• Power Grid contract: Vikran Engineering won a ₹154 crore (₹181 crore including GST) EPC order for a 400 kV substation project to evacuate 2.7 GW of power, with 15% to 20% of the value scheduled for execution in FY27.
• Order book composition: The unexecuted order book stands at ₹6,506 crore, comprising 61.5% solar and battery energy storage systems, 30% power transmission and distribution, and 9.5% to 10% water projects.
• Financial guidance: The company maintained its FY27 revenue guidance of ₹2,300 to ₹2,500 crore with an estimated EBITDA of ₹325 crore and margins between 14% and 17%, alongside an FY28 revenue target of ₹3,000 crore.
• Receivables and cash: The company collected roughly 50% (₹500 crore) of its March receivables, including dues from the Jal Jeevan Mission, and expects to turn cash positive by the end of FY27.
• Business expansion: Management is pursuing opportunities in data centers as a natural expansion, while also evaluating project inquiries in the UAE and private transmission sectors.