अApnaFunda

VIKRAN ENGINEERING LIMITED (VIKRAN)

Industrial Services

Quality scoreHow the business itself ranks against its sector peers on profitability, 3-year growth and leverage. 50 is the middle of the sector.59 / 100
Profitability 43Balance sheet 74

Passes these screens: Debt-light & profitable

Share Price
₹52.54
P/E
15.3x
ROCE
17.0%
Market Cap
₹1356 cr
Revenue (TTM)
₹1215 cr
P/S
1.1x
P/B
1.1x
ROE
7.2%
Operating Margin
8.0%
Debt / Equity
0.2x
Promoter Holding
56.3%
12M Momentum
-48.3%

52-week range

₹50.81₹118.40
3% of the way from its 52-week low to its high

Price risk

1Y volatility
50.6%
Beta vs sector
1-year daily
1.24

Balance sheet & cash

Interest cover
operating profit ÷ interest
2.8x
Share count, 1Y
+44.4%

Was the rally earned?

-48%share price, 1 yearMultiple-driven

Mostly the multiple.

  • Most of the fall came from investors paying a lower multiple (P/E 24.0x to 15.3x); per-share earnings took off 15 points.
  • The share count rose 40%.
1 year Net profit growth: +10 pts. Points of the price return explained by net profit growing (or shrinking).+10 ptsP/E change: -33 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.-33 ptsShare count change: -25 pts. Points of the price return explained by the share count changing. More shares count against the price.-25 pts -48% 1 year Net profit growth: +10 pts. Points of the price return explained by net profit growing (or shrinking).P/E change: -33 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.-33 ptsShare count change: -25 pts. Points of the price return explained by the share count changing. More shares count against the price.-25 pts -48%
Net profit growth+10 ptsNet profit rose about 14%, which lifts the price.
P/E change-33 ptsThe P/E fell from 24.0x to 15.3x, which lowers the price.
Share count change-25 ptsShare count rose 40%, which lowers the price.
What do "pts" mean?

"pts" are percentage points of the share price return. The parts add up to the total shown for each period. Because price = P/E × net profit ÷ share count, higher profit pushes the price up, a higher P/E pushes it up, and more shares push it down.

Example: if the price rose 34% and profit growth accounts for +58 pts while a lower P/E accounts for -24 pts, then 58 - 24 = 34. The +58 is not the profit growth rate itself: it is the part of the price move that profit growth explains.

Not shown for 3 years and 5 years: earnings were negative at one end, or there is not enough history.

Net profit is trailing twelve months as reported with a 60-day lag.

Compare this with LARSEN AND TOUBRO

What is the price implying?

~12%annual earnings growth implied by the price

At a P/E of 15.3x, the price would imply about 11.8%/yr earnings growth for 10 years under the same assumptions, but it is not ranked.

Fewer than six years of annual earnings are available, which is too little to measure delivered growth.

“Implied growth” is what the current price would require under our stated assumptions, not what we expect.

What prices imply across Industrial Services The market-wide Expectations lists

What changed?

  1. Oct '26Volume reached 88.0x its 50-day median on 2026-10-13; price +12.8% that day.
  2. Sep '26Slipped to the 3rd quartile of Industrial Services on operating margin (from the 2nd quartile).
  3. Sep '26Debt / equity halved over 12 months to 0.24x.
  4. Sep '26Share count is up 44.4% over 12 months.
  5. Sep '26Volume reached 36.0x its 50-day median on 2026-09-24; price +8.6% that day.
  6. Jun '26Volume reached 24.9x its 50-day median on 2026-06-29; price +6.0% that day.
  7. Mar '26FII + DII holding fell 4.9 pts over 1 quarter to 10.1%.
  8. Mar '26Fell 55% from the Sep 2025 peak to the Mar 2026 low.
Show 1 earlier event
  1. Dec '25Volume reached 18.5x its 50-day median on 2025-12-24; price +11.2% that day.

Events are generated from the data by fixed rules.
The month shown is when the change became visible in the reported figures, assuming a 60-day lag after each quarter end; it is not an announcement date.

Where price and fundamentals disagree, market-wide Rewind the whole market to any month

Are profits backed by cash?

0 of 1 checks are within range, 1 near a threshold.
Tap a check to see how it is measured.

Other income reliance20%Near threshold

Other income as a share of pre-tax profit (trailing twelve months): 19.7%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate—Not enough data

Not enough reported data to compute this.

Cash conversion—Not enough data

Not enough reported data to compute this.

Free cash flow—Not enough data

Not enough reported data to compute this.

