Solar company receives order of Rs 225 crore from Hubli Electricity Supply Company Ltd

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Solar company receives order of Rs 225 crore from Hubli Electricity Supply Company Ltd

The stock is up by 64.23 per cent from its 52-week low of Rs 93.10 per share.

Ravindra Energy Limited (REL) has secured 13 Letters of Award from the Hubli Electricity Supply Company Limited (HESCOM) to develop a cumulative Solar power capacity of 62 MW (AC) in Karnataka. This domestic project follows a Build Own & Operate (BOO) model, with the solar generators distributed across 13 distinct HESCOM substations. The total capital expenditure for this initiative is estimated at approximately Rs 225 crore, representing a significant expansion of REL's renewable energy footprint within the state.

The contractual agreement stipulates an average tariff of Rs 2.95 per unit, governed by a 25-year Power Purchase Agreement (PPA) starting from the Commercial Operation Date. REL is committed to a strict commissioning timeline, with the projects expected to be operational within 12 months of signing the PPA. This partnership with the Karnataka government-owned utility reinforces the regional infrastructure for clean energy while ensuring long-term price stability for the grid.

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Incorporated in 1980, Ravindra Energy Ltd is engaged in the solar energy sector, specialising in the sale of solar pumps, and the setup, generation, and sale of power from both ground-mount and rooftop solar plants. The company holds accreditations from the Ministry of New and Renewable Energy as an Empanelled Supplier of Solar Water Pumps and a Roof Channel Partner, which allows it to provide customers with the full range of government subsidies for solar systems. The company has undertaken various projects across Karnataka, Maharashtra, and Rajasthan, including the installation of Solar Photovoltaic (PV) Power Pumping Systems, Roof Top Solar Projects, and Ground-Mount Solar Power Projects.

In Q2FY26, the company reported net sales of Rs 120 crore and net profit of Rs 31 crore while in FY25, the company reported net sales of Rs 250 crore and net profit of Rs 22 crore. The company has a market cap of over Rs 2,500 and debtor days have improved from 129 to 24.8 days. The stock is up by 64.23 per cent from its 52-week low of Rs 93.10 per share.

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