Vikran Engineering shares rally over 15% as firm bags EPC order worth ₹2,035 crore

The recently listed company has received the work order from Onix Renewables Limited, a special purpose vehicle (SPV), for the development of 600 MW AC solar power projects across multiple locations in the state of Maharashtra.

The work order, accepted on December 23, 2025, is for executing the project on a turnkey EPC basis, covering design, engineering, procurement, supply, installation, testing, and commissioning, along with the supply of solar PV modules and inverters. The project is expected to be completed within a 12-month timeline.

Commenting on the development, Chairman and Managing Director Rakesh Markhedkar said, “This order marks an important milestone for Vikran Engineering and reflects the strong momentum we are witnessing in our renewable energy EPC business. 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.”

The company in a regulatory filing further said the order strengthens Vikran Engineering’s renewable energy portfolio while complementing its established presence in power transmission and distribution, water infrastructure, and railway electrification.

It added that the project aligns with its strategy to scale participation in large and complex infrastructure projects while maintaining strong execution and delivery standards.

Vikran Engineering share price

At 9.56 AM, Vikran Engineering shares were trading at ₹96.86 apiece on NSE, surging 11.78%.

Listed in September 2025, the stock has gained nearly 12% in the last five trading sessions. However, it has tumbled over 8% in a month’s time.

The company has a market capitalisation of ₹2,498.64 crore, according to NSE data.

Vikran Engineering IPO details

The initial public offering attracted bids for 13,859,195,08 shares, which shows a 23.59 times subscription compared to 58,739,128 shares on offer.

Non-institutional investors, or NIIs, led the bidding, subscribing the portion reserved for them 58.58 times. They submitted applications for 73,737,0484 shares as against 12,586,956 shares on offer.

The qualified institutional buyers (QIBs) quota was subscribed 19.45 times, as they applied for 326,446,412 shares compared to 16,782,608 shares on offer.

The retail investors category fetched a 10.97 times subscription, with bids for 32,210,2612 equity shares compared to 2,936,9564 shares reserved.

The objectives of the offer include general corporate purposes and working capital requirements.

About Vikran Engineering

Vikran Engineering, which offers engineering, procurement and construction (EPC) services, provides end-to-end services, ranging from conceptualisation and design to testing and commissioning on a turnkey basis.

It has a presence across sectors like power, water, and railway infrastructure and has successfully executed projects for government entities, public sector undertakings (PSUs), and private companies.