VIKRAN Q4 FY26 earnings call.
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Revenue
₹647.4 Cr
verified against source
Revenue YoY
36.35%
reported change
EBITDA
₹175 Cr
latest reported figure
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Actual signal trajectory
Where this quarter sits.
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What the record says.
Vikran Engineering delivered its highest-ever full-year revenue of INR 1,249 crore in FY26, up 36% YoY, driven by robust execution across power T&D and accelerated solar EPC ramp-up. EBITDA stood at INR 175 crore with 14% margin, down from historical 15-17% range due to early-stage solar projects and JJM receivables provisions. Management targets INR 2,200+ crore revenue for FY27 with 14-15% EBITDA margins, with further acceleration to 3,000+ crore by FY28. The company completed the NOPPL acquisition (969 MW solar, INR 4,200 crore investment, 85-88% EBITDA margins on PPA revenues), adding to its 5,000+ crore order book. Credit rating upgraded to A- with stable outlook. Cash flow from operations will remain negative through FY27 due to growth investments but expected to turn positive in FY28. Key risks include margin normalization pressure amid solar mix shift and elevated working capital requirements given receivables of INR 280-300 crore from JJM projects.
Colored figures show movement against the previous available record.
Guidance to track
- Management expressed high confidence in achieving INR 2,200+ crore revenue in FY27, up 76% from FY26's INR 1,249 crore, driven by execution momentum across the expanded order book including NOPPL subsidiary contributions.
- Management guided for EBITDA margins of 14-15% going forward, expecting recovery from FY26's 14% as early-stage solar projects mature and JJM receivables normalize with improved government payments.
- CEO indicated FY28 revenue visibility of 3,000+ crore based on existing order book execution trajectory, though specific FY29 projections were deemed premature to provide.
- Company appointed EY consultant and set initial target of 50-100 MW data center EPC projects, leveraging existing capabilities in power T&D, solar, and water infrastructure. Focus on private sector clients with better cash flows.
Risks flagged
- EBITDA margins declined from historical 20-25% to 14% as solar EPC projects (with different cost structures) now constitute majority of order book. Analyst raised concern about sustainability of current margin profile versus historical levels. Management deflected by referencing 15-17% as normalized range without committing to specific timeline for recovery.
- Payables increased 68% YoY to INR 788 crore while operating cash flows remain negative. Investor raised concern about sustainability of 596 creditor days and potential need for equity dilution. Management provided vague response about Q4 procurement spike without addressing long-term working capital strategy.
- The 969 MW NOPPL acquisition requires INR 4,200 crore investment with lender re-evaluation under new promoter status. While 148 MW is in advanced execution stage and land for 80% of project identified, the complexity of multi-location execution (150+ sites) and timeline to March 2027 deadline creates execution risk.
- Approximately INR 280-300 crore in receivables remain outstanding from Jal Jeevan Mission projects, representing ~25-30% of total receivables. While INR 17-18 crore was received in FY27 YTD and provisions of ~INR 20 crore taken in Q4, realization timeline remains uncertain given government budget constraints.
Key quotes
- We are pretty confident that we'll be able to do 2,200 plus crores of revenue next year as in in FI27 with or without NOP... 2,200 2,300 plus crores is what we are looking at uh in FI27.
- Our EBITDA is in the range of 15 to 17%. And this year particularly it is 14%, mainly on account of because of some JJM projects receivables got delayed... as a prudent practice we have taken provision against those receivables which will be reversed when we once we get those receivables.
- We have maintained CAGR of 35 to 36% for the last 3 years and FY27 will be far better because we have sitting on a very strong order book and our confidence level is gone up now.
- Approximately 60% will come from solar and 30% will come from power T&D... and the balance approximately 10% from water. So our focus is to complete water project in the proper way and to bring all our receivable from the water and that is the reason for last 18 months we are not quoting for the water.
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