Vikran Engineering Limited has reported a sharp rise in its order book and steady revenue growth for the nine months ended December 31, 2025, driven primarily by large solar EPC project wins.
The company’s consolidated order book expanded to over INR 4,987 crore as of December 31, 2025, compared with ₹2,027 crore a year earlier, marking a growth of about 146 per cent and providing strong revenue visibility for the next two years.
For the first nine months of FY26, Vikran Engineering recorded revenue from operations of ₹601.9 crore, up from ₹560.5 crore in the same period last year. EBITDA stood at ₹82.9 crore, while profit after tax was reported at ₹35.7 crore for the period.
During the quarter, the company secured several major solar EPC orders, including a turnkey contract from Onix Renewables for a 600 MW AC solar plant worth ₹2,035.3 crore. It also won a contract from NTPC Renewable Energy for a 400 MW AC solar project in Uttar Pradesh valued at ₹459.2 crore, covering balance-of-system works.
In addition, Vikran Engineering received an order from M.P. Urja Vikas Nigam Limited for grid-connected solar PV power plants with a total capacity of 45.75 MW AC. The company also incorporated a special purpose vehicle, Vikran MP Solar Private Limited, to support its solar project pipeline.
However, the company cancelled an order worth ₹1,641.91 crore from Carbonminus Maharashtra One Private Limited following an internal review, citing its focus on prudent risk management and long-term strategic alignment.
Commenting on the overall performance of the Company, Mr. Rakesh Markhedkar, Chairman & Managing Director, Vikran Engineering Limited said, “FY26 marks a pivotal year for Vikran Engineering as we significantly strengthened our presence in the Solar EPC segment. The large-format solar orders secured during the year have materially enhanced our revenue visibility, with our consolidated order book now exceeding ₹4,700 crore as on 13th February 2026.
While margins during the period reflect execution ramp-up and project mix dynamics, we expect operating leverage benefits to play out as solar projects move into advanced execution phases. With a strong pipeline across Power T&D, Solar and Water, and a clear focus on disciplined bidding and risk management, we are positioning Vikran Engineering for scalable and sustainable growth. We are also actively evaluating opportunities in select international markets, particularly in Africa and the Middle East, to diversify our growth trajectory”
