Here’s a comprehensive overview of Vikran Engineering Limited IPO based on the latest data (as of today, August 23, 2025) and official filings.
Vikran Engineering Limited IPO Dates
| Event | Date |
|---|---|
| Opening Date | August 26, 2025 (Tue) |
| Closing Date | August 29, 2025 (Fri) |
| Allotment Finalization | September 1, 2025 (Mon) |
| Refunds & Share Credit to Demat | September 2, 2025 (Tue) |
| Listing Date | September 3, 2025 (Wed) |
Vikran Engineering Limited IPO Details
- Face Value: ₹1 per share
- Price Band: ₹92 to ₹97 per equity share
- Lot Size: 148 shares
- Total Issue: ₹772 crore
- Fresh Issue: ~₹721 crore
- Offer for Sale (OFS): ~₹51 crore
- Shares Offered: ~79.6 million shares in total
- Issue Type: Bookbuilding IPO
- Listing At: BSE, NSE
- Share Holding Pre Issue: 18,35,81,130 shares
- Share Holding Post Issue: 25,79,11,026 shares
GMP of Vikran Engineering Limited IPO
Here’s the most up-to-date information on the Grey Market Premium (GMP) for Vikran Engineering Limited IPO:
- As of August 22, 2025, reports indicate that the GMP stands at ₹22 per share. Based on the upper price band of ₹97, this translates to an expected listing price of around ₹119 per share, or approximately 22.7% premium over the issue price.
- Another prominent source corroborates this with a ~23% premium over the issue price, signaling strong investor sentiment and expected healthy listing gains.
Summary
| Parameter | Details |
|---|---|
| GMP (in ₹ per share) | ₹22 |
| Premium (as % of issue price) | ~22.7% (based on ₹97 upper band) |
| Interpretation | Indicates robust demand and expected positive listing pop |
Promoters of Vikran Engineering Limited
Here’s a detailed breakdown of the promoters of Vikran Engineering Limited, based on the latest publicly available sources:
- Rakesh Ashok Markhedkar
- Vipul Markhedkar
- Nakul Markhedkar
- Kanchan Markhedkar
1. Rakesh Ashok Markhedkar
- Role: Chairman & Managing Director and key promoter.
- Education: B.E. (Electrical) from Samrat Ashok Technological Institute; M.Sc. in Quality Management from BITS Pilani.
- Experience: Over 34 years in the EPC sector, with past roles at L&T, EMCO, KEI Industries, ERA Infra, and Bajaj Electricals.
- Recognition: Awarded “World’s Best Emerging Leader” in 2023.
2. Avinash Markhedkar
- Role: Whole-Time Director and promoter.
- Education: B.E. (Mechanical) from Samrat Ashok Technological Institute; MBA from IGNOU; also completed a leadership program at IIM Calcutta.
- Experience: 33 years in the EPC industry, with experience at Grasim Cement, UltraTech Cement, L&T, FLSmidth, JK Cement, Abhijeet Cement, and Reliance Cement.
3. Nakul Markhedkar
- Role: Whole-Time Director and promoter.
- Education: B.Tech in Electronics and Communication Engineering from Manav Rachna International University.
- Experience: Over 9 years in procurement, marketing, and business development; previously worked at Pransa International and currently serves as Procurement Director.
4. Kanchan Markhedkar
- Mentioned as a promoter holding 7.24% stake, but specific details about her background or role were not provided in the IPO materials. It’s noted, however, that she is part of the core promoter group.
Summary Table
| Promoter Name | Role/Relation to Company | Educational Background | Experience & Highlights |
|---|---|---|---|
| Rakesh Ashok Markhedkar | Chairman & Managing Director | B.E. (Electrical), M.Sc. Quality Management (BITS Pilani) | 34+ years in EPC; worked with L&T, EMCO, KEI, etc.; awardee |
| Avinash Markhedkar | Whole-Time Director | B.E. (Mechanical), MBA, leadership diploma (IIM Calcutta) | 33 years in EPC across major engineering firms |
| Nakul Markhedkar | Whole-Time Director | B.Tech (Electronics & Comm.) | 9+ years in procurement, marketing, BD; ex-Pransa Intl. Pvt. Ltd. |
| Kanchan Markhedkar | Promoter (non-executive details unclear) | — | Background details not disclosed in IPO filings |
Vikran Engineering Limited IPO Lot Size
Certainly! Here are the lot size details for Vikran Engineering Limited IPO, presented clearly in a table for easy reference:
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 148 | ₹14,356 |
| Retail (Max) | 13 | 1,924 | ₹1,86,628 |
| S-HNI (Min) | 14 | 2,072 | ₹2,00,984 |
| S-HNI (Max) | 69 | 10,212 | ₹9,90,564 |
| B-HNI (Min) | 70 | 10,360 | ₹10,04,920 |
Summary Highlights
- Lot Size: 148 shares per lot.
