Vikran Engineering shares jumped 14% after securing a substantial work order worth ₹2,035.26 crores from Onix Renewables Limited for solar plant development. The company officially announced this major contract, highlighting its growing presence in the renewable energy sector through a comprehensive press release filed under Regulation 30.

Project Overview and Contract Details

The contract involves the development of a 600 MW AC solar plant across multiple locations in the State of Maharashtra. This turnkey EPC (Engineering, Procurement, and Construction) project encompasses the complete spectrum of solar plant development activities, with execution expected within a 12-month timeline.

Management Commentary

Rakesh Markhedkar, Chairman and Managing Director of Vikran Engineering Limited, expressed confidence about the project's significance. He stated that this order marks an important milestone for the company and reflects strong momentum in their renewable energy EPC business. The management views this as a clear vote of confidence in their engineering depth, project management capabilities, and ability to deliver large-scale solar projects.

Company Profile and Current Market Position

Vikran Engineering Limited operates as a diversified EPC player with expertise across Power Transmission & Distribution, Water Infrastructure, and Railway Electrification, supported by capabilities in Solar EPC and Smart Metering. The company provides end-to-end turnkey solutions spanning conceptualization, design, supply, installation, testing, and commissioning.

Scope of Work

The project involves a comprehensive turnkey EPC solution covering design and engineering services, procurement of all necessary equipment and materials, supply chain management, complete installation services, erection, testing, and commissioning activities, and supply of solar PV modules and inverters.

Strategic Significance and Market Impact

This substantial order represents a significant milestone for Vikran Engineering in the renewable energy sector. The ₹2,035.26 crore contract value is notable when compared to the company's current market capitalization of ₹2,237.00 crores, indicating the substantial scale of this project relative to the company's size. The company has completed projects with clients including NTPC, Power Grid Corporation of India, state utilities, and public health departments, demonstrating its track record in large-scale infrastructure development.

The market responded positively to this development, with Vikran Engineering shares surging 14% following the announcement of the order win from Onix Renewables.

Vikran Engineering Limited , a prominent player in the engineering sector, has recently received a significant tax demand order from the Ayodhya tax authority. The company is now gearing up to challenge this order through legal channels.

Details of the Tax Demand

The Office of the Deputy Commissioner Sultanpur Sector-1, Ayodhya, Uttar Pradesh, has issued a demand order to Vikran Engineering under Section 74A(1) r/w 74A(5)(ii) of the CGST Act, 2017. The order, dated November 18, 2025, outlines the following financial implications:

The demand covers the period from April 2023 to March 2025, highlighting potential discrepancies in the company's tax filings and Input Tax Credit (ITC) claims during this timeframe.

Company's Response

Vikran Engineering has stated that it plans to file an appeal against this order based on advice from its tax consultants. The company maintains that it expects no financial implications from this demand, suggesting confidence in its position.

Disclosure and Compliance

In compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Vikran Engineering promptly disclosed this information to the stock exchanges on November 19, 2025. This transparency aligns with regulatory requirements and keeps shareholders informed of significant developments.

Looking Ahead

While the tax demand is substantial, Vikran Engineering's decision to appeal indicates its belief in a favorable resolution. Stakeholders will be watching closely as this situation unfolds, particularly regarding any potential impact on the company's financial position and operational strategies.

As the appeal process commences, it remains to be seen how this tax dispute will be resolved and what implications, if any, it may have for Vikran Engineering's future operations and financial planning.