The inventory listed at Rs 99.70 on the BSE, 2.8% above its IPO value 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 in need of the final gray 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 traders, and retail bidders, post-listing buying and selling didn’t absolutely replicate this enthusiasm. GMP alerts had already advised a modest acquire of 4–7%, which slipped steadily via the subscription interval.
Priced at Rs 97 per share, the problem comprised a Rs 721-crore contemporary concern 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 good points of simply 2.7% above the problem value. 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 document.”The corporate has “sturdy development visibility backed by a Rs 2,442 crore order ebook, supported by authorities infrastructure spending,” Nyati stated, recommending traders maintain with a stop-loss close to Rs 89 “to safeguard in opposition to volatility, as execution of the robust order pipeline might drive medium-term upside.”
Backed by marquee traders
Based in 2008 and headquartered in Thane, Vikran Engineering counts marquee backers together with Ashish Kacholia, Mukul Agrawal, and The Wealth Firm (through India Inflection Alternative Fund).
The corporate makes a speciality of turnkey EPC initiatives 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 problem at a FY25 P/E of 32.1x, noting Vikran’s “highest profitability margins” amongst friends like Kalpataru Tasks Worldwide and KEC Worldwide however maintained a “Impartial” stance.
Anand Rathi referred to as the IPO “absolutely priced” however rated it “Subscribe for Lengthy Time period” primarily based on scalability and sector tailwinds. Reliance Securities cited robust credentials and government-aligned development, recommending “Subscribe.”
Additionally learn | Ashish Kacholia-invested Vikran Engineering shares record at 3% premium over IPO value
(Disclaimer: Suggestions, options, views, and opinions given by the consultants are their very own. These don’t characterize the views of The Financial Occasions)
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