Subscribe for Vikran Engineering Ltd IPO; Geojit Financial Services

Geojit Financial Services, Vikran Engineering Ltd

Vikran Engineering Limited, incorporated in 2008, is a fast-growing EPC firm based in Thane, Maharashtra, specializing in turnkey infrastructure projects across power transmission (72.9% of FY25 revenue), water supply (26.7%), and railway electrification (0.31%). The portfolio includes high-voltage transmission lines, substations, smart metering, underground and surface water projects under the Jal Jeevan Mission, and railway electrification works. India’s power demand is expected to rise from 1,790–1,800 billion units in FY26 to 2,255–2,265 billion units by FY30, reflecting a CAGR of 5–7%. This growth will be fueled by sustained economic momentum, upgrades in distribution infrastructure, and key reforms by the central government aimed at improving the efficiency and resilience of the power sector.

Valuation and Outlook

The company’s strategic focus on capitalizing on government initiatives like the Revamped Distribution Sector Scheme and Jal Jeevan Mission, coupled with its asset-light model and pan-India presence, positions it well to benefit from India’s infrastructure boom. Therefore, we recommend a SUBSCRIBE rating for investors with a long-term horizon.

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