Vikran Engineering Secures INR 3517.98 Crore Work Order for 969 MW Solar Plant in Maharashtra

Vikran Engineering Secures INR 3517.98 Crore Work Order for 969 MW Solar Plant in Maharashtra​

Vikran Engineering Limited has announced securing a substantial work order valued at INR 3517.98 Crores from NOPL Solar Projects Private Limited (NOPL) for the solar plant development and execution within Maharashtra. This agreement is part of a larger contractual realignment following the company's acquisition of a controlling stake in NOPL, which necessitated the mutual cancellation of a prior EPC contract with Onix Renewable Limited for the same project.

The new contract involves Vikran Engineering Ltd undertaking the Designing, Engineering, Procurement, Supply, Erection, Testing and Commissioning on Turnkey EPC Basis (including Supply of Solar PV Modules and Inverters) for a 969 MW AC Solar Power Project across multiple locations in Maharashtra. The work order was accepted by Vikran Engineering Limited on June 26, 2026, and the contract has a timeline of 12 months.

This significant development follows the acquisition of a 100% equity stake in NOPL. As part of this restructuring, the EPC execution structure for the project is now managed directly under the Work Order awarded by the developer, NOPL.

Contract Restructuring and Cancellation​

The realignment required Vikran Engineering Limited to mutually cancel an earlier contract with Onix Renewable Limited. The original work order from Onix Renewable Limited, which was accepted on December 23, 2025, pertained to EPC works for a 600 MW project in Maharashtra, valued at INR 2035.26 Crores.

Prior to the contract cancellation, approximately INR 388.67 Crores of work had been tentatively executed against the Onix arrangement. The change in contractual arrangements was made solely because Vikran Engineering Ltd received the EPC contract directly from NOPL following the acquisition and is not related to any dispute or performance issue.

The new direct Work Order from NOPL has replaced the prior agreement with Onix Renewable Limited, with this transition being formalized through a letter dated June 23, 2026, from Onix Renewable Limited to NOPL and Vikran Engineering Ltd. The company confirmed that the transaction is at arm's length basis.

The board noted that the contractual change is not expected to have any material adverse impact on the Company's operations, financial standing, or business prospects as it continues execution under the revised arrangement with NOPL.

Contract Details Overview​

The transition and key details of both contracts are summarized below:

VIKRAN Stock Price Movement​

On Thursday, shares of Vikran Engineering Limited slipped by 1.15% to settle at ₹70.24, losing ₹0.82 from the previous close. The stock traded a total of 1.34 million shares during the session, closing within an intraday range established between a low of ₹70.00 and a high of ₹72.55.