Shares of Vikran Engineering rallied up to 15% in opening trade on Wednesday after the company bagged a ₹2,035 crore engineering, procurement, and construction (EPC) order for 600 MW AC solar power projects in Maharashtra.

The shares of Vikran Engineering opened 10.7% higher at ₹96.05 against the previous closing price of ₹86.75 on the BSE. Extending opening gains, the renewable energy stock rose as much as 15% to hit a high of ₹99.76 per share. The counter saw strong volumes, with 9.9 lakh shares changing hands compared with a two-week average of 1.31 lakh shares.

Vikran Engineering, which debuted on the stock exchanges on September 3, 2025, is currently trading slightly higher than its initial public offering (IPO) price of ₹97 per share. The stock hit an all-time high of ₹118.40 on November 20 and slipped to a 52-week low of ₹84.50 on December 18. The Kolkata-based solar EPC contractor has posted a decline of over 7% over the past month.

Bags order from Onix Renewables

In an exchange filing last evening, Vikran Engineering said it has received a major work order worth ₹2,035.26 crore from Onix Renewables, a special purpose vehicle (SPV), for the development of 600 MW AC solar power projects across multiple locations in Maharashtra.

The work order, dated December 22, 2025, entails execution of the project on a turnkey EPC basis, covering end-to-end activities including design, engineering, procurement, supply, erection, testing, and commissioning. The scope of work also includes the supply of key components such as solar PV modules and inverters. The project is expected to be completed within a 12-month timeline.

“This order marks an important milestone for Vikran Engineering and reflects the strong momentum we are witnessing in our renewable energy EPC business. It is a clear vote of confidence in our engineering depth, project management capabilities, and ability to deliver large-scale solar projects with speed and quality,” said Rakesh Markhedkar, Chairman and Managing Director, Vikran Engineering.

“This win meaningfully strengthens our order book and positions us well for sustained growth, as we continue to support India’s clean energy ambitions through reliable, timely, and sustainable infrastructure development,” he added.

According to the company, the order will enhance Vikran Engineering’s renewable energy portfolio and complements its established presence across power transmission and distribution, water infrastructure, and railway electrification. It also reinforces the company’s strategic focus on scaling participation in large, complex infrastructure projects while maintaining high standards of execution and delivery.

Vikran Engineering Limited is a diversified EPC player with expertise across power transmission and distribution, water infrastructure, and railway electrification, supported by emerging capabilities in solar EPC and smart metering. The company provides end-to-end turnkey solutions spanning conceptualisation, design, supply, installation, testing, and commissioning, enabling it to capture the full value chain of project execution.

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