Vikran posts Rs 56 cr Q4 profit as FY27 expansion takes focus
Consolidated operating margin was 14.24%, while management highlighted a 969 MW solar portfolio with stated annual revenue potential of Rs 525 crore or more.
Filed 04 Aug 2026, 16:08 IST · after market close · VIKRAN (VIKRAN)
Key takeaways
- Vikran reported consolidated Q4FY26 net profit of Rs 56 cr after Rs 20.03 cr of interest and Rs 21.93 cr of tax.
- Operating earnings accounted for most of the Rs 77.93 cr pre-tax profit, with other income at Rs 6.8 cr.
- Management said FY27 will combine margin improvement with calibrated expansion, including a 969 MW PM-KUSUM portfolio tied to a Rs 4,200 crore project cost.
Q4 earnings were led by operating income
Vikran converted Rs 647.4 cr of consolidated revenue into Rs 92.19 cr of operating profit and Rs 56 cr of net profit. Interest of Rs 20.03 cr was the main charge between operating profit and pre-tax profit, while other income of Rs 6.8 cr was not the central earnings source. The reported EPS was Rs 2.17.
FY27 commentary centres on solar and execution
Management said its FY27 priorities are disciplined execution, margin improvement, operating efficiencies and calibrated expansion across Power T&D, Solar and Data Center. The company said it is targeting a 969 MW PM-KUSUM solar portfolio with a total project cost of Rs 4,200 crore, and cited average annual revenue potential of Rs 525 crore or more and EBITDA potential of Rs 450 crore or more. It also reported a Rs 1,400 crore solar EPC order and the commissioning of a 20 MW Maharashtra solar project in April 2026.
Results were filed after market close
The consolidated results were filed after market close on 4 Aug 2026. The stock reaction is therefore not assessed here.
Q4FY26 at a glance
Consolidated figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q4FY26 |
|---|---|
| Revenue | ₹647 cr |
| Other income | ₹7 cr |
| Expenses | ₹555 cr |
| Operating profit | ₹92 cr |
| Operating margin (%) | 14.24% |
| Interest | ₹20 cr |
| Depreciation | ₹1 cr |
| Profit before tax | ₹78 cr |
| Tax | ₹22 cr |
| Net profit | ₹56 cr |
| EPS (₹) | ₹2.17 |
What management said
From the company’s own investor presentation. Each point is checked against the source document before it appears here.
This quarter
- The company commissioned a 20 MW solar project in Maharashtra in April 2026.
Guidance & outlook
- For FY27, the company will focus on disciplined execution, margin improvement, operational efficiencies and calibrated expansion across Power T&D, Solar and Data Center.
- The 969 MW PM-KUSUM solar portfolio has average annual revenue potential of approximately ₹525 crore or more.
- The 969 MW PM-KUSUM solar portfolio is expected to generate average EBITDA of approximately ₹450 crore or more.
Expansion
- The acquisition targets a 969 MW PM-KUSUM solar portfolio with a total project cost of ₹4,200 crore.
New orders
- The company is executing an additional solar EPC order of approximately ₹1,400 crore for NOPL Solar Projects Private Limited.
- The company received two Letters of Award from MSEDCL.
New initiatives
- The acquisition enables scalable expansion in distributed solar infrastructure opportunities.
Problems & risks
- The acquisition is intended to reduce dependence on cyclical EPC order inflows.
What to watch
- Whether consolidated operating margin holds above 14.24% as management pursues margin improvement.
- Progress on the 969 MW PM-KUSUM portfolio against management's stated Rs 525 crore annual revenue potential and Rs 450 crore EBITDA potential.
- Execution of the additional Rs 1,400 crore solar EPC order.