Key Highlights
- Vikran Engineering secured a ₹3,517.98 crore EPC order from NOPL Solar Projects.
- The contract covers a 969 MW AC solar power project in Maharashtra.
- The order includes design, engineering, procurement, supply, erection, testing and commissioning.
- The project execution timeline is 12 months.
- The earlier ₹2,035.26 crore EPC order from Onix Renewable has been mutually cancelled.
- The revised contract follows Vikran Engineering’s acquisition of NOPL.
- The company said the restructuring is not linked to any dispute or performance issue.
Vikran Engineering Limited has secured a new engineering, procurement and construction (EPC) work order worth ₹3,517.98 crore, including GST, from NOPL Solar Projects Private Limited for the development of a 969 MW AC solar power project across multiple locations in Maharashtra.
The company informed the stock exchanges that the order covers the design, engineering, procurement, supply, erection, testing and commissioning of the project on a turnkey EPC basis. The contract also includes the supply of solar photovoltaic (PV) modules and inverters.
According to the company, the project is scheduled to be executed over a period of 12 months.
The latest contract follows a restructuring of an earlier EPC arrangement with Onix Renewable Limited. Vikran Engineering had previously received an EPC work order from Onix Renewable on December 23, 2025, for a 600 MW solar project valued at ₹2,035.26 crore. As part of that project, work worth approximately ₹388.67 crore had already been executed, while the remaining balance order value of around ₹1,893.26 crore has been mutually cancelled.
The company stated that the change comes after its acquisition of a 100% equity stake in NOPL Solar Projects Private Limited. Following the acquisition, the project execution structure has been realigned, allowing the EPC contract to be awarded directly by NOPL instead of through Onix Renewable.
Vikran Engineering clarified that the cancellation of the earlier work order was due to the restructuring of contractual arrangements and was not related to any dispute, default or performance-related issue. The company also said the revised arrangement is not expected to have any material adverse impact on its operations, financial position or business prospects.
The company further disclosed that NOPL Solar Projects Private Limited is its wholly owned subsidiary. Since certain directors and key managerial personnel of Vikran Engineering also serve as directors in NOPL, the transaction qualifies as a related-party transaction. However, the company stated that the contract has been executed on an arm’s length basis.
The order represents EPC work for a 969 MW AC solar project to be developed at multiple locations across Maharashtra and has a tentative contract value of ₹3,517.98 crore, including GST.