Servotech Renewable Power System Ltd (SRPSL) is India’s self-proclaimed Tesla of EV chargers. From selling LED bulbs to controlling a quarter of India’s EV charging stations, the company has pulled off a glow-up that would make even Shark Tank judges blush. But with a P/E of 82.8 and a CMP 12x its book value, the market seems to think every EV charging point they install spits out bitcoins.
2. Introduction
Incorporated in 2004, Servotech started life as another power-backup/lightings firm. Then someone in the boardroom must have said, “Bro, LEDs are nice, but let’s plug into EVs and solar – sabse tez growth wahin hai.” The result: a pivot into EV chargers, solar systems, and some sports & oxygen concentrator subsidiaries (yes, really).
Fast forward to 2025, and Servotech is flexing:
26% market share in EV chargers in India.
7,000 of the 25,000 registered chargers in India carry their logo.
Order book of ₹600 Cr, 70% of which is EV-related.
Sounds great. But hold on—last year PAT was only ₹33 Cr. So it’s like running a dhaba with 100 dishes on the menu but making profit only on chai and samosas.
Question: Do you think Indian EV infra will be built by smallcaps like Servotech, or will the IOCLs and Reliances of the world eat their lunch?
3. Business Model – WTF Do They Even Do?
Servotech’s business is split into three flashy buckets:
EV Chargers: AC and DC fast chargers (62% of revenue). They claim leadership in India with 26% market share.
Solar Products: Rooftop solar, inverters, and their flagship “ServPort,” a plug-and-play solar solution. (15% of revenue).
LED Lighting & Backup: Basically legacy business. Now just 1.5% of revenues.
They also run five subsidiaries – from sports empowerment (?!), to oxygen concentrator parts, to Incharz (their EV infra arm). At this point, they sound less like an energy company and more like Reliance Lite.
4. Financials Overview
Metric
Latest Qtr (Jun’25)
YoY Qtr (Jun’24)
Prev Qtr (Mar’25)
YoY %
QoQ %
Revenue
₹136.7 Cr
₹112.2 Cr
₹146.3 Cr
21.9%
-6.5%
EBITDA
₹10.4 Cr
₹8.3 Cr
₹12.2 Cr
25.3%
-14.8%
PAT
₹4.55 Cr
₹4.49 Cr
₹7.72 Cr
1.3%
-41.1%
EPS (₹)
0.23
0.20
0.35
15%
-34%
Commentary: Revenues growing, but profits are behaving like Indian railways WiFi—fast one moment, gone the next.
5. Valuation – Fair Value Range Only
P/E Method: EPS TTM ₹1.50. Reasonable P/E for smallcap infra/energy: 30–40x. → Fair Value = ₹45 – ₹60.
EV/EBITDA: EV = ₹2,805 Cr. EBITDA = ₹58 Cr. → EV/EBITDA = 46.6x. Sector range ~20–25x. → Fair Value = ₹60 – ₹90.
DCF (optimistic): Assume PAT grows 40% CAGR for 5 years (heroic), terminal 5%. → Fair Value = ₹80 – ₹110.
Blended Fair Value Range = ₹45 – ₹110 vs CMP ₹123.
Disclaimer: This fair value range is for educational purposes only and not investment advice.
6. What’s Cooking – News, Triggers, Drama
Orders Galore: Won a ₹28.8 Cr rooftop solar order from North Western Railway Jaipur this August.
