Onix Solar Energy hits the roof after bagging Rs 149 cr LoI from Vikran Engineering

Onix Solar Energy hit an upper circuit of 5% to Rs 261.70 after the company announced that it has received a Letter of Intent (LoI) worth Rs 148.80 crore from Vikran Engineering for the supply of non-DCR TopCon 620 Wp solar modules.

The LoI pertains to the design, manufacture, factory acceptance, and supply of 193,550 units of Non-DCR TopCon 620 Wp solar modules for Vikrans projects. The entire order is expected to be completed within three months from the date of manufacturing clearance by Vikran.

The company also clarified that neither its promoters nor members of the promoter group have any interest in the awarding entity, confirming that the transaction does not qualify as a related-party deal under regulatory norms.

Onix Solar Energy is engaged in the manufacturing of solar panels, delivering high-quality and efficient products to support the renewable energy sector. The company also undertakes the trading of and solar modules, ensuring a complete supply chain solution for solar energy products.

The company reported a consolidated net loss of Rs 0.76 crore in Q2 FY26, compared with a net profit of Rs 0.15 crore in Q2 FY25. Revenue from operations surged to Rs 43.37 crore in Q2 FY26, up from Rs 0.13 crore recorded in the same period a year ago.

As of 10 December 2025, the companys market capitalisation stood at Rs 51.82 crore on the BSE.

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