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Vikran Engineering Limited — Regulatory Filings 2026
May 15, 2026
59110_rns_2026-05-15_74525c7e-76a5-429f-8562-8b8aac40e5b0.pdf
Regulatory Filings
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VIKRAN ENGINEERING LIMITED
(Formerly Known as VIKRAN ENGINEERING & EXIM PRIVATE LIMITED)
Date: 15th May 2026
| To,
The Secretary
BSE Limited
Corporate Relationship Department,
Phiroze Jeejeebhoy Towers, Dalal Street,
Mumbai-400001.
(Scrip Code: Equity - 544496) | To,
The Secretary
National Stock Exchange of India Limited
Listing Department,
Exchange Plaza, Bandra-Kurla Complex,
Bandra (E), Mumbai -400051.
(Scrip Symbol: VIKRAN) |
| --- | --- |
Dear Sir/Madam,
Sub.: Monitoring Agency Report for the quarter ended 31st March 2026
Pursuant to Regulation 32(6) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations"), read with Regulation 41(1) of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, please find enclosed herewith the Monitoring Agency Report dated 14th May 2026 for the quarter ended 31st March 2026, issued by Care Ratings Limited, Monitoring Agency appointed by Company, in respect of utilization of proceeds of the Initial Public Offer of the Company.
This is for your information and records.
Thanking You.
Yours faithfully,
FOR VIKRAN ENGINEERING LIMITED
KAJAL
SAGAR
RAKHOLIYA
Digitally signed by
KAJAL SAGAR
RAKHOLIYA
Date: 2026.05.15
20:33:46 +05'30'
Kajal Rakholiya
Company Secretary and Compliance Officer
Mem. No. A45271
Place: Thane
Encl.: as above
Registered & Corporate Office : 401, Odyssey I.T. Park, Road No. 9, Wagle Industrial Estate, Thane, Maharashtra - 400604.
CIN L93000MH2008PLC272209 • Email : [email protected] • Tel.: 022-6869 3200
www.vikrangroup.com
Monitoring Agency Report
CareEdge
RATINGS
No. CARE/PRO/GEN/2026-27/1021
The Board of Directors
Vikran Engineering Limited
401, Odyssey I.T. Park, Road No. 9,
Wagle Industrial Estate,
Thane (W), Maharashtra - 400604
May 14, 2026
Dear Sir/Ma’am,
Monitoring Agency Report for the quarter ended March 31, 2026 - in relation to the IPO of Vikran Engineering Limited (“the Company”)
We write in our capacity of Monitoring Agency for the IPO for the amount aggregating to Rs.721 crore of the Company and refer to our duties cast under Regulation 41 of the Securities & Exchange Board of India (Issue of Capital & Disclosure Requirements) Regulations.
In this connection, we are enclosing the Monitoring Agency Report for the quarter ended March 31, 2026 as per aforesaid SEBI Regulations and Monitoring Agency Agreement dated August 18, 2025.
Request you to kindly take the same on records.
Thanking you,
Yours faithfully,
Ashish Kashalkar
Ashish [email protected]
Careedge RATINGS
Report of the Monitoring Agency
Name of the issuer: Vikran Engineering Limited
For quarter ended: March 31, 2026
Name of the Monitoring Agency: CARE Ratings Limited
(a) Deviation from the objects: No deviation
(b) Range of Deviation: Not Applicable
Declaration:
We declare that this report provides an objective view of the utilization of the issue proceeds in relation to the objects of the issue based on the information provided by the Issuer and information obtained from sources believed by it to be accurate and reliable. The MA does not perform an audit and undertakes no independent verification of any information/ certifications/ statements it receives. This Report is not intended to create any legally binding obligations on the MA which accepts no responsibility, whatsoever, for loss or damage from the use of the said information. The views and opinions expressed herein do not constitute the opinion of MA to deal in any security of the Issuer in any manner whatsoever. Nothing mentioned in this report is intended to or should be construed as creating a fiduciary relationship between the MA and any issuer or between the agency and any user of this report. The MA and its affiliates also do not act as an expert as defined under Section 2(38) of the Companies Act, 2013.
