Small-Cap Stock In Focus: Company Begins Work On 1.35 MW Solar Plant

Aastha Spintex Ltd has moved a renewable-energy project linked to its Falcon Yarns Pvt Ltd acquisition into the execution stage, with the 1.35 MW DC rooftop Solar plant at Falcon’s manufacturing facility in Bharudi, Gondal, receiving registration from the Gujarat Energy Development Agency. The company said the project, which has an AC capacity of 1,000 kW, is being developed under the Gujarat Integrated Renewable Energy Policy, 2025, in the industrial and commercial category. It will be installed in CAPEX mode, meaning Falcon will own the system and use the electricity generated for its own operations.

The development is relevant for a cotton-textile business where power costs form an important part of manufacturing expenditure. Successful commissioning could help Falcon reduce dependence on grid electricity over time, although Aastha Spintex has not disclosed the project cost, expected annual generation, savings estimates or expected commissioning date.

The company’s filing indicates that Construction has moved beyond regulatory paperwork. As of September 16, 2026, module mounting structure work was around 70 per cent complete, while MMS installation was approximately 40 per cent complete. Thirteen personnel were deployed at the site under the daily progress report. Photographs attached to the exchange filing showed rooftop marking, mounting components and multiple installation work fronts.

MATgrow Renewables Pvt Ltd has been appointed as the installer, according to the GEDA registration letter. The registration number for the project is PG/HT/10267568.

There is, however, a date difference in the disclosure documents. Aastha Spintex’s announcement refers to the GEDA registration as dated September 16, 2026, while the detailed annexure and the registration letter carry September 1, 2026, as the registration date. The company’s core position is that the project is registered and under execution, rather than commissioned.

That distinction is material because the commercial benefit will begin only after the installation is completed and the required utility and statutory clearances are obtained. The remaining steps include a technical-feasibility assesSMEnt by the relevant distribution company, a connectivity agreement, installation of a bi-directional meter and, where applicable, approval of the single-line diagram and charging permission from electrical authorities. The project will also need to comply with Gujarat renewable-energy policy requirements, Gujarat Electricity Regulatory Commission regulations and applicable Approved List of Models and Manufacturers requirements.
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Falcon Yarns has become an important part of Aastha Spintex’s expansion narrative. In its FY2025-26 annual report, Aastha Spintex disclosed an investment of Rs 20 crore in Falcon Yarns. The textile company reported standalone revenue from operations of Rs 442.64 crore in FY2025-26, up 26.05 per cent from the previous year, while EBITDA margin moderated to 12.18 per cent from 14.48 per cent amid higher material and operating costs. The solar initiative therefore adds a cost-management and sustainability dimension to the company’s growth plans, but its financial impact cannot yet be assessed without project-cost, generation and commissioning details.

As of 3:44 pm on September 17, 2026, Aastha Spintex shares were trading at Rs 77.30, up 3.66 per cent from the previous close of Rs 74.57. The stock was about 42.9 per cent below its 52-week high of Rs 135.45 and around 5.9 per cent above its 52-week low of Rs 73.01.

The next material update for investors would be completion of installation, final connectivity processes and successful commissioning of the rooftop plant.

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