Vikran Engineering Ltd Management Discussions

GLOBAL ECONOMIC OVERVIEW

The global economy in 2025 demonstrated resilience amidstamoderatinggrowthtrajectoryandacomplex geopolitical environment. Global GDP growth was estimated at approximately 3.2%, marginally lower than 3.3% in 2024, reflecting the combined impact of trade tensions, policy uncertainties, and uneven regional economic performance. Growth in advanced economies remained subdued at around 1.5%-1.6%, while emerging market and developing economies continued to outperform with an expansion of nearly 4%, thereby driving a significant share of global infrastructure demand.

Inflationary pressures eased, with global consumer price inflation While inflation remained relatively persistent in certain advanced economies. In response, major central banks adopted a more accommodative monetary stance. The European Central Bank implemented multiple policy rate cuts during the year, while the Federal Reserve reduced interest rates towards the latter part of 2025. Other key central banks, including the Bank of England, also followed a calibrated easing approach. This shift towards lower borrowing costs created a supportive financing capital-intensive infrastructure projects globally.

Against this macroeconomic backdrop, the power transmission and distribution (T&D) vertical witnessed robust growth, supported by grid modernization initiatives, renewable energy integration, and increasing electricity demand driven by urbanization and industrialization. The global T&D ecosystem continued to benefit from strong policy support for energy transition, particularly in high-growth regions across Asia-Pacific.The solar EPC vertical sustained its expansion trajectory, supported by structural drivers such as decarbonization goals, policy incentives, and improving cost economics. While global solar installations continued to grow, the pace of expansion moderated compared to previous years due to policy adjustments and trade-related disruptions in certain markets. Nevertheless, emerging economies remained key contributors to capacity additions, supported by favorable economic growth and increasing energy demand. The water and wastewater treatment EPC vertical exhibited steady growth, underpinned by rising water scarcity, stricter environmental regulations, and increasing industrial activity. Investments in municipal and industrial water infrastructure, particularly in emerging markets, continued to drive demand. While the sector did not witness the same pace of expansion as the energy verticals, it maintained a stable growth trajectory supported

. by sustainability imperatives and long-term policy focus.

INDIAN ECONOMIC OVERVIEW

The Indian economy continued to demonstrate strong resilience and growth momentum during FY 2025-26, emerging as one of the fastest-growing major economies globally. Real GDP growth was estimated at approximately 7.4%, improving from 6.5% in the previous fiscal year, supported by robust domestic consumption, sustained investment activity, and healthy performance across the services and manufacturing sectors. The growth trajectory remained broad-based, with quarterly momentum peaking at over 8% during the year.

A key macroeconomic highlight was the sharp moderation in inflation, with consumer price inflation declining significantly to levels well below the medium-term target of the Reserve

Bank of India. Inflation remained in the range of approximately 0.25%-2% towards the latter part of the year, creating space for a supportive monetary policy environment. In response, the RBI implemented cumulative policy rate cuts of around 125 basis points, bringing the repo rate down to 5.25% by December 2025, while maintaining a neutral policy stance.

The Union Budget 2025-26 reinforced the governments continued focus on infrastructure-led growth. Increased allocations towards renewable energy,includingsolarmanufacturing,GreenEnergy Corridor projects, and emerging technologies such as small modular reactors (SMRs), provided a strong impetus to the power EPC ecosystem. Furthermore, sustained investments in water and sanitation infrastructure, supported by schemes such as the Jal Jeevan Mission and Namami Gange Programme, continued to drive demand in the water treatment EPC verticals.

Within the power transmission and distribution verticals, the sector witnessed significant growth momentum driven by the National Electricity Plan and large-scale renewable integration targets. The governments ambitious plan to achieve 500 GW of non-fossil fuel capacity necessitated substantial investments in transmission infrastructure, resulting in a strong pipeline of EPC opportunities.

INDUSTRIAL OVERVIEW

SOLAR PANELS EPC SECTOR OUTLOOK

Indias solar EPC market is poised for a transformational boom in 2026 and sustained double-digit growth through 2030, underpinned by the countrys trajectory toward the 500 GW non-fossil fuel target. Annual solar capacity additions are projected at 42.5 GW in calendar year 2026 (32.5 GW utility-scale, 8.5 GW rooftop, 1.5 GW off-grid), with solar continuing to dominate RE additions. The sector benefitsfrom falling module costs, policy-driven domestic manufacturing, and strong investor confidence, positioning India as the worlds second-largest solar market in 2026 (behind China). Long-term EPC demand will remain robust as solar forms the bulk of the 160 GW additional RE needed by 2030.