Receivable days vs history—Not enough data

Not enough reported data to compute this.

Capital work in progress—Not enough data

Not enough reported data to compute this.

Payable days—Not enough data

Not enough reported data to compute this.

How to read this

Each check is a named rule with fixed thresholds, not a score. Annual statements are the latest restated figures, so a past year may differ from what was originally reported.

All terms explained in the glossary →

Who has been buying and selling?

  • Since Sep 2025, DIIs trimmed 6.9 pts; FIIs trimmed 1.1 pts.
  • The number of shareholders rose from 1.1 lakh to 1.3 lakh (+16%) between Sep 2025 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupSep '25Jun '26Change
Promoters56.2%56.3%+0.1 pts
FIIs2.4%1.3%-1.1 pts
DIIs12.6%5.7%-6.9 pts
Public and others28.8%36.7%+7.9 pts

Number of shareholders

1.3 lakhshareholders+16% since Sep '25
1.1L1.1L1.2L1.3L Sep '25Dec '25Mar '26Jun '26
Sep '25: 1.1 lakh
Dec '25: 1.2 lakh
Mar '26: 1.2 lakh
Jun '26: 1.3 lakh
1.1L1.1L1.2L1.3L Sep '25Dec '25Mar '26Jun '26
Sep '25: 1.1 lakh
Dec '25: 1.2 lakh
Mar '26: 1.2 lakh
Jun '26: 1.3 lakh

Quarterly shareholding as reported, labelled by the quarter it covers (it becomes visible about two months later).
Shareholder counts are only available for recent quarters.

This quarter's smart-money board

How rough has the ride been?

Maximum drawdown-54.8%not yet recovered
1-year volatility50.6%annualised
Volume spikes6last 90 sessions, 5x the 50-day median

Monthly share price

₹52₹70₹88₹106 Sep '25Dec '25Mar '26Jun '26Sep '26Oct '26
2025-09: ₹94.89
2025-10: ₹101.57
2025-11: ₹106.45
2025-12: ₹100.07
2026-01: ₹88.52
2026-02: ₹68.46
2026-03: ₹51.90
2026-04: ₹72.28
2026-05: ₹70.96
2026-06: ₹76.23
2026-07: ₹72.19
2026-08: ₹58.76
2026-09: ₹59.71
2026-10: ₹52.54
₹52₹70₹88₹106 Sep '25Feb '26Jul '26Oct '26
2025-09: ₹94.89
2025-10: ₹101.57
2025-11: ₹106.45
2025-12: ₹100.07
2026-01: ₹88.52
2026-02: ₹68.46
2026-03: ₹51.90
2026-04: ₹72.28
2026-05: ₹70.96
2026-06: ₹76.23
2026-07: ₹72.19
2026-08: ₹58.76
2026-09: ₹59.71
2026-10: ₹52.54

Last 90 trading days

₹52₹60₹69₹77 Jun 23Jul 20Aug 13Sep 8Oct 6Oct 30
2026-06-23: ₹71.19
2026-06-25: ₹70.24
2026-06-30: ₹76.23
2026-07-02: ₹74.82
2026-07-06: ₹76.43
2026-07-08: ₹72.65
2026-07-10: ₹74.34
2026-07-14: ₹73.35
2026-07-16: ₹73.32
2026-07-20: ₹72.36
2026-07-22: ₹70.32
2026-07-24: ₹71.43
2026-07-28: ₹70.71
2026-07-30: ₹71.62
2026-08-03: ₹72.54
2026-08-05: ₹72.88
2026-08-07: ₹71.59
2026-08-11: ₹73.64
2026-08-13: ₹65.16
2026-08-17: ₹62.54
2026-08-19: ₹60.78
2026-08-21: ₹63.04
2026-08-25: ₹59.98
2026-08-27: ₹59.47
2026-08-31: ₹58.76
2026-09-02: ₹57.68
2026-09-04: ₹60.77
2026-09-08: ₹59.14
2026-09-10: ₹57.64
2026-09-15: ₹55.54
2026-09-17: ₹56.00
2026-09-21: ₹56.16
2026-09-23: ₹56.14
2026-09-25: ₹59.18
2026-09-29: ₹60.88
2026-10-01: ₹58.27
2026-10-06: ₹58.13
2026-10-08: ₹56.76
2026-10-12: ₹55.66
2026-10-14: ₹60.36
2026-10-16: ₹59.92
2026-10-21: ₹55.09
2026-10-23: ₹52.57
2026-10-27: ₹52.73
2026-10-29: ₹53.87
2026-10-30: ₹52.54
₹52₹60₹69₹77 Jun 23Aug 5Sep 17Oct 30
2026-06-23: ₹71.19
2026-06-25: ₹70.24
2026-06-30: ₹76.23
2026-07-02: ₹74.82
2026-07-06: ₹76.43
2026-07-08: ₹72.65
2026-07-10: ₹74.34
2026-07-14: ₹73.35
2026-07-16: ₹73.32
2026-07-20: ₹72.36
2026-07-22: ₹70.32
2026-07-24: ₹71.43
2026-07-28: ₹70.71
2026-07-30: ₹71.62
2026-08-03: ₹72.54
2026-08-05: ₹72.88
2026-08-07: ₹71.59
2026-08-11: ₹73.64
2026-08-13: ₹65.16
2026-08-17: ₹62.54
2026-08-19: ₹60.78
2026-08-21: ₹63.04
2026-08-25: ₹59.98
2026-08-27: ₹59.47
2026-08-31: ₹58.76
2026-09-02: ₹57.68
2026-09-04: ₹60.77
2026-09-08: ₹59.14
2026-09-10: ₹57.64
2026-09-15: ₹55.54
2026-09-17: ₹56.00
2026-09-21: ₹56.16
2026-09-23: ₹56.14
2026-09-25: ₹59.18
2026-09-29: ₹60.88
2026-10-01: ₹58.27
2026-10-06: ₹58.13
2026-10-08: ₹56.76
2026-10-12: ₹55.66
2026-10-14: ₹60.36
2026-10-16: ₹59.92
2026-10-21: ₹55.09
2026-10-23: ₹52.57
2026-10-27: ₹52.73
2026-10-29: ₹53.87
2026-10-30: ₹52.54

