE BOARD OF DIRECTORS AND KMPS
Experienced Promoters backed by Senior Leadership Team
Kanchan Rakesh Markhedkar, Chief Human Resource Officer
- Leading the Human Resources and Administration functions across the Head Office and project sites.
- Focuses on talent development, compliance, and culture building
- ensuring robust HR practices and administrative excellence to support the Company's rapid growth and nationwide operations.
Vipul Markhedkar, Chief Business Officer (CBO)
- Holds MBA (Finance) from NMIMS, Mumbai,
- Plays a pivotal role in driving the Company's business growth initiatives, operational strategy, and process optimization
- Proven ability to identify new opportunities, build strategic partnerships, and streamline operations, he has been instrumental in strengthening the Company's market position
Kajal Rakholiya, Company Secretary & Compliance Officer
- Previously associated with HJT & Associates, Chartered Accountants, Walchand Peoplefirst Limited and Majestic Research Services and Solutions Limited.
- Over 10 years of experience in secretarial roles
Investor Presentation May 2026
VIKRAN ENGINEERING LIMITED
BRIEF PROFILE OF INDEPENDENT DIRECTORS
Rakesh Sharma, Independent Director
- 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 35 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 40 years.
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 22 years.
Investor Presentation May 2026
VIKRAN ENGINEERING LIMITED
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
HIGHEST FINANCIAL PERFORMANCE & MARGINS
- Achieved Highest EBITDA Margin, ROCE, and ROE among peers
- Demonstrated Fastest Revenue CAGR (33.57% during FY23-26)
- Asset Light Model uses equipment leasing to lower costs and boost efficiency
- Bank Loan rated by India Rating at IND A-
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 58.74x in FY26
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
1 CRISIL
Investor Presentation May 2026
VIKRAN ENGINEERING LIMITED
GEOGRAPHICAL PRESENCE
| 22
Unique States Served till date | 3,500+
Suppliers' Network & Relationships PAN
India |
| --- | --- |
| 190
Active Sites as on 31st March 2026 | Asset Light
Model for Equipment and Machineries |
To Expand into Middle East in the Private Sector EPC Projects
Investor Presentation May 2026
VEY CLIENTELE
VIKRAN
ENGINEERING LIMITED
Governments / Public Sector Undertakings (PSUs)
| एनडीपीसी
NTPC | | पावरहाउ
POWERGRID | | SB
Illuminating Lives | | V6
ELECTRONICS | |
| --- | --- | --- | --- | --- | --- | --- | --- |
| TATRANSCO
TECHNOLOGY OF THE CENTRAL INVESTMENT | | PRED
TECHNOLOGY OF THE CENTRAL INVESTMENT | | State Water & Sanitation Mission
Water Supply & Sanitation Dept., Govt. of Maharashtra | | Indian Pradees and Sanitation Mission
Indian Water & Sanitation Dept.
TATRANSCO | |
| एसजेवीएन
SJVN | MAHAVITARAN
Maharashtra State Electricity Distribution Co. Ltd. | | | MAHATRANSCO
Maharashtra State Electricity Transmission Co. Ltd | Andhra Pradesh Central Power Distribution Corporation Limited | | |
| | जम्मा राशि वितरण (काम्मी लिमिटेड)
ASSAM POWER DISTRIBUTION COMPANY LIMITED | | | | | | |
Investor Presentation May 2026
Business
Verticals
VIKRAN ENGINEERING LIMITED
BUSINESS AREAS
Experience
Power Transmission & Distribution
- Transmission lines- HV
- Substations- AIS & GIS
- Power Distribution Network
- Smart Metering
Solar EPC Projects
- Water Pump Installation
- Ground Mounted Solar Projects
Railway Infrastructure
- Overhead Electrification
- Traction Sub-Station
Water Infrastructure
- Drinking Water Projects
- Water Distribution projects
Diversification reduces reliance on a single revenue stream, cushioning against market fluctuations and cyclical shifts
Renewable Energy
Metro Infrastructure
Industrial Projects
Data Centers
Investor Presentation May 2026
VIKRAN ENGINEERING LIMITED
POWER TRANSMISSION, SUBSTATION & DISTRIBUTION
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)
Investor Presentation May 2026
VIKRAN ENGINEERING LIMITED
WATER INFRASTRUCTURE
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
Betul, MP
₹254.34 Cr project under Har Ghar Jal Yojana
Chhattisgarh
₹87.41 Cr project under Har Ghar Jal Yojana
Investor Presentation May 2026
VIKRAN ENGINEERING LIMITED
RAILWAY INFRASTRUCTURE
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.
