Onix Solar Secures ₹148.80 Cr Non-DCR Module Supply Order from Vikran Engineering

Mumbai-based Onix Solar has secured a Letter of Intent (LoI) from Vikran Engineering to supply Non-DCR TOPCon 620 Wp solar modules. In a regulatory filing, while sharing the order details, Onix Solar said it secured an order worth ₹148.80 crore, excluding GST, from Vikran, which is an emerging multi-sector EPC (Engineering, Procurement, and Construction) company. At under Rs 13/watt, the price is in line with operating rates for non-DCR modules. 

This latest order indicates the company's push to clear projects requiring Non-DCR modules before the government’s 2026 deadline  for using exclusively DCR takes effect. Additionally, it can benefit developers from significantly lower procurement costs, improving project IRRs before ALMM-linked restrictions return.

Under the LoI, the company said it is expected to design, manufacture, conduct factory acceptance, and supply 193,550 “Non-DCR TOPCon 620 Wp Solar Modules” for the Vikran project. Under the latest order, Onix Solar is expected to supply the entire quantity within three months from the “date of manufacturing clearance” issued by Vikran.

Previous Projects Secured By Vikran Engineering

Vikran Engineering Limited (VEL) previously secured a ₹354 crore turnkey EPC contract from Ellume Energy MH SolarOne Private Limited (SPV). The company had secured the contract for a 100 MW AC/120 MW DC solar power project in Maharashtra.

Later, the company secured another solar project in Maharashtra from Carbonminus Maharashtra One Private Limited (SPV) for a 505 MW AC crystalline ground-mounted solar project.