Multibagger stock hits 5% upper circuit after securing order worth ₹149 Cr from Vikran Engineering

Synopsis: Onix Solar Energy jumped sharply after securing an LOI worth Rs 149 crore from Vikran Engineering for the design and supply of solar modules.

The shares of this renewable energy solution provider are in focus after it secured a significant order value from Vikran Engineering. In this article, we will dive more into the details of this order.

With a market capitalisation of Rs 52 crore, the shares of Onix Solar Energy Ltd made a day high of Rs 261.70 per share (upper circuit), up 5 percent from its previous day’s closing price of Rs 249.25 per share. Over the past five years, the stock has delivered a multibagger return of 3,806 percent, outperforming NIFTY 50’s positive return of 91 percent.

About the Order

Onix​‍​‌‍​‍‌​‍​‌‍​‍‌ Solar Energy Limited, through a stock exchange filing, announced that it has secured a Letter of Intent (LOI) from Vikran Engineering Limited, whose value is worth Rs 148.80 crore. The order includes the supply of 1,93,550 Non-DCR Topcon 620 Wp solar modules.

According to the LOI, Onix Solar will be responsible for the design, manufacturing, factory acceptance and the supply of the modules. The completion of the whole Vikran project is anticipated to be within three months from the day of the manufacturing clearance. This further strengthens its solar module order book, which is a reflection of the sustained demand for high-efficiency Topcon modules in the local ​‍​‌‍​‍‌​‍​‌‍​‍‌market.

Financial and Other Highlights

Onix Solar Energy reported a revenue from operations of Rs 43.37 crore in Q2 FY26, a staggering jump of 33,262 percent as compared to just Rs 13 lakh in Q2 FY25. However, on a quarter-on-quarter basis, it declined by 4 percent from Rs 45.20 crore.

Regarding its profitability, it reported a net loss of Rs 76 lakh in Q2 FY26, as compared to a profit of Rs 15 lakh in Q2 FY25. Additionally, on a quarter-on-quarter basis, it declined significantly from a profit of Rs 93 lakh. 

Onix​‍​‌‍​‍‌​‍​‌‍​‍‌ Solar Energy Limited is a clean energy company that is focused on the manufacture of high-tech solar modules and components. Besides, the firm is engaged in the equipment trading business in the solar sector and provides a full-solution supply service for solar projects.

With a strong commitment to energy efficiency, environmental sustainability, and continuous innovation, Onix Solar Energy is producing reliable and low-cost solar products that are instrumental to the expansion of clean energy and solar-powered energy transition at a faster ​‍​‌‍​‍‌​‍​‌‍​‍‌pace.

Written by Satyajeet Mukherjee

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