Vikran Engineering IPO
Vikran Engineering IPO — date, price band, lot size & details 2025
Vikran Engineering listed on 3 Sep 2025 at ₹99, 2.1% above the ₹97 issue price.
Vikran Engineering is an EPC company working in power transmission and distribution, water infrastructure, railways and solar. It had completed 45 projects across 14 states by 30 June 2025.
Stock price
Vikran Engineering is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 10 November.
- Open 26 Aug 2025
- Close 29 Aug 2025
- Allotment 01 Sep 2025
- Refund/credit 02 Sep 2025
- Listing 03 Sep 2025
Issue summary
The terms of the offer, as filed.
| IPO Dates | 26 to 29 Aug, 2025 |
|---|---|
| Price Band | ₹92 – ₹97 |
| Face Value | ₹1 |
| Lot Size | 148 Shares |
| Issue Size | ₹772 Cr |
| Sale Type | Fresh capital cum OFS |
| Listing On | BSE, NSE |
| Registrar | Bigshare Services Private Limited |
| Min Investment | ₹ 14,356 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 148 shares at the ₹97 cut-off. Drag to size your application.
| 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 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 5
- 01Total income rose from Rs 529.18 crore in FY2023 to Rs 922.36 crore in FY2025.
- 02Profit after tax rose from Rs 42.84 crore in FY2023 to Rs 77.82 crore in FY2025.
- 03The EBITDA margin was 17.50% and return on capital employed was 23.34%.
- 04Rs 721.00 crore of the Rs 772 crore issue was fresh capital.
- 05The company had completed 45 projects across 14 states by 30 June 2025.
Risks · 6
- 01Rs 541.00 crore of the proceeds was for working capital, which shows how much cash project work ties up.
- 02Profit after tax barely rose from Rs 74.83 crore in FY2024 to Rs 77.82 crore in FY2025.
- 03The P/E was 32.15 at the upper band of Rs 97, based on post-issue EPS of Rs 3.02.
- 04Total borrowing rose from Rs 183.39 crore on 31 March 2024 to Rs 272.94 crore on 31 March 2025.
- 05Total assets rose from Rs 959.79 crore to Rs 1,354.68 crore in the year to 31 March 2025, and EPC receivables can take long to collect.
- 06Promoters held 81.78% before the issue and held 56.17% after it.
Three years of numbers
All figures in ₹ crore, as reported in the Vikran Engineering offer document.
| Metric | 31 Mar 2025 | 31 Mar 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 |
See how this IPO compares — view listing performance of all mainboard IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the Vikran Engineering RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
Vikran Engineering IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Pre-Issue | Post-Issue |
|---|---|---|
| EPS (₹) | ₹4.24 | ₹3.02 |
| P/E Ratio (x) | 22.88 | 32.15 |
| Market Cap at Offer Price (₹ Cr) | ₹1,780.32 | ₹2,499.52 |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹97 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
₹724.54 Cr of the issue is earmarked to named objects.
Vikran Engineering IPO Anchor Investors
21 anchor investors across 13 fund houses committed ₹231.60 Cr a day before the issue opened.
Anchor investors bid a day before the issue opens and are locked in after allotment, so a book weighted towards domestic mutual funds is generally read as a stronger signal than one filled by short-horizon funds. Browse every anchor investor scheme or fund house we track.
About the company
Its water projects include underground water distribution, surface water extraction, overhead tanks and distribution networks. It also works on railway infrastructure and solar EPC projects.
By 30 June 2025 the company had completed 45 projects across 14 states.
The IPO was Rs 772 crore, with Rs 721.00 crore of fresh issue and Rs 51.00 crore of offer for sale. Rs 541.00 crore was planned for working capital.
Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.
The bankers & the filings
Who is running the book, and the documents this page is built from.
Vikran Engineering IPO Documents
Read the filings this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
Pantomath Capital Advisors Pvt Ltd
12 issues handledBest listing: Highway Infrastructure (+64.3%). Weakest: Glottis (-34.9%).
Systematix Corporate Services Limited
8 issues handledBest listing: ESDS Software Solution (+76.5%). Weakest: Acevector (-11.5%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of Vikran Engineering?
The current Grey Market Premium is ₹5, or 5% over the issue price.
What is the Vikran Engineering IPO price band?
₹92 to ₹97, on a face value of ₹1.
When is the allotment?
The basis of allotment is 1 September 2025, with listing on 3 September 2025.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — Bigshare Services Private Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
