Key Metrics of Vikran Engineering Limited
About Vikran Engineering Limited
Sectors
Company details
- Registered office
- 401,odyssey It Park, Road No. 9, Industrial Wagle Estate Thane, Thane, In-mh, 400604
- Listed
- NSE: VIKRAN · ₹52.57
Operational Areas of Vikran Engineering Limited
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
Sign in to continue See plans & pricingFiling compliance
Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
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Credit ratings
WatchIssuer not cooperating with CARE (rating based on limited information)
WatchLiquidity assessed as Stretched
NoteLatest action: rating withdrawn (CARE, 28 Jan 2026)
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 28 Jan 2026 | CARE | Withdrawn | BB- | A4 | Stable | — | View |
| 02 Jul 2025 | CARE | Downgraded | BB- | A4+ | Stable | ₹322 Cr | View |
| 05 Apr 2024 | CARE | Revised (from BBB-) | BB+ | A3 | Stable | ₹322 Cr | View |
| 03 Mar 2023 | CARE | Revised (from BBB) | BBB- | A3 | Stable | ₹322 Cr | View |
| 03 Jan 2022 | CARE | Reaffirmed | BBB | A3 | Negative | ₹599 Cr | View |
| 30 Dec 2020 | CARE | Reaffirmed | BBB | A3 | Stable | ₹600 Cr | View |
| 06 Jan 2020 | CARE | Reaffirmed (from BBB) | BBB | A3 | Stable | ₹200 Cr | View |
| 07 Sep 2018 | CARE | Reaffirmed | BBB | A3 | Stable | ₹440 Cr | View |
| 06 Apr 2018 | CARE | Reaffirmed (from BBB-) | BBB | A3 | Stable | ₹200 Cr | View |
| 08 Mar 2017 | CARE | Assigned | BBB- | A3 | Stable | ₹50.0 Cr | View |
Credit strengths (CARE, Jan 2026)
+ Well-diversified order book
The rating derives strength from the outstanding order book of ₹2,412 crore, which translates to 2.63x total operating income (TOI) of FY25 thus providing medium-term revenue visibility for the company. Segment-wise, the order book is diversified, with power infrastructure and distribution accounting for 43.87%, followed by water infrastructure at 31.02%, and electric high-voltage projects at 23.18%; the balance is from railway projects. VEL has 44 orders in hand, with the top 10 orders constitu
+ Geographical and sector diversification
Over the years, VEL has successfully expanded its business and diversified its operations into several states. Geographically, the company’s order book is concentrated in Uttar Pradesh (29.02%), followed by Madhya Pradesh (22.63%), Karnataka (11.67%), and Andhra Pradesh (11.07%); share is below 5% for other states. Rich experience of promoters in Transmission & Distribution Industry (Power Sector) VEL is promoted by experienced promoters who have decades of experience in the power transmission a
+ Rich experience of promoters in Transmission & Distribution Industry (Power Sector)
VEL is promoted by experienced promoters who have decades of experience in the power transmission and distribution segment and have held senior management positions in reputed companies. Liquidity: Stretched VEL’s average maximum utilisation of the fund-based and non-fund-based limits was high at 97.54% and 83.3%, respectively, in the 12 months ended June 2025. The cash flow from operations remained negative and deteriorated to ₹147.79 crore negative
+ Liquidity: Stretched
VEL’s average maximum utilisation of the fund-based and non-fund-based limits was high at 97.54% and 83.3%, respectively, in the 12 months ended June 2025. The cash flow from operations remained negative and deteriorated to ₹147.79 crore negative in FY25 (FY24: ₹57.81 crore negative). Lastly, unencumbered cash and cash equivalents amounted to ~₹2.5 crore at FY25 (FY24: ₹0.08 crore). Assumptions/Covenants: Not applicable
+ Assumptions/Covenants: Not applicable
Environment, social, and governance (ESG) risks : Not applicable Applicable criteria Withdrawal Policy Financial Ratios – Non financial Sector Liquidity Analysis of Non-financial sector entities Assigning ‘Outlook’ or ‘Rating Watch’ to Credit Ratings Policy on Default Recognition
+ Brief Financials (₹ crore) FY24 (A) FY25 (A)
