Vikran Engineering has announced Q2 FY26 financial results, posting a strong performance with robust revenue growth, margin expansion, and record order inflows. Vikran Engineering Q2 FY26 results highlight the company’s operational excellence and strategic expansion into the solar EPC segment, positioning it among the emerging leaders in India’s infrastructure and engineering space.
With consolidated order book of over INR 4,000 crore and double digit growth in revenue and profits, the company is strengthening its presence in power transmission, water infrastructure and renewable energy projects.
Notably, ace investors Ashish Kacholia and Mukul Agrawal have shown strong confidence in Vikran Engineering, holding 2.14% and 1.48% stakes respectively.
Vikran Engineering Q2 FY26: Financial Performance
| Particulars | Q2 FY25 | Q2 FY26 | YoY Growth (%) |
|---|---|---|---|
| Revenue from Operations | 159.2 | 176.3 | +10.7 |
| EBITDA* | 12.8 | 25.4 | +98.9 |
| EBITDA Margin (%) | 8.0 | 14.4 | — |
| Profit After Tax (PAT) | 2.1 | 9.1 | +338.0% |
| PAT Margin (%) | 1.3 | 5.2 | — |
*Q1 FY26 values estimated based on H1 averages for comparison.
*EBITDA calculated excluding other income.
Vikran Engineering Q2 FY26 results reflect a sharp YoY PAT surge of 338% and EBITDA margin expansion to 14.4%, driven by efficient execution and cost control. The company also posted QoQ growth of 10.8% in revenue and nearly 60% in PAT, signalling momentum in its EPC operations.
Vikran Engineering H1 FY26: Financial Performance
| Particulars | H1 FY25 | H1 FY26 | YoY Growth (%) |
|---|---|---|---|
| Revenue from Operations | 295.3 | 335.4 | +13.6 |
| EBITDA* | 27.2 | 48.1 | +76.6 |
| EBITDA Margin (%) | 9.2 | 14.3 | — |
| Profit After Tax (PAT) | 6.3 | 14.8 | +132.9 |
| PAT Margin (%) | 2.1 | 4.4 | — |
During the first half of FY26, the company achieved 14% growth in total income and a 133% rise in net profit, maintaining healthy profitability with EBITDA margins above 14%.
Order Book Crosses INR 4,000 Crore
| Segment | Order Book (INR Cr) | % of Total (Sep 2025) |
|---|---|---|
| Power Transmission & Distribution | 1,483.9 | 66.1 |
| Water Infrastructure | 717.3 | 32.0 |
| Railways | 41.2 | 1.8 |
| Solar EPC | 2.4 | 0.1 |
| Total (as of Sep 2025) | 2,244.8 | 100% |
| Including New Orders (Oct–Nov 2025) | ~₹4,000+ Cr | — |
Recent Wins:
- INR 354 crore solar EPC project from Ellume Energy MH Solar One
- INR 1,642 crore renewable project from Carbonminus Maharashtra One
These new projects mark Vikran’s formal entry into renewable and solar EPC, bolstering its long-term order visibility.
Vikran Engineering Q2 & H1 FY26: Balance Sheet Highlights
| Particulars | Mar 2025 | Sep 2025 | Change (%) |
|---|---|---|---|
| Total Assets | 1,354.7 | 1,969.8 | +45.4 |
| Total Equity | 467.9 | 1,160.5 | +148 |
| Total Borrowings | 272.9 | 316.5 | +16.0 |
| Cash & Bank Balances | 67.1 | 575.8 | +758 |
| Contract Assets | 466.4 | 553.2 | +18.6 |
Post-IPO, the company’s equity base and liquidity position improved significantly, with cash balances jumping over sevenfold. This financial flexibility supports larger project executions and overseas expansion plans.
Management Commentary
Rakesh Ashok Markhedkar, Promoter & CMD, commented:
“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 strong order inflows, particularly in Solar EPC, mark a milestone in our renewable energy foray and reinforce our visibility for sustained growth.”
Outlook
- Strengthen presence in Power T&D and Solar EPC verticals.
- Expand globally, focusing on Middle East and Africa EPC opportunities.
- Leverage government programs like Jal Jeevan Mission and RDSS.
- Diversify portfolio to include smart metering, data centers, and metro infrastructure.
Verdict
Vikran Engineering Q2 FY26 results provides a solid foundation for growth. With order book of over INR 4,000+ crore, improving profitability and diversified project mix, the company is a rising mid-cap EPC player.
Entry into renewables, improving EBITDA and PAT margins and strong post-IPO balance sheet gives long term investor confidence. Focus areas going forward will be execution speed and cash flow optimisation.
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