India’s solar energy sector is witnessing rapid growth, driven by the country’s ambitious renewable energy goals. As the world’s third-largest emitter of carbon dioxide, India is increasingly turning to solar power to reduce its carbon footprint and transition to cleaner energy. With abundant sunlight, favorable government policies, and significant investments in solar infrastructure, India has become a global leader in solar capacity installation.
The sector not only promises a cleaner future but also creates jobs, boosts economic growth, and reduces dependency on fossil fuels. India’s commitment to solar energy positions it as a key player in the global green energy transition. In this push, one company is gaining the most as its order book has gone up significantly.
Recent Updates
The company has secured a robust solar EPC order book worth INR 5,424 Crore as of October 31, 2024. The orders, to be executed within 12-18 months, include projects from both PSUs and private clients. The largest orders are from PSU-IPP projects.
Additionally, the company has diversified its portfolio with contracts in the Middle East, hydrogen projects, and C&I segments. The order book includes 12 major orders plus other cumulative orders worth INR 75 Crore. Gensol also reports a strong bid pipeline exceeding the current order book value.
Management Commentary
Commenting on the Order Book, Mr. Anmol Singh Jaggi, Chairman and Managing Director, of Gensol Engineering Limited said:
“This robust order book reflects the strength and organizational capability of Gensol Engineering to execute big-ticket orders and help the nation achieve its renewable energy goals. With an unexecuted order book of over INR 5,000 Crore, we are poised for a significant leap in India’s rapidly expanding solar sector.
Beyond this, our achievements in Battery Energy Storage Systems (BESS) under the BOO model and power generation have helped diversify our operations and expand our total solar and battery storage revenue visibility to over INR 10,000 Crore. We are grateful to our stakeholders and the Gensol family for their unwavering support as we continue to deliver long-term sustainable growth.”
Share Price: The shares of the company are currently trading at Rs. 847 per share, marking a 1% increase from its previous close of Rs. 838.55. This upward movement reflects positive market sentiment and investor confidence in the company’s growth prospects.
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About the Company
Established in 2012, Gensol Engineering Limited is a prominent player in the renewable energy and electric mobility sectors with a market cap of Rs. 3,253 crore. Specializing in solar power engineering, procurement, and construction (EPC) services, the company has successfully executed over 770 MW of solar projects across India.
Gensol also offers electric vehicle (EV) leasing and manufacturing solutions, with a state-of-the-art EV facility in Pune and a production capacity of 30,000 vehicles per year. In 2023, Gensol acquired Scorpius Trackers, enhancing its solar offerings.
The company is also advancing in battery energy storage systems, green hydrogen production, and energy management solutions, driving sustainable growth in India’s energy sector.
Conclusion
Gensol Engineering Limited stands as a compelling example of growth in India’s renewable energy sector. With an order book of INR 5,424 Crore, significantly exceeding its market cap of Rs. 3,253 crore, the company demonstrates strong business momentum. Under the leadership of CMD Anmol Singh Jaggi. With a strong revenue visibility of over INR 10,000 Crore, the company appears well-positioned for sustainable growth.
Written By: DIpangshu Kundu
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