The MA or its affiliates may have credit rating or other commercial transactions with the entity to which the report pertains and may receive separate compensation for its ratings and certain credit related analyses. We confirm that there is no conflict of interest in such relationship/interest while monitoring and reporting the utilization of the issue proceeds by the issuer, or while undertaking credit rating or other commercial transactions with the entity.
We have submitted the report herewith in line with the format prescribed by SEBI, capturing our comments, where applicable. There are certain sections of the report under the title "Comments of the Board of Directors", that shall be captured by the Issuer's Management / Audit Committee of the Board of Directors subsequent to the MA submitting their report to the issuer and before dissemination of the report through stock exchanges. These sections have not been reviewed by the MA, and the MA takes no responsibility for such comments of the issuer's Management/Board.
Signature: Ashish Kashalkar
Name and designation of the Authorized Signatory: Ashish Kashalkar
Designation of Authorized person/Signing Authority: Associate Director
Careedge RATINGS
1) Issuer Details:
Name of the issuer : Vikran Engineering Limited
Name of the promoter : Rakesh Ashok Markhedkar, Avinash Ashok Markhedkar and Nakul Markhedkar
Industry/sector to which it belongs : Construction - Civil Construction
2) Issue Details
Issue Period : August 26, 2025 to August 29, 2025
Type of issue (public/rights) : Public
Type of specified securities : Equity shares
IPO Grading, if any : Not Applicable
Issue size (in `crore) : Rs.721.00 crore
3) Details of the arrangement made to ensure the monitoring of issue proceeds:
| Particulars | Reply | Source of information / certifications considered by Monitoring Agency for preparation of report | Comments of the Monitoring Agency | Comments of the Board of Directors |
|---|---|---|---|---|
| Whether all utilization is as per the disclosures in the Offer Document? | Yes | Prospectus, Board Resolution, Bank statements, Sample invoices and Management Certificate | • The utilization of proceeds is as per the disclosures in the offer document. | |
| • As per the board resolution dated November 10, 2025, the quantum of utilization of funds towards the purposes under GCP is determined, and the same has been utilized subsequent to the board resolution in line with the approved allocation. | ||||
| • The funds utilized towards working capital and GCP were routed through cash credit (CC) accounts, including transfers between different CC accounts. These accounts also contained numerous other transactions, resulting in commingling of funds (Details of the same are provided in Table-4 (ii) - Progress in the objects). | Comments are mentioned in table-4(ii) - Progress in the objects. | |||
| Whether shareholder approval has been obtained in case of material deviations# from | Not applicable | Prospectus and Management Certificate | Nil | No Comments |
CareEdge
RATINGS
| Particulars | Reply | Source of information / certifications considered by Monitoring Agency for preparation of report | Comments of the Monitoring Agency | Comments of the Board of Directors |
|---|---|---|---|---|
| expenditures disclosed in the Offer Document? | ||||
| Whether the means of finance for the disclosed objects of the issue have changed? | No | Prospectus and Management Certificate | Nil | No Comments |
| Is there any major deviation observed over the earlier monitoring agency reports? | No | Prospectus and Management Certificate | No major deviation observed | No Comments |
| Whether all Government/statutory approvals related to the object(s) have been obtained? | Not applicable | Prospectus and Management Certificate | Not applicable | No Comments |
| Whether all arrangements pertaining to technical assistance/collaboration are in operation? | Not applicable | Prospectus and Management Certificate | Not applicable | No Comments |
| Are there any favorable/unfavorable events affecting the viability of these object(s)? | No | Prospectus and Management Certificate | Nil | No Comments |
| Is there any other relevant information that may materially affect the decision making of the investors? | Yes | Prospectus, Bank Statements and BSE Corporate Announcements | The company has disproportionately spent towards working capital requirements, utilizing its IPO net proceeds entirely towards working capital purposes (including utilization under GCP for working capital purposes), despite marginal growth in total operating income during 9MFY26. CARE Ratings Limited (CareEdge Ratings') notes that the funds under working capital purpose were to be utilized till March 31, 2027, however the company has utilized entire funds by March 31, 2026. | The net proceeds from the IPO have been utilized strictly in accordance with the objects stated in the Prospectus. Although the Prospectus contemplated utilization of the funds earmarked for working capital requirements up to March 31, 2027, the Company fully utilized these funds by March 31, 2026. This accelerated utilization was driven by the Company securing a higher number of projects than originally anticipated, which increased working capital requirements and resulted in earlier deployment of the IPO proceeds. |
Where material deviation may be defined to mean:
a) Deviation in the objects or purposes for which the funds have been raised
b) Deviation in the amount of funds actually utilized by more than 10% of the amount projected in the offer documents.
