Ganesh Green Bharat Ltd(GGBL)

NSE: GGBL

₹ 211-2.04%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 523 crUpdated: 24 Oct 2026

About

Ganesh Green Bharat Ltd is a renewable energy solutions provider and EPC contractor. Its business covers solar PV module manufacturing, solar EPC, electric infrastructure works and water supply projects. FY26 revenue was Rs 1,064.27 Cr, against Rs 318 cr in FY25. The company listed on NSE Emerge in July 2024.^[1][2][3]

Business segments

Revenue mix in H1 FY26: solar PV modules about 65%, solar EPC and allied services (solar pumps, rooftop, street lights) 33%, electrical services 2%.^[4]
Business portfolio as of FY26: solar PV module manufacturing, solar EPC, electric infrastructure works and water supply projects.^[1]
Entered battery energy storage system (BESS) EPC in FY26, offering end-to-end integration for utility and commercial and industrial (C&I) customers.^[3][1]

Order book

Unexecuted order book was ₹2,212.91 cr in FY26, up from ₹976.1 cr as of 17 Nov 2025 (H1 FY26).^[3][4]
BESS projects made up ₹1,510 cr of the FY26 order book, and module supply ₹470.24 cr.^[3]
H1 FY26 order book: module supply 647 cr (66%), solar pumps 147 cr, rooftop 98 cr.^[4]
Bid pipeline was ₹1,500-2,000 cr in H1 FY26.^[4]

Manufacturing capacity

Module capacity went from 750 MW to 1.1 GW in early November 2025. It had been planned for September, but machinery shipments were delayed.^[4]
The FY26 annual report says manufacturing capacity reached 1.2 GW in 2026. The Q4 FY26 call gives current capacity as 1.1 GW.^[1][3]
Capacity grew from 200 MW to 750 MW in December 2024.^[1]
Capacity utilisation was 69% in H1 FY26.^[4]
Moved from polycrystalline panels to TOPCon modules; the company says it was the first BIS-certified producer of TOPCon modules in India.^[5]
Runs an in-house R&D and lab facility that develops tailored solutions with EPCs and technology partners.^[1]

Customers and distribution

Customers include PSUs, government institutions and private-sector companies.^[1]
Its modules serve utility-scale solar parks, commercial and industrial installations, and residential rooftop systems.^[1]
Supports distributors and partners with marketing, training and technical expertise, and has dedicated teams for export processes.^[1]
In FY25 it built a rooftop sales team across South India, Gujarat, Rajasthan, Maharashtra and UP.^[6]

Expansion plans

Module capacity is planned to grow from 1.1 GW to 2 GW by the end of 2027.^[3]
Plans to enter BESS through EPC first, with about 1.5 GW of BESS manufacturing later.^[4]
Cell manufacturing of about 2 GW planned by January 2028 if the government supports local manufacturing.^[4]
Aims to use 50% of module output captively in its own EPC projects and sell the other 50%.^[4]
Has bought land, converted it to non-agricultural use and is preparing a building for future capacity (as of FY25).^[6]

Recent developments

FY26 net sales were ₹1,064 cr, against ₹318 cr in FY25. H2 sales of ₹723 cr were about 2.1 times H1's ₹341 cr.^[3]
Management guided for BESS revenue of INR500-600 cr in FY27 (Q2 FY26 call).^[4]
Executing a 1 MWp Western Railway rooftop project with battery storage (Q1 FY26).^[5]
Risks named in the FY26 annual report: raw material price volatility, technological obsolescence and regulatory changes.^[1]

Market Cap

₹523 Cr

High / Low

₹475 / 202

Stock P/E

7.1

Price / Book

2.3

Book Value

₹113

EPS

₹30.3

No. of Shares

2.48 Cr

ROCE

35.3%

ROE

30.8%

OPM

9.8%

Debt / Equity

0.19

Sales

₹1,064 Cr

Net Profit

₹75 Cr

Promoter holding

73.5%

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