Vikran Engineering stock rallies 15% after subsidiary secures ₹2,941 crore IREDA loan to fund solar projects

Vikran Engineering shares surged around 15% during the trading session on Tuesday, October 13, as the company’s subsidiary secured a ₹2,941 crore loan from the Indian Renewable Energy Development Agency Limited (IREDA) to partially fund its solar photovoltaic power projects across Maharashtra.

“We hereby inform you that NOPL Solar Projects Pvt. Ltd., a wholly-owned subsidiary of Vikran Engineering, entered into a facility agreement with Indian Renewable Energy Development Agency Limited (IREDA) for availing a rupee term loan facility,” the company informed the stock exchanges.

NSE data showed that Vikran Engineering shares rallied 15% to hit an intraday high of ₹64 apiece on Tuesday’s market, in comparison to ₹55.66 apiece at the previous equity market close.

Trading activity surpassed 4.9 crore equity shares during the trading session on October 13, marking a more than 67 times increase in overall volumes when compared to the one-week average trading volumes of 7,34,798 equity shares.

The high-volume gains were triggered during Tuesday’s market as the activity significantly outperformed the past two-week average trading volumes of 14,45,144 equity shares, as per the exchange data.

As of the noon deals, Vikran Engineering shares were trading 12% higher at around ₹62.38 apiece, as the stock retracted some of its early market gains after touching the intraday high levels.

IREDA’s ₹2,941 crore loan grant

As per the agreement, Vikran Engineering’s subsidiary received a rupee term loan facility amounting to ₹2,941.19 crore from IREDA as the firm aims to partially finance the development of a solar photovoltaic power project under the Mukhyamantri Saur Krushi Vahini Yojana 2.0 (MSKVY) Scheme in Maharashtra.

The details showed that NOPL Solar Projects is developing a 969 MWac/1,163 MWp solar photovoltaic power project comprising 152 locations across Maharashtra, at an estimated project cost of ₹4,201.70 crore.

Out of the total ₹4,201.70 crore requirement, the ₹2,941.19 crore loan raised from IREDA will be used to partially fund this total outlay.

NOPL will fund the remaining outlay with contributions from promoters and other sources in accordance with the company’s financing plans.

How does this benefit Vikran Engineering?

NSE filings also showed that, with the help of this IREDA loan, the EPC order to build the 969-megawatt (MW) solar power project has been awarded to Vikran Engineering by NOPL for a consideration of ₹3,517.98 crore.

This is a major order win for the civil construction company Vikran Engineering, which, along with its subsidiary, will benefit from the solar projects which are set to be developed in several locations across Maharashtra.

“The development of the 969 MW solar power project have been finalised, marking a significant milestone towards the implementation and execution of the project,” the company said.

How have Vikran Engineering shares performed?

NSE data showed that Vikran Engineering shares have lost 39% of their value in the past one-year period and were down 38.7% on a year-to-date (YTD) basis in 2026.

In the near term, the company’s stock was up nearly 8% in the last one-month, and was trading 5.9% higher in the last five market sessions, as per the exchange data.

Vikran Engineering shares were listed on the stock exchange on September 3, 2025, and had earlier surged to their 52-week high of ₹118.40 apiece on November 20, 2025, while the 52-week low was at ₹51.10 on March 30, 2026.

The company’s market capitalisation (m-cap) was at ₹1,608.59 crore as of the trading session on Tuesday, October 12, 2026.