Vikran Engineering Q3 FY26 Revenue Flat; Order Book Surges 146% to ₹4,987 Cr
Vikran Engineering's Q3 FY26 revenue was ₹266.5 crore, flat year-on-year. The consolidated order book surged 146% to ₹4,987 crore by December 31, 2025. Key wins include a ₹2,035.3 crore solar project order. PAT for Q3 FY26 stood at ₹20.9 crore.
The significant increase in the order book provides strong future revenue visibility, which is a positive indicator. However, the flat revenue and declining profitability in the current quarter temper the immediate impact.
While the order book has seen substantial growth, the financial results for the quarter show flat revenue and a decline in EBIDTA and PAT compared to the previous year, indicating a mixed performance.
Vikran Engineering Limited announced its un-audited financial results for the third quarter and nine months ended December 31st, 2025. The company's consolidated order book expanded significantly to over ₹4,987 crore as of December 31st, 2025, a 146% increase from ₹2,027 crore in the prior year, providing strong revenue visibility for the next two years.
For the third quarter of FY26, Revenue from Operations stood at ₹266.5 crore, a marginal increase from ₹265.2 crore in Q3 FY25, but down from ₹176.3 crore in Q2 FY26. EBIDTA for Q3 FY26 was ₹34.9 crore, a decrease from ₹65.2 crore in Q3 FY25 and ₹25.4 crore in Q2 FY26, leading to a lower EBITDA margin of 13.1% compared to 24.6% in Q3 FY25. Profit After Tax (PAT) for Q3 FY26 was ₹20.9 crore, down from ₹33.7 crore in Q3 FY25 and up from ₹9.1 crore in Q2 FY26. The PAT margin also decreased to 7.8% from 12.7% in Q3 FY25.
Over the nine-month period of FY26, Revenue from Operations was ₹601.9 crore, an increase from ₹560.5 crore in the same period last year. However, EBIDTA decreased to ₹82.9 crore from ₹92.4 crore, and PAT declined to ₹35.7 crore from ₹40.0 crore.
Operationally, the company incorporated a Special Purpose Vehicle (SPV) named Vikran M P Solar Private Limited. Key orders secured include a ₹2,035.3 crore order from Onix Renewables Limited for a 600 MW AC solar plant and a ₹459.2 crore EPC contract from NTPC Renewable Energy for a 400 MW AC Solar Project. An order from M.P. Urja Vikas Nigam Limited for solar PV based power plants with a total capacity of 45.75 MW AC was also won. However, an order worth ₹1,641.91 crores from Carbonminus Maharashtra One Private Limited was cancelled post internal review.
Mr. Rakesh Markhedkar, Chairman & Managing Director, stated that FY26 is a pivotal year, with the order book exceeding ₹4,700 crore as of February 13th, 2026. He anticipates operating leverage benefits as solar projects advance and expressed the company's focus on disciplined bidding and risk management for scalable growth. Vikran Engineering is also exploring opportunities in international markets, particularly in Africa and the Middle East.
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