GGBL

Ganesh Green financials

Market cap
₹534 Cr
Sector
Capital Goods
Calls analysed
3
Latest concall · Q4 FY26 · call held 29 May 2026

Ganesh Green Q4 FY26

Revenue from Operations ₹1,067 cr +232%EBITDA ₹113.58 cr +122%PAT ₹75.18 cr +149%EPS ₹30.31 +131%

What went well

  • 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.

What to watch

  • 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.
Read the full call →

What Ganesh Green does

Ganesh Green Bharat operates a fully automated, robotic solar PV module manufacturing plant in Mehsana, Gujarat, producing N-type TOPCon bifacial half-cut-cell modules. It also runs an EPC business covering ground-mounted, rooftop, agricultural-pumping and street-lighting solar systems, electrical infrastructure (overhead/underground transmission lines and substations) and water-supply scheme projects, executed as government tender-based turnkey contracts. It has recently entered the Battery Energy Storage System (BESS) EPC segment, providing end-to-end system design, integration and commissioning.

Segments

  • Solar PV Modules
  • Solar EPC & Allied Services
  • Electrical Infrastructure Services
  • Water Supply Scheme EPC
  • BESS EPC
Solar module manufacturing capacity
1.1 GW (plan to expand to 2 GW by end of 2027)
Manufacturing plant
1 fully automated, robotic solar PV module plant (Mehsana, Gujarat)
Geographic project presence
11 states (Gujarat, Maharashtra, Rajasthan, UP, MP, Jharkhand, Chhattisgarh, Bihar, Punjab, Himachal Pradesh, Karnataka)
Business verticals
5 (solar modules, solar EPC & allied services, electrical infrastructure, water supply EPC, BESS EPC)
Module formats offered
3 (132/144/156 half-cut-cell N-type TOPCon bifacial)
Quality/safety certifications
ISO 9001:2015, ISO 14001:2015, ISO 45001:2018; BIS-certified modules
Founded 2016Headquarters Ahmedabad, Gujarat, India Company website

Guidance record · Q4 FY26

what the last two calls moved 13 tracked 4 delivered 2 missed 7 open
  • Operational Capacity delivered said Q4 FY25 Promised: expand our capacity to 1.1 gigawatt in August 2025 Q4 FY26: Promise was achieved ahead of schedule in Q2 FY26. No further updates.
  • Capacity Utilization went quiet said Q4 FY25 Promised: keep it at 70% to 75% utilization Q4 FY26: No specific utilization figure for FY26 was provided in the Q4 earnings call, despite the deadline being the end of FY26.
  • BESS Revenue on track said Q2 FY26 Promised: targeting around INR500 to INR600 revenue next year from BESS Q4 FY26: Company has secured a significant BESS order from NTPC REL and is participating in tenders worth INR 1500 crores. On track to meet or exceed the target for FY27.

All 13 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q4 FY26: revenue up 714.6%, net profit up 250.0% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY24Q4 FY24Q2 FY25Q4 FY25Q2 FY26Q4 FY26
Revenue77 89 133 181 339 +340%725 +715%
EBITDA5 19 19 27 47 +840%62 +226%
Net profit2 12 13 17 33 +1550%42 +250%
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 −49.0% 1Y

₹200₹250₹300₹350₹400₹450Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 20 Nov 2025Q4 FY26 — 29 May 2026

1Y: ₹422.4 on 10 Sept 2025 → ₹215.5. High ₹443.85 (13 Nov 2025), low ₹214.35 (9 Sept 2026).

How the price took the results

close before → close after

Q4 FY26
−1.7%
29 May
Q2 FY26
+0.0%
20 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹1 Cr₹1 Cr₹1 Cr₹18 Cr₹25 Cr₹25 Cr
Reserves₹21 Cr₹26 Cr₹34 Cr₹34 Cr₹213 Cr₹249 Cr
Borrowings₹10 Cr₹23 Cr₹27 Cr₹41 Cr₹35 Cr₹50 Cr
Other liabilities₹34 Cr₹40 Cr₹25 Cr₹36 Cr₹157 Cr₹150 Cr
Total liabilities₹67 Cr₹89 Cr₹88 Cr₹128 Cr₹430 Cr₹474 Cr
Fixed assets₹1 Cr₹2 Cr₹2 Cr₹7 Cr₹47 Cr₹38 Cr
Capital work in progress₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr
Investments₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr
Other assets₹66 Cr₹88 Cr₹86 Cr₹121 Cr₹383 Cr₹436 Cr
Total assets₹67 Cr₹89 Cr₹88 Cr₹128 Cr₹430 Cr₹474 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 2026

Since Mar 2025, the public added +1.72 pp while FIIs trimmed −1.45 pp. The shareholder count shrank 2% to 5,522.

Promoters
73.4%
DIIs
0.8%
Public
25.8%

Since Mar 2025

  • Public +1.72 pp
  • FIIs −1.45 pp
  • DIIs −0.27 pp

How it drifted, 4 quarters

Over this window the public went from 20.8% to 25.8% — +5.1 pp.

Sep '24Mar '25Mar '26

Ownership split by quarter, oldest first. Sep '24: Promoters 73.4%, FIIs 3.1%, DIIs 2.8%, Public 20.8%.Mar '25: Promoters 73.4%, FIIs 1.4%, DIIs 1.0%, Public 24.1%.Sep '25: Promoters 73.4%, FIIs 1.4%, DIIs 0.6%, Public 24.6%.Mar '26: Promoters 73.4%, DIIs 0.8%, Public 25.8%.

Who was buying across the market this quarter →

Who is on the register

Named in the Mar 2026 filing

Every holder of Ganesh Green above SEBI's 1% disclosure line, and what changed since Sep 2025.

HolderStakeChange
Ketanbhai Narsinhbhai Patel 41.98%unchanged
Niravkumar Sureshbhai Pate 13.06%unchanged
Rajendrakumar Narsinhbhai Patel 13.06%unchanged
Khushbu Niravkumar Patel 1.45%unchanged
Ashaben Rajendrakumar Patel 1.45%unchanged
Shilpaben Ketanbhai Patel 1.45%unchanged
Daxaben Jayeshkumar Shah 1.11%unchanged
Dhanjibhai Narsinhbhai Patel 0.96%unchanged
Jyotsnaben Bipinchandra Patel 0.00%unchanged
Premilaben Vipulkumar Patel 0.00%unchanged
Sureshbhai Gopalbhai Patel 0.00%unchanged
Dhruva Sureshbhai Patel 0.00%unchanged

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

Growth the price implies
-12.7% a year
for 7 years, fading to 4%
It has actually compounded at
Not enough history
The gap
—
between what it did and what it must do
Price today ₹215.5

Change the assumptions yourself →

All earnings calls (3)

Read the Q4 FY26 call →

Learn to analyse Ganesh Green

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