TCM Solar got an order from a big Mahindra company, after which its shares saw a jump.

After Acquiring Solar Power Project from Mahindra Holidays, TCM Limited Shares Jump 17.6%

Shares of micro-cap diversified company TCM Ltd surged 17.6% on Thursday following the announcement of a significant work order. The company secured a contract worth ₹1.26 crore from Mahindra Holidays & Resorts India Limited for the installation of a 300 kW grid-connected solar power plant at Club Mahindra Resort in Cherai Beach, Kerala. TCM Limited’s market capitalization now stands at ₹38.52 crore, with shares priced at ₹54.75, up from the previous closing price of ₹46.53.

Reason Behind the Stock Surge

The order from Mahindra Holidays has positively impacted investor sentiment. The project is scheduled for completion within 60 days from October 8, 2024. Key features of the agreement include a guaranteed annual production of 4 units per kWh and extensive warranties on solar panels and inverters.

Financial Performance Overview

In FY2024, TCM’s revenue reached ₹32.23 crore, a significant increase from ₹7.35 crore in FY2023, marking a 338.5% year-on-year growth. The company’s net loss has also decreased, showcasing improved financial health.

About TCM Limited

Initially focused on chemical manufacturing, TCM Limited has diversified into renewable energy, aquaculture, and food processing. With operations in over 52 countries and a workforce of 1,200, the company is well-positioned in the growing green energy market.