Key Government Initiatives

01 UNION BUDGET	02 MNRE BIDDING	03 DOMESTIC
2026-27	TRAJECTORY &	CONTENT PUSH
MNRE allocation increased 30% to 32,915 crore, with 22,000 crore for PM Surya Ghar Muft Bijli Yojana (rooftop solar) and 5,000 crore for PM-KUSUM (agricultural solar). Green Energy Corridors and solar manufacturing incentives continue.	GUIDELINES 50 GW per annum RE procurement target (FY23-24 to FY27-28) via SECI/NTPC/etc.; standard bidding guidelines for solar, hybrid, and FDRE projects.	ALMM-II (solar cells) effective June 2026; updated DCR norms and PLI scheme to boost local panel/module manufacturing and reduce import dependence.

ORDER PIPELINE

32+ GW of utility-scale projects in advanced stages, plus 32 GW in bidding phase. Hybrid and solar+BESS tenders are accelerating execution in 2026. Rooftop and off-grid verticals add diversified EPC opportunities under PM Surya Ghar and PM-KUSUM. Pending PSA/PSA backlog is being addressed through demand-linked bidding.

GROWTH DRIVERS & OUTLOOK

Utility-scale EPC will lead in 2026, with the overall market becoming more competitive and technology-driven (BESS integration, digital tools). Expected CAGR in solar EPC remains 8-12% through 2030, supported by RE integration needs and transmission upgrades. Risks include offtake resolution and transmission readiness, but policy momentum and 7%+ GDP growth provide a strong tailwind.

POWER TRANSMISSION & DISTRIBUTION (T&D) EPC SECTOR OUTLOOK

The India Power T&D EPC market is on an exponential growth path, valued at USD 14.68 billion in 2025 and projected to reach

USD 35.20 billion by 2035 (CAGR 9.34%).

This is driven by the need to evacuate 500 GW non-fossil capacity, industrial demand, and grid modernization. PGCILs aggressive capex signals accelerated execution, with the National Electricity Plan (NEP) targeting massive network expansion by 2032.

-TRANSMISSION LINES GROWTH

The NEP plans a massive addition of 1,91,474 circuit kilometers (ckm) of transmission lines (220 kV and above) between 2023 and 2032. This will expand the national transmission network from approximately 4.91 5 lakh ckm (as of early 2026) to 6.48 lakh ckm by 2032.

RECENT EXECUTION MOMENTUM: January 2026 alone saw a record 2,315 ckm added (highest in 21 months). PGCIL contributed significantly, commissioning 4,239 ckm during FY26 (up to March 2026), including major 765 kV lines.

-KEY FOCUS AREAS: High-voltage lines (765 kV, 400 kV) and HVDC for long-distance RE evacuation; Green Energy Corridor Phase-III

(expected Cabinet approval soon) will add

10,750 ckm for 20 GW RE integration across seven states, with Phases III & IV targeting overall 150 GW evacuation capacity.

-EPC implications: Strong order pipeline through ISTS/TBCB projects (84 under-implementation TBCB projects alone target

37,994 ckm). Intra-state lines are also ramping up under state transmission utility plans.

SUBSTATIONS GROWTH

Transformation capacity is slated to grow by

1,274 GVA by 2032, taking the cumulative capacity (220 kV and above) from 1,290 GVA in 2024 to 2,342-2,345 GVA.

-RECENT PROGRESS: In H1 FY26, 44,645 MVA was added (74% YoY growth). Cumulative capacity reached 1.407 million MVA recently. PGCIL alone added 60,370 MVA and commissioned 8 new substations in FY26 (up to March).

-TECHNOLOGY PUSH: Emphasis on plug-and-play substations, GIS, dynamic line rating, and FACTS devices under Draft NEP 2026 for faster deployment and congestion management.

-EPC IMPLICATIONS: TBCB pipeline includes 320,000 MVA in ongoing projects; intra-state and RE-specific substations (e.g., Mandsaur augmentation) are creating steady EPC awards. Reactive compensation and bay additions further boost substation EPC scope.

INCREASE IN POWER DEMAND

Power demand has shown resilience despite some weather-related moderation in FY26.

