Vikran Engineering Limited, an EPC company with operations in power transmission and distribution, extra-high-voltage substations, railway and metro electrification, and water infrastructure, has announced its unaudited financial results for the quarter and nine months ended December 31, 2025. The company reported significant growth in its consolidated order book, which reached ₹4,987 crore as of December 31, 2025, compared with ₹2,027 crore a year earlier. The sharp increase, driven largely by new solar project contracts, is expected to provide strong revenue visibility over the coming two years and support sustained execution across business segments.
During the period, the company incorporated a special purpose vehicle, Vikran MP Solar Private Limited, to support its expanding solar EPC activities. Among major wins, Vikran secured a turnkey contract from Onix Renewables Limited for a 600 MW AC solar power project valued at ₹2,035.3 crore.
It also received an EPC contract from NTPC Renewable Energy for balance-of-system works on a 400 MW AC solar project in Uttar Pradesh worth ₹459.2 crore, along with an order from MP Urja Vikas Nigam Limited to implement grid-connected solar photovoltaic plants totaling 45.75 MW AC. The company also cancelled an order valued at ₹1,641.91 crore from Carbonminus Maharashtra One Private Limited following an internal review, reflecting its focus on risk assessment and long-term project viability.
Chairman and Managing Director Rakesh Markhedkar said the financial year marked a turning point for Vikran Engineering, with large solar contracts strengthening its position in the renewable energy EPC space and enhancing long-term revenue visibility. He noted that while margins reflect the current mix of projects and ramp-up phase of execution, operating leverage is expected to improve as solar projects move further into implementation.
With a strong pipeline across power transmission, solar, and water infrastructure, and a focus on disciplined bidding, Vikran is positioning itself for steady growth. The company is also evaluating opportunities in select overseas markets, including Africa and the Middle East.
Vikran Engineering provides end-to-end project services from design and supply to installation and commissioning. It has completed 45 projects across 14 states for clients such as NTPC, Power Grid Corporation of India, state utilities, and public health agencies, supported by in-house engineering capabilities and a large vendor network.
