Synopsis: India’s rooftop solar rollout and rising EV charger demand are opening doors for domestic clean-energy manufacturers. One such player has just reported its strongest quarter as a listed company, with sharp jumps in revenue, EBITDA and profit pointing to a business hitting its stride.
The rooftop solar segment has quietly become one of the most closely watched corners of India’s energy transition, as households and small businesses increasingly turn to home-grown power generation. Alongside this, the push to build out EV charging infrastructure and battery storage capacity is reshaping demand for companies that manufacture across these categories.
With a market capitalisation of Rs.2,248 Crores, shares of Servotech Renewable Power System Ltd. closed at Rs.99.8 per share, i.e.2.95% above its previous closing price of Rs.96.94. It has a P/E ratio of 71.07.
A Strong Quarter to Close the Year
Servotech Renewable Power System Limited is an Indian clean energy solutions provider with over 21 years of experience in power electronics. The company manufactures solar panels and inverters, EV chargers, battery energy storage systems and lithium-ion batteries, operating two manufacturing plants in Kundli and Safiabad, Haryana, along with a warehouse in Jhundpur. It counts public sector undertakings, oil marketing companies and metro rail operators among its clients.
Servotech Power Systems Limited, closed FY2025-26 with what its management called the strongest quarter it has recorded since listing. On a consolidated basis, Q4 FY26 revenue rose 48.52% year-on-year to Rs 219 crore, up from Rs 147.46 crore in the same quarter last year.
EBITDA climbed 80.86% to Rs 24.2 crore from Rs 13.38 crore, while profit after tax grew 35.92% to Rs 10.48 crore against Rs 7.71 crore a year earlier. Profit before tax rose 24.16% to Rs 13.04 crore.
Full-Year Numbers Show a Flatter, More Deliberate Path
For the full year, consolidated revenue was nearly unchanged at Rs 675.36 crore against Rs 676.80 crore in FY25, a decline the company attributed to a deliberate scaling down of low-margin trading activity in its medical equipment subsidiary, Rebreathe Medical Devices, as capital was redirected toward the higher-margin renewable and EV businesses.
Despite the flat topline, consolidated EBITDA grew 22.46% to Rs 70.95 crore from Rs 57.94 crore, while PAT attributable to shareholders rose 2.46% to Rs 33.55 crore from Rs 32.74 crore. Profit before tax, however, declined 9.8% to Rs 40.42 crore, reflecting higher costs below the operating line.
Capacity Additions Aimed at the Rooftop and EV Opportunity
Through the year, the company commissioned new manufacturing capacity for solar inverters across hybrid and grid-tied categories, DC fast chargers in the 120-360 KW range, battery energy storage systems, and lithium-ion battery packs. Management noted these investments are now largely complete and positioned to support growth in FY27.
On the institutional side, the company said it secured roughly 67% of the FY26 PSU and Oil Marketing Company tenders for DC fast EV chargers, working with clients such as BPCL, HPCL, IOCL and Nayara. Its retail channel has also scaled meaningfully, growing from around Rs 2 crore a month four years ago to approximately Rs 25 crore a month currently, a 12.5x increase that management linked to distribution expansion and brand-building efforts across more than 370 towns.
Backward Integration into Solar Manufacturing
The company also holds a 27% stake in Rhine Solar Limited, an associate engaged in solar panel and cell manufacturing, which management has positioned as a backward-integration move to strengthen its solar product portfolio. Combined with its own inverter and battery manufacturing lines, this gives the company a broader footprint across the solar value chain rather than relying solely on trading or assembly.
Looking Ahead
Entering FY27, the company said its priorities are operational consolidation, normalising working capital, and disciplined capital allocation, while continuing to lean on demand across solar, EV charging and battery storage.
The broader industry backdrop remains supportive: the government’s PM Surya Ghar Muft Bijli Yojana is targeting 1 crore solarised homes by March 2027, up from 40 lakh as of March 2026, while the recent GST 2.0 rate cut on solar and EV products from 12% to 5% is expected to improve affordability and margins across the sector.
With rooftop solar adoption and EV charging infrastructure both still in early stages of build-out across India, the coming quarters should indicate whether the recent margin gains can be sustained at scale.
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