Upgrade MQ 7.1.0.5 to MQ 7.5.0.6 on Solaris platforms
Download the WebSphere MQ 7.5 software  from IBM Passport  site 
Copy the installable file WS_MQ_SOL_ON_SPARC_V7.5_IFR2_IMG.tar.Z to MQ server
Stop those services(Application Servers etc.) which are connecting to  the same MQ Queue managers to be  upgraded . 
You may just stop those listener ports or Activation Specs connecting to  the Queue Manager if it is not difficult to figure out.
Stop the Queue Managers
run dspmqver and dspmqinf and identify which directories to backup 
Take the backup of /var/mqm and /opt/mqm as per the output of above commands.
You may need root access to backup /opt/mqm and /var/mqm. This backup will not be useful for  the restoration from upgraded version but may be useful 
for the root cause analysis of any problem faced after upgradation.
Goto the path where installable is copied .
gunzip WS_MQ_SOL_ON_SPARC_V7.5_IFR2_IMG.tar.Z
tar -xvf WS_MQ_SOL_ON_SPARC_V7.5_IFR2_IMG.tar
run the ./mqlicense.sh -text_only
Type 1 to accept the license
run ./crtmqpkg 75 where 75 is suffix (as per your choice)  
This is the most important step which I figured out after trial and error. 
After running pkgadd, I kept receiving error 
ERROR: WebSphere MQ with package name "mqm" is already installed at "/opt/mqm"
Solution to this problem is to 
copy the admin install default file to some  location.
cp /var/sadm/install/admin/default /tmp
 and edit the basedir=/opt/mqm-75 in the default file 
Run
 pkgadd -a /tmp/default mqm-75
Ignore the warning and continue Installation 
You do not appear to have  a  /var/mqm  filesystem
mounted.  It  is  recommended  that you create and
mount   separate   /var/mqm    and    /var/mqm/log
filesystems before installation.
Continue installation? [y,n,q] : y
 When you get the message , Package will be installed in "/opt/mqm" .
 Choose n and enter the required installation path 
 Package will be installed in "/opt/mqm"
        Is this OK? [y,n,?,q] n
        Enter required install location:        
/opt/mqm-75
    Package will be installed in "/opt/mqm-75"
        Is this OK? [y,n,?,q] y
Choose 1(WebSphere MQ Server)  to install
                 1)  WebSphere MQ Server
                 2)  Man pages
                 3)  Sample programs
                 4)  WebSphere MQ Client libraries (including Java, JMS and Web Services support) 
                 5)  IBM (c) Java runtime for Solaris(TM)
                 6)  IBM (c) Global Security Kit for WebSphere MQ
                 7)  WebSphere MQ Managed File Transfer Service
                 8)  WebSphere MQ Managed File Transfer Tools
                 9)  WebSphere MQ Managed File Transfer Agent
                10)  WebSphere MQ Managed File Transfer Logger
                11)  WebSphere MQ Advanced Message Security
                12)  Spanish message catalog
                13)  French message catalog
                14)  German message catalog
                15)  Japanese message catalog
                16)  Italian message catalog
                17)  Brazilian Portuguese message catalog
                18)  Traditional Chinese message catalog
                19)  Simplified Chinese message catalog
                20)  Korean message catalog
                21)  Russian message catalog
                22)  Hungarian message catalog
                23)  Polish message catalog
                24)  Czech message catalog
                
Thereafter , Installation is self explanatory . You have to continue selecting y and pressing enter .
In the end , after installation is completed .
Execute the following statement when running as the 'root' user:
    su mqm -c "/opt/mqm-75/bin/mqconfig"
Or change user id to mqm and run /opt/mqm-75/bin/mqconfig
The 'mqconfig' command validates that the system configuration satisfies the
requirements for WebSphere MQ, and ensures that the settings for the 'mqm'
user ID are suitably configured.
Run dspmqinst to list installation
You will see two Installations 
Installation1 as MQ 7.1 and Installation2 as MQ 7.5
Change your primary installation by running the below commands as root
uid=0(root) gid=0(root)
root@UAT-MQ # ./setmqinst -x -n Installation1
'Installation1' (/opt/mqm) has been unset as the Primary Installation.
root@UAT-MQ # /opt/mqm-75/bin/setmqinst -i -n Installation2
92 of 92 tasks have been completed successfuly.
'Installation2' (/opt/mqm-75) set as the Primary Installation.
After setting Installation 2 as primary installation , there will be symbolic links created in /usr/bin .
Verify all the symbolic links in  /usr/bin/ are correctly pointed to mqm-75 not mqm
Run the below command to migrate qmgrs to new WebSphere mq version with  mqm id
/opt/mqm-75/bin/setmqm -m  -n Installation2
Run the below command to see the status and association
dspmq -o installation -o status 
In the last step , check whether in the previous installation , were there any mqm local environment variables pointing to 
/opt/mqm version , if yes then modify it to /opt/mqm-75 . 
Mostly, you may just need to modify mqm .profile file to point to updated mq installation path .
Now coming to applying the fix pack 6 
Copy the fix pack file to MQ server
gunzip 7.5.0-WS-MQ-SolarisSparc64-FP0006.tar.Z 
tar -xvf 7.5.0-WS-MQ-SolarisSparc64-FP0006.tar
Create package 
./crtmqfp mqm-75
Execute pkgadd -a /tmp/default and select 2 
root@UAT-MQ # pkgadd -a /tmp/default
The following packages are available:
  1  mqm-75                 IBM WebSphere MQ for Solaris
                            (sparcv9) 7.5.0.5
  2  mqm-75-07-05-00-06     IBM WebSphere MQ for Solaris - U200647
                            (sparcv9) 7.5.0.6
Thereafter , Installation is self explanatory . You have to continue selecting y and pressing enter .
After fixpack upgrade is completed , start the QMGR
strmqm  or
strmqm -x  if its a multiinstance QMGR