Vikran Engineering Limited has accepted Letter of Awards (LOAs) from M.P. Urja Vikas Nigam Limited for implementing grid-connected solar photovoltaic power plants with a total capacity of 45.75 MW AC. The announcement was made on December 26, 2025, under Regulation 30 of SEBI listing requirements through an official press release.

Project Details

The solar power projects will be implemented in Vidisha District, Madhya Pradesh, under the Surya Mitra Krishi Feeders Scheme with feeder solarization component of PM KUSUM-C scheme. The generated power will be sold to Madhya Pradesh Power Management Company Limited (MPPMCL).

Contract Terms and Scope

The company will function as a Renewable Power Generator (RPG) for the grid-connected solar PV based power plants. The project falls under the government's PM KUSUM-C scheme, which aims to promote solar energy adoption in agricultural sectors through feeder solarization. The awards have been granted by a domestic government entity, ensuring alignment with national renewable energy objectives.

Regulatory Compliance

The announcement was made in compliance with SEBI regulations, confirming that the contract does not involve any related party transactions and is executed at arm's length. The promoter group has no interest in the awarding entity, ensuring transparency in the business arrangement. The press release was signed by Kajal Rakholiya, Company Secretary and Compliance Officer, from the company's Thane office.

Strategic Significance

This 25-year power purchase agreement provides Vikran Engineering Limited with long-term revenue visibility in the renewable energy sector. The project aligns with India's solar energy expansion goals and strengthens the company's growing presence in decentralized and utility-scale solar projects, particularly those aligned with national schemes aimed at agricultural feeder solarization and renewable energy integration.

Vikran Engineering shares gained 3.98% during trading following the company's announcement of securing a ₹459.20 crore order from NTPC Renewable Energy Limited. The stock reached ₹100.23, representing gains from the previous day's trading levels as investors responded positively to the latest contract win.

Stock Performance and Market Response

The rally in Vikran Engineering shares reflects strong investor confidence following the contract announcement. The company's shares demonstrated solid momentum in the renewable energy sector, with trading activity showing sustained interest from market participants.

NTPC Renewable Energy Contract Details

The company secured the engineering, procurement and construction (EPC) contract for a 400 MW AC grid-connected solar project located at Chitrakoot-1 in Uttar Pradesh. The comprehensive scope covers the Balance of System (BoS) package, including inland transportation, insurance, installation, testing, commissioning, and guarantee tests to ensure full operational readiness.

Rakesh Markhedkar, Chairman and Managing Director, described the order as an endorsement of the company's EPC capabilities and execution track record in renewable energy. He said the project aligns with the firm's strategy to expand its presence in utility-scale solar infrastructure and supports India's decarbonization objectives.

Company Operations and Market Position

Vikran Engineering operates as a diversified EPC player with established capabilities across power transmission and distribution, water infrastructure, railway electrification, solar EPC, and smart metering solutions. The company has completed 45 projects across 14 states, working with prominent clients including NTPC, Power Grid Corporation of India, and various state utilities.

The Chitrakoot-1 project represents a significant addition to Vikran Engineering's solar portfolio and is expected to contribute meaningfully to India's renewable energy capacity addition. This contract win reinforces the company's position as a key player in India's expanding solar energy sector, with the order book providing strong revenue visibility for the coming periods.