CareEdge
RATINGS
4) Details of objects to be monitored:
(i) Cost of objects -
| Sr. No | Item Head | Source of information / certifications considered by Monitoring Agency for preparation of report | Original cost (as per the Offer Document) in Rs. Crore | Revised Cost in Rs. Crore | Comments of the Monitoring Agency | Comments of the Board of Directors | ||
|---|---|---|---|---|---|---|---|---|
| Reason for cost revision | Proposed financing option | Particulars of - firm arrangements made | ||||||
| 1 | Funding working capital requirements of Company | CA Certificate* and Prospectus^ | 541.00 | Not Applicable | Not Applicable | No Comments | No Comments | No Comments |
| 2 | General Corporate Purposes | CA Certificate* and Prospectus^ | 129.97 | Not Applicable | Not Applicable | No Comments | No Comments | No Comments |
| 3 | Issue related expenses | CA Certificate* and Prospectus^ | 50.03~ | Not Applicable | Not Applicable | No Comments | No Comments | No Comments |
| Total | 721.00 |
*The above details are verified by CA certificate issued to the company and shared with MA dated May 04, 2026.
As per the CA certificate, it provides limited assurance to the details in the certificate and states "The procedures performed in a limited assurance engagement vary in nature and timing from and are less in extent than for, a reasonable assurance engagement and consequently, the level of assurance obtained in a limited assurance engagement is substantially lower than the assurance that would have been obtained had a reasonable assurance engagement been performed".
CareEdge Ratings has not received the consent to disclose the name of the auditor who has issued the CA certificate.
^Sourced from Page no. 128 of the prospectus.
~Total issue expenses are estimated at Rs.53.57 crore (Rs.50.03 crore to be borne by the company towards fresh issue and Rs.3.54 crore to be borne by the promoter (OFS) as per the prospectus).
CareEdge
RATINGS
(ii) Progress in the objects –
| Sr. No | Item Head | Source of information/ certifications considered by Monitoring Agency for preparation of report | Amount as proposed in the Offer Document in Rs. Crore | Amount utilised in Rs. Crore | Total unutilised amount in Rs. crore | Comments of the Monitoring Agency | Comments of the Board of Directors | |||
|---|---|---|---|---|---|---|---|---|---|---|
| As at beginning of the quarter in Rs. Crore | During the quarter in Rs. Crore | At the end of the quarter in Rs. Crore | Reasons for idle funds | Proposed course of action | ||||||
| 1 | Funding working capital requirements of company | CA Certificate*, Prospectus, Bank statements, Management Certificate | 541.00 | 415.66 | 125.34 | 541.00 | 0.00 | In Q4FY26, the company utilized funds towards working capital requirements by transferring the proceeds from the Union Bank of India (UBI) monitoring account to the UBI CC account in multiple tranches. | ||
| On four occasions, the UBI CC account reflected a credit balance at the time of transfer and continued to remain in credit for periods ranging from 1 to 10 days. Subsequently, the account reflected a debit balance at the end of the quarter. | ||||||||||
| The transactions in the UBI CC account included payments to suppliers, statutory payments, salary payments and security deposits against orders. CareEdge Ratings has relied on management submissions and bank statements for identification of transactions pertaining to utilization towards working capital requirements. The CC account also contained numerous other transactions, resulting in commingling of funds. | The Company has taken banking limits under consortium banking and as per RBI guidelines, we are required to receive collections in the CC account from our clients. The credit balances observed at various times in the CC account, including the quarter-end debit balance in the UBI CC account, are on account of collections received in these accounts. The IPO proceeds credited to the CC accounts have been utilized strictly in accordance with the stated objects of the issue. | No Comments |
Careedge
RATINGS
| Sr. No | Item Head | Source of information/ certifications considered by Monitoring Agency for preparation of report | Amount as proposed in the Offer Document in Rs. Crore | Amount utilised in Rs. Crore | Total unutilised amount in Rs. crore | Comments of the Monitoring Agency | Comments of the Board of Directors | |||
