During Friday’s trading session, the shares of one of India’s leading solar panel manufacturers and EPC service providers surged nearly 5.3 percent to hit a new 52-week high at Rs. 635 on NSE, after securing a work order worth nearly Rs. 57 crores from Kirloskar Solar Technologies.
With a market cap of Rs. 1,498 crores, at 10:20 a.m., the shares of Ganesh Green Bharat Limited were trading in the green at Rs. 604, up by nearly 0.2 percent, as against its previous closing price of Rs. 603.3.
What’s the News?
Ganesh Green Bharat Limited, through its latest regulatory filings with NSE, announced receiving a work order valued at Rs. 57.12 crores from Kirloskar Solar Technologies Private Limited.
The order involves supplying 40 MW of Monocrystalline PERC Non-DCR Solar PV modules across Maharashtra and various other states. With this addition, the company’s total order book for ongoing projects now stands at nearly Rs. 451.38 crores.
Expansion Plans:
On 18th December, the Board of Ganesh Green Bharat Limited announced plans to increase its manufacturing capacity from 750 MW to 1.1 GW by adding 350 MW capacity at its factory located at Mahesana, Gujarat.
It involves modernization and upgradation of machines and importing new machinery and equipment for manufacturing Solar PV modules at its present facility with an investment of ~Rs. 5.52 crores which is going to be funded by a mix of internal accruals and borrowings and the expansion is expected to be completed by 25th March 2025.
This capacity expansion will enhance production capabilities, enabling increased output to meet higher demand. It will also reduce production costs through economies of scale, improving competitive edge and profitability.
Further, the company earlier reported entering the B2C (Business to Consumer) solar rooftop market, allowing it to serve a broader range of customers in residential, commercial, and industrial sectors.
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Financials:
Ganesh Green Bharat reported a significant growth in revenue from operations, experiencing a year-on-year increase of nearly 134.8 percent, rising from Rs. 58.7 crores in H1 FY24 to Rs. 137.8 crores in H1 FY25.
Similarly, the company’s net profit increased from Rs. 6.8 crores to Rs. 13.3 crores over the same period, representing a growth of around 95.6 percent YoY.
As of the first half of FY25, the company’s order book was valued at Rs. 295.2 crores, with projects exceeding Rs. 220 crores already completed.
About the Company:
Incorporated in 2016, Ganesh Green Bharat Limited, formerly known as Ganesh Electricals Private Limited, is an integrated solar energy solutions provider specializing in solar PV module manufacturing, solar systems and allied services, electrical contracting, and water supply scheme projects.
The company is engaged in the business of offering EPC and O&M services for power plants, solar systems, pumping systems, water supply systems, solar home lights, street lights, and high mast lighting.
Written by Shivani Singh
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