Ganesh Green Bharat Limited reported a robust financial performance for the financial year ended March 31, 2026, with revenue from operations surging 232% year-on-year to INR1,067 crores. The company’s profit after tax grew 149% to INR75.18 crores, while EBITDA increased 122% to INR113.58 crores. This growth was driven by strong execution in solar manufacturing and EPC activities, alongside a strategic expansion into the Battery Energy Storage System (BESS) segment.

The company’s order book stands at approximately INR2,200 crores, providing strong revenue visibility for the coming periods. Additionally, Ganesh Green Bharat is actively participating in tenders worth more than INR2,500 crores. A key milestone during the year was securing a significant order associated with approximately 1 gigawatt hour capacity from NTPC REL. The total tender value is INR1,500 crores, with the EPC component valued at INR1,150 crores. The company aims to complete 60% of this work within the current financial year.

Financial Performance

The company’s earnings per share increased significantly from 13.14 in FY25 to 30.31 in FY26. Management attributes the financial growth to disciplined execution and strong customer relationships. However, margins during the year were impacted by global geopolitical situations, foreign exchange fluctuations, and rising raw material prices such as aluminium, copper, and silver. The manufacturing segment contributed more than 70% of the business, which typically offers lower margins but provides scale and sustainability.

Strategic Outlook

Looking ahead, Ganesh Green Bharat expects revenue in the range of INR1,500 crores to INR1,700 crores in the coming financial year. The company is focusing on increasing the contribution from higher-margin EPC and value-added businesses to support margin improvement. It is also planning to expand its module capacity from the current 1.1 gigawatts, with potential expansion phases expected soon based on strong order visibility.

In the BESS segment, the company is working on an EPC basis with expected EBITDA margins of roughly 13% to 14%. Regarding solar cell manufacturing, the management indicated plans to establish a 1 gigawatt captive plant, contingent upon securing a sufficient order book, potentially above 1 gigawatt. The estimated capital expenditure for this initiative is approximately INR300 crores. The company is also exploring lithium cell manufacturing with a planned investment of INR750 crores to INR800 crores, supported by technology sharing from a Chinese firm.

Operational Metrics

The company achieved 76% capacity utilization on its 1.1-gigawatt production line in FY26 and targets 85% utilization for FY27. Working capital requirements have extended due to the need to maintain inventory of 75 days, primarily for imported materials. Loans and advances increased to INR83 crores in FY26 from INR9 crores in the previous year, attributed entirely to business-related advances for securing materials and better rates. The total debt remains low at approximately INR43 crores against a revenue of INR1,000 crores.

Ganesh Green Bharat Limited has approved the issuance of 1,99,000 fully convertible equity warrants to its promoter group on a preferential basis to raise ₹6,85,23,660. The warrants, priced at ₹344.34 each including a premium of ₹334.34, will be issued to Shilpaben Ketanbhai Patel and Ashaben Rajendrakumar Patel. The company will seek shareholder consent for this proposal and the alteration of its Articles of Association at an Extraordinary General Meeting (EGM) on June 25, 2026.

The Board approved the issuance during a meeting held on May 30, 2026. The warrants will be issued in accordance with Section 42 and Section 62(1)(c) of the Companies Act, 2013, and relevant SEBI regulations. The pricing was determined based on a valuation report submitted by Den Valuation (OPC) Private Limited, an independent registered valuer, with May 26, 2026, fixed as the relevant date.

An amount equivalent to 25% of the warrant issue price is payable at the time of subscription and allotment. The remaining 75% will be due upon the exercise of the warrants, which can be done in one or more tranches within 18 months from the date of allotment. The Board has appointed CS Nigamkumar Govindbhai Sathavara as the scrutinizer to oversee the e-voting process for the EGM.

The company decided to revoke a previously proposed agenda to increase the authorized share capital following deliberations during the Board meeting. The notice for the EGM will be sent to shareholders and stock exchanges in accordance with SEBI Listing Regulations.