Mecpower Solutions Ltd
Vadodara-based turnkey solar EPC and solar-park developer moving into independent power production and battery energy storage, with a 2 GW BESS assembly line planned and an IPO targeted within 12–18 months.
Market cap
₹599.25 Cr
0.71 Cr shares
P/E ratio
13.37
Sector average 35
Book value
₹142.13
P/B 5.98
1-year return
+0.00%
52w ₹850 – ₹850
Currently 0% of the way through its 52-week range.
Indicative price history
1Y change
+0.00% ₹850 → ₹850
52-week band in this window: ₹850.00 – ₹850.00. Weekly indicative marks, not exchange-traded prices.
Key highlights
- FY25 audited revenue ₹191.4 crore, EBITDA ₹22.5 crore (11.7%), PAT ₹14.1 crore (7.4%); net worth ₹28.8 crore.
- FY26 unaudited: revenue ₹553 crore, EBITDA ₹66.4 crore, PAT ₹44.8 crore (management figures).
- Order book about 900 MWp; 200+ MW commissioned; 500+ projects at 17,000+ sites across Gujarat, Maharashtra and Rajasthan.
- BESS wins: 50 MW/200 MWh with RVUNL (₹2.85 lakh/MW/month) and 65 MW/130 MWh with GUVNL (₹1.88 lakh/MW/month, 12-year BESPA).
- 5 GWh BESS assembly plant at Karjan under a Gujarat government MoU (₹160 crore proposed); phased 1 GW → 2 GW → 5 GW capacity, capex ₹180 / ₹140 / ₹430 crore.
- Raised ₹35 crore external equity plus ₹4.5 crore warrants; seeking ₹186.5 crore more; IPO targeted within 12–18 months of May 2026.
- Indicative rate ₹850 per share (desk quote, October 2026); market cap about ₹599 crore on 0.705 crore shares, roughly 43x FY25 earnings and 13x management's unaudited FY26 PAT.
About Mecpower Solutions
Mecpower Solutions Limited is a Vadodara (Gujarat) clean-energy company that designs, supplies, installs and maintains solar power plants — rooftop systems for homes and factories, ground-mounted utility-scale plants from 3.5 MWp to 100+ MWp, floating solar and private solar parks. It traces its roots to Mahavir Electronics & Control, an electrical contracting business the Shah family started in 1990; the present company was incorporated in October 2016 and converted from a private to a public limited company ahead of its fund-raise.
The company says it has executed 500+ projects at 17,000+ sites for clients that include Amul, IOCL, NTPC, GACL, L&T, Tecnimont, Alembic, Torrent, Röchling, the Statue of Unity, Vadodara Municipal Corporation and the Gujarat discoms (MGVCL, DGVCL, UGVCL), with 200+ MW commissioned across Gujarat, Maharashtra and Rajasthan. JMK Research ranked it among India's leading rooftop EPC players; management describes it as the seventh-largest solar EPC company in India in 2022.
Audited revenue was ₹191 crore in FY25 (up from ₹102 crore in FY24) with EBITDA of ₹22.5 crore and PAT of ₹14.1 crore. Management's unaudited FY26 numbers show revenue of ₹553 crore and PAT of ₹44.8 crore, and the May 2026 information memorandum projects ₹945 crore of revenue in FY27 and ₹3,017 crore by FY30. These projections are the company's own and are not independently verified.
Growth is being driven by three new lines: (1) independent power production — a 47.5 MW PM-KUSUM solar plant in Rajasthan under execution, a 50 MW/200 MWh standalone BESS won in RVUNL's November 2025 auction and a 65 MW/130 MWh BESS contracted with GUVNL under a 12-year agreement; (2) battery energy storage manufacturing — an MoU with the Gujarat government (July 2026) for a 5 GWh BESS assembly facility at Karjan with a proposed ₹160 crore investment, starting at 1 GW and scaling to 5 GW; and (3) allied ventures — a proposed 25% stake in RunR Mobility (Mecpower Mobility Pvt Ltd, an electric two-wheeler maker) and Wattency, a fractional solar-asset ownership and monitoring platform.
The company has raised ₹35 crore of external equity and ₹4.5 crore through share warrants and is seeking a further ₹186.5 crore (equity ₹57 crore, committed warrants ₹36.5 crore, debt ₹50 crore) for working capital, the BESS plant, IPP capex and the RunR investment. It targets an IPO within 12–18 months of May 2026. The desk quotes the share at ₹850 (October 2026); no third-party dealer quote exists yet, so treat the rate as negotiated rather than market-derived.
