Gujarat-based solar penny stock locked in upper circuit: Company gets provisional registration for 5 MW solar projects from GEDA

DSIJ Intelligence-1 / 17 Jul 2025/ Categories: Penny Stocks, Trending

Gujarat-based solar penny stock locked in upper circuit: Company gets provisional registration for 5 MW solar projects from GEDA

The shares of the company have a PE of 16x whereas the industry PE is 27x and has a good return on equity (ROE) track record: 3 Years ROE 26.2 per cent.

Chamunda Electrical Limited has secured two provisional project registrations from the Gujarat Energy Development Agency (GEDA) for a combined 5 MW capacity under the Gujarat Renewable Energy Policy – 2023. These registrations, received on July 14, 2025, are for open-access solar projects located in the Banas Kantha district: one 2 MW project in Village-Dhima and another 3 MW project in Village-Akoli. Both projects will connect to the State Transmission Utility (GETCO) at the 11 kV power injection level within the UGVCL jurisdiction.

These provisional registrations mark a significant step for Chamunda Electrical Limited, demonstrating its commitment to expanding its presence in the renewable energy sector. The company emphasises that this achievement aligns with its long-term strategy to promote sustainable development and contribute to India's growing renewable energy landscape.

On Thursday, shares of Chamunda Electrical Limited hit a 5 per cent upper circuit to Rs 47.90 per share from its previous closing of Rs 45.65 per share. The stock’s 52-week high is Rs 71 per share and its 52-week low is Rs 36.10 per share.

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Founded in June 2013, Chamunda Electricals Limited is a specialised service provider in the power sector, focusing primarily on the operation and maintenance (O&M) of electrical substations up to 66 KV and testing and commissioning services for substations up to 220 KV. The company also engages in solar power generation, operating a 1.5 MW solar park in Gujarat and handles the erection of Extra High Voltage (EHV) Class Equipment up to 220 KV. For the fiscal year 2024, the majority of its revenue (96.38 per cent) was generated from the Operation & Maintenance of Electrical Substations, with Solar Power Generation contributing 3.04 per cent.

The company has a market cap of Rs 52.71 crore with 71.61 per cent stake held by promoters of the company. The shares of the company have a PE of 16x whereas the industry PE is 27x and has a good return on equity (ROE) track record: 3 Years ROE 26.2 per cent. The stock is up by 33 per cent from its 52-week low of Rs 36.10 per share.

Disclaimer: The article is for informational purposes only and not investment advice.