-Recent trends: All-India peak demand touched a record 250 GW in FY25 (fully met). In FY26 (up to February 2026), peak met was 245 GW with near-zero shortfall. Energy requirement grew steadily, though actual FY26 peak was below the initial 270 GW projection due to milder conditions.

-CEA forecasts (National Generation Adequacy

Plan 2026 27 to 2035 36): Peak demand is projected to rise at a 5.58% CAGR to 289 GW in 2026 27, scaling to 388 GW by 2031 32 and 459

GW by 2035-36. Annual electricity requirement is expected to grow at 6.41% CAGR from 1,929 BU in 2026 27 to 3,365 BU in 2035 36.

KEY GOVERNMENT INITIATIVES

NATIONAL ELECTRICITY GREEN ENERGY RDSS & BUDGET

PLAN (TRANSMISSION) &

DRAFT NEP 2026 CORRIDOR SUPPORT

9.15 9.16 lakh crore total PHASE-II

Continued funding for investment by 2032; addition distribution reforms and 10,750 ckm lines + 27,500 of 1,91,474 ckm lines and state-level projects; Power

MVA substations for RE

1,274 GVA transformation Ministry allocation up evacuation. capacity (2022-32). Emphasis 39% in 2026-27. on intra-state strengthening, plug-and-play substations, competitive bidding (TBCB default), and consumer-oriented planning.

ORDER PIPELINE

PGCIL raised FY26 capex guidance to 35,000 crore (capitalisation 25,000 crore), with 82,000 crore planned for FY27 28. Under implementation: 84 TBCB projects ( 2.36 lakh crore, 37,994 ckm + 320,000 MVA) and 80 RTM projects. CTUILs rolling plan identifies 67,263 ckm ISTS additions up to FY31 ( 4.86 lakh crore total capex).

GROWTH DRIVERS & OUTLOOK

RE integration and peak demand growth (projected 388 GW by FY32) will drive mid-to-high single-digit annual capex growth. Intrastate focus and advanced technologies (dynamic line rating, FACTS) create EPC opportunities. Execution risks (ROW, clearances) remain, but policy reforms and stable cash flows support resilient growth. The sector is credit-positive for EPC players with strong order books.

WASTEWATER (WATER TREATMENT PLANT) EPC SECTOR OUTLOOK

The wastewater EPC vertical is set for steady, policy-backed expansion at 8-10% CAGR, with the broader water & wastewater treatment technology market growing from USD 2.73 billion in 2025 to USD 4.73 billion by 2031 (CAGR

9.59%). Urbanization, industrial compliance (ZLD), and river rejuvenation drive demand for

STPs, reuse plants, and decentralized systems. JJM 2.0 shifts focus toward sustainable O&M, unlocking long-term EPC visibility.

KEY GOVERNMENT INITIATIVES

-Jal Jeevan Mission (JJM) 2.0: 67,670 crore allocation in 2026-27; 8.7 lakh crore overall push (including O&M market of 3 lakh crore) for rural water supply and wastewater management.

-AMRUT 2.0: 8,000 crore budgeted; focus on sewerage, septage, and 500 MLD STP capacity addition under SBM-Urban 2.0.

55

-Namami Gange Phase II: 218 sewerage projects

( 35,794 crore, 6,610 MLD capacity); 173 STPs already commissioned (3,976 MLD operational as of early 2026); continued river rejuvenation funding.

Order Pipeline

Multi-year and diversified: Ongoing STP commissions under Namami Gange (9+ projects operationalized in FY26 so far), AMRUT-funded urban sewerage, and

JJM-linked wastewater infrastructure. Industrial ZLD and reuse projects add private-sector EPC demand.

Sanctioned capacity under Namami Gange alone exceeds 6,000 MLD, with more in pipeline.

Growth Drivers & Outlook

Water scarcity, stricter norms, and reuse mandates (treated wastewater 20-40% cheaper than freshwater) will sustain demand. Municipal EPC (JJM/ AMRUT) provides volume, while industrial (pharma, chemicals, F&B) drives high-tech/ZLD opportunities. Growth is execution-focused; budgetary increases and O&M shift ensure visibility through 2030.

The sector offers stable, lower-volatility EPC play compared to power/renewables.

ABOUT THE COMPANY

Vikran Engineering Limited is one of Indias fast-growing, diversified Engineering,

Procurement and Construction (EPC) companies, providing end-to-end, concept-to-commissioning solutions across critical infrastructure sectors including power transmission and distribution, renewable energy (solar EPC), water infrastructure, and railway electrification.

