Vikran Engineering shares rally 15% after firm wins Rs 2,035-crore order

Vikran Engineering share price

• Vikran Engineering wins Rs 2,035 crore solar EPC order from Onix Renewables
• Shares rally over 15 percent after order announcement
• Company's credit rating upgraded by Infomerics Valuation and Rating Limited

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The shares of Vikran Engineering rallied more than 15 percent on December 24 after the company announced that it has won an order worth Rs 2,035 crore from Onix Renewables.

The newly-listed stock jumped to Rs 99.96 apiece in the morning trading hours of Wednesday.

Vikran Engineering wins large order:

In the post market hours of Wednesday, Vikran Engineering announced that it has won the order from the domestic company for the design, engineering, procurement, supply, erection, testing and commissioning on turnkey EPC basis (including supply of solar PV modules and inverter) for 600 MW AC in multiple locations in Maharashtra.

The order has a broad consideration of Rs 2,035.26 crore, excluding GST. This is close to the company’s entire market capitalization of Rs 2,235 crore (at previous closing level). Including GST and other taxes, the broad consideration for the order was stated to be Rs 2,216.40 crore.

The said contract is expected to be completed in 12 months.

Speaking about the order win, Vikran Engineering Chairman and Managing Director Rakesh Markhedkar said, “This order marks an important milestone for Vikran Engineering and reflects the strong momentum we are witnessing in our renewable energy EPC business. It is a clear vote of confidence in our engineering depth, project management capabilities, and ability to deliver large-scale solar projects with speed and quality. This win meaningfully strengthens our order book and positions us well for sustained growth, as we continue to support India’s clean energy ambitions through reliable, timely, and sustainable infrastructure development.”

This order win significantly enhances Vikran Engineering’s renewable energy portfolio and complements its established presence across power transmission and distribution, water infrastructure, and railway electrification, the company said. It added that the contract also reinforces the company’s strategic focus on scaling participation in large, complex infrastructure projects while maintaining high standards of execution and delivery.

Vikran Engineering credit rating upgrade:

Vikran Engineering also announced that Infomerics Valuation and Rating Limited

(Infomerics) has upgraded the company's credit rating. The credit rating for its long term bank facilities worth Rs 140.40 crore has been upgraded to 'IVR A-/Stable (IVR A minus with Stable Outlook)' from 'IVR BBB+/Stable (IVR Triple B Plus with Stable Outlook)'.

The credit rating for its long term/short term bank facilities worth Rs 280 crore has been revised to 'IVR A-/Stable/IVR A2+ (IVR A minus with Stable Outlook/IVR A Two Plus)' from 'IVR BBB+/ Stable/IVR A2 (IVR Triple B Plus with Stable Outlook/ IVR A Two)'.

The company's short term bank facilities worth Rs 40 crore saw a credit rating upgrade to 'IVR A2+ (IVR A Two Plus)' from 'IVR A2 (IVR A Two)'.

Vikran Engineering share price:

The shares of Vikran Engineering made a muted stock market debut on September 3, listing at Rs 99 apiece on NSE. This marked a premium of a little over 2 percent over the IPO price of Rs 97 apiece.

After listing, the stock jumped around 20 percent to hit a high of Rs 118.40 apiece in November this year. The stock has however fallen around 16 percent since then. It is currently only marginally higher than its listing price, and around 3 percent higher than IPO price.

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