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
Landmark Projects
- 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
Investor Presentation May 2026
VIKRAN ENGINEERING LIMITED
GLIMPSE OF SOME OF THE KEY PROJECTS EXECUTED (1/2)
Purpose: Power Distribution work in Arunachal Pradesh Intra State
Description: Design, Supply & Construction of 132kV Transmission Line in NER & Sikkim from PGCIL
OHE 25kV, 50 Hz AC Railway Electrification Project between Sengottal & Punalur section of Tamil Nadu for CORE
Location: Tamil Nadu
765 kV AIS Bays / 400 kV Bays in Raipur Substation for Power Grid Corporation of India Limited
Location: Raipur
Purpose: Power distribution work in Kupwara, Kashmir
Description: Loss Reduction Work under RDSS scheme from NTPC.
EPC, Testing, Commissioning, Trial Run and O&M of Various Components of Ghogri
Multi-Village Scheme, District Betul in Single Package on 'Turn-Key Job Basis' of the Entire Water Supply Scheme for 10 Years
Location: Madhya Pradesh
90 KM of Ashta - Ujjain 400 kV DCDS Transmission Line on twin Moose Conductor for MPPTCL
Location: Ujjain, Madhya Pradesh
End-to-end turnkey solutions, including design, supply, installation, testing and commissioning
Investor Presentation May 2026
VIKRAN ENGINEERING LIMITED
GLIMPSE OF SOME OF THE KEY PROJECTS EXECUTED (2/2)
Substation Package SS-99 (ii) Augmentation of transformation capacity
by 1×500MVA, 400/220kV ICT under Augmentation of transformation Capacity by 1×500MVA, 400/220kV ICT
Location: Pavagoda, Karnataka
Full Scale Village Electrification work in Bihar on Tunkley Boils under KGGVT
Location: Bihar
Solar project commissioned in Maharashtra of 20 MW (in April 2026)
Location: Bajrangwadi, Maharashtra
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.
- 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.
Investor Presentation May 2026
VIKRAN
ENGINEERING LIMITED
Vertical CAPABILITIES : POWER
Extra High Voltage (EHV)
High Voltage
Air Insulated Substations (AIS)
Gas Insulated Substations (GIS)
Total Power Vertical Order Book®
₹ 4,530.9 Crore
~88% of Total Book
*Including solar projects, As on 31st Mar, 2026
Investor Presentation May 2026
VIKRAN
ENGINEERING LIMITED
Vertical CAPABILITIES : WATER, RAILWAYS AND SOLAR
| Vertical | Head | Description |
|---|---|---|
| Water | Scope of Work | • Designing, supplying, and constructing water treatment plants (WTP) |
| • Building overhead service reservoirs (OHSR) and intake wells | ||
| • Laying distribution pipe networks for surface and underground drinking water projects | ||
| • Implementing rainwater harvesting systems and multi-village water supply schemes | ||
| Key Projects | • Executing projects under the Jai 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 | ||
| Railway& Infra | 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 Vertical contributes to the company's diversification strategy, reducing reliance on its core power T&D business Vertical, contributing only 1.4% of VIKRAN's FY 2024 revenue, is set for growth due to rising railway electrification and high-speed rail projects | |
| Solar EPC | Capacity | • Undertaking solar PV projects up to 2 GWp |
| • BoS projects for solar power plants up 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 |
Investor Presentation May 2026
Way Ahead
VIKRAN ENGINEERING LIMITED
FURTHER SCALE UP THE OPERATIONS THROUGH VARIOUS STRATEGIC INITIATIVES
Action Points to diversify further, scale up revenues and enhance margins
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 Vertical
- We will also intend to further strengthen our substation and underground cabling businesses
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
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 Centers and Smart metering
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
Investor Presentation May 2026
Thank You!
For more information please contact,
Vikran Engineering Ltd
B-2 & B-3, B Wing, 3rd
Floor, Ashar IT Park, Road No. 16-Z, Wagle Industrial
Estate, Thane – 400604
Investor Relations Advisors
AdfactorsPR
Mr. Sumit Kinikar / Mr. Shubham Sangle
Sumit [email protected] / [email protected]