Secured Best Rate In Industry: Vikran Engineering’s Rakesh Markhedkar On Mega Solar Order

Vikran Engineering has secured the largest order in the 10 years history of the company said Promoter, Chairman & Managing Director Rakesh Markhedkar.

“We got the highest order in the history of Vikran Engineering and at the best rate in the industry,  Rs 3.7 crore per megawatt,” said Markhedkar, after the company bagged a mega order of Rs 2,035.26 crore EPC contract from Onix Renewables for a 600 MW solar project in Maharashtra.

Markhedkar emphasised that the deal reflects Vikran Engineering’s execution strength amid a challenging market. “There’s a lot of talk about DCR and non-DCR panels and falling solar tariffs, but despite that, Vikran secured this order,” he noted.

The company has already begun groundwork for the project. “We started preparing 45 days ago. Our supply chain and execution strategy are ready, and teams are already deployed at the site,” Markhedkar said, highlighting the aggressive timeline for the turnkey EPC project, which includes design, engineering, procurement, erection, and commissioning within 12 months.

On the recent cancellation of a previous order, Markhedkar said it was a strategic move, “Regarding cancellation of the previous order…our management did a detailed internal analysis, post which there was a mutual understanding with our counterparts including the customer who gave the order.. and, keeping the companies’ long term strategic priorities and risk return framework and on top of that capital allocation discipline we decided to go for a better order.”

The announcement has boosted investor sentiment, with Vikran Engineering’s shares surging over 15% on Wednesday. The company, an emerging multi-sector EPC player, specialises in infrastructure, power transmission, and distribution projects, and sees this win as a major step in strengthening its renewable energy portfolio.