Solar stock hits 5% upper circuit after receiving ₹30 Cr order from Central PSU

During Monday’s trading session, the shares of a company providing multiple digital solutions and advisory in the field of renewable energy hit a 5 percent upper circuit at Rs. 146 on BSE, after securing an order worth ~Rs. 29.5 crores from North Eastern Electric Power Corporation Limited.

Price Movement

With a market cap of Rs. 45 crores, the shares of Ahasolar Technologies Limited opened in the red and reached a 52-week low at Rs. 132.1, down by 5 percent, as compared to its previous closing price of Rs. 139.05.

The stock has delivered negative returns of nearly 68 percent in the last six months, as well as around 31 percent returns in the last one month.

What’s the news

According to the latest regulatory filings with the stock exchanges, Ahasolar Technologies Limited has secured a work order worth nearly Rs. 29.5 crores for consultancy services from North Eastern Electric Power Corporation Limited (NEEPCO).

The contract involves providing consultancy services for the preparation of Project Feasibility Reports (PFRs) and Detailed Project Reports (DPRs) for the development of Floating Solar PV Projects across various dam reservoirs in Meghalaya, Mizoram, and Uttar Pradesh. The project is expected to be completed within 4 months.

About the Awarding Entity

Incorporated in 1976 to plan, investigate, design, construct, generate, operate & maintain power stations in the North Eastern Region of India under the Ministry of Power, Government of India, NEEPCO is conferred with the Schedule A- Miniratna Category-I CPSE status.

NEEPCO operates 6 hydro, 3 thermal and 1 solar power stations with a combined installed capacity of 2057 MW.

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Previous Orders

29th November 2024: Ahasolar Technologies Limited signed a long-term Power Purchase Agreement (PPA) with Saffron Enclave Private Limited, Kolkata, for the development of a 100 KW solar PV power plant. The agreement stipulates the sale of electricity for 20 years under the Independent Power Producer (IPP) business model. 

The solar power plant will be developed in Gurgaon, Haryana.

Financials

Ahasolar Technologies reported a significant growth in revenue from operations, experiencing a year-on-year rise of nearly 79 percent, from Rs. 12.89 crores in H1 FY24 to Rs. 23.07 crores in H1 FY25.

However, its net loss widened during the same period from a loss of Rs. 0.77 crores to a loss of Rs. 2.88 crores, representing a decline of nearly 274 percent YoY.

About the company

Ahasolar Technologies Limited is engaged in the business of CleanTech enabling Energy Transition through Digital Transformation and thereby empowering stakeholders to adopt renewable energy. The company achieves this by offering a range of digital solutions and advisory services in the renewable energy sector.

Written by Shivani Singh

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