Vikran Engineering share price surges over 10% after bagging Rs 3,517.98 crore solar EPC order

Vikran Engineering share price rallied more than 10% during early morning trade on Monday after the company announced that it had secured a major engineering, procurement, and construction (EPC) contract worth ₹3,517.98 crore for a large-scale solar power project.

As of 10:28 AM, Vikran Engineering shares were trading near the day's high after touching an intraday high of ₹78.60, compared to the previous close of ₹70.24. The stock opened at ₹75.66, hit an intraday low of ₹74.20, and witnessed strong investor interest with a trading volume of 2.97 crore shares.

According to the company's regulatory filing, the work order has been awarded by NOPL Solar Projects Private Limited and covers the designing, engineering, procurement, supply, erection, testing, and commissioning of a 969 MW AC solar power project across multiple locations in Maharashtra. The turnkey EPC contract also includes the supply of solar photovoltaic (PV) modules and inverters, with project completion scheduled within 12 months.

The company stated that the new EPC contract replaces an earlier work order awarded by Onix Renewable Limited in December 2025 for a 600 MW solar project valued at ₹2,035.26 crore. Vikran Engineering said work worth approximately ₹388.67 crore had already been completed under the previous agreement, while the remaining contract value was mutually cancelled following a restructuring of project execution.

The restructuring follows Vikran Engineering's acquisition of a 100% equity stake in NOPL Solar Projects Private Limited, making it a wholly owned subsidiary. As a result, the company will now execute the solar EPC project directly under NOPL instead of Onix Renewable.

Vikran Engineering clarified that the cancellation of the earlier work order was not linked to any dispute, default, or performance issue. The company added that the revised arrangement is not expected to have any material adverse impact on its business operations, financial position, or future prospects, as it will continue executing the same project under the new contract.

The company also disclosed that the transaction qualifies as a related party transaction since NOPL is its wholly owned subsidiary and certain directors and key managerial personnel serve on the boards of both companies. Vikran Engineering stated that the contract has been executed on an arm's length basis and complies with applicable SEBI regulations.