Shares of Vikran Engineering Ltd surged nearly 7% on Tuesday, November 11, to Rs 106.19, after the diversified EPC company announced a major solar project win worth Rs 1,641.91 crore and reported robust financial results for Q2 FY26.
The company accepted a Letter of Award (LOA) from Carbonminus Maharashtra One Private Limited for developing a 505 MWAC ground-mounted solar PV power plant under the MSEDCL LIS scheme. The project, spread across multiple districts in Maharashtra, includes design, engineering, supply, erection, testing, and commissioning, and is scheduled for completion within 11 months.
On the financial front, Vikran Engineering reported strong year-on-year growth across all key performance metrics for the quarter ended September 30, 2025.
- Revenue from operations: Rs 176.30 crore (up 10.74% YoY)
- EBITDA: Rs 25.40 crore (up 98.44% YoY)
- EBITDA margin: 14.4% vs 8.0% YoY
- Profit after tax (PAT): Rs 9.10 crore (up 333.33% YoY)
- PAT margin: 5.2% vs 1.3% YoY
For the first half of FY26, the company reported revenue of Rs 335.40 crore (up 13.6% YoY) and a PAT of Rs 14.8 crore, marking a 132.9% increase over the previous year.
Operationally, Vikran Engineering completed several key infrastructure projects, including 2×400 kV reactors for PGCIL at NTPC Kahalgaon, two 33/11 kV substations in Assam, and four substations in Arunachal Pradesh.
The company’s order book now exceeds Rs 4,000 crore, driven by recent solar project wins such as the Rs 354 crore order from Ellume Energy MH Solar One and the Rs 1,642 crore contract from Carbonminus Maharashtra One.
Commenting on the performance, Rakesh Markhedkar, Chairman & Managing Director, 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. Following our successful IPO, our consolidated order book provides healthy execution visibility for the next two years.”
At the end of the trading session, Vikran Engineering’s market capitalization stood at Rs 2,737 crore, with the stock emerging as one of the top gainers on NSE.
Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information.
