Vikran Engineering wins ₹3,518 Cr Maharashtra EPC order

What the new work order covers

Vikran Engineering Limited has accepted a turnkey EPC work order valued at ₹3,517.98 crore (inclusive of GST) for a 969 MW AC solar power project across multiple locations in Maharashtra. The scope includes design, engineering, procurement, supply, erection, testing and commissioning. The contract also includes the supply of solar photovoltaic modules and inverters. The execution timeline is 12 months from the date of the work order. The project is being positioned as a large, multi-site renewable execution assignment for the company.

Who awarded the contract and why the structure changed

The order has been issued by NOPL Solar Projects Private Limited. Vikran Engineering earlier signed a share purchase agreement in April 2026 to acquire a 49% stake in NOPL Solar Projects for about ₹4.9 crore. The company has also indicated that, following its acquisition of 100% equity in NOPL Solar Projects, the EPC execution has been realigned and is now being executed directly under a work order issued by NOPL. The company has described the new arrangement as a restructuring of the project execution framework.

Replacement of an older Maharashtra solar order

Vikran Engineering has said the new work order replaces an earlier arrangement linked to an order worth ₹2,035.26 crore from Onix Renewable Limited. That Onix order was for the construction of 600 MW AC solar power projects across multiple sites in Maharashtra and was also planned on a turnkey EPC basis with a 12-month execution period. The replacement and realignment indicate the company’s shift to executing a larger 969 MW AC scope under the new work order structure.

Management commentary: cash flows and revenue contribution

Rakesh Markhedkar, Chairman and Managing Director of Vikran Engineering Limited, told NDTV Profit that the company has secured a ₹3,500 crore project from the Maharashtra government. He added that it is expected to turn cash flow positive by the end of the financial year. He also said the project is likely to contribute nearly ₹550 crore to revenue. Alongside this, the company is accelerating its push into data centre EPC projects, with E&Y named as a full-time partner.

Stock move and market attention

The work order drew immediate market attention. Vikran Engineering shares rose 8.44% to ₹76.22 after the company announced acceptance of the ₹3,517.98 crore turnkey EPC order for Maharashtra. The sharp move followed the disclosure that the project spans multiple sites and covers full EPC execution, including module and inverter supply. The company has also highlighted that the order follows a restructuring of the project execution framework.

Order book visibility and near-term pipeline

Vikran Engineering has guided that it expects to start FY27 with an order book of ₹5,500 to ₹5,700 crore. In one management commentary, the company referred to an executed order book of about ₹5,000 crore as of December 29, along with visibility of around ₹2,000 crore in new orders in the near future. The company has also shared a broader snapshot stating orders in hand of ₹4,860 crore and future visibility in the ₹1,800 to ₹2,000 crore range. It has described a sectoral mix of its total order book (₹6,560 crore) as Solar plus T&D at 60%, standalone T&D at 30%, and water at 10%.

Other recent solar EPC wins referenced by the company

Vikran Engineering has cited multiple solar EPC contracts in Maharashtra and outside the state to underline momentum in renewables. These include a letter of award in October 2025 from Ellume Energy MH SolarOne for a 100 MWac grid-connected solar project in Maharashtra. The company has also referenced a contract from Carbonminus Maharashtra One Project Limited worth ₹1,641.91 crore for developing 505 MWAC solar power plants in Maharashtra, with an 11-month timeline, as part of the MSEDCL LIS scheme. Separately, NTPC awarded Vikran a Balance of System package for a 400 MW grid-connected solar PV project in Chitrakoot, Uttar Pradesh, valued at ₹524 crore.

Key facts table: Maharashtra solar EPC orders and timelines

Financial and operating metrics cited alongside the order news

In commentary linked to FY26 expectations, Vikran Engineering indicated topline growth guidance of ₹1,400 to ₹1,600 crore and margins of 16.5% to 17%. The company has also stated that the ₹3,517.98 crore order value is about 2.8 times its FY26 reported revenue. These numbers are being used to frame how the Maharashtra 969 MW order changes near-term revenue visibility over the next 12 months.

Why the deal matters for strategy: renewables scale and data centres

The 969 MW AC work order expands Vikran Engineering’s visibility in large-scale renewable EPC execution. At the same time, management has pointed to a strategic emphasis on high-growth sectors such as Power T&D, Solar, Battery Energy Storage Systems (BESS), and Data Centres, along with water projects in India and internationally. The company has explicitly linked its push into data centre EPC to having E&Y as a full-time partner. For investors tracking mid-cap EPC companies, the key moving parts remain the 12-month execution schedule, order book conversion into revenue, and stated cash flow expectations tied to the Maharashtra government project.

Conclusion

Vikran Engineering’s ₹3,517.98 crore work order for a 969 MW AC solar project in Maharashtra marks a step-up in project scale and near-term execution visibility, alongside a broader push into data centre EPC. The company has guided to an FY27 opening order book of ₹5,500 to ₹5,700 crore, with execution and cash flow outcomes to be monitored through the 12-month delivery cycle.