Small-Cap Solar Company Secures 120 MW Solar Projects under PM-KUSUM Scheme in Maharashtra

Ravindra Energy Limited (REL) has received two Letter of Awards (LOA) from the Maharashtra State Electricity Distribution Company Limited (MSEDCL) for the development of Solar projects.

REL was selected as the Solar Power Developer (SPD) for Solar Photovoltaic Power Generating Stations under the ‘Mukhyamantri Saur Krushi Vahini Yojana 2.0,’ which aims at feeder-level solarisation as part of Component C of the PM-KUSUM Scheme.

The total capacity awarded to REL is 120 MW(AC) of decentralized feeder-level photovoltaic (PV) solar projects. These projects will be implemented across 23 sub-stations of MSEDCL in Maharashtra.

Following the award, MSEDCL will enter into a 25-year Power Purchase Agreement (PPA) with Ravindra Energy Limited. The move is expected to contribute to renewable energy growth and support state-level solarisation targets.

About Company

Ravindra Energy Limited, incorporated in 1980, operates in the renewable energy sector, focusing on the sale of solar pumps, development of solar power plants (both ground-mounted and rooftop), and the generation and sale of electricity. The company is accredited by the Ministry of New and Renewable Energy (MNRE) as an Empanelled Supplier of Solar Water Pumps and a Roof Channel Partner, allowing it to provide the full range of government subsidies for solar systems. All its products are designed to meet the ministry’s standards, supporting efficient and sustainable solar solutions.

The company has a market cap of over Rs 2,960 crore. The shares of the company have a PE of 56x, an ROE of 10.8 per cent and an ROCE of 9.53 per cent. The stock is up by 77 per cent from its 52-week low of Rs 93.41 per share and down 13 per cent from its 52-week high of Rs 191. per share.

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