Order Win / EPC Contract
Vikran Engineering Receives ₹3,517.98 Crore EPC Solar Project Order from NOPL Following Contract Restructuring
NSE
vikran
BSE
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Vikran Engineering Limited has received a fresh EPC work order worth ₹3,517.98 crore (inclusive of GST) from NOPL Solar Projects Private Limited for the development of a 969 MW AC solar power project in Maharashtra. Simultaneously, the earlier EPC work order from Onix Renewable Limited has been mutually cancelled following an internal restructuring after Vikran acquired 100% of NOPL. The company stated that the revised arrangement will have no material adverse impact on its operations or financial position.
PRICE-SENSITIVE TRIGGER
Event: Receipt of new EPC work order from NOPL Solar Projects Private Limited and cancellation of the earlier Onix Renewable Limited work order due to contractual restructuring.
Type: Order Win / EPC Contract
Impact: Positive
Immediate Effect: The company secures a larger EPC contract directly from its wholly-owned subsidiary’s project developer, ensuring continuity of project execution under a revised contractual structure while eliminating the previous intermediary arrangement.
Key Metrics:
- New EPC Order Value: ₹3,517.98 Crore (Inclusive of GST)
- Project Capacity: 969 MW AC
- Execution Period: 12 Months
- Previous Work Order Value: ₹2,035.26 Crore
- Executed Under Previous Contract: Approximately ₹388.67 Crore
- Cancelled Balance Value: Approximately ₹1,893.26 Crore
- Revenue: Not Disclosed
- EBITDA: Not Disclosed
- PAT: Not Disclosed
- Margins: Not Disclosed
- QoQ / YoY Movement: Not Applicable
- Segment Performance: EPC Solar Power Projects
Highlight:
- ₹3,517.98 crore EPC order for a 969 MW AC solar power project in Maharashtra replaces the earlier contractual arrangement without any expected adverse business impact.
What Happened ?
Vikran Engineering Limited has accepted a new EPC work order dated 26 June 2026 from NOPL Solar Projects Private Limited for designing, engineering, procurement, supply, erection, testing and commissioning of a 969 MW AC solar power project at multiple locations in Maharashtra.
The disclosure also confirms that the company’s earlier EPC work order received from Onix Renewable Limited has been mutually cancelled. The cancellation follows Vikran Engineering’s acquisition of 100% equity in NOPL, after which the project execution structure was realigned and the EPC contract was awarded directly by NOPL.
According to the company, the restructuring is administrative in nature and is not related to any dispute, performance issue or contractual default.
Key Details
New Work Order:
- Awarding entity: NOPL Solar Projects Private Limited
- Project: Turnkey EPC contract for a 969 MW AC solar power project
- Scope includes:
- Designing
- Engineering
- Procurement
- Supply
- Erection
- Testing
- Commissioning
- Supply of Solar PV Modules and Inverters
- Project locations: Multiple locations across Maharashtra
- Execution period: 12 months
- Tentative contract value: ₹3,517.98 crore (inclusive of GST)
Contract Restructuring:
- Previous EPC work order was awarded by Onix Renewable Limited.
- Original work order was accepted on 23 December 2025.
- Approximately ₹388.67 crore worth of work had already been executed.
- Remaining balance order stood mutually cancelled.
- Following the acquisition of 100% equity stake in NOPL, the project execution structure has been revised.
- The same project will now be executed directly under the contract awarded by NOPL.
Related Party Information:
- NOPL is a wholly-owned subsidiary of Vikran Engineering.
- Directors and Key Managerial Personnel of Vikran are directors in NOPL.
- The transaction qualifies as a related party transaction.
- The company confirmed that the contract has been executed on an arm’s length basis.
Note:
- The company clarified that the restructuring is solely a consequence of corporate reorganization following the acquisition of NOPL and is not due to any contractual dispute, default or project performance issue.
Risk Analysis
Summary:
- Although the company has received a significantly larger EPC order, the revised contract is between related parties. Successful execution within the 12-month timeline and effective project management remain key operational factors.
Key Risks:
- The transaction involves a related party, requiring continued governance and compliance oversight.
- EPC projects are subject to execution, procurement and commissioning risks.
- Revenue realization will depend on project milestones over the execution period.
- Cost overruns or delays could impact project profitability.
Worst Case:
- Delays in project execution, escalation in input costs or operational challenges could affect margins and cash flows despite the revised contractual structure.
Risk Level: Medium
Company Commentary
- The company has accepted a new EPC work order from NOPL Solar Projects Private Limited.
- The earlier work order from Onix Renewable Limited has been mutually cancelled following contractual restructuring.
- The restructuring follows Vikran Engineering’s acquisition of 100% equity in NOPL.
- The revised arrangement is not linked to any dispute, default or performance-related issue.
- The company does not expect any material adverse impact on its operations, financial position or business prospects.
- The project will continue under the revised contractual framework.
Official Exchange Filing: Vikran Engineering Limited
