During Friday’s trading session, shares of a company involved in EPC Power & Solar projects and other related activities hit a 5 percent upper circuit on BSE, after developing and shipping its first indigenously designed 240 kW DC dual-gun EV fast charger to a customer based in California, United States.
With a market capitalisation of Rs. 84.6 crores, the shares of Promax Power Limited hit a 5 percent upper circuit at Rs. 33.86 on BSE, as against its previous closing price of Rs. 32.25. The stock has delivered negative returns of more than 45 percent in one year, but has gained by nearly 3 percent in the last one month.
What’s the News:
As per recent regulatory disclosures on the BSE, Promax PlugUp EV Private Limited—an associate company of Promax Power Limited holding a 20.83 percent stake—has successfully developed and shipped its first locally designed 240 kW DC dual-gun EV fast charger to a client in California, United States.
The charger was the result of an intensive 6-8 month R&D cycle, designed to fully comply with American EV standards. Notably, it supports multiple charging protocols, including CCS1, CCS2, and NACS (Tesla-compatible), ensuring it can be used with a wide range of EVs, including Tesla vehicles.
PlugUp’s 240 kW DC fast charger features innovations that are rare in the Indian market, such as a large-format advertising display screen and retractable charging guns with articulated arms.
This achievement marks a major technological milestone for Promax PlugUp EV Pvt Ltd, highlighting its ability to independently design and manufacture high-capacity EV chargers — a capability still limited to only a few manufacturers in India.
Financial Performance:
Promax Power reported a marginal growth in revenue from operations, experiencing a rise of nearly 2 percent YoY, increasing from Rs. 28.7 crores in H2 FY24 to Rs. 29.4 crores in H2 FY25. Similarly, its net profit increased during the same period from Rs. 0.44 crores to Rs. 1.3 crores, indicating an impressive rise of around 195 percent YoY.
About the Company:
Promax Power Limited is engaged in the business of executing turnkey power, substation, transmission line, hydro, distribution, electrification, civil construction, pre-engineering building, high-rise building, sewerage and water treatment projects and other related activities. The company offers solutions for solar projects, from design and procurement to construction and commissioning, contributing to sustainable energy generation.
Written by Shivani Singh
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