Vikran Engineering Limited has secured a work order worth ₹3517.98 Crores from its wholly-owned subsidiary, NOPL Solar Projects Private Limited, for the development of a 969 MW AC solar power project. The contract encompasses designing, engineering, procurement, supply, erection, testing, and commissioning on a turnkey EPC basis, including the supply of solar PV modules and inverters. The project will be executed across multiple locations in Maharashtra over a period of 12 months.

Background and Contract Restructuring

The new order follows Vikran Engineering's acquisition of a 100% equity stake in NOPL, which necessitated a restructuring of the project execution framework. As a result, an earlier work order accepted from Onix Renewable Limited for a 600 MW project valued at ₹2035.26 Crores has been mutually cancelled. Work worth approximately ₹388.67 Crores had been tentatively executed under the previous arrangement, with the remaining balance of ₹1893.26 Crores cancelled. The company clarified that the cancellation does not arise from any dispute, default, or performance-related issue, and the new contract consolidates the EPC works for the same project under the revised structure.

Key Details of the New Order

The following table outlines the key parameters of the newly awarded contract:

The disclosure confirms that NOPL is a wholly-owned subsidiary of the company, and the transaction constitutes a related party transaction conducted at arm's length. Vikran Engineering stated that the realignment is not expected to have any material adverse impact on its operations, financial position, or business prospects.

Vikran Engineering Limited has cancelled a work order valued at approximately ₹354.21 crore from Ellume Energy MH Solar One Private Limited (SPV) due to prolonged delays at the client's end. The company determined that the project could not proceed commercially as the client failed to achieve necessary readiness milestones within expected timelines. The cancellation was mutually agreed upon and is not expected to have a material adverse impact on the company's overall business operations or financial performance.

The order, a Letter of Award accepted on 24 October 2025, was for a Turnkey Engineering, Procurement, and Construction (EPC) Contract for a 100 MW AC Solar Power Project in Maharashtra. Vikran Engineering stated that the client was unable to provide the required Power Purchase Agreement (PPA), work commencement approvals, design clearances, scope finalization, and mobilization permissions. Consequently, the commencement of the project remained uncertain, rendering the execution of the work order unviable.

Key Details of the Cancelled Order

The following table summarises the key parameters of the cancelled order:

The company confirmed that this development will not affect its ongoing operations, financial position, or growth outlook. Vikran Engineering remains focused on pursuing opportunities that are strategically aligned, execution-ready, and accretive to long-term shareholder value.