Vikran Engineering Shares See Muted Debut, List at 2% Premium on NSE
Last Updated: 03 September, 2025
3 min read
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On Wednesday, Vikran Engineering made its stock market debut on the NSE at a premium of approximately 2.06 percent over its IPO price on the NSE, as per sources.
IPO Listing Details
Vikran Engineering’s shares listed at Rs 99 on the NSE, translating to a 2.06 percent premium over the issue price of Rs 97. On the BSE, the stock opened at Rs 99.70, a 2.78 percent gain. The IPO was open between August 26 and 29, 2025, and saw robust demand, being oversubscribed 23.59 times overall. Anchor investors and institutional participation solidified confidence in the company’s growth trajectory.
Funds Raised and Utilization
Out of the total Rs 772 crore raised through the IPO, Rs 721 crore came from a fresh issue and Rs 51 crore from an offer for sale by existing shareholders. Vikran Engineering intends to use about Rs 541 crore (around 75 percent) towards working capital requirements, while the balance of Rs 180 crore is earmarked for general corporate purposes. The offer for sale go directly to selling shareholders.
Ace Investor Investment
Ace investor Ashish Kacholia participated in Vikran Engineering through a pre-IPO placement, underlining the company’s strong investor appeal. His stake stands at around 2.14 percent in the pre-offer.
Business & Financial Overview
Vikran Engineering excels as a turnkey EPC (Engineering, Procurement, and Construction) company. Its operations span power transmission and distribution, water supply infrastructure, railway electrification, and solar projects. The company offers comprehensive services, spanning from conceptualization to commissioning. By June 2025, Vikran had completed 45 projects across 14 states, with an executed contract value of Rs 1,919.92 crore and 44 ongoing projects valued at Rs 5,120 crore.
Financially, Vikran Engineering has demonstrated strong revenue and profit growth. For fiscal year 2024-25, the company reported revenues of Rs 916 crore with an EBITDA margin of 17.5 percent and a profit after tax (PAT) margin of 8.44 percent. Its compounded annual growth rate (CAGR) for revenue rose by 32 percent from FY23 to FY25, which signals efficient project execution and expanding margins. The company maintains a healthy return on equity of around 16.63 percent and has improved its debt-to-equity ratio to 0.58x, reflecting prudent leverage management. The company’s order book, worth over Rs 2,400 crore for FY25, while offering strong revenue visibility for the coming years.
Conclusion
Vikran Engineering’s muted yet premium listing reflects strong fundamentals and investor confidence, anchored by strategic investments and a substantial project pipeline. The company’s focus on infrastructure, supported by ace investors such as Ashish Kacholia and it positions it well for continued growth as India intensifies investments in power, water, and transportation. By listing, Vikran Engineering is poised to benefit from India’s infrastructure rise.
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