|---|---|---|---|---|---|---|---|---|---|---|
| As at beginning of the quarter in Rs. Crore | During the quarter in Rs. Crore | At the end of the quarter in Rs. Crore | Reasons for idle funds | Proposed course of action | ||||||
| 2 | General Corporate Purpose | CA Certificate*, Prospectus, Board Resolution, Bank statements, Sample Invoices, Management Certificate | 129.97 | 0.00 | 129.97 | 129.97 | 0.00 | As per the board resolution dated November 10, 2025, the quantum of utilization of funds towards the purposes under GCP is determined, and the same has been utilized subsequent to the board resolution in line with the approved allocation. | ||
| In Q4FY26, the company utilized funds towards GCP for working capital requirements by transferring proceeds of Rs.0.47 crore from public issue account and Rs.129.50 crore from UBI CC account to Bank of Maharashtra (BOM) CC account. | ||||||||||
| On four occasions, the BOM CC account reflected a credit balance at the time of transfer and continued to remain in credit for periods ranging from 1 to 2 days. Subsequently, the account reflected a credit balance of Rs.24.18 crore at the end of the quarter. | ||||||||||
| Despite having credit balance at the end of the quarter in BOM CC account, the same is considered as utilized, basis CA certificate and management | The Company has taken banking limits under consortium banking and as per RBI guidelines, we are required to receive collections in the CC account from our clients. The credit balances observed at various times in the CC account, including the quarter-end credit balance in the BOM CC account, are on account of collections received in these accounts. The IPO proceeds credited to the CC accounts have been utilized strictly in accordance with the stated objects of the issue. | No Comments |
9
CareEdge
RATINGS
| Sr. No | Item Head | Source of information/ certifications considered by Monitoring Agency for preparation of report | Amount as proposed in the Offer Document in Rs. Crore | Amount utilised in Rs. Crore | Total unutilised amount in Rs. crore | Comments of the Monitoring Agency | Comments of the Board of Directors | |||
|---|---|---|---|---|---|---|---|---|---|---|
| As at beginning of the quarter in Rs. Crore | During the quarter in Rs. Crore | At the end of the quarter in Rs. Crore | Reasons for idle funds | Proposed course of action | ||||||
| submissions, having details of classification of expenses. The transactions in the BOM CC account include payments to suppliers primarily for purchase of raw materials. CareEdge Ratings has relied on management submissions and bank statements for identification of transactions pertaining to utilization towards GCP. The CC account also contained numerous other transactions, resulting in commingling of funds. | ||||||||||
| 3 | Issue related expenses | CA Certificate*, Prospectus, Bank statements, Invoices, Management Certificate | 50.03 | 49.52 | 0.51 | 50.03 | 0.00 | In Q4FY26, the company utilized Rs.0.93 crore towards issue-related expenses directly from the public issue account. On a proportionate basis, the issue expenses attributable to fresh issue amounted to Rs.0.87 crore. However, only Rs.0.51 crore has been considered as utilized towards the fresh issue, while the balance amount is to be borne by the selling shareholder (OFS), for which CareEdge Ratings has relied on the Management certificate. The CA certificate contains details relating to net proceeds, | No Comments | No Comments |
10
CareEdge
RATINGS
| Sr. No | Item Head | Source of information/ certifications considered by Monitoring Agency for preparation of report | Amount as proposed in the Offer Document in Rs. Crore | Amount utilised in Rs. Crore | Total unutilised amount in Rs. crore | Comments of the Monitoring Agency | Comments of the Board of Directors | |||
|---|---|---|---|---|---|---|---|---|---|---|
| As at beginning of the quarter in Rs. Crore | During the quarter in Rs. Crore | At the end of the quarter in Rs. Crore | Reasons for idle funds | Proposed course of action | ||||||
| which excludes issue expenses. For monitoring issue related expenses, CareEdge Ratings has relied on management certificate and invoices. | ||||||||||
| Total | 721.00 | 465.18 | 255.82 | 721.00 | 0.00 |
*The above details are verified by CA certificate issued to the company and shared with MA dated May 04, 2026.
