On Thursday, the shares of India’s largest solar engineering company rose 3.5 percent to Rs 814.90 per share after the company received an EPC project for a green hydrogen-based mobility station.
At 12:41 p.m., On the National Stock Exchange, Gensol Engineering Ltd shares were trading at Rs 805.15 a share, up 2.25 percent from the previous close price. The company has a market capitalization of Rs 3,016 crore.
According to the company’s exchange filing, Gensol Engineering Ltd has been identified as the lowest bidder for the Engineering, Procurement, and Commissioning (EPC) contract for a groundbreaking green hydrogen-based mobility station in Kargil, Ladakh.
The scope of the project includes the development of EPC work encompassing the green hydrogen system installation, storage, and dispensing facilities, in addition to the development of requisite civil and electrical infrastructure for the integrated solar and hydrogen operation in Ladakh.
Gensol pledges to execute the project for NHPC, ensuring a minimum green hydrogen purity of 99.97 percent, and the project is slated for completion within 12 months from the issuance of the work order.
The company has secured the above-mentioned project by demonstrating its techno-commercial competency in collaboration with Matrix Gas & Renewables Ltd. (Matrix). This notable project is to be commissioned by the National Hydroelectric Power Corporation Ltd. (NHPC).
The project is aimed to operate buses powered by hydrogen fuel cells within the region. The project is intended to meet the government’s target of green hydrogen energy.
As of September 2023, Ace Investor Mukul Mahavir Agrawal holds 2,00,000 equity shares which is equivalent to a 1.64 percent stake of the company.
Gensol Engineering shares have gained a multibagger return of 150 percent in the last six months and 59 percent in a year.
In the recent fiscal year, the company reported a net profit margin of 7.28 percent and an operating margin of 14.02 percent.
As per the current shareholding pattern, the promoters hold a 64.67 percent stake in the company, and retail investors hold a 32.72 percent stake.
Gensol Engineering Ltd is engaged in the business of Solar consulting & EPC projects. The company’s services include Solar advisory, solar EPC, Solar O&M & solar monitoring & analysis.
Written by Omkar Chitnis
