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    Ganesh Green

    GGBL
    Capital Goods·29 May 2026
    Management Summary

    Ganesh Green Bharat Limited reported a strong FY26 with revenue growing 232% to INR 1,067 crores and PAT up 149% to INR 75.18 crores, driven by disciplined execution and order pipeline expansion. The company entered the BESS segment and secured a significant order from NTPC REL. While margins faced pressure from raw material volatility, management aims for improvement through higher-margin EPC and value-added businesses, targeting 8-9% PAT margin for new orders.

    Highlights

    5

    • Revenue from operations surged 232% YoY to INR 1,067 crores in FY26 from INR 321 crores in FY25.

    • PAT grew impressively by 149% YoY to INR 75.18 crores in FY26 from INR 30.22 crores in FY25.

    • EBITDA increased by 122% YoY to INR 113.58 crores in FY26 from INR 51.16 crores in FY25.

    • EPS rose 131% YoY to INR 30.31 in FY26 from INR 13.14 in FY25.

    • Secured an order book of approximately INR 2,200 crores, ensuring strong revenue visibility for the coming period.

    Concerns

    3

    • Margins in FY26 were impacted by global geopolitical situation, foreign exchange fluctuations, and rising raw material prices.

    • Absence of a standard price escalation clause in contracts poses a risk during raw material price volatility.

    • Cash flows deteriorated due to increased inventory (75 days) and business advances (INR 83 crores) required for material procurement.

    Key financials

    Single quarter

    04 metrics
    1. 01Revenue from Operations₹1,067 Cr+2.3%YoY
    2. 02PAT₹75.18 Cr+149%YoY
    3. 03EBITDA₹113.58 Cr+122%YoY
    4. 04EPS₹30.31+131%YoY

    Order Book

    high confidence

    Total Value

    ₹ 2,200 crores

    as of 2026-03-31

    quantified

    Execution

    1-1.5 years of work from 2 gigawatt tenders.

    Composition

    Modules(product)

    Pipeline

    L1 awaiting loa

    Actively participating in tenders worth more than INR 2,500 crores, including major EPC opportunity. Bid for INR 3,000 crores in modules (DCR and non-DCR) and INR 1,500 crores in BESS.

    "Robust order book position and active participation in tenders provide strong revenue visibility and position for sustainable future growth."

    Source:
    Prepared remarks

    Capital allocation

    3
    medium confidence
    CategoryHeadline
    Capex

    Capex disclosed

    Debt

    Debt disclosed

    Liquidity

    Liquidity disclosed

    Working capital is managed through internal accruals and bank support, with a focus on securing better rates by paying advances for materials.

    Guidance & targets

    7
    CategoryTargetPriority
    Revenue
    Revenue from Operations
    INR 1,500-1,700 crores
    		High
    Margin
    EBITDA Margin (Solar EPC)
    12-14%
    		High
    Margin
    EBITDA Margin (BESS)
    13-14%
    		High
    Margin
    PAT Margin (New Orders/Modules)
    8-9%
    		High
    Margin
    PAT Margin (Overall)
    8-9%
    		High
    Revenue Growth
    Revenue Growth
    70%
    		High
    Revenue Growth
    Revenue Growth
    60-70%
    		High

    Revenue from Operations

    FY27
    CurrentINR 1,067 crores (FY26)
    TargetINR 1,500-1,700 crores (FY27)

    Why it matters

    To verify if the company achieves its revenue guidance, indicating successful order book execution and growth.

    Now based on the existing order book and ongoing bid participation, we are expecting the revenue in the range of INR1500 crores to INR1700 crores in the coming financial year.