Total operating income 785.95 915.85 PBILDT* 134.09 157.91 Profit after tax (PAT) 74.85 77.82 Overall gearing (x) 0.64 0.64 Interest coverage (x) 3.95 3.08 A: Audited Note: these are latest available financial results *PBILDT: Profit before interest, lease rentals, depreciation, and tax
Credit challenges
—
Could lead to an upgrade
• Significant improvement in scale of operations along with operating margins exceeding 10%. • Reduction in receivables below 120 days. • Improvement in
Could lead to a downgrade
• Deterioration in collection days from existing level leading to strain in
Agency-reported financials (CARE, 02 Jul 2025)
| Metric | March 31, 2023 | March 31, 2024 |
|---|---|---|
| Total operating income | ₹524 Cr | ₹786 Cr |
| PBILDT | ₹79.36 Cr | ₹134 Cr |
| PAT | ₹42.84 Cr | ₹74.85 Cr |
| Overall gearing (times) | 1.20× | 0.63× |
| Interest coverage (times) | 2.85× | 4.09× |
| Revenue growth (YoY) | — | 49.9% |
| EBITDA margin | 15.1% | 17.1% |
| Implied interest cost (EBITDA ÷ coverage) | ₹27.85 Cr | ₹32.78 Cr |
| PAT margin | 8.2% | 9.5% |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| continues to remain under ISSUER NOT ISSUER Long-term bank facilities | Working capital & bank lines | — | ₹84.0 Cr | — | BB- (Stable) | Downgraded | CARE |
| NOT continues to remain under ISSUER NOT CARE Long-term Short-term bank A4 continues to remain under ISSUER NOT | Working capital & bank lines | — | ₹216 Cr | — | BB+ (Stable) | Downgraded | CARE |
| facilities ISSUER NOT Short-term bank facilities | Working capital & bank lines | — | ₹22.5 Cr | — | BB+ / A4+ | Downgraded | CARE |
CARE ratings on record (checked 23 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| Bank Guarantee | — | Withdrawn |
| Cash Credit | — | Withdrawn |
| Letter of credit | — | Withdrawn |
| Non Convertible Debentures | — | Withdrawn |
Credit assessment · Manufacturing
Rating Methodology – Manufacturing Companies (Mar 2025) · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Not cooperating since 05 Apr 2024 (30 months) – investment grade cannot be retained |
| Credit enhancement | None – standalone rating |
| Withdrawal | CARE · 28 Jan 2026 · Withdrawn at company request with lender NOCs |
| Next action stable or better (model) | 12% |
| Information on file | 78% · missing: Capex / investment plans, Auditor details |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 12% chance the next rating action is stable or better
- Current rating BB- (below investment grade)
- Interest coverage 4.09×
- Working-capital limits 97.54% utilised on average
- Issuer not cooperating with the rating agency
- CARE withdrew its ratings on 28 Jan 2026 — usually after the rated bank loans were repaid or moved to another lender
Rated limits by facility
Timeline
From the report
The average maximum utilisation of the fund-based and non-fund-based limits was high at 97.54% and 83.3%, respectively, in the 12 months ended June 2025.
From the report
Liquidity: Stretched VEL’s average maximum utilisation of the fund-based and non-fund-based limits was high at 97.54% and 83.3%, respectively, in the 12 months ended June 2025.
From the report
Lastly, unencumbered cash and cash equivalents amounted to ~₹2.5 crore at FY25 (FY24: ₹0.08 crore).
From the report
Given the unbridged working capital gap the enhancement in limits becomes critical from credit perspective.
From the report
Press Release Stretched working capital: Though there has been improvement in operating income, stretched operating cycle is reflected from deterioration in collection days from 117 days in FY18 to 238 days in FY22, which has been reflected in average fund based working capital utilization including adhoc limits remained high above 92% for the trailing 12 months ending January 2023 and by elongating the creditor payments from 94 day in FY18 to 144 days in FY22.
From the report
Though, there has been improvement in receivable to Rs 193 crore as on January 31,2023, most of them are utilized towards meeting creditor payments, which stands at Rs 81 crore as on January 31,2023, however, the working capital limits continues to be stretched with average utilization stands at 93% for the month January 2023.
