Solar Products Manufacturer Secures 5.6 MW On‐Grid Rooftop Solar Power Plant Project Worth Rs 30.2 Crore from UREDA

From Rs 0.90 to Rs 184 per share, the stock delivered multibagger returns of over 2,000 per cent in 5 years.

Servotech Power Systems Ltd., India’s leading solar products manufacturer has secured a 5.6 MW On‐grid rooftop solar power plant order from Uttarakhand New and Renewable Energy Development Agency (UREDA). The order valued at Rs 30.2 crores will act as a major push in building a solar-powered state, overall, bringing India closer to becoming a solar-powered nation.

Servotech will be responsible for designing, supplying, installing, net metering, testing and commissioning of On-Grid rooftop solar power plants. Further, the project also involves Servotech delivering comprehensive warranty maintenance for the next 5 years, tending to 1 kW‐1500 kW on‐grid rooftop solar installations done at various strategic locations which includes government offices, colleges, buildings, hospitals and institutions etc. across the state contributing to the state’s renewable energy goals and decarbonisation.

Commenting on the order, Sarika Bhatia, Director of Servotech Power Systems Ltd said, we’re elated to work with UREDA in enhancing our green efforts by capitalising on enhancing the energy access and sustainability for the natives in Uttarakhand. The company's proven track record of providing exceptional and efficient solar solutions has established the company as a reliable partner among nodal agencies and created a strong niche in India's renewable energy market. We are confident that our reliable solar solutions will empower Uttarakhand with clean, reliable, and affordable solar energy. This project aligns with our vision of a sustainable future and will contribute to the state's energy security and environmental goals.

About the Company

On Thursday, shares of Servotech Power Systems Ltd surged 4.20 per cent to an intraday high of Rs 184 per share from its previous closing of Rs 176.57 per share. The stock’s 52-week high & all-time high is Rs 205.40 per share. The company has a market cap of over Rs 4,000 crore. The stock gave multibagger returns of over 150 per cent from its 52-week low of Rs 73 per share. From Rs 0.90 to Rs 184 per share, the stock delivered multibagger returns of over 2,000 per cent in 5 years.

Servotech Power Systems is an NSE-listed organization that develops tech-enabled EV Charging solutions leveraging their over two decades of experience and expertise in the electronics space. The company offer an extensive range of AC and DC chargers which are compatible with different EVs and serve multiple applications such as commercial and domestic. With comprehensive engineering capabilities, we plan to play a pivotal role in developing India's EV tech infrastructure. As a trusted brand with a strong pan-India presence, its legacy is marked by proven innovations and the development of advanced technologies.

In Q2FY25, the company witnessed stellar growth. Total revenue surged by 131 per cent, reaching Rs 20,006.93 lakh from Rs 8,659.09 lakh in Q2FY24. EBITDA increased by 223 per cent, reaching Rs 1,929.33 lakh from Rs 597.03 lakh. Net PAT soared by 260 per cent, reaching Rs 1,124.21 lakh compared to Rs 312.40 lakh in Q2FY24. Additionally, in H1FY25, the company witnessed strong growth. Revenue increased by 88 per cent, reaching Rs 31,250.85 lakh from Rs 16,640.45 lakh in H1FY24. EBITDA increased by 112 per cent, reaching Rs 2,783 lakh from Rs 1,309.93 lakh. Net PAT increased by 117 per cent, reaching Rs 1,573.14 lakh from Rs 723.38 lakh in H1FY24.

In October 2024, FIIs increased their stake to 5.95 per cent compared to 5.53 per cent in September 2024. Investors should keep an eye on this multibagger solar stock.

Disclaimer: The article is for informational purposes only and not investment advice.