Vikran Engineering Q1 FY27: strong standalone growth, with Solar shifting the business model

Standalone revenue from operations was ₹204 crore, EBITDA was ₹28 crore (13.7% margin), and PAT was ₹17.5 crore (8.6% margin), as shown in the investor presentation.

Management explained that after NOPL became a 100% subsidiary, EPC revenue earned by Vikran for work done for NOPL is eliminated on consolidation and reflected as capex/work done at the group level rather than revenue.

Order book as on 11 August 2026 was stated at ~₹6,496 crore, with mix of 62% Solar, 28% Power T&D, 10% Water, and 1% Railway.

The presentation describes a 969 MW PM-KUSUM solar portfolio with a 25-year PPA with MSEDCL at ₹3.074/kWh. The company positions it as creating long-term cash flow visibility and diversification beyond pure EPC.

Management stated that about 45 MW across nine sites has been commissioned, about 15 MW is ready to commission soon, and around 240 MW is in advanced stages. Overall execution period stated is 12 months.

Management stated about ₹120 crore of debtors relate to Jal Jeevan Mission projects and collections have been slow; it also mentioned a provision of about ₹6.5 crore in Q1 FY27 and said debtor days (~296) are at peak and expected to improve.

Yes. Management discussed a ₹29 crore certified receivable under dispute in court, stated it expects a positive outcome, but did not provide a timeline due to the matter being sub judice.