GENSOL

Gensol Engineer. financials

Market cap
₹67 Cr
Sector
Capital Goods
Calls analysed
1
Latest concall · Q3 FY25 · call held 13 Feb 2025

Gensol Engineer. Q3 FY25

Revenue ₹1,056 cr +42%EBITDA ₹246 cr +89%EBITDA Margin 23.3% PAT ₹67 cr +34%

What went well

  • Solar EPC order book reached INR 7,000 crores as of December 31, 2024, driven by new wins totaling approximately INR 3,000 crores.
  • 9-month FY25 revenue grew 42% YoY to INR 1,056 crores, demonstrating strong top-line expansion.
  • 9-month FY25 EBITDA grew 89% YoY to INR 246 crores, with EBITDA margins expanding significantly by 582 bps to 23.3%.

What to watch

  • Q3 FY25 revenue growth of 30% YoY was slower than expected, attributed to extended rainfall and delays in land transfer from customers for large projects.
  • The company is significantly behind its original FY25 revenue guidance of INR 2,000 crores, having achieved INR 1,056 crores in 9 months.
Read the full call →

What Gensol Engineer. does

Gensol Engineering designs, engineers and executes solar power projects (ground-mounted, rooftop and floating) on a turnkey and Balance-of-System (BOS) basis for utilities, PSUs and industrial customers across India, and has extended into Battery Energy Storage System (BESS) project execution. Through its Scorpius Trackers subsidiary it makes single-axis solar tracker systems with patented controllers and software. Separately, it runs a 100% EV-focused leasing and fleet-management business branded Let'sEV, and is building its own electric vehicles (the Ezio urban-mobility and Ezibot cargo models) at a manufacturing plant in Chakan, Pune.

Segments

  • Solar EPC
  • Solar Trackers
  • BESS
  • EV Leasing
  • EV Manufacturing
Solar EPC portfolio executed (ground-mounted/rooftop/floating)
770 MW+
Historical technical advisory services footprint
33,693 MW+
EV manufacturing plant capacity (Chakan, Pune)
30,000 units/yr
EVs on lease
8,300+
EV leasing city coverage
53 cities
OEMs in EV leasing portfolio
14 major OEMs
Founded 2012Headquarters Ahmedabad, Gujarat, IndiaEmployees 650 (Dec 2024) Company website

Guidance record · Q3 FY25

what the last two calls moved 5 tracked 0 delivered 0 missed 5 open
  • FY25 Revenue at risk said Q3 FY25 Promised: around INR 2,000 crores Q3 FY25: 9M revenue is INR 1,056 crores. Management admitted they are 'very much behind' and will not be able to catch up entirely.
  • Q4 FY25 EBITDA Margin open said Q3 FY25 Promised: better than previous quarter Q3 FY25: Management guided for better margins in Q4 due to execution of more turnkey projects.

All 5 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q3 FY25: revenue up 56.8%, net profit up 50.0% against the same quarter last year.

₹ Cr · quarterly
Line itemQ4 FY23Q1 FY24Q2 FY24Q3 FY24Q4 FY24Q1 FY25Q2 FY25Q3 FY25
Revenue164 145 305 220 399 +143%362 +150%346 +13%345 +57%
EBITDA29 37 47 63 79 +172%75 +103%107 +128%69 +10%
Net profit7 10 18 12 20 +186%27 +170%23 +28%18 +50%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −57.0% 1Y

₹20.0₹30.0₹40.0Sept 25Oct 25Dec 25Jan 26Mar 26May 26Jun 26Aug 26

1Y: ₹39.77 on 10 Sept 2025 → ₹17.1. High ₹46.02 (15 Sept 2025), low ₹16.62 (14 Aug 2026).

Financials, as filed

Revenue grew 168.6% a year over 1 year, FY23 to FY24. Operating margin widened to 21.1%.

