Vikran Engineering Ltd. share price target

Vikran’s initial issue is available at 17.3x TTM EV/EBITDA which is much
lower to its peer average of 32.0x TTM EV/EBITDA. We believe the issue
is attractively priced, as its growth in terms of revenue and EBITDA, has
trended in a similar range of its peers, while it is available at a much lower
valuation. We assign a “SUBCRIBE” rating to the issue.

IPO NOTE

Company is one of the fast-growing Indian Engineering, Procurement and Construction (EPC) company in terms of revenue growth over FY23-25, compared to the average industry growth estimates and the peer set considered. While company is relatively smaller in terms of revenue from operations in comparison to the listed industry peers, Company's revenue from operations grew at a CAGR of 32.17% from 5,243.05 million...

Fresh Issue of 7,43,29,896 shares amounting to Rs 721 Cr and an Offer For Sale of 52,57,731 shares amounting to Rs 51 Cr.. Thus the total Issue Size is 7,95,87,627 shares totaling Rs 772 Cr....

Vikran Engineering Ltd. is among the fastest-growing Indian EPC companies in terms of revenue growth from FY23 - FY25, outperforming industry and peer averages. Though smaller in scale, revenue grew at a CAGR of 32.2%, from Rs 524.3 cr in FY23 to Rs 915.8 cr in FY25. The company's diversified portfolio spans energy, water and railway infrastructure, offering turnkey solutions across design, supply, installation and commissioning. Key areas include power transmission & distribution, water supply systems, solar EPC, smart metering and...