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📋 Filing Types Available on ForgeUp Filings Sourced from BSE corporate announcements (equity segment). Companies covered are BSE-listed and most are also listed on NSE. We show only material filings.
Financial Results Orders Dividend Buyback Merger / Acquisition Board Meeting Outcome Fundraise (QIP / Rights / FPO) Regulatory / Court Order Credit Rating Change Promoter Pledge Update Management Change Joint Venture / MOU Delisting Bonus Shares Stock Split
Data sourced from BSE India corporate announcements. More categories will be added over time.
Madhav Infra Projects Ltd

Madhav Infra executes 9 Power Purchase Agreements for 73.15 MW solar capacity

ORDERS ▲ Positive Development LOW RISK
📅 Filed on BSE: 23 Apr 2026, 10:51 AM IST  ·  BSE ID: 6b7dfae1-c9a6-4714-add6-12bf79001de1
View Original BSE Filing (PDF)
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In Simple Terms
The company just locked in a 25-year deal to build and operate solar power plants totaling 73.15 MW in Madhya Pradesh, selling all electricity to the state power company.
🤖 AI Summary
  • Madhav Infra executed 9 Power Purchase Agreements for 73.15 MW solar capacity
  • Counterparty: Madhya Pradesh Power Management Company Limited, Government of M.P. Undertaking
  • Tariff: Rs. 2.71 to Rs. 2.73 per unit; Project tenure 25 years from SCD
  • Scheme: PM-KUSUM C Yojana, Feeder level Solarization programme, domestic contract
  • Status: Execution completed; confirms earlier intimations from December 2025 and January 2026
🔢 Key Numbers — exact figures from BSE filing, not rounded
Total Capacity Awarded
73.15 MW
Number of PPAs Executed
9 (nine)
Tariff Range
Rs. 2.71 to Rs. 2.73 per unit
Project Tenure
25 Years from Scheduled Commissioning Date
🏢 How This Affects the Company
📈
Business Impact
Contract secures long-term revenue stream over 25-year tenure through 73.15 MW solar capacity. Provides stable, government-backed off-taker through state power undertaking, strengthening project pipeline visibility.
💰
Financial Impact
Project generates recurring revenue at fixed tariff (Rs. 2.71–2.73 per unit) over 25-year concession. Capital deployment required for 73.15 MW capacity build-out; cash flow timing depends on scheduled commissioning date.
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Operational Impact
Requires execution and commissioning of 73.15 MW solar generation infrastructure across 9 separate agreements. Operations extend over 25-year tenure, implying sustained asset management and maintenance obligations.
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Risk Impact
Long-term fixed tariff (Rs. 2.71–2.73/unit) exposes margin to inflation risk across 25 years. Government counterparty credit is low-risk; however, project commissioning delays or performance shortfalls directly impact revenue realization.
👥 What This Means For Shareholders
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Action Required
No action required. Monitor for Scheduled Commissioning Date announcement and project execution status updates.
👤
Who Is Affected
All equity shareholders benefit from long-term revenue visibility across 25-year concession. Government counterparty reduces credit risk for all stakeholders.
🔍
Management Signal
Management confirms commitment to renewable energy infrastructure development with government backing. 73.15 MW execution demonstrates pipeline conversion capability.

For information only. Not investment advice. ForgeUp is not SEBI-registered.

👁 Watch List — track these upcoming events
Announcement of Scheduled Commissioning Date (SCD) for any or all 73.15 MW capacity segments
Quarterly results disclosure — confirm capital expenditure plan and deployment schedule for 73.15 MW build-out
Concession agreement annexure filing — verify tariff escalation clauses, if any, and commercial terms detail
LOW RISK Government counterparty (MPPMCL) provides credit strength. Fixed 25-year tariff without disclosed escalation presents long-term margin risk only.
💡 Investor Takeaway
Madhav Infra has executed 9 Power Purchase Agreements aggregating 73.15 MW with Madhya Pradesh Power Management Company at tariff of Rs. 2.71–2.73 per unit. 25-year tenure from Scheduled Commissioning Date confirmed under PM-KUSUM C scheme. No escalation clause disclosed.
⚖️ Strengths & Concerns

✅ Positives

  • Government undertaking (MPPMCL) as counterparty eliminates credit risk; state-backed offtaker ensures payment stability.
  • 73.15 MW aggregate capacity with 25-year fixed tariff provides long-term, predictable revenue visibility over contract tenure.

⚠️ Concerns

  • Fixed tariff (Rs. 2.71–2.73/unit) locked for 25 years exposes margins to inflation erosion without escalation mentioned.
  • Filing discloses execution but no timeline disclosed for Scheduled Commissioning Date, delaying actual revenue commencement.
📅 Company Track Record
CIN L45200GJ1992PLC018392 indicates company incorporated in 1992. First BSE filing available is this April 23, 2026 order execution notice. No prior financial statements or dividend history available to assess track record.

Based on publicly available historical data. For context only.

⚠️ For Information Only — Not Investment Advice
ForgeUp Filings provides AI-generated summaries of public BSE exchange announcements (equity segment) for informational purposes only. Nothing here constitutes investment advice or a recommendation to buy, sell, or hold any security. ForgeUp is not a SEBI-registered investment advisor. All financial numbers are sourced directly from BSE filings and shown as-is. Past data is historical only. Please consult a qualified financial advisor before making investment decisions. Data sourced from BSE India public disclosures.
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