Servotech Renewable Power System Ltd(SERVOTECH)

NSE: SERVOTECH

₹ 62.5-1.26%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 1,412 crNext results: 3 Nov 2026Website: www.servotech.inUpdated: 24 Oct 2026

About

Servotech Renewable Power System Ltd. manufactures and supplies solar energy products, EV charging solutions, battery energy storage systems (BESS), and energy-efficient lighting, having commenced commercial production in 2004. In FY26 the company recorded consolidated revenue of ₹671.64 crore, and in Q1 FY27 standalone revenue grew 66.31% year-on-year to ₹208.1 crore. The company claims leadership as India's largest EV charger manufacturer, with 12,500+ cumulative installations as of FY25.^[1][2][3][4]

Business segments

Solar energy products (inverters, modules, EPC projects) dominated the revenue mix at ~90% in Q3 FY26, with EV chargers below 10% following a policy-driven market slump.^[5]
Management described a target revenue mix of ~60% solar and ~40% EV chargers going forward, as the EV charger market was characterised as stagnant in Q1 FY27.^[6][3]
Rebreathe Medical Devices, a subsidiary, saw revenue fall deliberately from ₹98 crore in FY25 to ₹32 crore in FY26 as management redirected capital toward higher-margin renewable and EV businesses.^[6]

Products and portfolio

The company manufactures hybrid solar inverters, grid-tied inverters (up to 30 kW), DC fast chargers (60 kW, 120 kW, 240 kW), BESS, lithium-ion battery packs, e-rickshaw batteries (Sultan brand), and energy-efficient lighting.^[1][7][3]
60 kW and 120 kW DC EV chargers received BEE 5-star rating in Q1 FY27; certification for the 240 kW model was in process.^[3]
Hybrid Solar Inverter and Micro Grid Inverter launched on 27 September 2026.^[8]
Servotech supplied 100 solar-powered EV charging systems (two stations each across 50 German cities) under a collaboration with LESSzwei GmbH, its first European deployment.^[4]

Manufacturing and operations

Overall production capacity utilisation stood at 50% in Q1 FY27; within that, the BESS segment was running at full capacity and unable to meet demand.^[3]
Inverter production reached over 10,000 units per month in Q3 FY26.^[5]
A 1,000 sq. ft. AI-enabled warehouse was inaugurated in Jhundpur, Sonipat during Q2 FY26 to streamline logistics.^[7]
Subsidiary Techbec Green Energy Pvt. Ltd. was established for localised manufacturing of critical solar components under the Make-in-India initiative.^[4]

Key operating numbers

Consolidated revenue in Q1 FY27: ₹216.29 crore, up 57.69% YoY from ₹137.17 crore in Q1 FY26.^[3]
Standalone revenue in Q4 FY26: ₹212.2 crore, up 76% YoY - described as the strongest quarter in listed history. H2 FY26 standalone EBITDA margin reached 12%, also a listed-history high.^[6]
Solar order inflows in Q2 FY26 totalled 43 MW across 7 contracts, with customers including multiple Indian Railway divisions and MP Urja Vikas Nigam Ltd.^[7]
Servotech secured approximately 67% share of PSU/OMC DC fast charger tenders in Q4 FY26 for 60 kW and 120 kW chargers with BPCL, HPCL, IOCL, and Nayara.^[6]
Cumulative EV charger installations surpassed 12,500 units as of Q2 FY26.^[7][4]

Customers and distribution

Pan-India retail network in Q1 FY27: 800+ distributors across metros and cities, 6,000+ retailers covering 370+ towns, with channel partner retention above 70%.^[3]
Institutional customers include Indian Railways (multiple divisions), NREDCAP (Andhra Pradesh), Railway Energy Management Company, South Central Railway, BPCL, HPCL, IOCL, and Nayara.^[7][5][3][6]
Retail channel monthly run rate grew from ₹2 crore/month in FY22 to over ₹25 crore/month as of Q4 FY26, supported by brand ambassador Sonu Sood and TV campaigns.^[6]
Exports reached 9 countries as of FY25; a Dubai-based subsidiary (Servotech Renewable International FZCO) was incorporated as a global procurement hub and international expansion platform.^[4][5]

Expansion and capex

A new BESS manufacturing plant is being set up under a ₹400 crore MOU signed with the Government of Haryana; building and structure construction had commenced as of Q1 FY27.^[3]
BESS production capacity is targeted to reach 2x current levels by approximately December 2026, 3x by March 2027, and 10x within two years from Q1 FY27.^[3]
FY26 total capex was ₹64 crore, commissioning new lines for solar hybrid inverters, grid-tied models, BESS, and lithium-ion battery packs; the program is now substantially complete.^[6]
Proposed related-party transactions with Rhine Solar Limited for FY27 are planned at up to ₹500 crore for sale and purchase of solar modules, components, and materials.^[1]

Recent developments

Credit rating upgraded by Infomerics from BBB+/Stable to BBB+/Positive outlook on bank facilities totalling ₹451.84 crore, effective 30 September 2026.^[9]
South Central Railway (Vijayawada Division) awarded a 1,415 kW rooftop solar project order to Servotech, announced in Q1 FY27.^[3]
Board borrowing limit raised to ₹800 crore as approved in the FY26 annual report.^[1]
Managing Director Raman Bhatia is proposed for re-appointment for five years from June 2027 at a remuneration ceiling of ₹3 crore per annum.^[1]
Servotech entered a 60:40 joint venture with Bekem Infra in Q2 FY26 to execute large-scale government renewable energy projects.^[7]

Market Cap

₹1,412 Cr

High / Low

₹125 / 58

Stock P/E

38.0

Price / Book

5.0

Book Value

₹13

EPS

₹1.5

No. of Shares

22.58 Cr

ROCE

13.0%

ROE

12.8%

OPM

7.8%

Debt / Equity

0.73

Sales

₹672 Cr

Net Profit

₹32 Cr

Promoter holding

58.6%

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