Vikran Engineering Ltd. on Monday announced an EPC contract worth Rs 354 crore for a 120 MW solar power project in Maharashtra. The recently-listed company secured a Letter of Award from Ellume Solar.
The project will be excuted on a lump-sum turnkey basis, encompassing comprehensive design, engineering, procurement, construction, installation, testing, and commissioning of the solar power plant, ensuring it becomes fully operational for its intended purpose, according to a statement.
The scope also includes adherence to stringent technical standards, safety norms, and performance monitoring systems, with all major components such as PV modules, inverters, and transformers sourced from Tier-1 manufacturers in compliance with IEC and BIS standards.
The order aligns with Vikran Engineering's strategy to expand the EPC footprint in clean energy and sustainable infrastructure, said Chairman and Managing Director Rakesh Markhedkar.
The company has an established presence in power transmission, water, and rail infrastructure.
Vikran Engineering raised Rs 721 crore from an IPO last month. The company has proposed to utilise proceeds from the fresh issue to fund working capital requirements and for general corporate purposes.
In the June quarter, revenue rose 17% year-on-year to Rs 159.16 crore. Net profit surged 32% to Rs 5.65 crore. Operating margin expanded to 14.23% compared to 10.34% last year.
As of June 30, 2025, the total orders stood at Rs 5,120 crore, of which Rs 2,442 crore is balance for execution, providing strong revenue visibility.
The company recently approved a proposal to explore investment of up to Rs 175 crore in a Special Purpose Vehicle.
Shares jumped as high as 8% to Rs 106.9 per share on the NSE, compared to a 0.6% advance in the benchmark Nifty. The stock has risen 7% since listing nearly two months ago.
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