Shares of this solar stock hit the 5 percent upper price band on Friday, after securing a prestigious order to develop the digital ecosystem and technological deployment of the World’s Biggest Rooftop program of Govt. of India for the PM Surya Ghar: Muft Bijli Yojana.
Price Movement
In Friday’s trading session, Ahasolar Technologies Limited‘s share price reached the 5 percent upper circuit at Rs.367.50 per share, rising from its previous close of Rs.350.00 per share. The share price has retreated since then and is currently trading at Rs.356.05 apiece.
What happened
AHAsolar Technologies Limited announced on October 10, receiving contract for the digital ecosystem and technological deployment of the Indian government’s PM Surya Ghar: Muft Bijli Yojana, the world’s largest rooftop solar program, set for execution by March 2025.
The project aims to solarize 1 crore households across India, implemented by REC Limited, providing millions with access to clean and affordable energy.
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Contract Specifications
AHAsolar Technologies Limited is enhancing the PM Surya Ghar: Muft Bijli Yojana by developing a National Rooftop PV Portal to streamline the program’s implementation in India.
This digital ecosystem will offer a seamless experience for residential prosumers, integrating with State DISCOM portals to manage key processes like net metering, load sanctions, and inspections.
The portal will also function as a public platform for applications, financial intermediaries, e-commerce platforms, vendors, and service providers, improving subsidy management and creating a broader service ecosystem.
To ensure the initiative’s success, AHAsolar will conduct workshops on rooftop PV installations and develop training programs for stakeholders, including solar installers and government agencies, to maintain high installation standards across the country while providing ongoing support for DISCOM coordination.
Management Commentary
Commenting on this significant achievement, Mr. Piyush Bhatt, Managing Director of AHAsolar Technologies Limited, stated, “This recognition further affirms AHAsolar’s expertise and reliability in clean technology solutions.
Since our inception as a start-up in Gujarat in 2017, we have been at the forefront of digitising the solar industry, developing cutting edge platforms that streamline processes for government agencies, solar installers, and manufacturers.”
Financial Overview
The company reports financial statements semi-annually. For H2FY24, Ahasolar revenue surged by 164 percent year-on-year to Rs.29.16 crore, up from Rs.11.03 crore in H2FY23. However the net profits declined 44 percent to Rs.0.81 crore in H2FY24, compared to Rs.1.43 crore in H1FY24.
About the company
Ahasolar Technologies Ltd is a startup focused on renewable energy, particularly solar solutions, and is recognized for its innovative digital platforms that enhance project management and efficiency in the solar industry.
The company aims to facilitate the adoption of clean energy through its advisory services and integrated marketplace, addressing climate change challenges effectively
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Written by – Siddesh S Raskar
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