Mumbai headquartered Onix Solar Energy hit a 5 % upper circuit to INR 261.70 after receiving a INR 148.80 crore (~$ 16.48 million) Letter of Intent from Vikran Engineering. The order covered design, manufacture, factory acceptance and supply of 193,550 non-DCR TOPCon 620 W solar modules. The supply was scheduled for completion within three months after manufacturing clearance from Vikran. The company stated that promoters had no interest in the awarding entity, classifying the deal as non-related party. Onix Solar Energy was engaged in solar panel manufacturing and module trading. The company reported a consolidated net loss of INR 0.76 crore in Q2 FY26 versus an INR 0.15 crore profit in Q2 FY25. Revenue rose to INR 43.37 crore from INR 0.13 crore year on year.