Drawdown from peak

0% -27% -54% Sep '25Apr '26Oct '26 0% -27% -54% Sep '25Apr '26Oct '26
Largest drawdowns

-54.8% (2025-09 peak to 2026-03 low, not yet recovered)

Most recent volume spikes

2026-10-14: 5x the 50-day median, price -3.8% that day

2026-10-13: 88x the 50-day median, price +12.8% that day

2026-09-29: 7.1x the 50-day median, price +6.3% that day

Where does it rank among Industrial Services peers?

Each cell is the company's percentile rank among its Industrial Services peers (non-financial companies) that month.
Darker is better-ranked.
Rows marked ↓ are inverted (lower debt, shorter cash cycle and a lower P/E rank higher).

ROCE
Op. margin
Revenue growth
EPS growth
Debt/equity ↓
Cash cycle ↓
P/E ↓
12M momentum
Nov '21Jul '22Jan '23Jul '23Jan '24Jul '24Jan '25Jul '25Jan '26Oct '26
Lower rank Higher rank

Percentiles use today's listed companies in the sector and need at least 5 peers with a value; grey cells have too few.
ROE is computed from net profit and book value where the source does not report it.

The Industrial Services sector page Watch it move against Industrial Services in the Observatory

What else looks like this?

Companies with the most similar financial profile today, regardless of industry.

CompanySectorSimilarityClosest on
ASSOCIATED ALCOHOLS & BREWERIE (ASALCBR)Consumer Non-Durables66%ROCE, revenue
GREENPANEL INDUSTRIES (GREENPANEL)Non-Energy Minerals61%debt/equity, promoter holding
HARIOM PIPE INDUSTRIES (HARIOMPIPE)Non-Energy Minerals61%promoter holding, P/E
SOLARWORLD ENERGY SOLUTIONS LT (SOLARWORLD)Utilities60%operating margin, revenue
LINC (LINC)Consumer Non-Durables58%operating margin, P/E
RAMKY INFRASTRUCTURE (RAMKY)Industrial Services50%debt/equity, operating margin
SATHLOKHAR SYNERGY EnC GLO (SSEGL)Industrial Services45%debt/equity, promoter holding
FABTECH TECHNOLOGIES (FABTECH)Industrial Services44%operating margin, debt/equity

Similarity is statistical, based on reported metrics; it does not imply similar business quality or future returns.

