Bags single highest ever order of ₹1,642-Cr, Taking Order Book Beyond ₹4,000 Cr”
For H1FY26, 76.6% YoY growth in EBITDA & 132.9% growth in PAT
Mumbai : Vikran Engineering Limited (“Company”), one of India’s fast-growing EPC companies with presence across Power Transmission & Distribution, EHV Substation, Railway & Metro Electrification, and Water Segment today announced its un-audited financial results for the second quarter and half year ended September 30th, 2025.
Vikran Engineering Limited posted a strong second quarter with EBITDA nearly doubling and profit after tax rising over 4.4 times year-on-year, backed by improved execution and margin discipline. Operating margins expanded more than 600 basis points, reflecting tighter cost controls and project efficiencies. The company further deepened its clean energy play with two major Solar EPC wins — a ₹354 crore project from Ellume Energy MH Solar One and a marquee ₹1,642 crore order from Carbonminus Maharashtra One — taking its consolidated order book past ₹4,000 crore and cementing its position among India’s emerging multi-sector EPC players.
Key Consolidated Highlights:
| Particulars (₹ Cr.) | Q2 FY26 | Q2 FY25 | YoY | H1 FY26 | H1 FY25 | YoY |
| Revenue from Operations | 176.3 | 159.2 | 10.7% | 335.4 | 295.3 | 13.6% |
| EBIDTA* | 25.4 | 12.8 | 98.9% | 48.1 | 27.2 | 76.6% |
| EBITDA Margin (%) | 14.4% | 8.0% | 14.3% | 9.2% | ||
| PAT | 9.1 | 2.1 | 338.0% | 14.8 | 6.3 | 132.9% |
| PAT Margin (%) | 5.2% | 1.3% | 4.4% | 2.1% |
*EBITDA is calculated excluding Other Income
Key Performance Highlights:
For the second quarter ended 30th September 2025:
- Revenue from operations stood at ₹176.3 crore compared to ₹159.2 crore in Q2 FY25, an increase of 10.7%, primarily driven by strong execution in the Power T&D business
- EBITDA for the quarter stood at ₹25.4 crore compared to ₹12.8 crore in Q2 FY25, up 98.9% YoY. EBITDA margin improved to 14.4% from 8.0% in Q2 FY25
- PAT stood at ₹9.1 crore in Q2 FY26 as compared to ₹2.1 crore in Q2 FY25, reflecting significant improvement in profitability
Operational Highlights:
- Commissioned 2×400 kV, 63 MVAR reactors for PGCIL at NTPC Kahalgaon plant
- Energized two 33/11 kV substations and lines in Assam for APDCL under state electrification project
- Commissioned four substations in Arunachal Pradesh for PGCIL under the Ministry of Power program
Order Book:
- As of 10th November, 2025, order book stood at ~₹4,000+ crore, offering strong revenue visibility and reinforcing execution strength for the next two years
- Secured a prestigious ₹354 crore Solar EPC project from Ellume Energy MH SolarOne, marking our growing presence in renewables and a marquee ₹1,642 crore Solar EPC order from Carbonminus Maharashtra One, further strengthening our position in the clean energy space
Commenting on the overall performance of the Company, Mr. Rakesh Markhedkar, Chairman & Managing Director, Vikran Engineering Limited said,
“The second quarter 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.
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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