Engineering - Construction · Founded 2008 · www.vikrangroup.com · BSE 544496 · NSE VIKRAN · ISIN INE01R501028
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Business
Vikran Engineering Ltd. (VIKRAN) is an Indian company operating in the Engineering - Construction sector. Its core business involves providing engineering, procurement, and construction (EPC) services for various projects. This typically includes civil construction, infrastructure development, and potentially specialized engineering solutions across different sub-sectors. The company makes money by bidding for and securing contracts from government agencies, public sector undertakings, and private clients, executing these projects, and recognizing revenue based on project completion milestones or cost-plus agreements.
Revenue Mix
Details on specific revenue contribution of segments are not available from the provided information. However, typical segments for an Engineering - Construction company of this nature might include:
Infrastructure: Roads, bridges, highways, railways, ports, airports, water supply, and sanitation projects.
Industrial Projects: Construction for manufacturing plants, power plants, oil & gas facilities.
Building & Urban Infrastructure: Commercial complexes, residential projects, institutional buildings.
The revenue mix would be project-driven, varying based on the type and scale of contracts secured in a given period.
Industry
The Indian engineering and construction industry is a significant contributor to the economy, characterized by its capital-intensive nature and reliance on government spending and private sector investment. It is highly fragmented with a mix of large, diversified players and numerous regional and specialized contractors. The industry is cyclical, influenced by economic growth, interest rates, and regulatory policies. Vikran Engineering Ltd. likely positions itself as a competent contractor within its chosen sub-segments, competing on factors like project execution capability, cost-efficiency, technical expertise, and timely delivery against other established and emerging players in the market.
MOAT
Without specific information, a strong, clear competitive moat for Vikran Engineering Ltd. is not immediately evident. In the engineering and construction sector, potential advantages could include:
Execution Capability & Track Record: A history of successfully completing complex projects on time and within budget.
Specialized Expertise: Niche technical skills or certifications that allow it to undertake specialized projects.
Client Relationships: Long-standing relationships with key government or private clients.
Financial Strength: Ability to bid for and execute large projects requiring significant capital outlay or bank guarantees.
Pre-qualification: Meeting specific criteria that allow it to bid on certain large government projects.
However, the sector is generally competitive, and these advantages can be challenging to sustain and differentiate strongly.
Growth Drivers
Government Infrastructure Push: India's significant investment plans in infrastructure (roads, railways, urban development, energy) through initiatives like the National Infrastructure Pipeline (NIP) and Gati Shakti.
Urbanization & Industrialization: Growing demand for urban infrastructure, housing, commercial spaces, and industrial facilities.
Private Sector Capital Expenditure: Revival in private sector investment across manufacturing, logistics, and energy sectors.
Technological Adoption: Adoption of new construction technologies, project management tools, and sustainable practices could enhance efficiency and competitiveness.
Risks
Project Execution Risks: Delays, cost overruns, quality issues, and unforeseen challenges during project implementation.
Raw Material Price Volatility: Fluctuations in prices of key inputs like steel, cement, and fuel can impact project profitability, especially in fixed-price contracts.
Competition: Intense competition from numerous domestic and international players leading to margin pressure.
Payment Delays: Risk of delayed payments from clients, particularly government entities, affecting working capital and cash flow.
Regulatory & Policy Changes: Changes in government policies, environmental regulations, land acquisition laws, and taxation.
Economic Cyclicality: The sector is highly sensitive to economic downturns, interest rate hikes, and availability of financing.
Management & Ownership
Specific details on the promoter group and management quality are not provided. Like many Indian companies, it is likely promoter-led, where the founding family or individuals hold a significant stake and exert control over strategic direction and operations. The quality of management in the construction sector is critical, focusing on project management expertise, financial prudence, risk management, and client relationship building. Ownership structure would typically involve the promoter group and public shareholders, with institutional investors potentially holding a stake.
Outlook
Vikran Engineering Ltd. operates in a sector poised for growth, driven by India's ongoing infrastructure development and economic expansion. This provides a substantial pipeline of opportunities for engineering and construction firms. However, the company faces inherent challenges including intense competition, the cyclical nature of the industry, risks associated with project execution, and sensitivity to input costs and payment cycles. The company's ability to secure profitable contracts, efficiently manage its project portfolio, control costs, and maintain healthy cash flows will be crucial for navigating these dynamics and achieving sustainable growth in a competitive environment.
