Ganesh Green Bharat Ltd was originally formed as a Partnership Firm named "M/s. Ganesh Electricals" on April 02, 2016. This firm was later converted into a Private Limited Company, "Ganesh Electricals Private Limited," on May 13, 2019. The company's name changed again to "Ganesh Green Bharat Private Limited" on October 11, 2023, and subsequently, its status converted to a Public Limited Company, adopting the name "Ganesh Green Bharat Limited" on October 13, 2023, as certified by the Registrar of Companies in Ahmedabad.
Incorporated in 2016, Ganesh Green Bharat Ltd specializes in Solar PV Module manufacturing, Solar Systems and Allied Services, Electrical Contracting, and Water Supply Scheme Projects. The company is an ISO 9001:2015, ISO 14001:2015, and BIS-certified manufacturer of solar systems and an EPC (Engineering, Procurement, and Construction) services provider.
The company offers a comprehensive range of services, including the supply, installation, testing, and commissioning (SITC) of solar and electrical goods and services to various government bodies. Ganesh Green Bharat Ltd has successfully completed projects under notable government schemes such as the Saubhagya Scheme, KUSUM Scheme, and Saur Sujla Yojna. Additionally, the company has diversified into designing, building, installing, operating, and maintaining water supply projects, including the Mukhya Mantri Nishchay Quality Affected Yojna and Har Ghar Jal (Jal Jeevan Mission).
Ganesh Green Bharat Ltd has demonstrated significant operational scale and geographical reach, having completed over 27 projects valued at more than ₹220 Crore. This includes the deployment of over 2.50 Lac solar modules, installation of over 1 Lac solar systems, and more than 50,000 water connections across approximately 14 states. The company maintains a dedicated team of 10 engineers, supported by third-party consultants and industry experts, to ensure strict compliance with industry and government standards.
For the financial year ended March 31, 2024, Ganesh Green Bharat Ltd demonstrated strong growth momentum:
- Revenue: Stood at ₹1,720 million in FY24, representing an 89.8% increase compared to ₹906 million in FY23. The company's revenue has grown from ₹841 million in FY21 to ₹1,720 million in FY24, achieving a Compound Annual Growth Rate (CAGR) of 26.9% over the past four years.
- Profitability: Net profit reached ₹218 million in FY24, marking a substantial 167.7% increase compared to ₹82 million in FY23. Over the past four years, the net profit has grown at a CAGR of 44.8%. Net profit margins improved from 9.0% in FY23 to 12.8% in FY24.
- Operational Efficiency: Operating income rose by 88.7% year-on-year (YoY), and operating profit increased by 153.0% YoY during FY24. Operating profit margins, however, witnessed a slight fall, settling at 20.8% in FY24 compared to 15.5% in FY23.
Based on the latest available data (FY24):
- Revenue: ₹1,720 million
- Net Profit: ₹218 million
- Revenue Growth: 89.8% YoY
- Net Profit Growth: 167.7% YoY
- Operating Profit Margin: 20.8%
- Net Profit Margin: 12.8%
As of July 2025, Ganesh Green Bharat Ltd holds a Market Capitalization of ₹1,267 Crore, positioning it as a mid-cap player in the renewable energy sector. The company belongs to the Utilities sector, specifically the Renewable Energy sub-sector. Key valuation metrics include a Stock P/E of 41.9 and a Book Value of ₹82.7 as of July 2025.
The Initial Public Offering (IPO) for Ganesh Green Bharat Ltd commenced bidding from July 5, 2024, and concluded on July 9, 2024. The allotment was finalized on Wednesday, July 10, 2024, with shares subsequently listed on NSE SME on July 12, 2024. The IPO price band was set at ₹190 per share, involving 6,591,000 equity shares with a face value of ₹10, aggregating up to ₹125.23 Crores.
The 52-week high for Ganesh Green Bharat Ltd's share price is ₹635.00, while the 52-week low is ₹282.20. The stock has experienced significant volatility since its listing, which is reflective of the dynamic nature of the renewable energy sector and the company's growth trajectory.
The company exhibits a healthy balance sheet with a reasonable debt-to-equity ratio of 7%. From a technical analysis perspective, the stock is comfortably positioned above its key moving averages, approximately 19% and 18% from its 50-day Moving Average (DMA) and 200-day Moving Average (DMA), respectively.
Overall, an annual revenue growth of 87% is outstanding, a pre-tax margin of 13% is healthy, and a Return on Equity (ROE) of 14% is considered good.
- July 2, 2025: Ganesh Green Bharat Limited provided an update regarding changes in Directors/Key Managerial Personnel/Auditor/Compliance Officer/Share Transfer Agent.
- July 1, 2025: Appointed Mr. Subrata Dey as General Manager-Operations, effective July 1, 2025, bringing over 13 years of experience to the role.
- May 29, 2025: The company approved the audited financial results and audit reports for the year ended March 31, 2025, and certified the utilization of IPO proceeds.
The renewable energy sector in India continues to experience robust growth, primarily driven by supportive government initiatives and an increasing global and domestic environmental consciousness. Ganesh Green Bharat Ltd is strategically positioned to capitalize on this expanding market through its diversified portfolio of solar energy solutions and essential water supply projects. The company's focused engagement in government contracts provides a stable and predictable revenue base, while its expanding geographical presence across 14 states underscores its operational scalability and growth potential.
The company's strong financial performance, combined with its specialized expertise in solar PV module manufacturing and comprehensive EPC services, positions it favorably within the competitive renewable energy landscape. The recent appointment of experienced management personnel and the continued expansion into new projects further suggest a positive outlook for sustained growth and enhanced market leadership in the coming years.