As per the CA certificate, it provides limited assurance to the details in the certificate and states "The procedures performed in a limited assurance engagement vary in nature and timing from and are less in extent than for, a reasonable assurance engagement and consequently, the level of assurance obtained in a limited assurance engagement is substantially lower than the assurance that would have been obtained had a reasonable assurance engagement been performed".
CareEdge Ratings has not received the consent to disclose the name of the auditor who has issued the CA certificate.
(iii) Deployment of unutilized public issue proceeds: Not Applicable; The proceeds are fully utilized.
| Sr. No. | Type of instrument and name of the entity invested in | Amount invested (Rs. Crore) | Maturity date | Earning | Return on Investment (%) | Market Value as at the end of quarter (Rs. Crore) |
|---|---|---|---|---|---|---|
| NA | NA | NA | NA | NA | NA | NA |
The above details are verified by CA certificate issued to the company and shared with MA dated May 04, 2026.
As per the CA certificate, it provides limited assurance to the details in the certificate and states "The procedures performed in a limited assurance engagement vary in nature and timing from and are less in extent than for, a reasonable assurance engagement and consequently, the level of assurance obtained in a limited assurance engagement is substantially lower than the assurance that would have been obtained had a reasonable assurance engagement been performed".
CareEdge Ratings has not received the consent to disclose the name of the auditor who has issued the CA certificate.
CareEdge
RATINGS
(iv) Delay in implementation of the object(s)
| Objects | Completion Date | Delay (no. of days/ months) | Comments of the Board of Directors | ||
|---|---|---|---|---|---|
| As per the offer document | Actual | Reason of delay | Proposed course of action | ||
| Funding the working capital requirements of company | 31-03-2027 | 31-03-2026 | No delay | No Comments | No Comments |
| General Corporate Purpose | 31-03-2026 | 26-03-2026 | No delay | No Comments | No Comments |
| Issue related expenses | No timeline mentioned in prospectus | Not Applicable | Not Applicable | No Comments | No Comments |
5) Details of utilization of proceeds stated as General Corporate Purpose (GCP) amount in the offer document
| Sr. No | Item Head^ | Amount in Rs. Crore | Source of information / certifications considered by Monitoring Agency for preparation of report | Comments of Monitoring Agency | Comments of the Board of Directors |
|---|---|---|---|---|---|
| 1. | Working capital requirements | 129.97 | CA certificate*, Prospectus, Board Resolution, Bank statements, Sample Invoices and Management Certificate | In Q4FY26, the company utilized funds towards payments to suppliers, primarily for the purchase of raw materials, by transferring proceeds of Rs.0.47 crore from the public issue account and Rs.129.50 crore from the UBI CC account to the BOM CC account, resulting in commingling of funds. | |
| CareEdge Ratings has relied on management submissions and bank statements for identification of transactions pertaining to utilization towards GCP. | The IPO proceeds credited to the CC accounts have been utilized strictly in accordance with the stated objects of the issue, for Working Capital requirements in the ordinary course of business. | ||||
| Total | 129.97 |
*The above details are verified by CA certificate issued to the company and shared with MA dated May 04, 2026.
As per the CA certificate, it provides limited assurance to the details in the certificate and states "The procedures performed in a limited assurance engagement vary in nature and timing from and are less in extent than for, a reasonable assurance engagement and consequently, the level of assurance obtained in a limited assurance engagement is substantially lower than the assurance that would have been obtained had a reasonable assurance engagement been performed".