With a PAN-India footprint, the Company has successfully completed 47 projects and is currently executing projects in 18 states through an extensive network of over 190 project and store locations. It operates on an asset-light model supported by a robust ecosystem of more than 3,500+ suppliers and strong cost-control mechanisms.

Backed by promoters with over 70 years of cumulative industry experience and a professional management team, Vikran Engineering has built a strong execution track record, including landmark assignments for PGCIL, MPPTCL, state utilities, and major government schemes such as Jal Jeevan

Mission (Har Ghar Jal Yojana), RDSS, RGGVY, and DDUGJY.

BUSINESS OVERVIEW TRANSMISSION AND DISTRIBUTION VERTICAL

Vikran Engineering is one of Indias leading power transmission EPC players, delivering reliable grid-to-ground infrastructure with a strong focus on high-voltage networks. The vertical encompasses the design, engineering, procurement, construction, testing, and commissioning of high-voltage transmission lines (up to 400 kV), air-insulated (AIS)

(upto 765 kV) and gas-insulated (GIS) substations

(up to 400 kV), underground EHV cables (132-220 kV, 2500 sq.mm), high-voltage switching & distribution substations, feeder bay augmentations, rural/remote electrification, and smart metering solutions.

Core Capabilities

-High-voltage transmission lines up to 765kV across diverse terrains.

-AIS Sybstation upto 765 and GIS substations up to 400 kV with power transformers and reactors.

-Power distribution networks (33 kV/11 kV), rural under schemes like RGGVY and electrification

DDUGJY, and system strengthening under RDSS.

-Integration of smart meters for real-time monitoring and efficient billing.

KEY ACHIEVEMENTS & LANDMARK PROJECTS

The Company has executed over 7 EHV transmission line & substation projects, 3 major AIS/GIS substation packages, and 30 power distribution network projects, plus 30,000+ smart metering connections. Notable executions include:

-90 km 400 kV DCDS Ashtha Ujjain Indore line for MPPTCL.

-Multiple PGCIL packages: 132 kV Khonsa

Deomali (45 km, completed in 12 months), 132 kV lines in Arunachal Pradesh (Miao-Namsai 41 km and Changlang-Jairampur 60 km), 400 kV substations in Bihar (500 MVA transformer) and Punjab (Jalandhar, Patiala, Samba).

-765 kV AIS bays / 400 kV bays at Raipur substation for PGCIL.

-400 kV Bina substation (80 MVA reactor) and 220 kV GIS at Muzaffarpur for PGCIL.

SOLAR VERTICAL

Over the years, the company has diversified its EPC portfolio to include solar EPC & IPP projects, where it executes utility-scale and balance-of-system (BoS) projects.

Core Capabilities

-Ground-mounted solar PV projects up to 2 GWp.

-Balance-of-System (BoS) projects for solar power plants up to 1 GWp.

-Water-pump solar installations and hybrid/ renewable energy solutions.

During the financial year the Company has secured multiple high-value, large-format solar EPC orders totaling over 2,400 crore, significantly establishing companys foothold in Solar EPC space.

KEY ORDER WINS

-December 23, 2025: 2,035.26 crore from end Client NOPL Solar Projects Pvt. Ltd. (SPV)

Landmark turnkey EPC order for 600 MW AC solar power projects across multiple locations in

Maharashtra. Scope includes end-to-end design, engineering, procurement, supply (including solar PV modules and inverters), erection, testing, and commissioning. Execution timeline: 12 months. This remains one of the largest single solar EPC wins for the Company and was widely reported as a major scale-up in renewables.

-December 24, 2025: 459.20 crore from NTPC

Renewable Energy Limited

EPC contract (Balance of System / BoS package) for a 400 MW AC grid-connected solar project at Chitrakoot in Uttar Pradesh. Scope includes inland transportation, insurance, installation, testing, commissioning, and guarantee tests (12-month timeline). This marquee PSU order further validates Vikrans execution credentials with top-tier clients and strengthens its renewable credentials.

