• Power Grid order: Vikran Engineering secured a ₹153.73 crore (₹181 crore including GST) 400 kV GIS substation project with a 21-month timeline, expecting to book 12% to 15% of the revenue in FY27 and the balance in FY28.
• FY27 revenue targets: The company projects standalone revenue of ₹2,200 to ₹2,500 crore in FY27, up from ₹1,250 crore the previous year, with solar EPC contributing 60%, power T&D 30%, and water projects 10%.
• Order book and margins: With an order book of approximately ₹6,500 crore, Vikran is targeting a minimum top-line CAGR of 25% and expects to maintain an EBITDA margin of at least 15% across FY27 and FY28.
• Q1 performance clarification: Management attributed the Q1 consolidated margin contraction to the recent acquisition of non-revenue-generating Enopel Solar Private Limited, highlighting that standalone revenue rose 28% and PAT grew 210%.