Price goes above X
Price falls below X
PE goes above X
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| #(Fig in Cr.) | Jun 2024 | Sep 2024 | Dec 2024 | Jun 2025 | Sep 2025 | Dec 2025 |
|---|---|---|---|---|---|---|
| Net Sales | 136 | 159 | 265 | 159 | 176 | 266 |
| Other Income | 0 | 1 | 1 | 1 | 3 | 7 |
| Total Income | 136 | 160 | 266 | 160 | 179 | 273 |
| Total Expenditure | 122 | 146 | 200 | 137 | 151 | 232 |
| Operating Profit | 14 | 14 | 66 | 23 | 28 | 41 |
| Interest | 7 | 10 | 20 | 15 | 18 | 13 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | -1 |
| Profit Before Tax | 6 | 3 | 45 | 7 | 10 | 26 |
| Provision for Tax | 2 | 1 | 12 | 2 | 1 | 5 |
| Profit After Tax | 4 | 2 | 34 | 6 | 9 | 21 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 4 | 2 | 34 | 6 | 9 | 21 |
| Adjusted Earnings Per Share | 0.3 | 0.1 | 1.8 | 0.3 | 0.4 | 0.8 |
| #(Fig in Cr.) | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|
| Net Sales | 474 | 524 | 786 | 916 | 866 |
| Other Income | 5 | 5 | 5 | 7 | 12 |
| Total Income | 480 | 529 | 791 | 922 | 878 |
| Total Expenditure | 449 | 444 | 652 | 754 | 720 |
| Operating Profit | 31 | 85 | 140 | 168 | 158 |
| Interest | 19 | 29 | 33 | 55 | 66 |
| Depreciation | 2 | 4 | 4 | 3 | 4 |
| Exceptional Income / Expenses | 0 | 1 | 0 | 0 | -1 |
| Profit Before Tax | 9 | 54 | 103 | 110 | 88 |
| Provision for Tax | 3 | 11 | 28 | 32 | 20 |
| Profit After Tax | 7 | 43 | 75 | 78 | 70 |
| Adjustments | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 7 | 43 | 75 | 78 | 70 |
| Adjusted Earnings Per Share | 0.4 | 2.9 | 4.4 | 4.2 | 3.3 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 17% | 25% | 0% | 0% |
| Operating Profit CAGR | 20% | 76% | 0% | 0% |
| PAT CAGR | 4% | 123% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | NA% | NA% | NA% | NA% |
| ROE Average | 21% | 32% | 26% | 26% |
| ROCE Average | 27% | 32% | 27% | 27% |
| #(Fig in Cr.) | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|
| Shareholder's Funds | 89 | 131 | 291 | 468 |
| Minority's Interest | 0 | 0 | 0 | 0 |
| Borrowings | 37 | 37 | 11 | 32 |
| Other Non-Current Liabilities | 22 | 14 | 25 | 43 |
| Total Current Liabilities | 352 | 550 | 667 | 857 |
| Total Liabilities | 499 | 732 | 995 | 1400 |
| Fixed Assets | 13 | 12 | 10 | 11 |
| Other Non-Current Assets | 53 | 80 | 76 | 91 |
| Total Current Assets | 434 | 640 | 909 | 1299 |
| Total Assets | 499 | 732 | 995 | 1400 |
| #(Fig in Cr.) | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 4 | 0 | 0 | 0 |
| Cash Flow from Operating Activities | 19 | 6 | -66 | -129 |
| Cash Flow from Investing Activities | -5 | -14 | -16 | -9 |
| Cash Flow from Financing Activities | -17 | 9 | 82 | 141 |
| Net Cash Inflow / Outflow | -4 | -0 | -0 | 2 |
| Closing Cash & Cash Equivalent | 0 | 0 | 0 | 2 |
| # | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|
