Vikran Engineering LimitedPower & UtilitiesVIKRAN
Q1 FY27 earnings callVikran Engineering Limited
Vikran commenced FY27 with robust standalone growth, driven by the large-scale NOPL solar EPC project becoming a dominant part of its order book while maintaining a strong core in Power T&D.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Standalone Revenue | INR 204 crores | 28.2% Y-o-Y | |
| Standalone EBITDA | INR 28 crores | 23.7% Y-o-Y | |
| Standalone EBITDA Margin | 13.7% | — | |
| Standalone PAT | INR 17.5 crores | 209.9% Y-o-Y | |
| Standalone PAT Margin | 8.6% | +500 bps Y-o-Y | |
| Order Book | INR 6,496 crores | — |
TL;DR
- Standalone revenue grew ~28% YoY to INR 204 crores, with PAT up 212%.
- Order book stands at INR 6,496 crores, led by solar EPC (62%) after the NOPL project realignment.
- Executing a direct INR 3,518 crore solar EPC order from subsidiary NOPL, with 45 MW already commissioned.
- Management is focused on disciplined execution of the order book, improved receivables, and achieving FY27 revenue targets.
- Investors are advised to track standalone financials until the NOPL project is commissioned.
Said on the call
“Kindly refer only standalone balance sheet to get a true picture of the organization, our growth plans.”
From the Q&A
| Topic | What management said |
|---|---|
| Revenue Growth & Seasonality | Management explained that despite a large order book, Q1 growth of ~28% is seasonal due to client budgetary constraints, with H2 expected to be heavier for execution. |
| NOPL Project Revenue and Consolidation | Q1 revenue from NOPL was INR 62 crores on a standalone basis. Analysts questioned the gap between standalone and consolidated revenue; management clarified that until construction is complete, standalone financials provide the true picture of the EPC business. |
| Disputed Receivables (INR 29 Cr) | The INR 29 crore is a certified receivable with a strong case in court; management is hopeful for a positive outcome and an extraordinary profit in the year it is resolved. |
| Margins and Provisions | Consolidated margins were lower due to a provision of ~INR 6.5 crores for Jal Jeevan Mission projects and overhead costs for NOPL being booked without corresponding revenue. Standalone EBITDA margins remain in the 14-17% range. |
| NOPL Project Execution and Financing | The 969 MW project is on track for completion in 12 months, with 45 MW already commissioned and payments received on time from MSEDCL. Project financing (75% debt) is in final stages with IREDA and others, expected to be closed this quarter. |
| Receivables and Working Capital | Debtor days of 296 are considered the peak and expected to improve, aided by recoveries from Jal Jeevan Mission and timely payments from projects like NOPL, ADB-funded works, and Power Grid. |
| Future Growth and Data Centers | Management is exploring data center infrastructure opportunities, leveraging capabilities in power, water, and renewable energy, and targets securing at least one order in this segment by year-end. |
Guidance
- Targeting INR 2,200 crores to INR 2,500 crores of order execution in FY27.
- Planning ~INR 1,500 crores of revenue from the NOPL solar project in FY27.
- Expecting debtor days to improve substantially by the end of FY27.
- Aiming to be cash positive by the end of FY27 upon commissioning of 650 MW of the NOPL solar portfolio.
- Targeting to secure at least one data center infrastructure order by the end of FY27.
Source
Summary written from the transcript filed by Vikran Engineering Limited for the call held on 12 Aug 2026; published 19 Aug 2026, 10:02 IST.