From the report
Further, the company has unencumbered free cash and bank balance of Rs 14.77 crore as on January 31,2023.
From the report
VEEPL’s reliance on working capital borrowings and LC backed creditors has gone up and it had also availed covid loans, resulting in a moderately leveraged balance sheet with a gearing level of 1.09x (PY: 0.98x).
From the report
VEEPL had generated gross cash accruals of Rs.17.14 crore (PY: Rs.25.76 crore) during FY21.
From the report
The company has free cash and bank balance (including FDRs) of Rs.2.11 crore as on October 31, 2021.
From the report
The company has repayment obligations of around Rs.3.50 crore each during FY22 and FY23.
From the report
Average working capital utilization was around 88% for the 12 months period ending November’21.
From the report
Average utilization of its fund based working capital limits stood at ~81% with maximum utilization going up to high level of 99% during the trailing 12 months ended November 2020.
From the report
The average utilization of non-fund based working capital limits also remained high at ~85% for trailing twelve month ended Nov. 2020.
From the report
On the back of Covid 19 pandemic wherein execution of orders had been impacted during H1FY21, VEEPL had availed the moratorium from its lenders as a COVID relief measure (as permitted by the Reserve Bank of India) on interest payment of working capital facilities from March 1, 2020 till August 31, 2020.
From the report
However, with the growth in its scale of operations, VEEPL’s reliance on working capital borrowings, mobilisation advances and LC backed creditors has also gone up and VEEPL has availed additional Rs.100.00 crore of working capital borrowings during H1FY21, hence the capital structure is expected to again moderate.
From the report
VEEPL has sanctioned fund based working capital limits of Rs.50 crore and has availed an ad-hoc limit of Rs.7 crore from October 2019.
From the report
Average utilization of its fund based working capital limits stood at ~80% with maximum utilization going up to high level of 96% during the trailing 12 months ended November 2019.
From the report
VEEPL has sanctioned non-fund based working capital limit of Rs.140 crore whereby average utilization stood at ~64% for the last 12 months ended Sept. 2019.
From the report
VEEPL has sanctioned non-fund based working capital limit of Rs.140 crore whereby average utilization stood at ~64% for the last 12 months ended Sept. 2019.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of Vikran Engineering Limited
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
 Larsen & Toubro |
Capital Goods & Power Equipment · Heavy Engineering & Capital Goods | larsentoubro.com | 1938 | Mumbai, India |
 Thermax |
Capital Goods & Power Equipment · Heavy Engineering & Capital Goods | thermaxglobal.com | 1980 | Pune, India |
| LENSKART SOLUTIONS LIMITED | Machine Tools & Industrial Machinery · Heavy Engineering & Capital Goods | — | — | New Delhi, Delhi, India |
 Blue Dart Express |
Outlets operated by Blue Dart Express. | bluedart.com | 1983 | Mumbai, India |
| H.G. INFRA ENGINEERING LIMITED (PART IX) | Machine Tools & Industrial Machinery · Heavy Engineering & Capital Goods | — | — | Jodhpur, Rajasthan, India |
| TENNECO CLEAN AIR INDIA LIMITED | Machine Tools & Industrial Machinery · Heavy Engineering & Capital Goods | — | — | Tamil Nadu, India |
 Kirloskar Brothers |
Capital Goods & Power Equipment · Heavy Engineering & Capital Goods | kirloskarpumps.com | 1888 | Pune, India |
 SANSERA ENGINEERING LIMITED |
Machine Tools & Industrial Machinery · Heavy Engineering & Capital Goods | sansera.in | — | Bangalore, Karnataka, India |
 Action Construction Equipment Limited |
Fertilisers, Seeds & Crop Protection · Agriculture & Agri-Inputs | ace-cranes.com | 2009 | Palwal, India |
| BAJEL PROJECTS LIMITED | Machine Tools & Industrial Machinery · Heavy Engineering & Capital Goods | — | — | Mumbai, Maharashtra, India |
Similar companies
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Principal business activities and related-party transactions are read from MGT-7 and AOC-4 filings.
Filings
No filings on record yet.