Rakesh Markhedkar manage EPC margins

Rakesh Markhedkar, chairman and managing director of Vikran Engineering, used a May 2026 X post to make a simple point: EPC margins are usually lost in execution before they are lost in accounting. His checklist ran across feasibility, procurement, construction and commissioning, with emphasis on design freeze, long-lead buying and field supervision. The post landed as electrical and transmission contractors are dealing with tighter procurement windows and more schedule risk on copper-heavy packages, according to the social briefing and broader market coverage. Vikran Engineering has also been publicly stressing disciplined bidding, risk management and margin control in company materials and media interviews. ### Why would an EPC chief focus on margins at the execution stage? Rakesh Markhedkar has tied Vikran Engineering’s growth plans to “disciplined bidding and risk management” in the company’s February 2026 investor presentation. In that document, he said FY26 was a “pivotal year” for the company, with an order book exceeding 4,700 crore rupees as of February 13, 2026, and margins shaped by execution ramp-up and project mix. (x.com) December 29, 2025, provides more context for that emphasis. In a CNBC-TV18 interview, Markhedkar said Vikran Engineering expected an unexecuted order book of 5,500 crore to 5,700 crore rupees by fiscal year-end, guided revenue of 1,400 crore to 1,600 crore rupees, and projected EBITDA margin of 16.5% to 17.5%. He also said the company was focusing on solar, battery storage and evacuation packages, all of which add procurement and interface complexity. (vikrangroup.com) ### Which parts of execution was he flagging? The May 2026 post, as described in the source briefings, pointed to controls that start before site work begins. Those controls included feasibility discipline, timely design freeze, procurement lead-time management, construction supervision and commissioning readiness, with the aim of keeping electrical and transmission projects on schedule. The practical logic is familiar to EPC contractors. When quantities move late, long-lead items slip, or field teams build against unstable drawings, margin pressure usually shows up as rework, idle labor, expediting costs and delayed handover rather than as a single large event. (cnbctv18.com) That reading is consistent with Markhedkar’s own public focus on risk management and with the broader execution themes laid out in the supplied briefings. (x.com) ### Why are copper-heavy and critical-path packages getting extra attention? Copper markets have become a visible pressure point for electrical contractors, according to the supplied web briefing, which cited reports of prices rising above $14,000 a tonne on supply shocks and demand tied to grids, batteries and AI-related infrastructure. The same briefing said copper-intensive packages become harder to resequence when markets tighten, especially if conductor sizes, grounding scope, bus duct or transformer interfaces change late. (vikrangroup.com) Electrical EPC schedules are also being compressed by system conditions. The supplied briefing cited India’s record peak power demand of 265.44 gigawatts on May 20, 2026, during a heatwave, a backdrop that can narrow energization windows and reduce tolerance for startup defects. In that environment, commissioning readiness becomes a margin issue as well as an operations issue. ### How does this fit Vikran Engineering’s current business mix? Vikran Engineering said in its February 2026 investor presentation that it had strengthened its presence in solar EPC and was building across power transmission and distribution, solar and water. (x.com) Markhedkar said there that the company was positioning for “scalable and sustainable growth,” while acknowledging that margins reflected execution ramp-up and project mix. CNBC-TV18 reported in December 2025 that about 90% of Vikran Engineering’s order book was in the power sector, with roughly 60% tied to solar plus transmission and distribution projects and another 30% in pure-play T&D. Markhedkar also said the company was pursuing combined offerings covering solar, battery energy storage systems and evacuation infrastructure such as substations and transmission lines. (vikrangroup.com) ### What should contractors watch next? May 22, 2026, is Vikran Engineering’s next dated company milestone, with the board scheduled to consider FY26 results and related proposals, according to a company-related report surfaced in search results. For contractors following Markhedkar’s comments, the next concrete check will be whether management’s results commentary keeps stressing execution discipline, working capital and margin control across solar, BESS and transmission packages. (scanx.trade) (cnbctv18.com)