CareEdge Ratings has not received the consent to disclose the name of the auditor who has issued the CA certificate.
Careedge RATINGS
Section from the offer document related to GCP:
"Our Company proposes to deploy the balance Net Proceeds aggregating to ₹6,709.67 million towards general corporate purposes, subject to such amount not exceeding 25% of the Gross Proceeds, in compliance with the SEBI ICDR Regulations. The general corporate purposes for which our Company proposes to utilize Net Proceeds include funding strategic initiatives, funding growth opportunities, meeting fund requirements and other working capital requirements of our Company in the ordinary course of our business, strengthening marketing capabilities and brand building exercises, meeting corporate contingencies and expenses incurred in ordinary course of business, business development initiatives, funding growth opportunities, capital expenditure, including towards expansion/ development/ refurbishment/ renovation of our assets, branding and marketing initiatives, ongoing/new general corporate contingencies, meeting exigencies, brand building, meeting general, administrative and other business expenses, acquiring assets, etc., subject to compliance with applicable laws. The quantum of utilization of funds towards each of the above purposes will be determined by our Board, based on the amount actually available under this head and the business requirements of our Company and other relevant considerations, from time to time. Our Company's management, in accordance with the policies of our Board, shall have flexibility in utilizing surplus amounts, if any. In addition to the above, our Company may utilize the balance Net Proceeds towards any other expenditure considered expedient and as approved periodically by our Board or a duly appointed committee thereof, subject to compliance with applicable law. However, usage of funds will be as disclosed in the Objects of the Offer and any spill over from the intended Objects of the Offer to the general corporate purposes will not be carried out by the Company."
Note: As per the board resolution dated November 10, 2025, the quantum of utilization of funds towards the purposes under GCP is determined, and the same has been utilized subsequent to the board resolution in line with the approved allocation.
As per the board resolution dated November 10, 2025: "the consent of the Board be and is hereby accorded for the utilization of GCP funds of Rs.129.97 crore of the company, out of which upto Rs.10 crore shall be utilized towards expenses incurred in connection with the IPO of the company, and the balance towards working capital requirements in the ordinary course of business.
13
Careedge RATINGS
Disclaimers to MA report:
a) This Report is prepared by CARE Ratings Ltd (hereinafter referred to as “Monitoring Agency/MA”). The MA has taken utmost care to ensure accuracy and objectivity while developing this Report based on the information provided by the Issuer and information obtained from sources believed by it to be accurate and reliable. The views and opinions expressed herein do not constitute the opinion of MA to deal in any security of the Issuer in any manner whatsoever.
b) This Report has to be seen in its entirety; the selective review of portions of the Report may lead to inaccurate assessments. For the purpose of this Report, MA has relied upon the information provided by the management /officials/ consultants of the Issuer and third-party sources like statutory auditor/ internal auditor which is peer reviewed audit firm appointed by the Issuer believed by it to be accurate and reliable.
c) Nothing contained in this Report is capable or intended to create any legally binding obligations on the MA which accepts no responsibility, whatsoever, for loss or damage from the use of the said information. The MA is also not responsible for any errors in transmission and specifically states that it, or its directors, employees do not have any financial liabilities whatsoever to the users of this Report.
d) The MA and its affiliates do not act as a fiduciary. The MA and its affiliates also do not act as an expert to the extent defined under Section 2(38) of the Companies Act, 2013. While the MA has obtained information from sources it believes to be reliable, it does not perform an audit and undertakes no independent verification of any information/ certifications/ statements it receives from statutory auditors/ internal auditor which is peer reviewed audit firm (or from peer reviewed CA firms), lawyers, chartered engineers or other experts, and relies on in its reports.
e) The MA or its affiliates may have other commercial transactions with the entity to which the report pertains. As an example, the MA may rate the issuer or any debt instruments / facilities issued or proposed to be issued by the issuer that is subject matter of this report. The MA may receive separate compensation for its ratings and certain credit-related analyses, normally from issuers or underwriters of the instruments, facilities, securities or from obligors.