| Earnings Per Share (Rs) | 0.45 | 2.9 | 4.42 | 4.24 |
| CEPS(Rs) | 0.61 | 3.15 | 4.66 | 4.4 |
| DPS(Rs) | 0.07 | 0.26 | 0.21 | 0 |
| Book NAV/Share(Rs) | 6.03 | 8.87 | 17.2 | 25.49 |
| Core EBITDA Margin(%) | 5.32 | 15.26 | 17.08 | 17.67 |
| EBIT Margin(%) | 5.93 | 15.74 | 17.26 | 18.06 |
| Pre Tax Margin(%) | 1.97 | 10.3 | 13.07 | 12.03 |
| PAT Margin (%) | 1.39 | 8.17 | 9.52 | 8.5 |
| Cash Profit Margin (%) | 1.92 | 8.88 | 10.04 | 8.82 |
| ROA(%) | 1.32 | 6.96 | 8.67 | 6.5 |
| ROE(%) | 7.39 | 38.88 | 35.43 | 20.5 |
| ROCE(%) | 13.52 | 33.41 | 35.67 | 27.21 |
| Receivable days | 280.19 | 255.47 | 193.61 | 218.84 |
| Inventory Days | 24.74 | 23.6 | 20.06 | 22.05 |
| Payable days | 259.74 | 348.85 | 279.77 | 292.25 |
| PER(x) | 0 | 0 | 0 | 0 |
| Price/Book(x) | 0 | 0 | 0 | 0 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 0.2 | 0.27 | 0.17 | 0.24 |
| EV/Core EBITDA(x) | 3.12 | 1.66 | 0.96 | 1.33 |
| Net Sales Growth(%) | 0 | 10.56 | 49.9 | 16.53 |
| EBIT Growth(%) | 0 | 193.56 | 64.44 | 21.87 |
| PAT Growth(%) | 0 | 549.98 | 74.68 | 3.99 |
| EPS Growth(%) | 0 | 550.04 | 52.58 | -4.08 |
| Debt/Equity(x) | 1.33 | 1.18 | 0.63 | 0.58 |
| Current Ratio(x) | 1.24 | 1.16 | 1.36 | 1.52 |
| Quick Ratio(x) | 1.14 | 1.1 | 1.29 | 1.45 |
| Interest Cover(x) | 1.5 | 2.89 | 4.12 | 3 |
| Total Debt/Mcap(x) | 0 | 0 | 0 | 0 |
| # | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|
| Promoter | 56.17 | 56.17 | 56.17 | 56.27 |
| FII | 4.07 | 2.39 | 1.6 | 1.11 |
| DII | 14.01 | 12.64 | 8.5 | 6.83 |
| Public | 25.75 | 28.81 | 33.73 | 35.79 |
| Others | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 |
| # | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|
| Promoter | 14.49 | 14.49 | 14.49 | 14.51 |
| FII | 1.05 | 0.62 | 0.41 | 0.29 |
| DII | 3.61 | 3.26 | 2.19 | 1.76 |
| Public | 6.64 | 7.43 | 8.7 | 9.23 |
| Others | 0 | 0 | 0 | 0 |
| Total | 25.79 | 25.79 | 25.79 | 25.79 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +17% | +25% | — | — |
| Operating Profit CAGR | +20% | +76% | — | — |
| PAT CAGR | +4% | +123% | — | — |
| Share Price CAGR | — | — | — | — |
| ROE Average | +21% | +32% | +26% | +26% |
| ROCE Average | +27% | +32% | +27% | +27% |
| # | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|
| Promoter | 56.17 | 56.17 | 56.17 | 56.27 |
| FII | 4.07 | 2.39 | 1.6 | 1.11 |
| DII | 14.01 | 12.64 | 8.5 | 6.83 |
| Public | 43.83 | 43.83 | 43.83 | 43.73 |
| Others | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 |
| # | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|
| Promoter | 14.49 | 14.49 | 14.49 | 14.51 |
| FII | 1.05 | 0.62 | 0.41 | 0.29 |
| DII | 3.61 | 3.26 | 2.19 | 1.76 |
| Public | 11.3 | 11.3 | 11.3 | 11.28 |
| Others | 0 | 0 | 0 | 0 |
| Total | 25.79 | 25.79 | 25.79 | 25.79 |
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