Strategic Importance

This vertical diversifies the portfolio away from traditional power T&D, capitalizes on falling module costs and government incentives (PM Surya Ghar,

PM-KUSUM, Green Energy Corridor), and positions the Company for higher-margin, lower-working-capital opportunities. Large-format orders secured in FY26 have significantly enhanced revenue visibility. The vertical is expected to grow rapidly with Indias solar capacity addition targets

WATER INFRASTRUCTURE VERTICAL

The water vertical delivers turnkey solutions for sustainable drinking water and wastewater infrastructure, aligned with Jal Jeevan Mission (Har Ghar Jal) and Namami Gange initiatives. It covers surface and underground water projects with emphasis on efficiency, automation, and long-term O&M.

Core Capabilities

-Design, supply, and construction of water treatment plants (WTPs).

-Overhead service reservoirs (OHSR), intake wells, and distribution pipe networks (surface & underground).

-Rainwater harvesting and multi-village water supply schemes.

-Automation, SCADA, and electro-mechanical systems.

Key Achievements & Landmark Projects

-246 crore multi-village scheme in Betul, Madhya

Pradesh (Har Ghar Jal Yojana, including 10-year O&M).

-87.41 crore project in Baloda Bazar,

Chhattisgarh (Har Ghar Jal Yojana).

-Multiple drinking water supply schemes in Uttar Pradesh (Azamgarh, Sultanpur, Raebareli districts) and other JJM projects in Madhya Pradesh and Chhattisgarh.

Government Initiatives

-Namami Gange Programme (Phase II)

Key Highlights (2025-26 Progress):

-524 projects sanctioned ( 43,030 crore total);

355 completed (68%).

-218 sewerage infrastructure projects sanctioned ( 35,794 crore) targeting 6,610 MLD treatment capacity.

-In 2025: 25 new STPs commissioned (530 MLD capacity) total operational STPs reached 173 (3,977 MLD).

-17 additional STPs commissioned; 9 projects operationalised in Q3 alone, pushing Phase-

II commissioned capacity to 3,976 MLD.

Budgetary Support:

National Ganga Plan allocation in Budget 2026-27 increased to 3,100 crore.

Jal Jeevan Mission (JJM) & JJM 2.0

Objective: Provide safe tap water to all rural households while mandating source sustainability through greywater management, reuse, and wastewater treatment.

Key Highlights:

-Shift from asset creation to citizen-centric service delivery, O&M, and long-term sustainability.

-Unlocks 3 lakh crore O&M market; introduces

"Sujalam Bharat" digital framework for asset mapping and monitoring.

-Mandatory integration of greywater treatment, rainwater harvesting, and reuse in all schemes.

-STPs and decentralised wastewater systems are now central to the 2025+ vision for preventing pollution and enabling reuse for irrigation/ industry.

Budgetary Support: Continued high priority; Budget 2026-27 reinforces focus on quality infrastructure and O&M.

-Atal Mission for Rejuvenation and Urban

Transformation (AMRUT 2.0)

Objective: Achieve 100% sewerage/septage coverage in 500+ cities, promote treated wastewater reuse, and rejuvenate water bodies.

Key Highlights:

-583 sewerage projects approved ( 66,117 crore) 6,649 MLD sewage treatment capacity.

-Reuse targets: 20% of municipal demand and 40% of industrial demand met through recycled treated water.

-"Jal Hi AMRIT" initiative incentivises efficient

STP operations and resource recovery (Water Resource Recovery Cells set up in 25 States/UTs).

-Over 6,535 MLD treated water already being reused; additional 1,931 MLD reuse capacity approved.

-Legacy from AMRUT 1.0: 4,700 MLD STP capacity created + 21,700 km sewer networks.

Budgetary Support: 8,000 crore in Budget 2026-27 (steady allocation).

Overall Budget 2026-27 Signal: Increased emphasis on sewage management, drainage, sanitation, and river conservation, with steady-to-higher allocations across Jal Shakti and urban missions.

Summary Impact on Wastewater EPC Sector

These initiatives have created a multi-year, visible order pipeline exceeding tens of thousands of

MLD in treatment capacity, plus associated sewer networks, reuse plants, and O&M contracts. The shift toward reuse, digital monitoring, and performance-based contracts (e.g., hybrid annuity, O&M focus in JJM 2.0) offers EPC players stable, long-term revenue visibility aligned with national goals of water security and Viksit Bharat 2047.

RAILWAY INFRASTRUCTURE VERTICAL

This vertical supports Indias railway modernization and electrification drive (including high-speed rail projects) through specialized electrification and signaling solutions. It contributes to diversification while leveraging synergies with the core power T&D expertise.

Key Achievements & Landmark Projects

-220 kV Vondh-Bhachau TSS (Western Railway) - 16 km OHE + 8.1 km underground cable.

