Ahasolar Technologies Limited, a company specializing in solar energy solutions, has released its statement of deviations or variations in IPO proceeds utilization for the quarter ended September 30, 2025. The company also announced a new consultancy contract with the Gujarat Energy Development Agency (GEDA).

IPO Proceeds Utilization

The Audit Committee reviewed the statement on November 14, 2025, reporting no deviations from the planned use of funds raised through the company's Initial Public Offering (IPO) on July 17, 2023. The total amount raised was ₹12.84 crore, which has been allocated as follows:

The company confirmed that there were no deviations or variations in the use of IPO proceeds, and both the Audit Committee and auditors had no comments on the utilization.

New Consultancy Contract

In a separate announcement dated November 13, 2025, Ahasolar Technologies Limited disclosed that it has secured a consultancy contract from the Gujarat Energy Development Agency (GEDA). The contract, valued at approximately ₹96.00 lakhs, involves the following services:

1. Consultancy for Operation & Maintenance (O&M)
2. Development of Gujarat Energy Development Agency EV Portal

Key details of the contract include:

• Duration: Three years
• Nature: Domestic consultancy contract
• Client: Gujarat Energy Development Agency (GEDA)

The company clarified that this contract does not involve any related party transactions, and neither the promoter group nor group companies have any interest in GEDA.

These developments showcase Ahasolar Technologies' commitment to its growth strategy in the solar energy sector and its expanding role in EV infrastructure development. The proper utilization of IPO funds and the new consultancy contract may potentially strengthen the company's position in the renewable energy market.

Ahasolar Technologies Limited , a company specializing in energy consultancy and solar solutions, has announced a significant business development. The company has secured a work order worth ₹96.00 lacs from the Gujarat Energy Development Agency (GEDA) for consultancy services.

Contract Details

The contract, spanning three years, involves two primary components:

1. Operation & Maintenance (O&M) services
2. Development of GEDA's EV Portal

This domestic consultancy service is aimed at supporting Gujarat's energy development initiatives, particularly in the realm of electric vehicles (EV) and renewable energy.

Financial Implications

The secured contract, valued at approximately ₹96.00 lacs, represents a notable business opportunity for Ahasolar Technologies. While the company has not disclosed specific financial projections related to this contract, it is expected to contribute to the company's revenue stream over the next three years.

Strategic Significance

This contract with GEDA underscores Ahasolar Technologies' growing presence in the energy consultancy sector, particularly in the rapidly evolving field of electric vehicles. The development of GEDA's EV Portal suggests the company's involvement in Gujarat's push towards sustainable transportation solutions.

Disclosure and Compliance

In compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Ahasolar Technologies has formally disclosed this development to the BSE Limited. The company has confirmed that this contract does not fall under related party transactions, and there is no interest from the promoter group or group companies in GEDA.

Company Background

Ahasolar Technologies Limited, formerly known as AHAsolar Technologies Private Limited, is headquartered in Ahmedabad, Gujarat. The company operates in various segments including energy consultancy, solar software, net zero advisory, and solar marketplace solutions.

This latest contract aligns with Ahasolar's core competencies and may potentially strengthen its position in the renewable energy and EV infrastructure consulting space.