Vikran Engineering Limited reported a 24.9% year-on-year increase in standalone revenue from operations to ₹220.1 crore in the second quarter (Q2) of FY27, compared with ₹176.3 crore in the corresponding quarter of the previous financial year. However, profit after tax (PAT) declined 13.2% to ₹7.9 crore from ₹9.1 crore in Q2 FY26.
The company’s EBITDA, calculated excluding other income, decreased 20.8% to ₹20.1 crore during Q2 FY27, compared with ₹25.4 crore in the year-ago quarter. EBITDA margin contracted to 9.1% from 14.4%, while PAT margin declined to 3.6% from 5.2%.
The decline in quarterly profitability came despite higher revenue from operations, reflecting pressure on operating margins.
For the first half of FY27, Vikran Engineering recorded a 26.5% year-on-year increase in revenue from operations to ₹424.1 crore, compared with ₹335.4 crore in H1 FY26.
EBITDA remained broadly stable at ₹48.1 crore, registering a marginal growth of 0.1%. However, EBITDA margin declined to 11.4% from 14.3% in the corresponding period last year.
PAT increased 71.6% to ₹25.4 crore from ₹14.8 crore, while PAT margin improved to 6.0% from 4.4%.
The company said its project pipeline remains healthy, supported by a diversified order book across renewable energy, power transmission and distribution (T&D), water infrastructure and railway electrification.
Vikran Engineering’s total order book stood at ₹6,257.53 crore as of October 31, 2026. Solar projects accounted for the largest share at 60%, followed by power transmission and distribution at 29%, water infrastructure at 10% and railway infrastructure at 1%.
The diversified order book provides project visibility across the company’s infrastructure and renewable energy business segments.
Vikran Engineering secured a term loan of up to ₹2,941.19 crore from the Indian Renewable Energy Development Agency Limited (IREDA) for a 969 MW AC solar engineering, procurement and construction (EPC) project. The project is being executed through its wholly owned subsidiary, NOPL Solar Projects.
According to Rakesh Markhedkar, Chairman and Managing Director of Vikran Engineering, the project covers 152 locations across Maharashtra. The loan carries an interest rate of 9.15%, with disbursements aligned to execution progress across eight project clusters.
Markhedkar said the integration of NOPL Solar Projects represents an important milestone in strengthening the company’s renewable energy platform.
Vikran Engineering received two orders from Power Grid Corporation of India Limited (POWERGRID) for substation infrastructure projects.
The first order, valued at ₹120.7 crore excluding GST, covers a 400 kV gas insulated switchgear (GIS) substation extension package across Magarwada, Vadodara and Rajgarh.
The second order, worth ₹153.76 crore excluding GST, involves a 400 kV air insulated switchgear (AIS) substation extension at Tumkur-II, including civil works associated with a static synchronous compensator (STATCOM).
The orders strengthen the company’s presence in power transmission infrastructure.
Vikran Engineering also commissioned the 132 kV Miao-Namsai transmission line in Arunachal Pradesh. The project covers 40.6 km and includes 138 tower foundations.
The company said the commissioning demonstrates its project execution capabilities in challenging terrain.
Commenting on the company’s performance, Markhedkar said Vikran Engineering remains focused on disciplined execution and effective coordination across project locations.
He stated that EBITDA remained broadly stable during the first half and highlighted the company’s focus on improving operating margins and maintaining financial discipline as it expands its operations.
Looking ahead, management identified disciplined project selection, prudent working capital management and sustainable long-term value creation as key priorities.
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