Acquisition of 26% stake in Asawata Energy Private Limited, for setting up 15 MW Solar Power Plant at Sarovar Plant of the Company, under Group Captive Model of the Madhya Pradesh Electricity Regulatory Commission (Verification of Captive Generating Plants and Captive Users) Regulations, 2023. (refer para 2 of the outcome of Board meeting).
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Maral Overseas Limited's Board approved acquisition of 26% equity stake in Asawata Energy Private Limited for Rs 2.60 lakh. Asawata Energy is a newly incorporated SPV (April 2026) focused on solar power generation. The 15 MW solar plant will be set up at Maral's Sarovar plant in Madhya Pradesh under the Group Captive Model per MPERC regulations 2023. Pickrenew Energy Limited holds the remaining 74% stake. A long-term Power Purchase Agreement will be signed for solar power procurement. The acquisition aims to optimize power costs and increase renewable energy share. Additionally, the Board approved audited FY2026 results showing net profit of Rs 326.14 lakh vs loss of Rs 2,419.77 lakh in FY2025, with revenue of Rs 9,808.66 lakh.
The solar investment is a small but strategic move to reduce energy costs and meet renewable energy commitments. The company returned to profitability in FY2026 after a loss-making FY2025, which is positive for shareholders.