During the quarter, total expenses increased 11.19% to Rs 245.83 crore in Q3 FY26 compared with Rs 221.09 crore in Q3 FY25. Cost of material consumed stood at Rs 69.78 crore (down 50.92% YoY), project-related expenses were at Rs 121.34 crore (up 293.96% YoY), employee benefit expenses stood at Rs 20.92 crore (up 7.67% YoY), and finance cost was at Rs 13.06 crore (down 35.76% YoY) during the period under review.

The company's consolidated order book surged 146% YoY to over Rs 4,987 crore as of 31 December 2025, from Rs 2,027 crore a year ago, providing strong revenue visibility for the next two years. The company has also incorporated a Special Purpose Vehicle (SPV), Vikran MP Solar.

Rakesh Markhedkar, chairman & managing director of Vikran Engineering, said, 'FY26 marks a pivotal year for Vikran Engineering as we significantly strengthened our presence in the Solar EPC segment. The large-format solar orders secured during the year have materially enhanced our revenue visibility, with our consolidated order book now exceeding Rs 4,700 crore as of 13th February 2026.

While margins during the period reflect execution ramp-up and project mix dynamics, we expect operating leverage benefits to play out as solar projects move into advanced execution phases. With a strong pipeline across Power T&D, Solar, and Water, and a clear focus on disciplined bidding and risk management, we are positioning Vikran Engineering for scalable and sustainable growth. We are also actively evaluating opportunities in select international markets, particularly in Africa and the Middle East, to diversify our growth trajectory.'

Vikran Engineering provides end-to-end services from conceptualization, design, supply, installation, testing, and commissioning on a turnkey basis and has a presence across multiple sectors, including power, water, and railway infrastructure.

Shares of Vikran Engineering slipped 1.12% to end at Rs 85.92 on the BSE on Friday.

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