A leading renewable energy company has secured a significant Rs 897 crore contract from a major renewable energy company to develop 225 MW grid-connected solar projects. The deal marks a major milestone in India’s push towards sustainable energy solutions and demonstrates growing momentum in the country’s solar power sector.
Share Price Movement
The share price of Gensol Engineering Limited went up by 9.3 percent to Rs. 779.95 per share on Friday, an increase from its previous close of Rs. 713.45 per share. The market capitalisation now stands at approximately Rs. 2,907 crore as of December 27, 2024.
Order Details
Gensol Engineering Limited, a leading name in solar energy solutions, has secured a major contract from NTPC Renewable Energy Limited (NTPC REL). The project involves developing a 225 MW grid-connected solar power plant (equivalent to 276 MWDC) at the GSECL Solar Park (Stage-III) in Khavda, Gujarat, located in the Rann of Kutch.
Valued at approximately Rs. 897.47 crore, this contract also includes three years of operations and maintenance (O&M) services. This significant project highlights Gensol’s expertise in engineering, procurement, and construction (EPC) for large-scale solar developments. The agreement, finalised last week, represents a key milestone for both Gensol and NTPC REL as they work together to expand renewable energy infrastructure in India.
Q2 Financial Highlights
According to its recent filing, in the quarter ending September 2024, Gensol Engineering’s consolidated revenue from operations has increased by 13.4 percent YOY from Rs. 305 crore in Q2 FY24 to Rs. 346 crore in Q2 FY25 and decreased by 4.4 percent QoQ from Rs. 362 crore in Q4 FY24.
The company’s consolidated net profit has increased by 27.8 percent, from Rs. 18 crore in Q2 FY24 to Rs. 23 crore in Q2 FY25. As compared to the last quarter of 2025, the company’s net profit has declined by 14.8 percent QoQ from Rs. 27 crore.
Market Outlook
India’s renewable energy sector is witnessing rapid growth, fuelled by technological advancements, strong government support, and global climate goals. By May 2024, the country’s renewable energy capacity, including hydropower, reached 193.57 GW, advancing toward its 2030 target of 500 GW. With policies promoting 100% FDI and significant investments in solar and green hydrogen, India has become the fourth-largest globally in renewable capacity. Increased funding and innovation underline India’s pivotal role in the global transition to sustainable energy solutions.
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Shareholding Pattern
As of the September 2024 shareholding pattern, Gensol Engineering Limited is primarily held by the promoters at 62.59 percent, domestic institutional investors hold 2.3 percent, and the public with 35.13 percent.
About Company
Gensol Engineering Limited, established in 2007 and headquartered in Ahmedabad, India, has emerged as a key player in the renewable energy industry. With its primary focus on solar energy solutions, the company delivers end-to-end engineering, procurement, and construction (EPC) services. Over the years, Gensol has broadened its scope to include solar advisory, operation and maintenance (O&M), and electric vehicle (EV) solutions. Its innovative approach has driven significant milestones, including the launch of India’s first electric ride-hailing service, BluSmart, in 2019.
Gensol’s services cater to the dynamic renewable energy sector. It excels in rooftop and ground-mounted solar PV systems, project development, and regulatory compliance consulting. In addition, its energy audits and training programs empower clients with enhanced system performance and efficiency. The company’s acquisition of Scorpius Trackers in 2023 has further advanced its solar tracking technology, strengthening its market position.
With a proven track record and innovative leadership under Anmol Singh Jaggi, Gensol continues to lead the clean energy transition. By diversifying into EV infrastructure and renewable energy manufacturing, the company is addressing global demands for sustainability. Its strong financial performance underscores its commitment to delivering high-quality, impactful solutions in both domestic and international markets.
Written By Fazal Ul Vahab C H
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