Ganesh Green Bharat Ltd Q2 FY26 Results & Concall Highlights: Revenue, Margins & Order Book
Published 3 Aug 2026 | Electrical Equipment | Market Cap: ₹633 Cr
Target to double turnover and profit every year, maintaining aggressive growth goals. Ganesh Green Bharat aims to double its profit and turnover every year as a consistent target (Page 4, 11).
From Ganesh Green Bharat Ltd's Q2 FY26 earnings-call transcript · updated 23 Aug 2026.
Price
₹238
Market Cap
₹633 Cr
P/E Ratio
8.4
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📊 Revenue & Sales Performance
- →Target to double turnover and profit every year, maintaining aggressive growth goals.
- →H1 FY '26 revenue at INR342 crores, showing 145% YoY growth; strong order book INR976 crores provides visibility.
- →Expect significant improvement in manufacturing utilization from current 69% to nearly 85-90% in FY '26, boosting operational performance.
- →Expansion in EPC business, especially focusing on transmission lines, substations, and water supply projects; 50% of output to be retained and 50% sold in the market.
- →BESS (Battery Energy Storage Systems) revenue targeted around INR500-600 crores next year, with participation in large tenders underway.
- →Capacity expansion to 2 gigawatt solar module manufacturing by FY '26 intended, enhancing volume capabilities.
- →Order execution expected at 60-65% in H2 FY '26 from INR976 crores order book, indicating strong business momentum.
- →Long-term plan includes scaling to cell manufacturing by FY '28 if government support allows.
📈 Profitability & Margins
- →Ganesh Green Bharat aims to double its profit and turnover every year as a consistent target (Page 4, 11).
- →For H1 FY '26, they reported a 151.62% year-on-year PAT growth and a 92.75% increase in EPS, indicating a strong profitability trajectory (Page 4).
- →The company targets double turnover growth next year, emphasizing strong revenue potential and operational momentum (Page 10).
- →EBITDA margins are expected to remain healthy around 12%-15% with potential incremental gains from new businesses like BESS and EPC (Pages 8, 10).
- →Increased utilization of manufacturing capacity from 69% to approximately 85%-90% by FY '26 end will boost operational performance and profitability (Page 6).
- →Entry into BESS EPC work and planned cell manufacturing by FY '28 aim to diversify and strengthen profit streams (Pages 3, 10).
- →Strong order book (~INR 976 crores) provides visibility for continued revenue and profit growth in H2 FY '26 and beyond (Pages 5, 11).
🏗️ Capital Expenditure Plans
- →**BESS (Battery Energy Storage System):** Targeting INR 500-600 crores revenue next year. Currently participating in tenders (~INR 1000 crores). Initially focusing on EPC work before moving to manufacturing. Manufacturing expected to start after government support, potentially by January 2028.
- →**Solar Module Capacity Expansion:** Increased from 750 MW to 1.1 GW; targeting utilization rise from 69% to 85-90% within FY '26. Planning to reach 2 GW+ solar module capacity by FY '26.
- →**Cell Manufacturing:** Planned to start by January 2028, contingent on government support for local manufacturing.
- →**Working Capital:** Additional working capital (~INR 100 crores) will be required if cell manufacturing line is set up. Battery storage line may need about INR 20 crores.
- →**EPC Focus:** Expanding EPC segment due to better margin ratios; onboarding new personnel (e.g., Mr. Kothari as EPC head).
💰 Fundraising & Capital Structure
- →There is no explicit mention of any current or imminent fundraising through debt or equity in the conference call.
- →The company is managing working capital internally and maintaining strong financial discipline.
- →Working capital requirements could increase significantly if Ganesh Green Bharat moves into cell manufacturing, potentially needing around INR100 crores.
- →For the Battery Energy Storage System (BESS) line, an additional INR20 crores may be required, with associated working capital needs.
- →The company prefers step-by-step expansion and is focusing on EPC work before moving into manufacturing for BESS.
- →No clear plan for raising funds via equity or debt is stated; emphasis is on managing growth with existing resources and operational cash flow.
- →Operating cash flow for H1 FY '25 is strongly positive INR25.89 crores, reflecting good cash generation from business operations.
📋 Order Book & Pipeline
- →As of H1 FY '26, Ganesh Green Bharat Limited has an order book of INR 976 crores.
- →Only 35% of the current order book has been executed in H1.
- →The company expects to execute 60-65% of the order book in the second half (H2) of the financial year.
- →They typically maintain an order book of 6-7 months’ worth of work to manage price fluctuations and working capital risks.
- →Ganesh Green Bharat has participated in tenders worth INR 1500 to INR 2000 crores beyond the current order book.
- →The company prefers to keep the order book manageable due to price volatility and margin risks.
- →They have a strong order pipeline supported by government projects and EPC contracts.
Key Metrics
Frequently Asked Questions
What were Ganesh Green Bharat Ltd Q2 FY26 results?
Target to double turnover and profit every year, maintaining aggressive growth goals. Ganesh Green Bharat aims to double its profit and turnover every year as a consistent target (Page 4, 11).
What is Ganesh Green Bharat Ltd share price analysis?
Ganesh Green Bharat Ltd currently shows a neutral. The stock trades at a P/E of 8.4 with a market cap of ₹633 Cr. Investors should review the full earnings analysis for detailed insights.
Is Ganesh Green Bharat Ltd planning capital expenditure?
BESS (Battery Energy Storage System):** Targeting INR 500-600 crores revenue next year.
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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.