Year endingFY23FY24
Revenue₹398 Cr₹1.1k Cr
Operating profit₹76 Cr₹226 Cr
Operating margin19.1%21.1%
Interest₹24 Cr₹84 Cr
Depreciation₹26 Cr₹57 Cr
Net profit₹23 Cr₹60 Cr
Net margin5.8%5.6%
Cash from operations₹115 Cr₹-98 Cr
Free cash flow₹-324 Cr₹-577 Cr
ROCE12.0%14.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY19FY20FY21FY22FY23FY24
Equity capital₹6 Cr₹8 Cr₹8 Cr₹11 Cr₹12 Cr₹38 Cr
Reserves₹7 Cr₹25 Cr₹28 Cr₹36 Cr₹195 Cr₹551 Cr
Borrowings₹9 Cr₹11 Cr₹11 Cr₹82 Cr₹598 Cr₹1.4k Cr
Other liabilities₹22 Cr₹30 Cr₹23 Cr₹79 Cr₹261 Cr₹591 Cr
Total liabilities₹43 Cr₹74 Cr₹70 Cr₹208 Cr₹1.1k Cr₹2.6k Cr
Fixed assets₹8 Cr₹8 Cr₹7 Cr₹55 Cr₹293 Cr₹257 Cr
Capital work in progress₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹41 Cr₹171 Cr
Investments₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹7 Cr₹7 Cr
Other assets₹35 Cr₹66 Cr₹63 Cr₹152 Cr₹725 Cr₹2.1k Cr
Total assets₹43 Cr₹74 Cr₹70 Cr₹208 Cr₹1.1k Cr₹2.6k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Mar 2025

Since Mar 2024, promoters trimmed −26.75 pp while the public added +22.87 pp. The shareholder count grew 77% to 1,07,447.

Promoters
35.9%
FIIs
4.9%
DIIs
0.1%
Government
1.4%
Public
57.8%

Since Mar 2024

  • Promoters −26.75 pp
  • Public +22.87 pp
  • FIIs +2.49 pp

How it drifted, 12 quarters

Over this window promoters fell from 71.3% to 35.9% — −35.5 pp.

Jun '22Sep '23Mar '25

Ownership split by quarter, oldest first. Jun '22: Promoters 71.3%, Public 28.7%.Sep '22: Promoters 71.4%, FIIs 0.8%, DIIs 0.5%, Public 27.3%.Dec '22: Promoters 64.7%, FIIs 1.8%, DIIs 0.4%, Public 33.1%.Mar '23: Promoters 64.7%, FIIs 1.8%, DIIs 0.7%, Public 32.9%.Jun '23: Promoters 64.7%, FIIs 1.9%, DIIs 0.7%, Public 32.7%.Sep '23: Promoters 64.7%, FIIs 2.6%, DIIs 0.8%, Public 32.0%.Dec '23: Promoters 62.6%, FIIs 2.9%, DIIs 0.8%, Public 33.6%.Mar '24: Promoters 62.6%, FIIs 2.4%, DIIs 0.1%, Public 34.9%.Jun '24: Promoters 62.8%, FIIs 2.0%, Public 35.3%.Sep '24: Promoters 62.6%, FIIs 2.3%, Public 35.1%.Dec '24: Promoters 62.7%, FIIs 0.6%, Government 1.4%, Public 35.3%.Mar '25: Promoters 35.9%, FIIs 4.9%, DIIs 0.1%, Government 1.4%, Public 57.8%.

Who was buying across the market this quarter →

Who bought this quarter

since Dec 2024

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 3 holders trimming and 0 off the list — both are in the register beside this.

Who is on the register

Named in the Mar 2025 filing

Every holder of Gensol Engineer. above SEBI's 1% disclosure line, and what changed since Dec 2024.

HolderStakeChange
Anmol Singh Jaggi 12.32%−8.88 pp
Gensol Ventures Private Limited 11.94%−11.12 pp
Puneet Singh Jaggi 10.47%−7.92 pp
Anumati Consultancy And Services Private Limited 2.96%newly disclosed
Shyam Ferro Alloys Limited 2.36%newly disclosed
Nova Global Opportunities Fund Pcc - Touchstone FPI fund1.58%newly disclosed
Narantak Dealcomm Limited Corporate1.51%newly disclosed
Subham Buildwell Private Limited 1.51%newly disclosed
Century India Opportunity Fund Pc FPI fund1.48%newly disclosed
Klj Plasticizers Ltd 1.42%newly disclosed
Enforcement Directorate Raipur 1.35%unchanged
Saumik Ketankumar Doshi 1.18%newly disclosed

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

What the price assumes

Attractive

Insufficient data to quantify the expectations gap.

Growth the price implies
A decline
for 7 years, fading to 4%
It has actually compounded at
134.8% a year
net profit, FY23–FY24 · EPS 136.0%
The gap
—
365140% downside if it only repeats history
Price today ₹17.1 Value at the reference growth ₹62,456.09

Change the assumptions yourself →

Learn to analyse Gensol Engineer.

Guides on how to read this kind of business and the numbers that matter.