Servotech Renewable Power System, a leading player in India’s renewable energy and EV charging space, has bagged a prestigious INR 60 crore order for a 16 MW on-grid solar rooftop project from Madhya Pradesh Urja Vikas Nigam (MPUVNL), the state’s nodal agency for renewable energy under the Department of New and Renewable Energy.
Servotech-MPUVNL Project Details
Under the contract, Servotech will design, supply, install and commission rooftop solar systems ranging from 1 KW to 500 KW across multiple government buildings and institutions in various cities and towns of Madhya Pradesh. The scope includes a 5-year warranty.
The project will be completed in next 5 months. This shows Servotech’s operational capability to execute large-scale, time-bound projects.
“This is a big step for Servotech,” said Sarika Bhatia, Director, Servotech Renewable Power System Ltd. “This project is in line with India’s national renewable energy targets and will help Madhya Pradesh to go green. We are happy to be a part of this journey.”
Financial and Stock Impact
This order adds to Servotech’s order book and reinforces its position as a public sector player for clean energy projects. The announcement came after a period of high interest in the stock. The stock closed 6.96% higher at INR 147.95 on 24 June 2025 from INR 138.32 on the previous day. The announcement was made after market hours.
Over the last 5 years, Servotech has given 5,770% returns, making it a multibagger in the small-cap space. 2025 YTD returns are -11.78% but the stock has given 21.54% returns in the last 1 month, as investors are optimistic about clean energy orders like this. As of 24 June 2025, the company’s market cap is INR 3,326.59 crore.
A Bigger Picture in Renewable and EV Space
Servotech Renewable Power System has been using its 20 years of electronics expertise to build solar and electric vehicle (EV) charging infrastructure across India. The company offers AC and DC chargers, integrated solar power solutions and LED-based products and is a key player in India’s sustainable technology landscape.
The company’s vision is reflected in increasing strategic tie-ups — from government orders like the MPUVNL project to international attention, including a recent visit by Errol Musk, father of Tesla founder Elon Musk, to the company’s manufacturing facility, which had given a big boost to the stock in May 2025.
Conclusion
Servotech order from Madhya Pradesh Urja Vikas Nigam adds to the company’s project pipeline and reinforces its growing presence in India’s energy transition story. With the Indian government aiming to add 500 GW of non-fossil fuel capacity by 2030, companies like Servotech are poised to lead the charge in both public and private partnerships.
As the company scales up its renewable energy offerings and deepens its ties with state entities, it’s a long-term value creation for its stakeholders and for India’s green energy journey. For more details related to IPO GMP, SEBI IPO Approval, and Live Subscription stay tuned to IPO Central.