The inventory listed at Rs 99.70 on the BSE, 2.8% above its IPO worth of Rs 97, and at Rs 99 on the NSE, a 2% premium. Momentum held all through the session, with shares advancing to an intraday excessive of Rs 101.73 on the BSE and Rs 101.77 on the NSE, up 4.9% from opening ranges.
The efficiency fell wanting the final grey market premium (GMP) of Rs 7, which had implied an anticipated upside of seven.2%.
Investor curiosity vs market actuality
Whereas the IPO drew heavy investor demand, subscribed practically 25 instances throughout certified institutional consumers, non-institutional buyers, and retail bidders, post-listing buying and selling didn’t totally mirror this enthusiasm. GMP alerts had already urged a modest acquire of 4–7%, which slipped steadily by means of the subscription interval.
Priced at Rs 97 per share, the difficulty comprised a Rs 721-crore recent situation and a Rs 51-crore provide on the market, valuing the corporate at about Rs 2,500 crore post-listing.
Analyst views
Shivani Nyati, Head of Wealth at Swastika Investmart, described the debut as “modest,” with itemizing positive aspects of simply 2.7% above the difficulty worth. She famous that Vikran Engineering operates as “a number one EPC participant in energy transmission, water infrastructure, and railway electrification initiatives, with an asset-light mannequin and a robust execution observe report.”The corporate has “strong progress visibility backed by a Rs 2,442 crore order e book, supported by authorities infrastructure spending,” Nyati mentioned, recommending buyers maintain with a stop-loss close to Rs 89 “to safeguard towards volatility, as execution of the sturdy order pipeline may drive medium-term upside.”
Backed by marquee buyers
Based in 2008 and headquartered in Thane, Vikran Engineering counts marquee backers together with Ashish Kacholia, Mukul Agrawal, and The Wealth Firm (by way of India Inflection Alternative Fund).
The corporate makes a speciality of turnkey EPC projects in energy transmission, water provide, and railway electrification, with accomplished initiatives throughout 14 states and ongoing work value Rs 5,120 crore as of June 2025.
Financials and valuation
Income grew at a 32% CAGR between FY23 and FY25, reaching Rs 916 crore, whereas web revenue climbed to Rs 78 crore from Rs 43 crore. The corporate follows an asset-light mannequin by leasing gear, aiding margins and returns.
Brokerage homes had combined pre-listing views. SBI Securities pegged the difficulty at a FY25 P/E of 32.1x, noting Vikran’s “highest profitability margins” amongst friends like Kalpataru Projects International and KEC International however maintained a “Impartial” stance.
Anand Rathi referred to as the IPO “totally priced” however rated it “Subscribe for Lengthy Time period” based mostly on scalability and sector tailwinds. Reliance Securities cited sturdy credentials and government-aligned progress, recommending “Subscribe.”
Additionally learn | Ashish Kacholia-invested Vikran Engineering shares list at 3% premium over IPO price
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