Servotech Renewable Power System takes a big leap towards achieving India’s renewable energy goals by securing its first solar rooftop order from North Eastern Railway (NER), Lucknow Division. The 2 MW order marks Servotech’s entry into the railway sector and cements its position as a leader in green energy solutions.
Servotech-NER Order – Comments From Management
Director Sarika Bhatia says, “This first order in the railway sector is a testament to our technological capabilities and our commitment to providing sustainable energy solutions across various industries. We are enthusiastic about the potential opportunities within this sector and are confident in securing further solar projects in the near future. Our expertise will significantly support Indian Railways’ green energy initiatives.”
The company, already present in the EV charging and solar energy space, is all set to play a key role in Indian Railways’ green energy journey.
Strategic Tie Ups and Expansion
Servotech-NER order comes after Servotech’s series of strategic moves. Recently, the company signed an MoU with the Chamber of Indian Micro, Small & Medium Enterprises (CIMSME) to install 1 lakh rooftop solar systems by 2026 under PM Surya Ghar Muft Bijli Yojana. This will provide up to 300 units of free electricity per month to one crore households through a dedicated mobile application that will do feasibility analysis, approvals and monitoring.
Further strengthening its technology edge, Servotech partnered with French power electronics company Watt & Well to develop high-energy 30 kW EV charging modules for the Indian market. This collaboration will boost domestic manufacturing, align with the ‘Make in India’ vision and introduce vehicle-to-grid (V2G) technology which can revolutionize energy management across sectors.
Financials and Future Plans
Servotech’s financials have been reflecting its operational success. Q3 FY25 results showed 6 times growth in net profits with revenue growing 315% yoy to INR 216.83 crore and net profits at INR 7.98 crore. The company’s leadership in EV charging, with 35-40% market share and plans to expand over 50%, underscores its growth ambitions.
Along with its railway and urban renewable projects, Servotech has also bagged a major INR 31 crore order from Uttar Pradesh New and Renewable Energy Development Authority (UPNEDA) to supply 1,100 solar-powered agriculture pumps. This will support sustainable farming and is in line with the government’s KUSUM scheme.
Servotech Renewable IPO Journey
Servotech made its stock market debut on 24 August 2017, with an IPO 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. Currently, the stock is trading around INR 124.22 per share, reflecting a 300% return since its listing and earning the status of a multibagger stock.
Servotech and North Indian Railways’ deal is a pivotal step in India’s green energy transition, the company is not only expanding its business but also contributing to India’s green energy journey. With a bouquet of EV charging, rooftop solar and agricultural solutions, Servotech is cementing its position as a leader in India’s clean energy space.
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