💰 Financial Performance

Revenue Growth by Segment

The company reported total revenue of INR 342.38 Cr in H1 FY26, a 145.83% YoY increase from INR 139.28 Cr in H1 FY25. The module supply segment continues to dominate revenue, supported by rising demand in the solar EPC segment, specifically solar pumps, solar rooftops, and solar streetlights.

Geographic Revenue Split

While a specific regional percentage split is not disclosed, the company recently secured a Letter of Empanelment and Rate Contract from Maharashtra State Electricity Distribution Company Limited on December 10, 2025, indicating a strong presence and expansion in the Maharashtra region.

Profitability Margins

Net Profit Margin (PAT Margin) for H1 FY26 stood at 9.60%, a slight improvement from 9.38% in H1 FY25. This was driven by better working capital distribution and a controlled cost structure despite competitive pricing in the EPC segment.

EBITDA Margin

EBITDA margin for H1 FY26 was 14.61%, down from 16.27% in H1 FY25. The 166 bps compression was primarily due to competitive pricing in certain EPC segments and temporary softness in solar module prices. Absolute EBITDA grew 120.76% YoY to INR 50.02 Cr.

Capital Expenditure

The company utilized proceeds from its Initial Public Offering (IPO) aggregating to INR 125.23 Cr to fund its growth initiatives. Current focus includes ramping up the 1.1 GW solar PV module plant to full capacity.

Credit Rating & Borrowing

Interest expenses for H1 FY26 were INR 2.53 Cr, compared to INR 2.40 Cr in H1 FY25. The company maintains strong financial discipline with a positive operating cash flow of INR 25.89 Cr in H1 FY26.

⚙️ Operational Drivers

Raw Materials

Key raw materials include solar glass, solar cells (implied by future cell manufacturing plans), and components for Battery Energy Storage Systems (BESS). Logistics and container costs for importing these materials significantly impact the cost structure.

Import Sources

Raw materials and components, specifically glass and containers, are primarily sourced from China, as indicated by management's discussion on Chinese transportation and material lead times.

Key Suppliers

Not specifically disclosed in the provided documents; however, the company interacts with Tier-1 clients for repeat orders and government entities like Maharashtra State Electricity Distribution Company Limited.

Capacity Expansion

Current manufacturing capacity stands at 750 MW, which has been expanded to a 1.1 GW solar PV module plant. The 1.1 GW plant reached full capacity operation in November 2025.

Raw Material Costs

Raw material costs are subject to volatility in solar module pricing and input material dynamics. Management manages this by taking orders that can be completed within 6-8 months to mitigate long-term price fluctuations.

Manufacturing Efficiency

Capacity utilization was 69% in H1 FY26, with management targeting an increase to 85-90% within the current financial year following the ramp-up of the 1.1 GW facility.

Logistics & Distribution

Logistics for solar modules are sensitive and tend to slow down during monsoon months, which typically makes H2 a stronger period for execution and revenue recognition.

📈 Strategic Growth

Expected Growth Rate

100%

Growth Strategy

The company plans to achieve its target of doubling turnover through higher utilization of its 1.1 GW plant (moving from 69% to 90%), participating in larger government tenders, and diversifying into high-margin segments like Battery Energy Storage Systems (BESS), solar cell manufacturing, and eventually wafer manufacturing.

Products & Services

Solar PV modules, solar pumps, solar rooftops, solar streetlights, and EPC services for clean energy solutions.

Brand Portfolio

Ganesh Green Bharat Limited (GGBL).

New Products/Services

Entry into Battery Energy Storage Systems (BESS) is expected next year, with margins projected between 9% and 11%. Future plans include solar cell and wafer manufacturing.

Market Expansion

Expansion is focused on the Indian domestic market, specifically through government empanelment like the recent Maharashtra state contract for design, manufacture, and supply.

Strategic Alliances

The company works closely with Tier-1 clients and government bodies; specific private JV partner names were not disclosed.

🌍 External Factors

Industry Trends

The industry is seeing a shift toward integrated manufacturing (cells and wafers) and energy storage (BESS). GGBL is positioning itself to capture this by expanding from module assembly into these advanced segments.

Competitive Landscape

The market is characterized by competitive pricing in the EPC segment and volatility in global module prices, requiring high operational efficiency to maintain margins.

Competitive Moat

The company's moat is built on long-standing customer relationships, repeat orders from Tier-1 clients, and operational efficiency in a capital-intensive manufacturing sector. Sustainability is driven by the transition to clean energy.

Macro Economic Sensitivity

The business is highly sensitive to government policies in the renewable energy sector and overall economic uncertainties that affect infrastructure spending.

Consumer Behavior

Increased demand for clean energy solutions and government-led initiatives for solar pumps and rooftops are driving volume growth.

Geopolitical Risks

Dependence on Chinese imports for glass and containers poses a risk if trade barriers or geopolitical tensions disrupt the supply of solar components.

⚖️ Regulatory & Governance

Industry Regulations

Operations are governed by renewable energy policy changes and MNRE guidelines for solar manufacturing and EPC tenders.

Environmental Compliance

The company operates in the clean energy sector, aligning with national environmental goals. Specific ESG spend in INR was not disclosed.

Taxation Policy Impact

The effective tax rate for H1 FY26 was approximately 23.7% (Tax of INR 10.24 Cr on PBT of INR 43.15 Cr).

Legal Contingencies

The company has a matter currently under consideration by the Regional Director, North Western Region, as noted in the MDA, though the specific case value was not disclosed.

⚠️ Risk Analysis

Key Uncertainties

Solar module price volatility and supply chain disruptions are the primary uncertainties, potentially impacting margins by 2-3% if not managed through short-term contracting.

Geographic Concentration Risk

Significant operations and recent contract wins are concentrated in India, with specific focus on states like Maharashtra.

Third Party Dependencies

High dependency on Chinese suppliers for critical raw materials like glass and logistics infrastructure.

Technology Obsolescence Risk

The shift toward BESS and cell manufacturing indicates a need to constantly upgrade technology to remain competitive against global solar manufacturers.

Credit & Counterparty Risk

The company manages credit risk through tight receivable management, evidenced by a positive operating cash flow of INR 25.89 Cr.