About MITCON Consultancy & Engineering Services Limited

MITCON Consultancy & Engineering Services Limited is an India-domiciled public company incorporated on April 16, 1982. It is listed on the NSE’s Capital Market Segment (main board) and is primarily engaged in consultancy and training services, supported by engineering capabilities across energy and infrastructure domains. The company’s offerings span detailed project reports (DPR), techno-economic viability (TEV) studies, designs, transaction advisory, and EPC services, including turnkey execution. It also develops and operates solar parks with shared infrastructure to facilitate grid-connected projects for captive power users.

MITCON has built and supported renewable energy assets, including solar projects supplying power to private hospitals under 25-year PPAs and a wind power generation project of 750 KW commissioned on March 27, 2008, selling power to the Kerala State Electricity Board under a power purchase agreement. The group footprint is domestic, with offices across Maharashtra, Gujarat, Tamil Nadu, Karnataka, Delhi, and Kerala, and six operational locations in India; there are no international offices. On a consolidated basis, the company includes 17 subsidiaries and also has associates consolidated as per the applicable standards; subsidiaries span advisory, renewable power generation, and related units.

Key Milestones of MITCON Consultancy & Engineering Services Limited

Key milestones include NSE main-board listing, continued expansion in renewable energy, and commissioning of a 3.2 MW solar project on July 28, 2023. In FY 2024–25, a wholly owned subsidiary incorporated two new units on August 31, 2024 and September 10, 2024, supporting the solar platform’s growth. The company also strengthened its capital base through a Rights Issue in FY 2024–25, issuing 42,41,321 partly paid-up equity shares at Rs 76 per share (Rs 19 received on application) in a 6:19 ratio, aggregating Rs 3,223.40 Lakh.

MITCON Consultancy & Engineering Services Limited Business Verticals and Geographic Presence 

Business Segments:

• Skill Training: 32.61% of turnover
• Engineering Consultancy: 31.37% of turnover
• Solar Consulting & EPC: 31.31% of turnover

Geography mix:

• International (exports): 0.51% of total turnover
• Domestic: Balance of turnover

The group footprint is domestic, with offices across Maharashtra, Gujarat, Tamil Nadu, Karnataka, Delhi, and Kerala, and six operational locations in India; there are no international offices.

MITCON Consultancy & Engineering Services Limited Business Segment

MITCON operates across three primary business segments: Skill Training (32.61% of turnover), Engineering Consultancy (31.37% of turnover), and Solar Consulting & EPC (31.31% of turnover). The company’s offerings span detailed project reports (DPR), techno-economic viability (TEV) studies, designs, transaction advisory, and EPC services, including turnkey execution. It also develops and operates solar parks and renewable energy assets. Geographically, international exports constitute 0.51% of total turnover, with domestic operations forming the balance across six locations in India.

MITCON Consultancy & Engineering Services Limited Key Management

• Anand Chalwade – Managing Director
• Ram Mapari – Chief Financial Officer
• Ankita Agarwal – Company Secretary & Compliance Officer

Latest Updates on MITCON Consultancy & Engineering Services Limited

• Capital raising: The company completed a Rights Issue in FY 2024–25, allotting 42,41,321 partly paid-up equity shares at Rs 76 per share, with Rs 19 received on application. Post year-end, the Board approved conversion of 39,79,917 partly paid shares to fully paid and forfeited 2,61,404 partly paid shares for non-payment of call money (July 28, 2025).
• Renewable energy expansion: MSPL Unit 3 commissioned a 3.2 MW solar project on July 28, 2023. Further capacity-building steps included incorporation of MSPL Unit 6 and MSPL Unit 7 on August 31, 2024 and September 10, 2024, respectively, as wholly owned subsidiaries of a group entity to support the solar portfolio.
• Operating footprint: The company reported six operating locations/offices in India and no international offices, with presence across Maharashtra, Gujarat, Tamil Nadu, Karnataka, Delhi and Kerala.
• Governance and ratings: The company did not obtain new credit ratings during the year; a previously assigned rating (IVR BB+ Stable Outlook) was withdrawn on May 01, 2024 at the company’s request with lender NOC.
• Shareholder approvals: Material related party transactions with MSPL Unit 6 Limited and MSPL Unit 7 Limited were approved by shareholders at the Annual General Meeting on September 27, 2024.
• Board changes: Appointments included Manjunath Thyagaraj Jyothinagara as Non-Executive Independent Director from February 05, 2025, and Independent Women Directors Sharada Sunder and Promila Agarwal from August 23, 2024; noted resignations included Archana Girish Lakhe (February 05, 2025) and Pradeep Raghunath Bavadekar (July 26, 2024).