    How to verify

    key_financials.metrics[label='Revenue from Operations']

    Risks & concerns

    5
    RiskSeverity

    Raw material price volatility and currency fluctuations

    Margins in FY26 were impacted by global geopolitical situation, foreign exchange fluctuations, and rising raw material prices such as aluminium, copper, silver, and other metals. — Management acknowledged

    medium

    Lack of price escalation clause in contracts

    There is currently no standard price escalation clause in contracts, posing a risk if raw material prices increase. — Analyst acknowledged

    medium

    Working capital intensity due to inventory and advances

    The business requires maintaining 75 days of inventory and providing advances for material procurement, leading to deterioration in cash flows. — Analyst acknowledged

    medium

    Lower efficiency of DCR cells

    Cells manufactured in India for DCR requirements have lower efficiency (585 GW modules) compared to non-DCR options, leading to a focus on non-DCR work. — Management acknowledged

    low

    Future margin compression from increased cell manufacturing capacity in India

    Current cell manufacturing capacity in India (15 GW) is expected to increase to 100 GW, which will likely lead to a decrease in margin levels. — Management acknowledged

    low

    Q&A highlights

    8

    “In BESS, we are working on an EPC basis, providing end-to-end solutions. Our work with NTPC involves developing the project for them, which includes the entire procurement and end-to-end execution. My EBITDA margin there will be roughly around 13% to 14% maximum.”

    Clarifies the company's role in BESS projects and provides specific margin expectations for this new, high-growth segment.

    asked by Marmik Khandelwal

    2 min read6 chapters

    Detailed Narrative

    01

    FY26 Performance Overview and Growth Drivers

    Ganesh Green Bharat Limited delivered a robust financial performance in FY26, with revenue from operations soaring 232% year-on-year to INR 1,067 crores from INR 321 crores in FY25. Profit After Tax (PAT) also saw a significant increase of 149% to INR 75.18 crores, while EBITDA grew 122% to INR 113.58 crores. This growth was attributed to disciplined execution, strong customer relationships, and an expanding order pipeline in the solar and EPC industry, despite global market volatility🌐 and commodity price fluctuations.

    02

    Strategic Entry into Battery Energy Storage Systems (BESS)

    The company has made a strategic entry into the Battery Energy Storage System (BESS) segment, identifying it as a crucial pillar for the renewable energy industry. Ganesh Green secured a significant order from NTPC REL for approximately 1 gigawatt hour capacity, marking an important milestone. The BESS projects are undertaken on an EPC basis, covering end-to-end solutions including procurement and execution, with an expected EBITDA margin of 13-14%.

    03

    Order Book and Revenue Visibility

    Ganesh Green boasts a strong order book of approximately INR 2,200 crores as of March 31, 2026, providing substantial revenue visibility for the coming period. The company is also actively participating in tenders worth over INR 2,500 crores, including major EPC opportunities. Management expects to secure INR 1,000-1,500 crores from BESS tenders alone, with an overall revenue target of INR 1,500-1,700 crores for FY27.

    04

    Margin Dynamics and Raw Material Management

    While FY26 margins were impacted by geopolitical factors, foreign exchange volatility, and rising raw material prices (aluminium, copper, silver), the company is focused on improving profitability. This will be achieved by increasing contribution from higher-margin EPC and value-added businesses, strengthening manufacturing capabilities, and strategic procurement. Management targets an EBITDA margin of 12-14% for solar EPC and BESS, and an overall PAT margin of 8-9% for new orders in the coming years, up from 7% in FY26.

    05

    Working Capital and Future Capacity Expansion

    The company's working capital is intensive due to a 75-day inventory cycle and the need for advances to secure raw materials, 95% of which are imported. Total working capital and other debt for a INR 1,000 crore business stood at INR 32 crores, with term loans at INR 10 crores. Ganesh Green plans to manage working capital through internal accruals and bank support. Looking ahead, the company is planning for cell manufacturing, contingent on securing large orders (above 1 gigawatt), with an estimated capex of up to INR 300 crores for a 1 GW plant.

    06

    Future Growth and Strategic Initiatives

    Ganesh Green aims for a minimum revenue growth of 70% in FY27, followed by 60-70% annual growth for the next five years. The company is also planning to migrate from the NSE SME platform to the Mainboard in FY27, leveraging its eligibility based on FY26 financials. This move is expected to enhance market presence and investor confidence, supporting the company's long-term vision in the green energy sector.

    This is an AI-generated summary of a publicly available earnings call transcript. It is for informational purposes only and does not constitute investment advice, a recommendation, or an endorsement. inve.money is not a SEBI-registered investment advisor. Please consult a qualified financial advisor before making any investment decisions.