Penny stock jumps 12% after securing order worth ₹342 Cr for solar PV-based power plants

SYNOPSIS: Madhav Infra Projects secured LoAs worth Rs. 342 crore from MPUVNL, exceeding its market capitalisation, for grid-connected solar PV projects under PM KUSUM-C, to be executed within 18 months after PPA signing.

During Monday’s trading session, shares of a company involved in the business of infrastructure development and solar power generation surged around 12 percent on BSE, after the company announced securing order worth Rs. 342 crores from M.P. Urja Vikas Nigam Limited (MPUVNL), a Government of MP Enterprise.

At 01:34 p.m., shares of Madhav Infra Projects Limited were trading in the green at Rs. 11.37 on BSE, up by around 8 percent, compared to its previous closing price of Rs. 10.54, with a market cap of Rs. 306.5 crores. The stock has delivered negative returns of over 25 percent in one year, but has gained by around 6 percent in the last one month.

What’s the News:

According to the latest disclosures filed with the BSE, Madhav Infra Projects Limited has secured multiple Letters of Awards (LOA) aggregating nearly Rs. 342 crores from M.P. Urja Vikas Nigam Limited (MPUVNL), a Government of Madhya Pradesh Enterprise. The projects are to be executed within 18 months from the date of signing the respective Power Purchase Agreements (PPAs). Notably, the total order value exceeds the company’s current market capitalisation.

The order pertains to the implementation of grid-connected Solar PV-based Power Plants (SPP) under the Surya Mitra Krishi Feeders Scheme, which includes the feeder solarisation component of the PM KUSUM-C Scheme. The generated power will be sold to Madhya Pradesh Power Management Company Limited (MPPMCL).

Financials & More:

Madhav Infra Projects reported a significant growth in revenue from operations, experiencing a year-on-year increase of around 23 percent, from Rs. 87 crores in Q2 FY25 to Rs. 107 crores in Q2 FY26. Likewise, its net profit increased during the same period from Rs. 4 crores to Rs. 12 crores, representing an impressive rise of nearly 200 percent YoY.

Between FY22 and FY25, Madhav Infra’s revenue grew at a 3-year CAGR of nearly 10 percent, while net profit surged at a CAGR of about 61 percent. Madhav Infra Projects Limited is engaged in the business of infrastructure development & solar power generation, delivering Engineering, Procurement, and Construction (EPC) solutions across roads, bridges, railway infrastructure, and utility-scale solar PV projects.

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