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.

Ahasolar Technologies Limited , a solar technology company, has reported a consolidated net loss of Rs 95.55 lakhs for the financial year 2024-25, compared to a profit of Rs 4.21 lakhs in the previous year. Despite the loss, the company achieved significant revenue growth during the period.

Revenue Growth

The company's consolidated revenue from operations increased by 38% to Rs 5,798.83 lakhs in FY2025, up from Rs 4,203.81 lakhs in FY2024. This growth was primarily driven by the company's solar software services, marketplace, and advisory businesses.

Financial Performance

While revenue showed strong growth, Ahasolar's total expenses rose significantly to Rs 5,943.11 lakhs in FY2025 from Rs 4,247.05 lakhs in the previous year. This increase in expenses contributed to the net loss for the year.

On a standalone basis, the company's revenue declined by 7% to Rs 3,899.75 lakhs, indicating that the growth was primarily driven by its subsidiary operations.

Operational Highlights

Ahasolar Technologies operates in the renewable energy sector, focusing on solar industry digital solutions. The company's core business includes:

1. Solar Software Services
2. Solar Marketplace
3. Solar Advisory and Consultancy Services
4. Development of Solar Power Plants

The company currently has a presence in 38 cities across India, working on solar city transformations and enabling solar growth in various states.

IPO Fund Utilization

Ahasolar completed its Initial Public Offering (IPO) in the previous financial year. As of March 31, 2025, the company reported having unutilized IPO funds of Rs 595.73 lakhs. These funds are primarily earmarked for:

1. Solar PV plant development
2. Electric vehicle charging infrastructure
3. Vehicle purchases

The company has cited delays in finding suitable power purchase agreements and volatility in equipment prices as reasons for the slower utilization of these funds.

Future Outlook

Despite the current year's loss, Ahasolar Technologies continues to focus on growth opportunities in the renewable energy sector. The company's management emphasized their commitment to timely project completion, maintaining financial strength and liquidity, and leveraging their professional management and brand equity for future growth.

The Board of Directors did not declare any dividend for the financial year 2024-25, likely to conserve resources for future growth initiatives.

As Ahasolar Technologies navigates the challenges in the renewable energy sector, its focus on digital solutions and advisory services, coupled with its expanding presence across India, positions the company to capitalize on the growing demand for solar solutions in the coming years.