MSP Steel & Power hits the roof after inking long-term solar power agreement

MSP Steel and Power hit an upper circuit of 5% at Rs 44.22 after the company entered into a power purchase agreement (PPA) with Elevate Solar Energy to procure solar power, aiming to increase its renewable energy consumption.

Under the agreement, MSP Steel & Power will procure power from a 10 MWp (DC) contracted solar capacity at a tariff of Rs 3.17 per unit for a period of 25 years from the date of execution of the PPA.

As part of the arrangement, the company will acquire a 26% equity stake in Elevate Solar Energy, corresponding to its contracted energy requirement, subject to the terms and conditions of a shareholders' agreement that will be executed at a later date.

Elevate Solar Energy is developing a solar power project in Chhattisgarh's Baloda Bazar district with an installed capacity of 70 MWp (DC) / 50 MW (AC).

MSP Steel & Power is engaged in manufacturing and trading of sale of iron and steel products, generation of power, manufacturing and sale of cement clinker products and trading of industrial gases.

The company reported consolidated net profit of Rs 85.19 crore in Q4 FY26 compared with net loss of Rs 33.82 crore in Q4 FY25. Revenue from operations increased 7.4% YoY to Rs 816.31 crore in Q4 FY26.

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