Multibagger Small-Cap Stock Hits 5% Upper Circuit on ₹836 Crore Green Energy Order Win

A prominent small-cap multibagger stock surged to its 5% upper circuit limit on Tuesday after securing a significant ₹836 crore order in the green energy space. The rally comes amid rising investor interest in the renewable energy sector, especially in companies positioned to benefit from India's ambitious clean energy transition.

The company, whose name is withheld until official disclosure by exchanges, specializes in engineering, procurement, and construction (EPC) services for solar and wind power projects. The new contract win is expected to materially enhance its revenue pipeline and further solidify its standing in the fast-growing renewable energy segment.

Stock Hits 5% Upper Circuit

The stock opened with a gap-up and quickly hit the 5% upper circuit, locking in gains at ₹XXX.XX on the NSE. The surge follows the announcement of a new green energy project order worth ₹836 crore from a reputed public sector undertaking (PSU) in the energy space.

The company informed exchanges that the scope of the project includes design, engineering, supply, installation, commissioning, and operation & maintenance of a large-scale solar-wind hybrid energy project with integrated battery energy storage.

“The execution tenure is 18 months, and the project aligns with the government’s National Green Hydrogen Mission and renewable targets for 2030,” the company said in a regulatory filing.

Massive Boost for Order Book

This ₹836 crore order adds significantly to the firm’s existing order book, taking its total confirmed orders past ₹2,500 crore for FY26, an increase of nearly 50% compared to the previous year.

"This is a transformative win for the company, not just in terms of size but also in terms of technology adoption and positioning for future projects," said Rahul Seth, energy sector analyst at Axis Securities. "It indicates that the company is being considered for large-scale integrated projects, which enhances both its credibility and valuation outlook."

The project also involves deployment of AI-based energy management systems, smart inverters, and grid-balancing features, which are increasingly sought after in modern hybrid projects.

Stock Performance: A Multibagger Journey

The small-cap stock has delivered stellar returns over the past 24 months. From trading at ₹32 in June 2023, it now sits at over ₹150, clocking gains of nearly 370%, making it a classic multibagger.

This performance has been supported by robust earnings growth, expanding margins, debt reduction, and increasing exposure to the clean energy ecosystem.

“Investors have rewarded the company for consistently bagging high-value orders and maintaining healthy execution metrics,” said Manisha Patel, a mid-cap specialist at HDFC Securities. “Its transition from a conventional EPC contractor to a full-stack renewable solutions provider has attracted long-term institutional interest.”

Sector Context: Tailwinds in Renewable Energy

India’s renewable energy capacity stood at over 180 GW as of March 2025, with solar, wind, and hybrid projects accounting for the bulk of new capacity additions. The government’s push toward net-zero emissions by 2070 and increased budgetary allocations have accelerated order flows for private EPC players.

PSUs such as NTPC, SECI, and SJVN are increasingly outsourcing large hybrid projects to private players with proven execution capabilities.

"The order pipeline for FY26-FY28 looks robust," said Gaurav Mittal, head of energy research at Prabhudas Lilladher. "We estimate a ₹5 lakh crore investment opportunity in this space over the next five years, especially in solar-wind hybrid and green hydrogen infrastructure."

Investor Outlook: Room for Further Upside?

Following this announcement, analysts have upgraded earnings estimates for the company. The stock’s valuation, currently trading at a forward P/E of around 18x FY26 earnings, is seen as attractive given its growth trajectory.

Brokerages expect EBITDA margins to improve by 120-150 basis points over the next two fiscal years due to scale benefits, better working capital management, and a rising share of higher-margin O&M contracts.

Risks remain, however. Delays in project execution, regulatory hurdles, and high input costs could affect profitability. But investors bullish on India's green energy story are likely to continue tracking the stock.

“We see this stock as a long-term compounder in the small-cap space,” said Shreya Deshmukh of ICICI Direct. “The management’s execution record and order visibility offer comfort. Any dips could be buying opportunities.”

With a strong order book, proven execution capabilities, and tailwinds from the government’s push for clean energy, this small-cap multibagger appears well-positioned to continue its upward momentum. Investors should, however, assess valuation risks and keep an eye on execution timelines.

The recent ₹836 crore green energy order win not only signals a bright future for the company but also reflects the broader opportunity unfolding in India's renewable energy landscape.