Gensol Engineering’s Stock had risen by over 6,457 percent from Rs. 21 in November 2019 to an all-time high of Rs. 1,377 in February 2024. An investment of Rs. 1 lakh would have grown to Rs. 65.57 lakh in six years.
However, after revelations, the stock plunged 96.20 percent in the last four months, falling to a low of Rs. 51.25. A Rs. 1 lakh investment at its peak would be worth just Rs. 3,800.
Further, the stock has shown a rally of 36.97 percent from its 52-week low and recently went up to Rs. 70.20. However, after the small recovery from its 52-week low, the stock has again fell down and is currently trading at Rs. 65.60. Check out the Reasons why it has shown this 37 percent rally and why you should be away from it.
Recent Updates About the Company
This recent rally of the shares can be attributed to the Gensol’s Managing Director, Anmol Singh Jaggi and Whole-Time Director Puneet Singh Jaggi resigning from their positions on May 12, 2025. Shortly after, on May 16, 2025, Chief Financial Officer Jabirmahendi Mohammedraza Aga also resigned from his post. These leadership changes are seen as a step towards addressing the company’s governance issues and restoring stakeholder confidence.
However, on May 14, 2025, the Indian Renewable Energy Development Agency (IREDA) filed an insolvency application against Gensol Engineering for a default of ₹510 crore. The application was made under Section 7 of the Insolvency and Bankruptcy Code, 2016, marking a significant financial setback for the company.
Also read: Can Power Grid outshine other PSUs despite flat FY25 results?
What were the Revelations
In June 2024, SEBI investigated Gensol Engineering Limited after a complaint and found no manufacturing activity at its EV plant in Pune. The company’s claims of pre-orders were misleading, as they were only non-binding Memorandums of Understanding (MoUs), creating false impressions about sales.
SEBI also suspected misuse of funds by promoters Anmol Singh Jaggi and Puneet Singh Jaggi. Funds from government agencies meant for EV purchases were allegedly diverted for personal use, raising concerns about financial management.
Additionally, the promoters reportedly used company money for personal expenses like credit card bills, luxury items, and travel. These findings damaged investor trust and led to a sharp fall in Gensol’s share price.
About the Company & Financial Highlights
Gensol Engineering Limited is a leading Indian renewable energy company specialising in solar engineering, procurement, and construction (EPC) services. Founded in 2012 and based in Ahmedabad, Gujarat, Gensol has successfully executed numerous solar projects, including both ground-mounted and rooftop installations.
Expanding its footprint beyond solar, the company has ventured into electric mobility, providing EV leasing solutions and manufacturing electric vehicles at its Pune facility. Recently, Gensol has also entered the green hydrogen EPC and battery energy storage systems sectors, aligning its growth with India’s commitment to a sustainable and clean energy future.
The company reported a 56.81 percent YoY increase in revenue from Rs. 220 Crore in Q3FY24 to Rs. 345 Crore in Q3FY25. On a QoQ basis, the company reported a marginal decrease of 0.28 percent in revenue from Rs. 346 Crore in the previous quarter.
Their Net profit saw an increase of 50 percent YoY from Rs. 12 Crore to Rs. 18 Crore for the same period. On a QoQ basis, the company reported a decrease of 21.73 percent in Net profit from Rs. 23 Crore in the previous quarter
Retailers increased their shareholding in the company from 35.34 percent in the December quarter of 2024 to 57.75 percent in the March quarter of 2025. During the same period, promoters reduced their stake from 62.66 percent to 35.88 percent.
Written By Abhishek Dass
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.
