Servotech is a well-established company in the solar energy sector. The company remains in the headlines due to its breakthrough research and global contracts in the field of solar energy. Recently, the company signed a contract with a French company for research and production in the field of EV charging. As part of this, they will conduct research on high-energy modules with a capacity of 30 kW.
On 27 Feb 2025, Servotech Renewable Power System signed an MoU with the Chamber of Indian Micro, Small & Medium Enterprises (CIMSME) to expedite solar adoption under the PM Surya Ghar Muft Bijli Yojana. The initiative targets the installation of 1 lakh rooftop solar systems across India by 2026.
Scaling Solar Adoption in India
The Indian government is pushing for large-scale renewable energy adoption. The PM Surya Ghar Muft Bijli Yojana, announced by Prime Minister Narendra Modi, promises up to 300 units of free electricity per month to 1 crore households. The initiative requires over INR 75,000 crore in investment and extensive infrastructure deployment.
Servotech-CIMSME Partnership – Seamless Solar Installation
A dedicated mobile application, developed by Servotech and CIMSME, will facilitate solar adoption. It will offer:
- Roof feasibility analysis
- Support for subsidies and approvals
- Installation tracking
- Real-time monitoring
This digital approach aims to streamline solar system deployment and enhance accessibility for homeowners.
30,000 Personnel for Implementation
CIMSME has mobilized a 30,000-strong workforce, assigned on a PIN code basis, to support implementation. Their responsibilities include:
- Sales and consultation
- On-ground assistance
- System installation and maintenance
This structure ensures a nationwide rollout with localized execution.
Servotech’s Role and Offerings
Servotech, registered with 62 DISCOMs across India, will oversee the installation of 2kW to 10kW Solar Photovoltaic Generation Systems (SPGS). The company will also provide ongoing maintenance to ensure efficiency and longevity.
Leadership Insights
Raman Bhatia, MD, Servotech Renewable Power System Ltd.
“This partnership and our app will simplify solar adoption for Indian households. By leveraging CIMSME’s vast network, we aim to accelerate the transition to renewable energy.”
Mukesh Mohan Gupta, President, CIMSME
“This initiative aligns with the government’s sustainable energy vision. It also supports ESG goals and ensures that clean energy reaches underserved communities.”
About CIMSME
CIMSME is a not-for-profit body focused on MSME empowerment through mentorship, financial literacy, and policy advocacy. It collaborates with banks to enable credit access and assists MSMEs in recovering dues.
About Servotech Renewable Power System
Servotech is an NSE-listed company specializing in EV charging and solar solutions. With two decades of experience, it develops AC/DC chargers and supports India’s renewable energy sector.
Market Performance
In Q3 FY25, Servotech’s net profit surged to INR 7.96 crore, up from INR 1.11 crore in the previous year’s quarter. Revenue quadrupled to INR 216.30 crore from INR 52.01 crore. Despite this, the company’s stock declined by 4.31%, closing at INR 111.61 on NSE due to the ongoing market decline.
Conclusion
The Servotech-CIMSME initiative is a significant step in India’s renewable energy expansion. With strong execution, digital integration, and workforce mobilization, the program aims to accelerate rooftop solar adoption and support the country’s self-reliance on sustainable energy.
Servotech IPO was listed on 24 August 2017 on the NSE Emerge platform, with an issue size of INR 15.12 crore. The stock was listed at INR 30.70 per share, reflecting a slight decline of 0.97% from its issue price, but later the IPO turned into a multibagger pick and delivered investors handsome returns of over 500%. Currently, the stock is trading at around INR 124 per share.
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