Vikran Engineering targets Rs 2,500 crore revenue in FY27

Vikran Engineering Limited has outlined an ambitious growth strategy for the coming years, targeting a significant increase in revenue, entry into the data centre engineering, procurement and construction (EPC) segment, and potential expansion into international markets.

During its Q4 and FY26 earnings call, the company guided for revenue of Rs 2,200–2,500 crore in FY27, compared with Rs 1,249 crore reported in FY26. Management said earnings before interest, taxes, depreciation and amortisation (EBITDA) margins are expected to remain in the range of 14–15%. The company also indicated revenue visibility of around Rs 3,000 crore for FY28.

On funding and cash flows, management stated that Vikran Engineering expects to become cash flow positive from operations in FY28. The company also said it does not plan any further equity dilution.

The company is also evaluating opportunities outside India, with a focus on project prospects in the Middle East and selected African markets.

A key growth driver identified by management is the acquired 969 MW Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan (PM-KUSUM) solar portfolio under NOPL. The portfolio is expected to be fully commissioned by the end of FY27 and generate more than Rs 500 crore in revenue over 25 years. Management said the projects are expected to deliver EBITDA margins of 85–88%.

The company added that 20 MW of the portfolio has already been commissioned and is generating approximately Rs 1 crore in monthly revenue.

Vikran Engineering reported audited financial results for the quarter and financial year ended March 31, 2026, with its consolidated order book crossing Rs 5,000 crore at the end of FY26. 

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