Solar stock engaged in offering engineering, procurement, and construction (EPC) services for the development of solar power plants, energy storage solutions, and many more jumped upto 5 percent upon receiving new work order worth ~Rs. 968 Crores for development of Khavda RE Power Park.
Price Action
With a market capitalization of Rs. 2,794 Crores, the shares of Gensol Engineering Limited were trading at Rs. 735 per equity share, up 3 percent from its previous day’s close price of Rs. 713.50.
What Happened
Gensol Engineering Limited has secured a second major EPC contract from a renowned public sector undertaking for the development of a 245 MW Solar PV Project at Khavda RE Power Park in Gujarat including 3 years of comprehensive operation and maintenance services for a consideration of Rs. 967.98 Crores
In Addition, it has earlier received a EPC contract worth Rs. 1062.97 Crores for a 275 MW Solar PV Project which is part of the larger 795 MW Solar PV Development Package at the same location.
With these two projects, Gensol is now engaged in cumulative development of 520 MW of Solar PV capacity at the Khavda Solar Park, a site poised to become the world’s largest hybrid renewable energy park.
About the Company
Gensol Engineering Limited is part of the Gensol Group of companies, it is a leading player in the renewable energy sector in offering engineering, procurement, and construction (EPC) services for the development of solar power plants. It operates across four segments namely Solar EPC, Solar Panel Tracking Tech, EV Leasing, and EV Manufacturing.
Gensol Engineering Limited is Diversifying into EV manufacturing and EV leasing marking a strategic shift for Gensol, allowing for multiple revenue streams, reduced reliance on a single sector ensuring stability.
Gensol Engineering Limited has a strong order book of Rs. 3,400 Crores and Rs. 2,000 Crores of contracts under award, with 33,693 MW+ Historical foundation of technical advisory services, and it has 8,300+ EVs on lease.
It has a strong customer base with well-known players like Gail, Astral Pipes, GMR, L&T Realty, SRF, Hitachi, Hindalco, RBI, Trident Energy and many others.
Financials
Its Revenue from operations grew by 14 percent from Rs. 305 Crores in Q2FY24 to Rs. 346 Crores in Q2FY25, accompanied by profits of Rs. 18 Crores to Rs. 23 Crores.
Written by: Bharath K.S
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