What happened next to similar setups

+0.2%typical 12-month return vs the marketNot meaningfully different from the base rate
  • We found 50 past situations where a non-financial company looked like VIKRAN ENGINEERING LIMITED today on valuation, return on capital, margins, debt, growth, price momentum, size and volatility.
  • Over the following 12 months the middle half of them returned −13% to +27% vs the market, against −2% for all non-financial companies in the same months.
  • The gap against the base rate (+2.0%, 80% range −6.4% to +6.5%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

−100%−50%0%+50%+100%
CONFIPET · Nov 2024: −51.3% vs market
ASIANTILES · Mar 2022: −50.2% vs market
ANNAPURNA · Aug 2025: −44.6% vs market
THOMASCOOK · Apr 2025: −34.7% vs market
KOPRAN · Jan 2025: −33.9% vs market
PARAGMILK · Jan 2020: −33.1% vs market
NGLFINE · Nov 2024: −29.3% vs market
TAKE · May 2020: −25.8% vs market
TEXRAIL · Oct 2025: −19.1% vs market
INFOBEAN · Nov 2023: −19.1% vs market
ZIMLAB · May 2024: −16.3% vs market
VENKEYS · Sep 2022: −14.4% vs market
CEMPRO · Jan 2020: −13.6% vs market
LUXIND · Aug 2025: −11.8% vs market
BLKASHYAP · Feb 2025: −11.5% vs market
HITECH · Jul 2025: −10.8% vs market
GANECOS · Oct 2025: −10.6% vs market
TIMETECHNO · Feb 2020: −9.9% vs market
DMCC · May 2023: −9.4% vs market
JKIL · Oct 2020: −8.2% vs market
AEROENTER · May 2024: −7.4% vs market
KABRAEXTRU · Nov 2023: −5.9% vs market
AWHCL · Apr 2022: −1.8% vs market
STERTOOLS · Feb 2024: −1.4% vs market
AXISCADES · Sep 2020: −0.6% vs market
NEULANDLAB · Jan 2022: +1.0% vs market
APEX · Sep 2021: +2.1% vs market
MOREPENLAB · Aug 2022: +3.0% vs market
MANINDS · Jan 2025: +5.5% vs market
WELENT · Jun 2020: +6.7% vs market
KRISHCA · Sep 2025: +8.0% vs market
FSL · May 2022: +11.0% vs market
KPIL · May 2020: +18.7% vs market
INSECTICID · Jul 2020: +20.1% vs market
KRYSTAL · Mar 2025: +20.3% vs market
KDDL · Mar 2020: +26.3% vs market
ALICON · Apr 2020: +27.0% vs market
GNA · Sep 2022: +27.2% vs market
SHAKTIPUMP · Jan 2020: +29.8% vs market
SDBL · Aug 2024: +32.6% vs market
CAPACITE · Apr 2020: +36.5% vs market
SPAL · Jan 2023: +44.6% vs market
ZENSARTECH · Jun 2020: +53.9% vs market
ARTEMISMED · Jan 2021: +61.9% vs market
SOBHA · Mar 2020: +81.6% vs market
QUESS · Mar 2020: +82.4% vs market
RKFORGE · Mar 2020: +90.8% vs market
ADOR · Dec 2020: +94.2% vs market
ACE · Mar 2020: +150.8% vs market
THEMISMED · Mar 2021: +169.6% vs market
Similar setups +0.2%All companies −1.8%← worse than the marketbetter than the market →

Each dot is one past situation (hover or tap for details) · Solid dots are the closest matches, listed below · Shaded is the middle half of all companies in the same months · 2 beyond the range shown, drawn at the edge

Similar setups' median
+0.2%
All companies' median
−1.8%
Beat the market
50% vs 48%

50 past situations · 50 companies · 34 months · 2020–2025

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
CAPACITE
Industrial Services
Apr 2020 6x19% −62%−68% +37%
ASIANTILES
Producer Manufacturing
Mar 2022 16x12% −19%−42% −50%
PARAGMILK
Consumer Non-Durables
Jan 2020 10x18% −33%−49% −33%
AWHCL
Transportation
Apr 2022 17x18% −8%−39% −2%
TEXRAIL
Producer Manufacturing
Oct 2025 25x14% −39%−41% −19%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
NGLFINE
Health Technology
Nov 2024 27x20% −8%−33% −29%
GNA
Producer Manufacturing
Sep 2022 15x17% −32%−41% +27%
SHAKTIPUMP
Producer Manufacturing
Jan 2020 10x19% −39%−48% +30%
How reliable is this?

Matched on P/E, P/S, ROCE, operating margin, debt/equity, interest cover, revenue growth, 12-month momentum, drawdown from 12-month high, size and volatility. Closest on: 12-month momentum, ROCE and P/E. One match per company and at most 7 from any one month.

Independent periods: the matches fall in 6 distinct 12-month windows. Matches from nearby months share the same market conditions, so fewer windows means less evidence.

How this is built

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to VIKRAN ENGINEERING LIMITED. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

Methodology

How historical analogs are built

Data as of 2026-10-30. Outcome pool: Jan 2020 to Oct 2025.

