Shares of small-cap stock Aastha Spintex jumped over 4% on Thursday, September 17, after the company shared an update on the rooftop solar project being developed at the manufacturing facility of Falcon Yarns Private Limited, whose acquisition by Aastha Spintex had been previously disclosed.
The textile stock rose as much as 4.4% to its day’s high of ₹77.87. It ended 3.66% higher at ₹77.30 on BSE. It fell 2.4% in 1 week but added 6% in the last 1 month.
Aastha Spintex shares debuted on the stock exchanges on 6 July 2026 and have since traded in line with the broader weakness in the small-cap segment. The stock is currently trading 43% below its IPO issue price of ₹136
Aastha Spintex rooftop solar project
As per the company update, the project has now moved into on-site execution, with work on the rooftop already underway. The project is expected to support Falcon’s manufacturing operations through captive renewable power, although the company clarified that it has not yet been commissioned.
Aastha Spintex said Falcon Yarns Private Limited has secured registration from the Gujarat Energy Development Agency (GEDA) for a rooftop solar PV system with 1,000 kW AC capacity and 1,350 kW DC capacity, equivalent to 1.35 MW DC.
The project is being developed at Falcon’s industrial facility in Bharudi, Gondal, in Gujarat’s Rajkot district.
The detailed project update states that the solar PV system is being implemented in CAPEX mode. This means the system will be owned by the applicant, while the electricity generated will be used by Falcon for its own requirements.
“The project has now moved into on-site execution,” Aastha Spintex said in its business and operational update.
According to the Daily Progress Report dated September 16, 2026, 13 personnel were deployed at the project site. Module Mounting Structure (MMS) marking work was approximately 70% complete, while MMS installation work was approximately 40% complete. The company also shared photographs showing the ongoing rooftop work.
Physical execution is underway, with meaningful progress in MMS marking and installation as of 16 September 2026, it added.
The company has, however, made it clear that GEDA registration does not mean the solar plant has been commissioned. Several steps are still pending before the project can become operational.
These include a technical feasibility assessment by the relevant DISCOM, followed by execution of a connectivity agreement. The project also requires installation of an appropriate bi-directional meter, along with SLD approval and charging permission from the competent electrical authorities, wherever applicable. It will also have to comply with the Gujarat Integrated Renewable Energy Policy – 2025, GERC regulations and applicable ALMM requirements.
The company further said the project should therefore be described as “GEDA registered and under execution” rather than fully commissioned. Commercial and operating benefits will only begin after installation, statutory and utility processes and successful commissioning are completed.
The firm also highlighted that the solar project is being developed as captive renewable power for Falcon’s manufacturing operations and is not intended to follow a merchant-power model.
Once commissioned, captive solar generation could reduce the amount of electricity sourced from the grid during solar-generation hours. However, the actual savings will depend on irradiation, plant availability, captive consumption, tariff structure and other operating factors.
The company noted that the project could increase the renewable-energy component of power consumed at the Falcon manufacturing site and support its broader focus on operational efficiency and sustainability. It added that energy infrastructure is an important part of supporting manufacturing operations and that progress on the solar project strengthens the supporting infrastructure around the Falcon facility as the broader manufacturing platform is developed.
Disclaimer: This story is for educational purposes only. Please consult with an investment advisor before making any investment decisions.
