Vikran Engineering Limited Q4 FY26 Earnings Call Transcript Released
Vikran Engineering released its Q4 and FY26 earnings call transcript. FY26 revenue hit a record ₹1,249 crore. The company acquired NOPL Solar for ₹4,200 crore, expecting ₹500 crore annual revenue. FY27 revenue is projected at ₹2,200-2,300 crore. The order book stands at ₹5,700 crore, and cash flow positivity is expected by FY28.
The release of an earnings call transcript, especially one detailing record financial performance, strategic acquisitions, and future guidance, is a significant event for investors and analysts, thus having a high impact.
The company reported record revenues, a strategic acquisition, credit rating upgrade, and positive future outlook, all contributing to a positive sentiment.
Vikran Engineering Limited has announced the release of the transcript for its Q4 and FY26 Earnings Conference Call, which was held on May 26, 2026. The call featured key management personnel including Mr. Rakesh Markhedkar (Chairman and Managing Director), Mr. Avinash Markhedkar (Whole-Time Director), Mr. Nakul Markhedkar (Promoter and Whole-Time Director), and Mr. Ashish Bahety (Chief Financial Officer).
During the call, the management highlighted the company's strategic progress in FY26, emphasizing its evolution into an integrated infrastructure EPC company with a significant presence in the solar business, constructing 1.5 gigawatts of solar projects. The company also discussed its strong execution capabilities in power transmission and distribution, water infrastructure, and railway electrification, noting a consistent record of timely project delivery.
Nakul Markhedkar detailed the company's expansion into the solar EPC segment with major projects secured from Ellume Energy, NTPC Renewable Limited, and NOPL Solar. A significant strategic step mentioned was the acquisition of NOPL Solar Private Limited, which has 969 megawatts of PM-KUSUM PPA signed with the Maharashtra Government. This acquisition is expected to require an investment of ₹4,200 crore and generate over ₹500 crore in revenue annually for 25 years with strong EBITDA margins.
Financially, for Q4 FY26, revenue from operations stood at ₹647 crore (up from ₹355 crore in Q4 FY25), with EBITDA at ₹92 crore and PAT at ₹56 crore. For the full year FY26, revenue reached a historical high of ₹1,249 crore (up from ₹916 crore in FY25), with EBITDA at ₹175 crore and PAT at ₹92 crore. The company's credit rating was upgraded from BBB+ to IND A- with a stable outlook.
Looking ahead to FY27, Vikran Engineering anticipates executing ₹2,200-2,300 crore in revenue, with a continued focus on the power and transmission business, solar EPC, and selectively on water infrastructure. The company is also cautiously evaluating opportunities in the international market and areas like smart meters and data center infrastructure.
Discussions during the Q&A included clarifications on margin sustainability, the status of the Onix takeover (now fully integrated as Vikran's SPV), the impact of geopolitical situations on the supply chain, and the BESS regulations. The company confirmed its order book stands at ₹5,700 crore and expects to turn cash flow positive by FY28. Receivables from JJM projects were discussed, with assurances that provisions are prudent accounting measures and not indicative of high-risk receivables. The company also shared its initial target of ₹100 crore for the data center segment in the current financial year.
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Vikran Engineering Limited filed this with the NSE as a statutory disclosure, categorised under concall transcript released. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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See the model portfoliosA plain-language summary of a public exchange filing by Vikran Engineering Limited. Read the original for the full detail.