Shares of this multibagger green energy stock jumped 2 percent in Monday’s trading session after the company secured an order worth Rs 337 crores from leading Renewable Power Producers. In the past month, the company’s stock price gained more than 40 percent for its stakeholders.
With a market capitalization of Rs 4,696.24 crores, the stocks of Gensol Engineering Limited opened their trading hour on Monday at Rs 1,247.40 and currently trade at Rs 1,240, gaining approximately 2 percent compared to the previous closing levels of Rs 1,217.25 apiece.
Such share price movements were observed today after the company, in a recent regulatory filing with the Bombay Stock Exchange (BSE), intimated about the receipt of an order for design, engineering, construction, and commissioning services from 2 leading renewable power producers across the globe worth Rs 337 crores.
Firstly, the company received a solar power project in Rajasthan showcasing the company’s emerging leadership in the industry and its support for India’s sustainable energy transition. Additionally, it received a solar power project in Maharashtra marking another step in becoming a dominant player in the solar energy domain.
“Winning these projects is a significant milestone for Gensol Engineering Limited, indicating a major expansion in our operational capabilities and project scale. These EPC contracts in Rajasthan and Maharashtra reflect our increasing capabilities and strategic intent to enter key high-growth regions.”, commented Mr. Ali Imran Naqvi, CEO of Gensol Engineering Limited (EPC Business).
During the recent financial quarters, the company’s prime business indicators, viz, operating revenues as well as net profits, portrayed a consistent jump in numbers with the former recently moving from Rs 199 crores during Q2FY24 to Rs 220 crores during Q3FY24 and the latter, keeping the timeframe the same, rose marginally from Rs 11 crores to Rs 12 crores.
Keeping a purview of six months, the company’s stock gave multibagger returns of around 115 percent to its shareholders, i.e., if someone had invested Rs 1 lakh into the company’s stock six months ago, it would have converted to Rs 2.15 lakhs.
According to the recent presentations, a major share, i.e., 77 percent of the company’s total revenue comes from Solar EPC projects, 15 percent from EV leasing, and the remaining the “Solar Tracker”, a new segment of the company.
Established in 2012, Gensol Engineering Limited is a renewable energy solutions provider based in India that focuses on end-to-end solar engineering, procurement, and construction (EPC) projects. The company provides detailed engineering, quality control, technical due diligence, construction supervision, etc.
Written by Amit Madnani
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