- Minimum investment for retail: Approx. ₹14,356.
- Maximum investment for retail: Up to 13 lots (1,924 shares), roughly ₹186,628.
- s-NII investors need to apply for a minimum of 14 lots (2,072 shares), valued at about ₹200,984.
- b-NII investors begin at 70 lots (10,360 shares), amounting to around ₹1,004,920.
Vikran Engineering Limited IPO Promoter Holding
Here’s the updated and detailed promoter holding of Vikran Engineering Limited (pre-IPO):
| Promoter Name | Pre-IPO Holding (%) |
|---|---|
| Rakesh Ashok Markhedkar | 59.02% |
| Vipul Markhedkar | 7.24% |
| Nakul Markhedkar | 7.24% |
| Kanchan Markhedkar | 7.24% |
| Total (Markhedkar Family) | 81.74% |
Key Points to Note
- Control & Governance: With over 80% pre-IPO control, the Markhedkar family—especially Rakesh—retains decisive influence over voting and strategic decisions.
- Rounding Difference: The small discrepancy between the overall 81.78% and the sum of individual holdings (~81.74%) likely stems from rounding of decimal points.
- Post-IPO Change Over Time: As of now, post-IPO promoter holding figures are pending and will reflect dilution once the issue is concluded.
About Vikran Engineering Limited
Incorporated: 2008, Mumbai-based
Nature of Business: EPC firm offering turnkey solutions—from conceptualization to design, supply, installation, testing, and commissioning across multiple infrastructure sectors
Business Verticals
Vikran Engineering operates primarily in four major segments:
Power (Transmission & Distribution)
- Executes projects in transmission lines (up to 400 kV), extra-high voltage (EHV) substations (up to 765 kV), and smart metering solutions.
Water Infrastructure
- Handles surface and underground water distribution, overhead tanks, distribution networks, and rainwater harvesting systems.
Railway & Metro Electrification
- Engages in railway electrification, traction substations, overhead wiring, underground EHV cable works, and signalling systems.
Solar EPC
- Involved in solar projects, including ground-mounted installations and smart metering integration.
Project Footprint & Performance
Pan-India Presence: Projects spread across 11 to 22 states, demonstrating strong geographical reach and operational flexibility
Execution Track Record (as of mid-2025):
- Completed: ~45 projects across ~14 states with a contract value of ₹1,919.9 crore.
- Ongoing: ~44 projects across ~16 states with a total order size of ₹5,120.2 crore and an outstanding order book of ₹2,442.4 crore.
Clientele
The company services a diverse range of well-known governmental and public-sector entities such as:
- NTPC Limited
- Power Grid Corporation of India
- State Water & Sanitation Missions
- Various State Electricity Boards
Competitive Advantages
- Asset-Light Model: Reliance on leasing equipment and third-party logistics helps reduce fixed capital expenditure and enhance agility.
- Diversified Revenue Streams: Equitable spread across power, water, railway, and solar segments helps manage sectoral risks.
- Geographic Spread: Operations across multiple states enhance resilience and market reach.
- Leadership: Promoted by the experienced Markhedkar family; backed by pre-IPO investors like Ashish Kacholia and India Inflection Opportunity Fund.