-Sengottai-Punalur section (Tamil Nadu) - full

OHE and TSS electrification for CORE.

-132 kV transmission line for Banka TSS, Bihar.

-132 kV line under RE Project Danapur (35 km route).

-Underground cabling projects in Bhachau, Gujarat, and others.

Overall Portfolio Diversification

Vikran Engineering is actively expanding beyond core vertical into renewable energy hybrids, railway infrastructure, and industrial EPC projects. This balanced, asset-light model-supported by a 3,500+ supplier network, PAN-India presence across 18 states, and promoters with 70+ years of experience-ensures resilience against cyclical shifts while aligning with national priorities in energy transition, water security, and transport infrastructure. Backed by promoters and a senior management team with over seven decades of cumulative industry experience, Vikran Engineering has built strong execution capabilities and a track record of delivering complex projects within stipulated timelines. Its consistent focus on operational excellence, disciplined bidding, and risk management has enabled the Company to achieve strong growth momentum and position itself as an emerging player in Indias EPC landscape.

Financial Performance

Vikran Engineering Limited delivered steady revenue growth during FY26, underpinned by healthy order execution across its diversified EPC portfolio.

Consolidated revenue from operations increased

36.41% year-on-year to 1,249 crore in FY26. In Q4 FY26, revenue stood at 647.4 crore, up 82% year-on-year and registering a strong 143% sequential growth over Q3 FY26, reflecting accelerated project momentum.

The performance was supported by a robust and growing order book, which crossed 5206 crore as on 31 March 2026, up significantly from 2044 crore as on 31 March 2025), with Power T&D and Solar vertical accounting for 87% of the total. FY26 has been a pivotal year for the Company, marked by its successful entry and scaling in the Solar EPC vertical through multiple large-format orders.

Particulars ( Cr)	FY26	FY25	YoY (%)
Revenue from Operations	1,249.31	915.85	36.41%
Total Income	1,266.27	922.36	37.29%
EBITDA	175.12	160.23	9.29%
EBITDA Margins (%)	14.02	17.50	-19.88%
PAT	91.70	77.81	17.86%
PAT Margins (%)	7.34	8.50	-13.60%
EPS	4.05	4.35	-6.90%
Key Ratios
Particulars	FY26	FY25	YoY (%)
Debtor Turnover	1.49	1.67	-10.65%
Inventory Turnover	13.13	11.64	12.80%
Current Ratio	1.98	1.48	33.31%
Debt Equity Ratio	0.24	0.58	-59.51%
Return on Capital Employed (%)	13.11	23.34	-43.84%
Return on Equity (%)	10.76	20.50	-47.53%

Order Book and Revenue Visibility

As on 31 March 2026, the consolidated order book stood at 5,206 crore with Power T&D & Solar contributing 87%. This provides healthy revenue visibility for the next two years and positions the

Company to benefit from Indias infrastructure momentum in power transmission, renewables, water, and railway sectors.

Risk Management Human Resources

Human capital remains a cornerstone of Vikran

Engineering Limiteds execution capabilities in the highly specialised and project-intensive EPC sector. The Companys ability to deliver complex turnkey projects across Power T&D, Solar, Water Infrastructure, and Railway vertical is underpinned by a skilled, experienced, and agile workforce supported by a professional management team and promoters with over 70 years of cumulative industry expertise.

The Company continues to operate on an asset-light model while maintaining a lean yet competent core team of project managers, design engineers, site supervisors, and technical personnel capable of handling high-voltage transmission lines, GIS/AIS substations, ground-mounted solar installations, and water treatment infrastructure. Emphasis is placedonattractingandretainingtalentwithdomain expertise in EPC execution, safety compliance, and quality control - critical factors that enable timely project delivery and cost optimisation.

Looking ahead, the Companys strategic focus on geographical and sectoral diversification including selective evaluation of international opportunities in Africa and the Middle East - will necessitate continued investment in talent development, leadership succession planning, and building cross-functional capabilities. Management remains committed to fostering a performance-oriented culture that aligns employee objectives with the Companys long-term vision of sustainable and scalable growth while ensuring the highest standards of health, safety, and operational excellence on all project sites.

This disciplined approach to human resource management has been instrumental in enabling Vikran Engineering to more than double its order book within a year and positions the organisation well to capitalise on Indias robust infrastructure and energy transition pipeline in the coming years.