For every company we look at the situation it is in today (valuation, return on capital, margins, debt, growth, 12-month price momentum, drawdown, size and volatility) and find past company-months that looked most like it. We then show what happened to those past situations over the following 12 months, measured against the ApnaFunda All index and against the base rate. It describes history. It does not predict anything.

What is compared

FeatureWeightNon-financialFinancial
P/E1yesyes
P/S1yes—
P/B1—yes
ROCE1yes—
operating margin1yes—
ROE1—yes
debt/equity0.75yes—
interest cover0.5yes—
revenue growth0.75yesyes
12-month momentum1yesyes
drawdown from 12-month high0.75yesyes
size0.75yesyes
volatility0.5yesyes

Weights were set by judgement before any outcome was looked at and are never tuned on results. Loss-making companies (negative P/E or net profit) are only matched with other loss-making companies. Banks, NBFCs and insurers are compared only with each other and use a different feature set. Every feature is converted, month by month, to its rank among companies in the same pool in that month, so a P/E of 30 in a hot market and a P/E of 22 in a cold one can match if both were equally expensive for their time. Only that month's data is used.

How closeness and the sample are defined

Distance is the weighted root-mean-square gap between the standardised features both companies have. A match needs at least 70% of the query's feature weight, a distance of at most 0.9, and 30 matches at minimum to be shown. We keep up to 50 matches with these exclusions: never the company itself, one match per company (its closest month), and at most 7 from any one calendar month so a single market episode cannot dominate.

Base rate

The base rate is the distribution of 12-month returns, relative to the market, of every eligible company-month in the same pool, with each month weighted to match the months the analogs came from. It answers: how did a random company do in these same months? Because matches from nearby months share the same market conditions, we also report the number of distinct 12-month windows behind a result, and a bootstrap that resamples months decides whether the analog median differs from the base rate at all. "Not meaningfully different" is the usual outcome and the page copy is written for it.

Limits you should know

  • One market period. The outcome pool covers 2020–2025 only (70 months), including the 2020 crash and the 2020–21 rally.
  • Survivorship. Only companies listed today are included. Delisted and bankrupt companies are missing, which flatters past outcomes, particularly for distressed-looking setups.
  • Price return only. Dividends are excluded, and the benchmark is an ApnaFunda market-cap-weighted index of the same listed companies, not an official index.
  • Reporting lag. Fundamentals are matched on an assumed 60-day lag after the quarter end, not on real announcement dates.
  • Pools: non-financial: 97,430 company-months from 2000 companies; financial: 5,632 company-months from 106 companies. 2240 companies currently have a result; the rest are suppressed because too few comparable situations exist.

Does it work? A walk-forward check

The walk-forward check has not been run for this build, so skill is shown as not yet measured.

Disclaimer

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to any company shown. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.
Monthly history (14 months)
MonthP/ERevenue (TTM)ROEROCEDebt / Equity
2026-1015.3x₹1215 cr7.2%17.0%0.2x
2026-0917.4x₹1215 cr7.0%17.0%0.2x
2026-0811.0x₹1428 cr9.7%17.0%0.2x
2026-0713.5x₹1428 cr9.7%17.0%0.2x
2026-0614.2x₹1428 cr9.7%17.0%0.2x
2026-0516.7x₹916 cr16.7%—0.6x
2026-0417.0x₹916 cr16.7%—0.6x
2026-0312.2x₹916 cr16.7%—0.6x
2026-0216.1x₹916 cr16.7%—0.6x
2026-0120.9x₹916 cr16.7%—0.6x
2025-1223.6x₹916 cr16.7%—0.6x
2025-1125.1x₹916 cr16.7%—0.6x
2025-1024.0x₹916 cr16.7%—0.6x
2025-0922.4x₹916 cr16.7%—0.6x

Methodology and data notes

Methodology

Methodology and data notes

All figures come from public exchange prices and screener.in financial statements. Quarterly and annual results are shown from 60 days after the period end, so a month never uses a result before it would plausibly have been published. Statements are the latest versions, which may include later restatements.

Sector medians, percentiles and indices use today's listed companies in the sector (survivorship bias). Prices are adjusted for splits and bonus issues; around a corporate action the fundamentals may lag the price by up to a month, and affected sections are hidden.

The return decomposition uses price = P/E × net profit ÷ share count. The reverse DCF uses a fixed 12% cost of equity, a 10-year horizon and a 15x terminal P/E, and is an illustration only. Events, flags and twins follow fixed rules and thresholds described next to each section.

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