Vikran Engineering Share Price Surges Over 12%; Subsidiary Signs ₹2,941.19 Crore Term Loan Agreement with IREDA

NOPL Solar Projects Private Limited, a wholly owned subsidiary of Vikran Engineering Limited, has signed a term loan agreement with the Indian Renewable Energy Development Agency (IREDA) for ₹2,941.19 crore. 

The agreement was signed on 9 October 2026. Vikran Engineering informed the stock exchanges about it on 12 October 2026. The funds will be used to part-finance a solar power project spread across Maharashtra. 

Project Planned Across 152 Locations 

The project has an estimated cost of ₹4,201.70 crore and will have a capacity of 969 MWac, equivalent to 1,163 MWp. It is being developed at 152 locations in Maharashtra under the Mukhyamantri Saur Krushi Vahini Yojana 2.0 (MSKVY) scheme. 

The remaining project cost is proposed to be met through promoter contributions and other sources. The loan agreement covers repayment terms, fund disbursement, security requirements and financial covenants. 

₹3,517.98 Crore EPC Contract 

Vikran Engineering has an engineering, procurement and construction (EPC) contract worth ₹3,517.98 crore from NOPL for the same project. 

The company said the loan agreement finalises the project's financing arrangements. NOPL is wholly owned by Vikran Engineering, while IREDA is the lender and is not related to the company or its promoter group. 

Corporate Guarantee Proposed 

Vikran Engineering has stated that the loan agreement has not created any direct liability for the company so far. However, it plans to provide a separate corporate guarantee to IREDA for NOPL's obligations under the loan. 

Any liability for Vikran Engineering will depend on the execution and terms of that guarantee. The agreement does not give IREDA the right to appoint directors to Vikran Engineering's board or take part in its management. 

Read More: Polycab Share Price in Focus as NSE Announces Exclusion from Equity Derivatives Segment from December 30, 2026! 

Vikran Engineering Share Price Performance  

As of October 13, 2026, 11:05 am, Vikran Engineering share price was trading at ₹62.50, a 12.29% increase from the previous closing price. 

Conclusion 

The IREDA loan will cover part of the ₹4,201.70 crore cost of NOPL's solar project in Maharashtra. Vikran Engineering holds an EPC contract worth ₹3,517.98 crore for the project, with financing arrangements now finalised. 

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