Thane-based Vikran Engineering Limited has secured a significant turnkey solar contract from Onix Renewable for the development of 600 MW AC capacity in Maharashtra. The total contract value is established at ₹2,035 Crore, marking the company’s formal entry into the large-scale Solar Engineering, Procurement, and Construction (EPC) sector. The projects will be developed across multiple sites in Maharashtra, representing a strategic expansion of the firm’s renewable energy portfolio.
Project Scope and Technical Specifications
The contract is structured as a turnkey EPC project, necessitating the management of the full project lifecycle by Vikran Engineering. Deliverables include the following:
- Design and Detailed Engineering: Comprehensive planning leveraging in-house multidisciplinary teams.
- Procurement and Supply of Materials: Acquisition of all necessary components, including non-Domestic Content Requirement (non-DCR) modules.
- Installation and Testing: On-site construction and rigorous performance verification of electrical and mechanical systems.
- Final Commissioning: Grid integration and official handover of the 600 MW AC capacity.
Execution will be overseen by the company’s Centralised Project Monitoring and Control Group (CPMG) to ensure quality adherence and financial discipline. The use of non-DCR modules in this project is expected to support better-than-average industry margins.
Execution Timeline and Operational Mandate
The project is mandated for completion within a 12-month period. Vikran Engineering intends to leverage its operational track record to meet this aggressive schedule, noting that the company has closed all projects as per schedule for the past nine years. The feasibility of this timeline is further supported by the Government of Maharashtra’s Lift Irrigation Scheme (LIS), which provides “hurdle-free” land for these developments, significantly reducing the typical risks associated with land acquisition in large-scale solar projects.
The “Maharashtra Solar EPC Trifecta” Context
This expansion is anchored by a portfolio of orders from Onix Renewable totaling ₹2,035 Crore. As detailed in the company’s Q2 FY-26 communications, the “trifecta” of solar works in Maharashtra is comprised of two primary large-scale contracts and associated auxiliary infrastructure:
- ₹1,642 Crore Project: Awarded by Carbonminus Maharashtra One Project Limited.
- ₹355 Crore Project: A 100 MW solar power project awarded by Ellume Energy MH Solar One Private Limited.
- Auxiliary Infrastructure: The remaining ₹38 Crore of the total contract value accounts for site-specific auxiliary works and smaller orders integrated under the broader Onix Renewable framework.
These projects align with the state’s strategic focus on the Lift Irrigation Scheme and represent a transition for Vikran from smaller balance-of-system works to massive renewable energy infrastructure.
Strategic Diversification and Order Book Impact
This win has a transformative impact on Vikran Engineering’s financial standing and business strategy:
- Order Book Value: The total unexecuted order book has now surpassed the ₹4,000 Crore threshold.
- Sectoral Mix: While Power Transmission & Distribution (T&D) remains the primary revenue driver at 82% of the order book, clean energy infrastructure is now a major secondary vertical.
- Market Positioning: The contract signifies a shift from a historical reliance on government-heavy projects toward private sector EPC contracts, diversifying the company’s client base.
Leadership Perspective
Rakesh Markhedkar, Promoter, Chairman, and Managing Director of Vikran Engineering, characterized the win as a “very big leap to our growth journey” and a “landmark benchmark” for the firm’s entry into Solar EPC.
Regarding the company’s readiness for such a large-scale project, Markhedkar noted that the firm spent minimum one year in preparation before bidding. This preparation included the formation of a “team of stalwarts”—senior professionals with deep industry experience specifically recruited to manage the renewable energy vertical.
Company Profile and Capability Overview
Incorporated in 2008, Vikran Engineering Limited is a Thane-based EPC firm with established expertise in high-voltage infrastructure.
- Technical Expertise: The company specializes in Extra High Voltage (EHV) substations up to 400kV and has successfully executed projects with system voltages up to 765 kV.
- In-house Capabilities: The firm maintains centralized design and engineering capabilities across civil, electrical, mechanical, and instrumentation disciplines.
- Workforce: The company employs a total workforce of 850 professionals across 22 states. This includes 761 permanent staff and a dedicated team of 170 centralized design and engineering professionals located at the Thane headquarters.
Leave a Comment