Vikran Engineering Wins ₹2,035 Crore Order for 600 MW Solar Project

Introduction to the Landmark Deal

Vikran Engineering Limited (VEL), a prominent multi-sector Engineering, Procurement, and Construction (EPC) company, has secured a significant work order valued at ₹2,035.26 crore. The contract, awarded by Onix Renewables Limited, a special purpose vehicle (SPV), is for the development of 600 MW (AC) of solar power projects across various locations in Maharashtra. This development marks a major milestone for Vikran Engineering, substantially boosting its renewable energy portfolio and strengthening its position in India's competitive infrastructure sector. The announcement immediately impacted the market, with the company's shares surging over 11% in intraday trading, reflecting strong investor confidence in the firm's growth trajectory.

Comprehensive Project Scope and Timeline

The work order, which Vikran Engineering officially accepted on December 23, 2025, outlines a comprehensive turnkey EPC contract. The company's responsibilities will cover the entire project lifecycle, from initial design and detailed engineering to procurement of materials, supply of components, on-site erection, rigorous testing, and final commissioning. A critical part of the scope includes the supply of major components such as high-efficiency solar photovoltaic (PV) modules and inverters. The project is set on an ambitious timeline, with an expected completion period of just 12 months. This tight schedule underscores the company's capability to execute large-scale projects efficiently and within a defined timeframe, a crucial factor in the fast-paced renewable energy industry.

Strategic Expansion in Renewable Energy

This 600 MW solar project order is a strategic victory for Vikran Engineering. It significantly enhances the company's renewable energy EPC business, complementing its established presence in other critical infrastructure domains like power transmission and distribution, water infrastructure, and railway electrification. The project aligns perfectly with the company's long-term strategy to increase its participation in large, complex infrastructure projects. By successfully securing this contract, Vikran Engineering demonstrates its ability to compete for and deliver high-value projects, reinforcing its reputation as a reliable partner in India's infrastructure development. The order meaningfully strengthens the company's order book, providing clear revenue visibility for the upcoming fiscal year.

Leadership's Perspective on the Win

Rakesh Markhedkar, the Chairman and Managing Director of Vikran Engineering Limited, commented on the development, highlighting its importance for the company. He stated, “This order marks an important milestone for Vikran Engineering and reflects the strong momentum we are witnessing in our renewable energy EPC business.” He further described the win as “a clear vote of confidence in our engineering depth, project management capabilities, and ability to deliver large-scale solar projects with speed and quality.” Markhedkar emphasized that the contract not only strengthens the company's order book but also positions it for sustained growth as it continues to support India’s clean energy ambitions through the development of reliable and sustainable infrastructure.

Key Project Details at a Glance

To provide a clear overview of this significant contract, the key details are summarized below.

Market Impact and Company Profile

The news of the order win was met with a positive response from the stock market, with Vikran Engineering's share price jumping 11.35% to ₹96.60. This reaction indicates strong investor approval of the company's strategic direction and its ability to secure large-scale projects. Vikran Engineering has a proven track record as a diversified EPC player, providing end-to-end turnkey solutions across various sectors. The company has successfully completed 45 projects in 14 states for a roster of esteemed clients, including public sector giants like NTPC and Power Grid Corporation of India, as well as various state utilities. This extensive experience provides a solid foundation for the successful execution of the new solar projects in Maharashtra.

Contribution to India's Clean Energy Goals

This 600 MW project is not just a corporate achievement but also a significant contribution to India's national renewable energy targets. The country has an ambitious goal of achieving 50% of its energy from renewable sources by 2030 and reaching net-zero emissions by 2070. Large-scale solar projects like this one are fundamental to achieving these targets. By adding 600 MW of clean energy to Maharashtra's grid, the project will help reduce the state's carbon footprint and increase its energy security. Vikran Engineering's role in this project positions it as a key contributor to India's transition towards a greener and more sustainable energy future.

Conclusion and Forward Outlook

In conclusion, Vikran Engineering's ₹2,035 crore contract from Onix Renewables is a transformative event for the company. It solidifies its standing in the renewable energy sector, enhances its financial outlook, and aligns with its strategic growth objectives. The project's successful and timely completion over the next 12 months will be a critical focus for the company. As Vikran Engineering moves forward with execution, this project will serve as a benchmark for its capabilities in handling large, complex infrastructure challenges, further cementing its role in building a sustainable future for India.