Vikran Engineering share price surged more than 13% on Tuesday, 13 October, after the company announced that its wholly owned subsidiary, NOPL Solar Projects Pvt Ltd, had signed a ₹2,941.19 crore loan agreement with the Indian Renewable Energy Development Agency (IREDA) to partly finance a large-scale solar power project in Maharashtra.
According to a regulatory filing, the loan agreement was dated 9 October 2026, and disclosed to the stock exchanges on 12 October.
The project involves developing a 969 MWac/1,163 MWp solar photovoltaic power project across 152 locations in Maharashtra under the Mukhyamantri Saur Krushi Vahini Yojana 2.0 (MSKVY) scheme. The total estimated project cost stands at ₹4,201.70 crore.
The remaining funding is expected to come from promoter contributions and other sources, in accordance with the project’s financing plan.
Vikran Engineering: Financing finalised for ₹3,518 crore EPC contract
The loan agreement marks a key financing milestone for the project, for which NOPL Solar Projects had awarded Vikran Engineering an engineering, procurement and construction (EPC) contract worth ₹3,517.98 crore.
The agreement sets out the terms governing loan disbursement and repayment, the creation of security, financial covenants, and events of default.
Vikran Engineering clarified that the loan agreement does not alter its management or control. IREDA has no right under the agreement to nominate directors to the company’s board or participate in its management.
The company also said the agreement had not created any direct liability for Vikran Engineering as of the disclosure date. A proposed corporate guarantee in favour of IREDA to secure the subsidiary’s obligations will be executed separately. Any liability of Vikran Engineering arising from the guarantee will depend on its execution and the agreed terms.
Vikran Engineering’s ₹154 crore Power Grid order
Vikran Engineering had earlier strengthened its order book with a ₹153.76 crore contract from Power Grid Corporation of India Ltd, excluding GST, announced on 23 September.
The contract, secured through domestic competitive bidding, involves the extension of the 400/220 kV Tumkur-II pooling substation under the 400 kV air-insulated switchgear (AIS) package SS136T. It also includes civil works for installing a ±300 MVAR static synchronous compensator (STATCOM) at the facility.
The project is designed to enhance the transmission network at Tumkur-II, enabling the integration of an additional 2.7 GW of renewable energy capacity through the tariff-based competitive bidding route.
Together with the latest financing arrangement for its Maharashtra solar project, the Power Grid contract highlights Vikran Engineering’s presence in both renewable energy development and power transmission infrastructure.
Vikran Engineering share price today
Vikran Engineering share price today opened at ₹60.06 apiece on the BSE, the stock touched an intraday high of ₹63.23 per share, and an intraday low of ₹58.47 per share.
Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities, said Vikran Engineering remains in a downtrend, with the latest pullback showing no significant signs of a trend reversal. Since its listing in September 2025, the stock has largely remained on a downward trajectory. The MACD line continues to trade below the zero line, indicating a prevailing bearish bias.
Shah identified ₹53–55 as a crucial support zone, warning that a decisive break below this range could trigger further weakness. On the upside, the 20-week exponential moving average (EMA) zone of ₹64–66 is likely to act as immediate resistance.
Meanwhile, Ruchit Jain, Head of Equity Technical Research, Wealth Management at Motilal Oswal Financial Services, said the stock has staged a pullback following its recent corrective phase. He noted that a positive divergence on the daily charts could support further gains, potentially taking the stock towards the immediate resistance zone of ₹68–70.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
