₹4,000 Cr Order Book: Smallcap stock jumps 15% after bagging ₹2,035 Cr solar project order

Synopsis: This small-cap EPC player jumped 15% after it received a massive Rs 2,035 crore order related to the construction of 600 MW AC solar projects at different sites in Maharashtra from Onix Renewables Ltd and has improved the company’s already existing Rs 4,000 crore order book. 

The shares of this company, which provides comprehensive end-to-end services from conceptualisation, design, supply, installation, testing, and commissioning, had its shares in momentum today after bagging an order similar to its market cap; let us see more about the order. 

With the market cap of Rs 2,494 crore, the shares of Vikran Engineering Ltd had hit their intraday high at Rs 99.80, gaining about 15 per cent compared to their previous day’s closing price of Rs 86.75. The shares are trading at a PE of 29.4, whereas their industry PE is at 18.7.

About the order. 

Vikran Engineering has received a huge EPC order of Rs 2,035.26 crore related to the construction of 600 MW AC solar projects at different sites in Maharashtra, which has been highly significant in increasing the current scale of the renewable energy division of Vikran Engineering. The order has been received from Onix Renewables Limited (SPV). The order received by the company has highly upgraded its order book.

The undertaking shall be accomplished on a turnkey EPC basis that encompasses the overall value chain from design to engineering, procurement, supplying, erecting, testing, and commissioning. Notably, this scope incorporates supplying key components like solar PV modules and solar inverters to increase the overall value for Vikran. The final delivery schedule for this undertaking is 12 months, signifying efficiency in executing massive projects on a strict timeline.

Strategically, this acquisition enhances the positioning offered by Vikran Engineering within the renewable energy EPC sector, apart from the existing strong positioning within the power transmission & distribution, water, and railway electrification business segments. With experience across 45 projects in 14 states and an asset-light execution model supported by a strong vendor network, the firm has emerged as a contractor that is well positioned to benefit from India’s recent accelerating clean energy push and rising demand for large solar infrastructure projects.

Financials and about the company. 

The revenue from operations for the company stands at Rs 176 crores in Q2 FY26 compared to Q2 FY25 revenue of Rs 159 crores, up by about 11 per cent YoY. Similarly, the net profit stood at Rs 9 crore in Q2 FY26, up from Rs 2 crore in Q2 FY25, giving a growth rate of about 350 per cent YoY. 

As of 10th November 2025, the total order portfolio of the company is over Rs 4,000 crores. This is a clear reflection of its execution strengths as well as its diversified domains.

The company’s total order book is dominated by solar sector orders, which form 50%, followed by power transmission & distribution orders, which form 32%. Water & rail sectors account for 18%, thereby ensuring a proper mix of total orders across its core sectors of execution. In terms of clients, private sector orders account for 61%, followed by government orders, which account for 26%, while PSUs account for 13%.

The company is a fast-growing EPC contractor in the Indian market, having execution experience in the areas of power, water, and railway infra segments, and servicing the government, PSUs, and the corporate sector. They provide turnkey solutions from conceptual to installation and commissioning phases, and also possess the ability to execute the same through the principles of operational excellence and cost-effective execution. 

They possess execution experience in 17+ states, along with the execution of 44 completed and 34 ongoing projects, keeping them poised to capitalise on increasing infrastructure spending in the country of India.

Written by Leon Mendonca. 

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