Servotech Power Systems – a leading manufacturer of EV chargers and solar solutions – has reported receiving an additional order of nearly 400 units of DC Fast EV Chargers from Bharat Petroleum Corporation Limited (BPCL) and other EV charger OEMs. The latest project is in continuation of the previous order for 1,800 DC Fast EV chargers placed by BPCL and other EV charger OEMs.
The project value is pegged at around INR 20 crores and will involve manufacturing, supplying, installing, and deploying these chargers nationwide, particularly at BPCL petrol pumps as part of the BPCL E-drive Project. The latest order increases the total project value to INR 140 crores including the earlier order.
Servotech has already completed 35% of the dispatches on time and has met 100% of their requirements as per their plan. As such, the latest order from BPCL is seen as a reward for Servotech’s adherence to project timelines and its commitment.
Mrs Sarika Bhatia, Director, Servotech Power Systems Ltd. commented, “Servotech feels extremely elated to have worked for BPCL and is committed to living up to the trust BPCL has placed in us. Time and again we have showcased our manufacturing capabilities with our production team relentlessly working keeping a strong focus on delivering exceptional products in-house. We will continue to maintain the highest standards of service and operational efficiency, setting new benchmarks in the industry. Our eco-conscious and top-notch EV chargers are catering to the growing demand for sustainable EV charging solutions across India, increasing the accessibility, affordability and availability of EV charging facilities to a wider demographic of EV users.”
Servotech – Multibagger in EV Value Chain
Servotech made its public market debut in 2017 through an IPO on NSE Emerge platform. From a topline of INR 83 crore at the time of IPO, the company has expanded operations to post revenues of INR 306 crore in FY 2024. Meanwhile, the stock has rewarded the investors very well zooming to latest price of INR 123 per share, up from INR 3.1 per share after adjusting for stock split. With a nearly 40X jump in stock price, Servotech has been a major money spinner for investors.
The company has its manufacturing facility in Sonipat, Haryana with a capacity to produce 42,000 AC and DC chargers every year. Servotech is planning to setup another facility in Sonipat. The company generates nearly 74% of its revenue from EV chargers while the rest is contributed by Solar chargers, Solar installation services, Medical devices and others.
