The much-awaited Vikran Engineering IPO 2025 is here. Opening on August 26, 2025, and closing on August 29, 2025, this ₹772 crore issue is being closely tracked by retail investors, HNIs, and institutional players alike. With a price band of ₹92–97 per share and strong buzz around its IPO GMP today, Vikran Engineering is positioning itself as a promising infrastructure play.
But should you invest in this upcoming IPO in India 2025? In this detailed Vikran Engineering IPO review, we break down its price band, lot size, subscription status, allotment date, financials, risks, and listing potential.
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About of Vikran Engineering
Vikran Engineering Limited, founded in 2008 and headquartered in Thane, Maharashtra, is a fast-growing Engineering, Procurement & Construction (EPC) company. The firm specializes in power transmission & distribution, water infrastructure, railway electrification, and solar EPC projects.
As of June 2025, it has successfully executed 45 projects across 14 states worth ₹1,920 crore and currently manages an order book of ₹5,120 crore. Its clients include major names like NTPC, Power Grid Corporation, and Indian Railways. With strong execution capabilities, ISO certifications, and backing from marquee investors, Vikran Engineering is positioned as a key player in India’s infrastructure growth story.
| Attribute | Details |
|---|---|
| Founded | 2008 |
| Business Model | EPC (Engineering, Procurement & Construction) |
| Headquartered | Thane, Maharashtra, India |
| Key Sectors | Power Transmission & Distribution Water Infrastructure Railway Electrification Solar EPC & Smart Metering |
| Executed Projects | 45 projects across 14 states (~₹1,920 crore value) |
| Order Book | Worth~₹5,120 crore across 16 states |
| Major Clients | NTPC, Power Grid, State Utilities, Rail |
| Quality Certifications | ISO 9001, ISO 14001, ISO 45001 |
| Vision | Deliver sustainable infrastructure with safety, excellence, and timely execution |
Vikran Engineering IPO Key Details
| IPO Feature | Details |
|---|---|
| Company Name | Vikran Engineering Limited |
| IPO Dates | August 26 – August 29, 2025 |
| Anchor Investors Bidding | August 25, 2025 |
| Listing Date | September 3, 2025 |
| Exchanges | NSE, BSE |
| Price Band | ₹92 – ₹97 per share |
| Lot Size | 148 shares |
| Minimum Investment | ₹13,616 (Retail) |
| Issue Size | ₹772 crore (₹721 cr Fresh Issue + ₹51 cr OFS) |
| Registrar | Bigshare Services Pvt. Ltd. |
About Vikran Engineering Limited
Founded in 2008 and based in Thane, Maharashtra, Vikran Engineering Limited is an EPC (Engineering, Procurement & Construction) company that undertakes infrastructure projects across India.
Business Verticals
- Power Transmission & Distribution (up to 400 kV substations, cabling, rural electrification)
- Water Infrastructure (pumping stations, pipelines, overhead tanks)
- Railway Electrification & Civil Works
- Solar EPC Projects & Smart Metering
As of June 30, 2025, the company has executed 45 projects worth ₹1,920 crore across 14 states. Its current order book stands at ₹5,120 crore across 16 states, offering strong revenue visibility for the next 2–3 years.
IPO Structure – Fresh Issue vs OFS
The Vikran Engineering IPO issue size totals ₹772 crore:
- Fresh Issue – ₹721 crore
- ₹541 crore to be deployed toward working capital
- Balance for corporate purposes & debt reduction
- Offer for Sale – ₹51 crore
- Partial stake sale by existing shareholders
Since most proceeds go toward growth, this IPO looks retail-investor friendly.
Price Band & Lot Size
- Price Band: ₹92 – ₹97 per share
- Lot Size: 148 shares
- Minimum Investment (Retail): ₹13,616
- Maximum Investment (Retail): ₹1,97,940 (14 lots)
This makes it affordable for small investors, unlike some larger IPOs.
Vikran Engineering Financial Performance
Revenue
- FY23: ₹786 crore
- FY24: ₹916 crore (16.5% YoY growth)
Profit After Tax (PAT)
- FY23: ₹75 crore
- FY24: ₹78 crore
Balance Sheet
- Net Worth: ₹480 crore
- Debt: ₹225 crore (Debt-to-equity: 0.47x)
Takeaway: Stable growth, decent margins (~8–9%), manageable debt.
Order Book Strength
The ₹5,120 crore order book ensures visibility for 2–3 years:
- Power Projects: 40%
- Water Infrastructure: 30%
- Railways: 20%
- Solar/Smart Metering: 10%
This diversification protects against sectoral slowdowns.
Industry Outlook
India’s National Infrastructure Pipeline (NIP) projects ₹143 lakh crore investment till 2030.
- Government focus on electrification will drive EPC contracts.
- Urban water projects are expanding.