Where the revenue comes from
- Solar EPC (rooftop, C&I, ground-mounted)80%
Turnkey design, supply, installation and commissioning; bulk of the 900 MWp order book
- Solar parks & IPP / third-party PPA12%
Group-captive and third-party parks; 47.5 MW KUSUM IPP in Rajasthan; BESS projects with RVUNL and GUVNL
- O&M, module distribution & services8%
Operations and maintenance contracts, Navitas Solar module distribution for Gujarat
Products & services
Solar EPC
Turnkey rooftop, C&I and utility-scale ground-mounted plants (3.5 MWp to 100+ MWp) and floating solar, including land identification, grid connectivity and approvals.
Solar parks
Private solar parks with pre-approved land and grid connectivity, offered to C&I consumers on zero-investment (third-party / group-captive) or captive-ownership models at a discount to grid tariff.
IPP & BESS projects
Own-account generation and storage assets — 47.5 MW PM-KUSUM plant in Rajasthan, 50 MW/200 MWh BESS (RVUNL), 65 MW/130 MWh BESS (GUVNL) — plus third-party IPP contracts.
BESS assembly (planned)
Cell-to-container assembly line at Karjan integrating imported lithium-ion cells with BMS, PCS, cooling and fire suppression; 8–12 week lead time, IEC/BIS certification, 2 GW nameplate rising to 5 GW.
O&M and asset management
Operations, maintenance and performance monitoring of installed plants, including the Wattency digital monitoring and fractional-ownership platform.
Allied ventures
Proposed 25% stake in RunR Mobility (electric two-wheelers, 50,000 units/year capacity, 150+ dealerships targeted) and backward integration into inverters and mounting structures with global partners.
What works
- • 30+ years of execution history through the promoter family's electrical contracting business and 500+ solar projects at 17,000+ sites, giving a large referenceable client base (Amul, IOCL, NTPC, GACL, L&T, Torrent, Alembic).
- • Revenue grew 8x and PAT 20x over three years on management's numbers: ₹65.8 crore revenue in FY23 to ₹191 crore (audited) in FY25 and ₹553 crore (unaudited) in FY26.
- • Order book of about 900 MWp spread across 60+ work orders, including large EPC contracts (Groww Energy ₹263 crore, Samvik Power ₹185 crore, Nacof Oorja ₹173 crore, Ace International Zambia ₹140 crore) and third-party IPP/BESS contracts.
- • Early mover among mid-sized Gujarat players in standalone battery storage: auction wins with RVUNL (50 MW/200 MWh) and GUVNL (65 MW/130 MWh) and a government MoU for a 5 GWh assembly plant.
- • Asset-light solar-park model (third-party and group-captive) gives C&I customers power at a discount to grid tariff while Mecpower earns EPC and O&M revenue plus long-term PPA visibility.
- • CARE BBB- (Stable) rating on bank facilities, per the company; existing bank lines of ₹50 crore cash credit and ₹63 crore non-fund-based limits.
What to watch
- • Thin price discovery: the ₹850 rate is the desk's own quote — no dealer or platform has traded the share — so transactions are negotiated and liquidity will stay very low until the IPO.
- • Projections are aggressive and unaudited. FY26 (₹553 crore revenue) is management's unaudited figure and FY27–FY30 numbers (74% revenue CAGR) are company projections; EPC businesses have a history of lumpy, working-capital-heavy growth.
- • Working-capital intensity is rising fast — the funding plan earmarks ₹59.5 crore for working capital and non-fund-based limits of ₹113 crore post-funding. Slow payments from discoms and PM-KUSUM counterparties can stretch receivables.
- • Diversification into BESS manufacturing (₹750 crore capex over four years across three phases), electric two-wheelers (RunR) and a fintech-style platform (Wattency) spreads a ₹190 crore-revenue company thin and depends on a Chinese cell partner.
- • Thin margins: EBITDA margin was 11.7% in FY25 and PAT margin 7.4%; module price swings, ALMM/BIS rules and competition from Waaree, Tata Power Solar, KPI Green and Oriana can compress them.
- • Registry details are partly unverified: the ISIN, the exact current share count after the ₹35 crore raise, and the DINs of the managing director and independent directors could not be confirmed from MCA in this session.