Vikran Engineering Ltd IPO

Our Company was originally incorporated as `Ratangiri Financial Advisory Private Limited', as a private limited company under the provisions of the Companies Act, 1956, pursuant to a certificate of incorporation dated June 4, 2008 issued by the Deputy Registrar of Companies, West Bengal at Kolkata. Pursuant to a special resolution passed by the Shareholders of our Company at the extra-ordinary general meeting held on July 31, 2015, the name of our Company was changed to `Vikran Engineering & Exim Private Limited' due to change in the nature of business and a fresh certificate of incorporation pursuant to change of name dated August 7, 2015 was issued by the Registrar of Companies, Kolkata. Subsequently, the Board determined it would be appropriate to change the name of the Company as a part of strategic corporate rebranding, and to align more closely with the core business activities, and pursuant to a special resolution passed by the Shareholders of our Company at the extra-ordinary general meeting held on June 17, 2024, the name of our Company was changed to `Vikran Engineering Private Limited' and a fresh certificate of incorporation dated July 30, 2024 was issued by the Registrar of Companies, Central Processing Centre. Thereafter, our Company was converted to a public limited company, pursuant to a special resolution passed by the Shareholders of our Company at the extra-ordinary general meeting held on August 12, 2024, the name of our Company was changed to `Vikran Engineering Limited' and a fresh certificate of incorporation consequent upon conversion to public limited company dated September 20, 2024, was issued to our Company by the RoC.

The transmission sector, a crucial part of the power industry, required more attention to meet the growing demand for electricity and the expanding generation capacity. Existing investments from budgets, internal funds, and PSU loans were insufficient to meet this demand. To address this issue, the Electricity Act allowed private companies to participate in the power transmission sector through a competitive bidding process called tariff-based competitive bidding (TBCB). The National Tariff Policy of 2006 provided guidelines for this process, aiming to promote competition, attract private investment, and increase transparency in constructing transmission infrastructure. India stands out as one of the few countries that have opened its transmission sector to private participation, generating significant interest from private businesses. The Electricity Act, 2003 coupled with TBCB for power procurement, encouraged private participation in the power transmission sector and has supported the growth of transmission lines in India sector. Purely for water supply projects, more than 95% of project investments happen via the EPC route. Considering wastewater treatment and water supply projects together, it is estimated that 80-90% of investments in the sector happen via the EPC route, while the rest happen via public private partnership (PPP). Indian Railways have prepared a National Rail Plan (NRP) for India - 2030. The Plan is to create a `future ready' Railway system by 2030. The NRP is aimed to formulate strategies based on both operational capacities and commercial policy initiatives to increase modal share of the Railways in freight to 45%. The objective of the Plan is to create capacity ahead of demand, which in turn would also cater to future growth in demand right up to 2050 and also increase the modal share of Railways to 45% in freight traffic and to continue to sustain it.

We are one of the fast-growing Indian Engineering, Procurement and Construction (EPC) company in terms of revenue growth over FY23-25, compared to the average industry growth estimates and the peer set considered. (Source: CRISIL Report). While we are relatively smaller in terms of revenue from operations in comparison to the listed industry peers, our revenue from operations grew at a CAGR of 32.17% from Rs.5,243.05 million in Fiscal 2023 to Rs.9,158.47 million in Fiscal 2025, based on our Restated Financial Information. We have successfully executed projects for government entities, public sector undertakings and private companies. Our focus on operational excellence, and efficient cost structure, and has enabled us to deliver high-value projects that meet stringent regulatory and quality standards (Source: CRISIL Report). We provide end-to-end services from conceptualisation, design, supply, installation, testing and commissioning on a turnkey basis and has presence across multiple sectors including power, water, and railway infrastructure.