GPECO
GP Eco financials
- Market cap
- ₹507 Cr
- Sector
- Capital Goods
- Calls analysed
- 3
GP Eco Q4 FY26
What went well
- Achieved three to four X of revenue growth for FY26, demonstrating significant scale-up.
- Maintained PBT growth of three to four X for FY26, aligning with previous guidance.
- State-of-the-art Giga factory at Dasna commissioned on May 30, 2026, with full 3 GW operation expected by September 30, 2026.
What to watch
- FY26 revenue top line restricted to 414 CR, missing the original guidance of 550-600 CR.
- Approximately 150-200 CR of revenue was deferred from FY26 to FY27 due to international market scenarios, Indian policy challenges, and increased raw material costs.
What GP Eco does
GP Eco Solutions distributes solar modules, inverters and energy-storage components through its GPES Solar partner network of EPCs, sub-dealers and OEMs, and executes turnkey solar and BESS projects - from site evaluation to on-site commissioning - through subsidiary GPES Green Projects. Its manufacturing arm, iNVERGY, builds solar inverters and Battery Energy Storage Systems in-house, and integrates lithium-based smart-fuel technology via AN3 Techno Power (FuelON brand), in which it holds a 51% stake. The company also operates a Giga-scale inverter/BESS manufacturing facility at Dasna, Uttar Pradesh, commissioned in 2026, and provides post-installation system monitoring, maintenance and warranty support to customers.
Segments
- Distribution (GPES Solar)
- EPC & PMC (GPES Green Projects)
- Manufacturing (iNVERGY)
- Smart fuel / battery tech (FuelON / AN3 Techno Power)
- Post-sale service & O&M
- Manufacturing facility
- Giga factory at Dasna, Uttar Pradesh (commissioned May 30, 2026)
- Partner/distribution network reach
- 300+ districts across India (FY25)
- In-house production output
- 4,338 inverters/integrated units assembled (FY25)
- Employees (group companies)
- 110+ (FY25)
- BESS product range (Invergy brand)
- 5 kWh - 5 MWh
- PV string inverter range (Invergy brand)
- 1.5 kW - 350 kW
Guidance record · Q4 FY26
what the last two calls moved 12 tracked 2 delivered 3 missed 7 open- EBITDA Margins delivered said Q4 FY25 Promised: Increase in future quarters due to scaling Q4 FY26: Management continues to guide for further margin expansion in FY27, building on the improvement seen in FY26. The original promise to increase margins has been fulfilled.
- Solar Module Line Commissioning missed said Q4 FY25 Promised: 1.2 GW commissioned by H2 FY26 Q4 FY26: Management announced the plan for solar panel manufacturing has been postponed indefinitely to focus on BESS, inverters, and EPC.
- Automatic BESS Line Commissioning delayed said Q4 FY25 Promised: 2.5 GW by end of FY25 Q4 FY26: First phase commissioned on June 15, 2026 (Q1 FY27), with full 3 GW operation now targeted for Sep 30, 2026 (Q2 FY27). This is a further slip from the previously revised Q4 FY26 timeline.
All 12 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q4 FY26: revenue up 565.9%, net profit up 3200.0% against the same quarter last year.
| Line item | Q2 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|
| Revenue | 44 | 83 | 163 | 121 | 293 +566% |
| EBITDA | 2 | 7 | 9 | 15 | 44 +2100% |
| Net profit | 1 | 5 | 6 | 10 | 33 +3200% |
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 −20.8% 1Y
1Y: ₹519.6 on 10 Sept 2025 → ₹411.6. High ₹586.25 (25 Sept 2025), low ₹271.1 (30 Mar 2026).
How the price took the results
close before → close after
- Q4 FY26
- −0.8%
- 10 Jun
- Q2 FY26
- −0.1%
- 13 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 ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹8 Cr | ₹12 Cr | ₹12 Cr |
| Reserves | ₹2 Cr | ₹4 Cr | ₹7 Cr | ₹14 Cr | ₹58 Cr | ₹98 Cr |
| Borrowings | ₹4 Cr | ₹5 Cr | ₹13 Cr | ₹14 Cr | ₹34 Cr | ₹109 Cr |
| Other liabilities | ₹9 Cr | ₹9 Cr | ₹28 Cr | ₹27 Cr | ₹66 Cr | ₹222 Cr |
| Total liabilities | ₹14 Cr | ₹19 Cr | ₹49 Cr | ₹64 Cr | ₹170 Cr | ₹441 Cr |
| Fixed assets | ₹2 Cr | ₹2 Cr | ₹2 Cr | ₹5 Cr | ₹29 Cr | ₹83 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹8 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹1 Cr | ₹18 Cr | ₹3 Cr |
| Other assets | ₹13 Cr | ₹17 Cr | ₹46 Cr | ₹57 Cr | ₹123 Cr | ₹347 Cr |
| Total assets | ₹14 Cr | ₹19 Cr | ₹49 Cr | ₹64 Cr | ₹170 Cr | ₹441 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 Jul 2026
Since Jun 2025, promoters trimmed −2.26 pp while the public added +1.61 pp. The shareholder count grew 44% to 2,144.
- Promoters
- 59.4%
- FIIs
- 0.1%
- DIIs
- 1.4%
- Public
- 39.1%
Since Jun 2025
- Promoters −2.26 pp
- Public +1.61 pp
- DIIs +1.13 pp
How it drifted, 6 quarters
Over this window the public went from 34.8% to 39.1% — +4.3 pp.
Ownership split by quarter, oldest first. Sep '24: Promoters 62.2%, FIIs 0.4%, DIIs 2.6%, Public 34.8%.Mar '25: Promoters 62.2%, FIIs 1.4%, DIIs 0.8%, Public 35.5%.Jun '25: Promoters 61.7%, FIIs 0.6%, DIIs 0.3%, Public 37.5%.Sep '25: Promoters 61.7%, FIIs 0.2%, Public 38.1%.Mar '26: Promoters 61.9%, DIIs 0.1%, Public 38.1%.Jul '26: Promoters 59.4%, FIIs 0.1%, DIIs 1.4%, Public 39.1%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Avarjit Singh Birghi Huf newly disclosed 1.22% held
- Urmila Tripathi newly disclosed 0.05% held
- Usha Bajpai newly disclosed 0.00% held
- Nandani Bajpai newly disclosed 0.00% held
- Satakshi Pandey newly disclosed 0.00% held
- Divisha Pandey newly disclosed 0.00% held
- Urmila Shukla newly disclosed 0.00% held
- Surabhi Tripathi newly disclosed 0.00% held
The same filing shows 3 holders trimming and 3 off the list — both are in the register beside this.
Who is on the register
Named in the Jul 2026 filing
Every holder of GP Eco above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Anju Pandey | 29.20% | −1.23 pp |
| Deepak Pandey | 26.23% | −1.10 pp |
| Astik Mani Tripathi | 3.00% | −0.13 pp |
| Avarjit Singh Birghi Huf | 1.22% | newly disclosed |
| Pradeep Kumar Pandey | 0.56% | unchanged |
| Indubhushan Pandey | 0.24% | unchanged |
| Sneha Bajpai | 0.12% | unchanged |
| Urmila Tripathi | 0.05% | newly disclosed |
| Parul Pandey | 0.03% | unchanged |
| Usha Bajpai | 0.00% | newly disclosed |
| Nandani Bajpai | 0.00% | newly disclosed |
| Satakshi Pandey | 0.00% | 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.
All earnings calls (3)
Read the Q4 FY26 call →Learn to analyse GP Eco
Guides on how to read this kind of business and the numbers that matter.