Vikran Engineering Limited Financial Information
Here’s the detailed financial information for Vikran Engineering Limited, drawn from the firm’s IPO documents and reliable financial sources:
| Period Ended | 31 Mar 2025 | Mar 31 2024 | 31 Mar 2023 |
| Assets | ₹1,354.68 | ₹959.79 | ₹712.47 |
| Total Income | ₹922.36 | ₹791.44 | ₹529.18 |
| Profit After Tax | ₹77.82 | ₹74.83 | ₹42.84 |
| EBITDA | ₹160.24 | ₹133.30 | ₹79.71 |
| Net Worth | ₹467.87 | ₹291.28 | ₹131.14 |
| Reserves and Surplus | ₹449.52 | ₹290.95 | ₹130.85 |
| Total Borrowing | ₹272.94 | ₹183.39 | ₹154.92 |
Key Performance Indicator (KPI)
Here are the key Key Performance Indicators (KPIs) for Vikran Engineering Limited, reflecting the company’s financial health, efficiency, and investor valuation measures based on its IPO filings:
| KPI | Values |
|---|---|
| ROE | 16.63% |
| ROCE | 23.34% |
| Debt/Equity | 0.58 |
| RoNW | 16.63% |
| PAT Margin | 8.44% |
| EBITDA Margin | 17.50% |
| Price to Book Value | 3.81 |
Strengths of Vikran Engineering Limited IPO
Diversified Project Portfolio Across Infrastructure Sectors
The company delivers EPC services across power (transmission & substations), water infrastructure, railway electrification, and solar projects—spreading risk and enhancing growth potential.
Pan-India Presence & Strong Order Book
With operations spanning 14–22 states, Vikran has completed around 45 projects and holds an order book worth approximately ₹2,442 crore (~₹5,120 crore in ongoing orders) as of mid-2025.
Asset-Light Business Model
By leasing equipment and outsourcing logistics, the company avoids heavy fixed capital expenditure—boosting flexibility and return on investment.
Experienced Leadership & Investor Confidence
Promoted by the Markhedkar family (with over 80% promoter holding) alongside marquee investors like Ashish Kacholia and India Inflection Opportunity Fund—signaling both operational strength and institutional trust.
Positive Market Sentiment (High GMP)
The Grey Market Premium is around 23%, suggesting strong listing expectations and investor demand.
Risks of Vikran Engineering Limited IPO
High Dependence on Government Contracts
Nearly 46% of revenue comes from government tenders, making earnings susceptible to policy shifts, budget cuts, and bureaucratic delays.
Working Capital Intensive Model
EPC operations require upfront capital for materials and labor, while payments can be delayed—potentially straining liquidity and cash flow.
Execution Delay and Margin Pressure
Delivering projects late can lead to penalties, client dissatisfaction, or contract loss. Rising commodity and labor costs could also erode margins if not passed on via escalation clauses.
Order Book Concentration Risk
A large share of revenue comes from select major clients and project verticals—especially power and water. Any change in their priorities or failure in winning bids may disproportionately impact business.
Regulatory & Compliance Risk
There is mention of regulatory scrutiny—like a Railway Board order from July 2024 that may affect eligibility or reputation—posing potential disruptions to bidding and project execution.
At a Glance
| Category | Key Highlights |
|---|---|
| Strengths | Diverse project portfolio; asset-light model; strong financials; pan-India reach; institutional backing; positive market sentiment (GMP ~23%). |
| Risks | Heavy dependence on government contracts; working capital strain; execution risks & margin pressures; client/project concentration; regulatory concerns. |
Vikran Engineering Limited Contact Details
Here are the contact details for Vikran Engineering Limited, including their company offices and IPO registrar:
Head Office – Mumbai (Thane)
- Address: 401, Odyssey I.T. Park, Road No. 9, Wagle Industrial Estate, Thane (W), Maharashtra – 400604
- Phone: +91-22-6869 3200
- GST: 27AAECR0503Q2Z7
Regional Offices across India
- Bhopal: 616, Tulip, New Mrinal Residency, Bhopal, Madhya Pradesh – 462023
- Gwalior: C/o Mr. Naresh Chouhan, 9/8, 1st Floor, Anupam Nagar, opposite Kaveri Apartments, Gwalior, MP – 474011
- Patna: 7th Floor, 706, Patna One Mall, Dak Banglow Chowk, Patna – 800001 (Bihar)
- Indore: H-15, HIG Colony, Nalanda Parisar, Kesar Bagh Road, Indore – 452009
- Jabalpur: 2nd Floor, 1278/3 Banarsi Das Ward, Near GRC Mess, Narmada Road, Jabalpur – 482001
- Satara: Plot No. 01, Suney No. 115/116, Gorakhpur, Pirwadi, Tal & Dist. Satara – 415001
IPO Registrar – Bigshare Services Pvt. Ltd.
- Registrar Name: Bigshare Services Pvt. Ltd.
- Address: 1st Floor, Bharat Tin Works Building, Opp. Vasant Oasis, Makwana Road, Marol, Andheri (East), Mumbai – 400059
- Phone: +91-22-6263 8263 (or +91-22-6263 8200 as alternate)
- Email: investor@bigshareonline.com
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