Energy-efficient solutions provider Servotech Power Systems announced that Madhya Pradesh Urja Vikas Nigam Ltd. had awarded them a Rs.60 crore 16 MW on-grid solar rooftop project deal.

The company will be responsible for developing, supplying, installing, and commissioning on-grid rooftop solar systems with individual capabilities ranging from 1 KW to 500 KW, according to the filing data.

The order is expected to be executed within the next five months, according to the BSE filing.

A manufacturer and supplier of energy-efficient solutions, Servotech Power Systems offers its clients solar equipment, LED lighting, and even electric vehicle (EV) charging systems.

Following a visit to Servotech's manufacturing facility by Errol Musk, the father of billionaire Tesla inventor Elon Musk, shares of Servotech surged as much as 4.5 percent during the trading session on May 19, 2025.

Following Tuesday's stock market session, Servotech Power Systems' shares ended the day 6.96 percent higher at Rs.147.95, up from Rs.138.32 at the previous market close. On June 24, 2025, after market hours, the business made the order book update public.

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The company's shares reached a 52-week high of Rs.205.40 on September 26, 2024, and a 52-week low of Rs.86.10 on June 27, 2024, according to NSE data.

Over the past five years, Servotech Power Systems shares have returned more than 5,770 percent to stock market investors, and over 63 percent in the last year.

 

However, the shares have lost 11.78 percent in 2025 on a year-to-date (YTD) basis, but they have increased 21.54 percent in the last month.

Additionally, Rhine Solar Ltd., a manufacturer of photovoltaic (PV) modules situated in New Delhi and authorized by the Approved List of Models and Manufacturers (ALMM), agreed to sell Servotech Renewable Power System a 27 percent post-money ownership stake.

With this investment, Servotech enters the solar panel manufacturing industry with the goal of strengthening its position in the market for renewable energy. Servotech intends to increase manufacturing capacity to 600 MW during the next year by working with Rhine Solar, which presently runs a 100 MW production facility.

The action is anticipated to promote homegrown solar panel manufacturing, lessen dependency on imports, and complement national clean energy programs. In order to address the increasing demand for solar modules in India and outside, Rhine Solar's infrastructure and industry knowledge would be crucial.

Additionally, the investment enhances Servotech's current solar and EV charging operations and fortifies its supply chain. It is anticipated that the combination will increase competitiveness in both domestic and foreign markets, optimize operations, and improve product quality control.

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The NSE-listed company Servotech Renewable Power System Ltd, formerly known as Servotech Power Systems Ltd, focuses on renewable energy and EV charging infrastructure. With more than 20 years of electronics experience, the company promotes the expansion of EV infrastructure throughout India and offers a variety of AC and DC chargers for different uses.