On Thursday, the shares of India’s largest solar engineering company rose 5 percent to ₹926.2 per share after the company commissioned a 10.6 MWp Rooftop Solar Project in Madhya Pradesh.
At 1:30 p.m., On the National Stock Exchange, Gensol Engineering Ltd shares were trading at ₹892.95 a share, up 1.23 percent from the previous close price. The company has a market capitalization of ₹3,374 crore.
According to the company’s exchange filing, Gensol Engineering Limited completed the commissioning of a 10.6 MWp rooftop solar project for Trident Limited in Madhya Pradesh.
The project utilizes high-efficiency Bi-facial solar modules, strategically chosen to maximize energy output and ensure long-term durability.
This innovative approach aligns perfectly with India’s ambitious renewable energy targets and contributes significantly to the development of a robust green energy infrastructure.
As of December 2023, Ace Investor Mukul Mahavir Agrawal holds 5,70,000 equity shares which is equivalent to a 1.51 percent stake of the company.
As per the current shareholding pattern, the promoters hold a 62.60 percent stake in the company, and retail investors hold a 33.62 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.
The Gensol EV Manufacturing Plant, which has a manufacturing capacity of 30,000 units per annum, is anticipated to commence commercial operations in the early stages of the fiscal year 2025 following the completion of final approvals.
In Q3FY24, Gensol Engineering saw a substantial 337 percent year-on-year increase in operational revenue, rising from ₹46 crore to ₹201 crore in Q3FY23. Concurrently, the company experienced a notable turnaround in net profit, transitioning from a loss of ₹1 crore to a profit of ₹18 crore during the same period.
In 9MFY24, EBITDA experienced a remarkable surge to ₹169 crores, reflecting a substantial increase of 238% compared to ₹50 crores in 9MFY23. The company’s revenue streams are diversified, with 80 percent coming from Solar EPC projects, 16 percent from EV Lease, and 5 percent from Solar Tracker.
Recently, the company achieved significant milestones. It secured its inaugural Green Hydrogen project by successfully bidding for NHPC’s Kargil Green Hydrogen Mobility Station EPC Project, underscoring its competitiveness in the market.
Additionally, the company was awarded a ₹138.72 Crore Solar Power Project from SEML for the second time, highlighting its consistent delivery of high-quality work. The acquisition of a 33 MW AC solar power project in Chhattisgarh further reinforces the company’s commitment to contributing to the growth of renewable energy projects in the region.
Some of the company’s marquee clients include Hindalco group,ONGC, IREDA,L&T Realty, Trident energy, Shree cement, and many
Written by Omkar Chitnis
Disclaimer
The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Dailyraven Technologies or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.