- Renewable energy targets create opportunities in solar EPC.
This IPO aligns perfectly with India’s infrastructure boom.
Strengths of Vikran Engineering IPO
- Robust ₹5,120 cr order book.
- Execution across 14+ states.
- Prominent investors (Ashish Kacholia, Mukul Agrawal) backing.
- Attractive pricing vs peers.
- Funds mainly for growth (not exits).
Risks & Challenges
- 46% revenue dependent on government contracts (delays possible).
- Thin margins (8–9%).
- Execution risks in large projects.
- EPC sector is highly competitive.
Peer Comparison
| Company | Revenue (FY24) | PAT (FY24) | P/E Ratio | Order Book |
|---|---|---|---|---|
| Vikran Engineering | ₹916 cr | ₹78 cr | ~19x | ₹5,120 cr |
| KEC International | ₹18,500 cr | ₹1,000 cr | 22x | ₹30,000 cr |
| Kalpataru Projects | ₹17,800 cr | ₹950 cr | 24x | ₹32,000 cr |
Vikran trades at a discount compared to larger EPC peers.
Vikran Engineering IPO GMP Today
The Vikran Engineering IPO GMP today is around ₹20–25 per share, indicating possible 20–25% listing gains.
⚠️ Note: GMP is unofficial & speculative. It reflects investor sentiment but is not a guaranteed outcome.
Subscription & Allotment
- QIBs: 50% quota
- Retail: 35% quota
- NIIs: 15% quota
Important Dates
- IPO Opens: August 26, 2025
- IPO Closes: August 29, 2025
- Allotment Date: September 1, 2025
- Refunds/Credit: September 2, 2025
- Listing Date: September 3, 2025
Application Modes: Via ASBA (Net Banking) or UPI-enabled broker apps.
Should You Invest in Vikran Engineering IPO?
Short-Term View (Listing Gains)
- GMP suggests 20% upside potential.
- Affordable pricing may attract strong demand.
Long-Term View (Growth)
- Infra boom supports EPC players.
- ₹5,120 cr order book ensures revenue visibility.
- Risks: execution & thin margins.
Verdict: Subscribe for both listing gains and infra growth exposure.
FAQs on Vikran Engineering IPO
Q1: What is the Vikran Engineering IPO price band?
A: ₹92–97 per share.
Q2: What is the Vikran Engineering IPO lot size?
A: 148 shares, ~₹13,616 minimum.
Q3: What is the Vikran Engineering IPO GMP today?
A: Around ₹20–25.
Q4: When is the IPO listing date?
A: September 3, 2025, on NSE & BSE.
Q5: Should I subscribe to Vikran Engineering IPO?
A: Investors with moderate risk appetite can consider subscribing.
A Promising Infra IPO with Manageable Risks
The Vikran Engineering IPO 2025 comes at the right time, leveraging India’s infrastructure growth story. With a strong order book, experienced execution, marquee backers, and fair valuations, it looks attractive.
For short-term investors, listing gains appear likely. For long-term investors, it offers steady infra growth exposure, albeit with execution risks.
The Vikran Engineering IPO 2025 represents more than just another listing; it is a strategic entry point into India’s infrastructure growth story. With a ₹5,120 crore order book, steady revenue growth, and exposure to high-demand sectors like power, water, railways, and solar, the company shows strong fundamentals.
From a valuation standpoint, Vikran Engineering is priced at ~19x earnings, which is slightly below larger EPC peers like KEC International and Kalpataru Projects. This discount makes it attractive for investors seeking exposure to the EPC space without overpaying. Its backing by marquee investors such as Ashish Kacholia and Mukul Agrawal further boosts confidence.
However, risks cannot be ignored:
- Heavy dependence on government contracts (≈46% of revenue).
- Relatively thin profit margins (~8–9%).
- Execution delays in large projects could impact profitability.
- For short-term investors: The current IPO GMP today (~₹20–25 premium) indicates a potential 20–25% listing gain, making it appealing for those eyeing immediate returns.
- For long-term investors: Vikran Engineering provides a solid infra growth play, supported by India’s National Infrastructure Pipeline (₹143 lakh crore spending till 2030). While margins are modest, order book visibility and sector demand make it a reasonable medium- to long-term bet.
Expert Verdict: Investors with a moderate risk appetite should consider subscribing to Vikran Engineering IPO 2025, balancing the potential for listing gains with the opportunity to ride India’s infrastructure expansion in the coming decade.
Disclaimer
This article is published for educational and informational purposes only. It does not constitute financial, investment, or legal advice. Investing in IPOs and stock markets involves risks, including possible loss of capital. Readers are strongly advised to consult a SEBI-registered financial advisor or conduct independent research before making any investment decisions. All IPO details, financial data, and GMP figures are based on publicly available information at the time of writing and are subject to change without prior notice.