revenue
2200–2500 $million
FY 2027
management framework
VIKRAN ENGINEERING LIMITED
Last · NSE₹57.68-0.16 (-0.28%)stale · yahoo · 209h ago
Market cap₹14.9B257.9M sh
P/E · TTM14.8fwd — · eps 3.89
Beta—vs S&P 500
Div yield0.31%annual · TTM
52w range
₹51.10₹118.40
Volume593.6Ksession
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OpenFilings analyst
Our analyst
Agentic read of the latest earnings call — recommendation updates when we process a new transcript. Research synthesis, not investment advice.
BuyHoldSell
Strong growth visibility is offset by working-capital intensity, NOPL execution/financing risk, and limited margin upside.
Hold after the call.
FY26 revenue rose to INR1,249 crore with EBITDA of INR175 crore at a 14% margin and PAT of INR92 crore; management targets FY27 revenue of INR2,200–2,500 crore at 14%–15% EBITDA margins, supported by a INR5,700 crore order book. The growth case is strong, but execution and cash conversion remain unproven: trade receivables are about INR1,000 crore, including roughly INR400 crore from JJM, operating cash flow remains negative, and management only expects annual cash-flow positivity from FY28.
Themes
- Solar Epc
- Power Transmission Distribution
- Nopl Acquisition
- Receivables
- Negative Operating Cash Flow
- Jjm Exposure
Near term
Delivery of the FY27 revenue ramp, with approximately 60% expected from solar, 30% from power T&D, and 10% from water.
Commissioning progress on the NOPL portfolio, including the stated 148 MW at an advanced execution stage and further project locations during FY27.
Conversion of JJM receivables into cash; only INR17–18 crore was collected after year-end at the time of the call.
Whether the prospective additional roughly INR1,000 crore NOPL-related EPC order is formally awarded and added to Vikran’s order book.
Longer term
Solar shifts the business toward a larger renewable-infrastructure platform, but the company must demonstrate that margins can hold at 14%–15% as solar becomes the dominant revenue contributor.
Operating cash flow and working capital are the key thesis test: management expects cash-flow positivity only from FY28 despite the FY27 growth push.
NOPL could materially expand recurring renewable cash flows, but requires approximately INR4,200 crore of investment and depends on debt-transfer approval, land execution, commissioning, and timely PPA-linked cash generation.
Data-center EPC is a potentially attractive private-sector adjacency, but remains an early-stage initiative with only a INR100 crore initial target and no disclosed awards.
Red flags
Receivables increased to roughly INR1,000 crore, with about 25%–30% linked to JJM and approximately INR400 crore specifically attributed to JJM projects; management provided limited project-level ageing or recovery detail.
The company recognized about INR20 crore of provisions, mostly in Q4, while maintaining that no material receivable losses are expected. The reversal assumption remains unquantified.
Management gave conflicting or evolving order-book framing: INR5,700 crore is current order book, while a further approximately INR1,000 crore NOPL EPC opportunity is prospective and not yet documented.
The NOPL investment case is highly capital intensive relative to the stated economics: approximately INR4,200 crore of investment for over INR500 crore of revenue over 25 years, albeit with an asserted 85%–88% EBITDA margin.
Vendor payables and working-capital funding have risen sharply, while management did not provide a clear sustainable payable-days or leverage framework.
Supply-chain exposure to China was acknowledged, but mitigation relies on inventory purchases and unnamed larger suppliers rather than quantified alternative sourcing.
Forward outlook
ebitda
—
FY 2027
management framework
revenue
—
FY 2028
management framework
Recommendation history
OpenFilings analyst view from primary-source filings and earnings calls — not investment advice.
Earnings transcripts
- Issuer webcast
Investor/Analyst Interaction Audio Link 02.07.2026 .st0 { fill: none; stroke: #3591ee; stroke-width: 2; stroke-linecap: round; stroke-linejoin: round; stroke-miterlimit: 10 }
VIKRAN ENGINEERING LIMITED
- Issuer IR
Earnings Call-Q4 FY 25-26 and Year ended March 26- Earnings call Transcript .st0 { fill: none; stroke: #3591ee; stroke-width: 2; stroke-linecap: round; stroke-linejoin: round; stroke-miterlimit: 10 }
VIKRAN ENGINEERING LIMITED
- Issuer IR
Earnings Call-Q2 FY 25-26-Transcript .st0 { fill: none; stroke: #3591ee; stroke-width: 2; stroke-linecap: round; stroke-linejoin: round; stroke-miterlimit: 10 }
VIKRAN ENGINEERING LIMITED
- Issuer webcast
Intimation of chorus call - Audio Link .st0 { fill: none; stroke: #3591ee; stroke-width: 2; stroke-linecap: round; stroke-linejoin: round; stroke-miterlimit: 10 }
VIKRAN ENGINEERING LIMITED
- Issuer webcast
Earnings Call-Q2 FY 25-26- Audio Link .st0 { fill: none; stroke: #3591ee; stroke-width: 2; stroke-linecap: round; stroke-linejoin: round; stroke-miterlimit: 10 }
VIKRAN ENGINEERING LIMITED
- Issuer webcast
Earnings Call-Q4 FY 25-26- Audio Link .st0 { fill: none; stroke: #3591ee; stroke-width: 2; stroke-linecap: round; stroke-linejoin: round; stroke-miterlimit: 10 }
VIKRAN ENGINEERING LIMITED