A company that stands as one of India’s leading solar panel manufacturers and EPC service providers, with business spanning solar PV module manufacturing, turnkey solar power systems & allied services – is certainly one to keep on your radar.
We are talking about Ganesh Green Bharat Limited, a Class A Electrical Contractor with more than 20 years of experience. With a market cap of Rs. 992 crores, shares of Ganesh Green Bharat Limited is currently trading at Rs. 400 on Thursday morning’s trading session, as against its previous closing of Rs. 401.4 on NSE.
Company Overview
Ganesh Green Bharat Limited, formerly known as Ganesh Electricals Private Limited, is engaged in the business of manufacturing solar modules and providing comprehensive portfolios in the field of supply, installation, testing and commissioning (SITC) of solar and electrical goods and services.
The company operates across 14 Indian states and has completed more than 27 projects worth more than Rs. 220 crores. It has successfully executed over 80,000 off-grid systems under the Rajasthan Government tender. The company also houses an advanced R&D lab equipped with environmental chambers to ensure reliable product innovation. Its business model is built around four core verticals: end-to-end integration, solar EPC and module solutions, electrical contracting, and water pumping schemes.
The company operates through three key business segments: Manufacturing, EPC Solar Allied Services, and Electrical Services. Within manufacturing, solar PV modules contribute 65 percent of the segment’s share. The EPC Solar Allied Services segment includes solar pumps (24 percent), rooftop solar installations (3 percent), and solar street lighting solutions (6 percent). Electrical services account for the remaining 2 percent of the business.
The company is strategically strengthening its presence in the Engineering, Procurement, and Construction (EPC) segment, which is expected to be a key driver of future growth.
By expanding its EPC capabilities, GGBL aims to diversify its revenue streams, improve project execution efficiency, and capture higher profit margins through value-added integrated solutions. This focused approach on EPC operations is expected to contribute significantly to its long-term revenue growth, profitability, and overall value creation for stakeholders.
Capacity Expansion
The company has been steadily expanding its solar module manufacturing capacity over the years. Its installed capacity stood at 236 MW till FY24, which increased significantly to 750 MW by the first half of FY25. The capacity is further expected to reach 1.1 GW by the second half of FY26. By FY27, the company plans to add Battery Energy Storage Systems (BESS) to its operations. During the first half of FY26, the manufacturing facilities operated at 69 percent capacity utilisation. The overall expansion is aimed at building an end-to-end, fully automated solar module manufacturing ecosystem.
The company is currently in the R&D phase for BESS and expects to become operational in the coming year. In the meantime, it is already participating in BESS tenders to gain early experience through pilot project installations. The market opportunity is substantial, as existing awarded and tendered projects cover only around 15 percent of the demand projected for 2032, indicating nearly 50 times more potential for players like GGBL. In the near term, BESS installations are expected to reach 8.7 GW by 2027 and 417 GW by 2030, supported by renewable energy targets and falling battery costs.
Order Book
As of November 2025, the company’s total order book stood at ~Rs. 976 crore. Solar module supply forms the largest share, contributing Rs. 647.42 crore, or 66 percent of the total. Solar water pumping systems account for Rs. 147 crore (15 percent), followed by solar rooftop orders worth Rs. 98.04 crore (10 percent).
Further, orders for solar power plants stand at Rs. 10.63 crore (1 percent), while solar street lighting contributes Rs. 47 crore (4.8 percent). Electrical contracting services make up Rs. 12 crore (1.24 percent), and water supply scheme projects add Rs. 13.78 crore (1.4 percent). Together, these segments collectively represent the company’s diversified order pipeline.
Financial Highlights
In H1 FY26, GGBL reported a consolidated revenue from operations of Rs. 341 crores, a significant growth of around 89 percent HoH and 147 percent YoY. Notably, the company exceeded its entire FY25 revenue within just the first six months of FY26.
This robust topline expansion was driven by improved project execution, enhanced capacity utilisation, stronger supply chain efficiency, and growing market penetration across renewable energy, allied services, and electrical service segments.
Likewise, the company’s net profit stood at Rs. 33 crores, representing an impressive rise of nearly 94 percent HoH and around 154 percent YoY, over the same period. This sharp improvement highlights GGBL’s operational leverage, effective cost optimisation measures, and disciplined resource utilisation, all of which contributed to a stronger bottom line.
Further, EPS nearly doubled, increasing from Rs. 6.88 in September 2024 to Rs. 13.26 in September 2025. This sustained EPS growth underscores the company’s solid earnings visibility, improved profitability, and commitment to enhancing shareholder value through prudent financial management.
The company’s overall financial performance also reflects tighter working capital discipline, higher operational throughput, and a strategic push into green energy and infrastructure development. Importantly, operating cash flows witnessed a significant turnaround – from a negative Rs. 28.7 crores in FY25 to a positive Rs. 26 crores in H1 FY26.
This improvement demonstrates the company’s focused efforts in strengthening receivable collections, optimising working capital cycles, and maintaining healthy liquidity. With continued financial discipline and operational efficiency measures, GGBL expects further improvement in cash flows in the upcoming periods.
Written by Shivani Singh
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