Ganesh Green Bharat LtdQ3 FY25Electrical Equipment

Ganesh Green Bharat Ltd

Q3 FY25 Earnings Call Analysis

Management growth scorecard

Revenue

Category 1

Margin

Category 3

Fundraise

N/A

Order

Yes

Capex

Yes

3 of 4 growth signals are positive.

Revenue guidance

Category 1

→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.

Category 3

→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).

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→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.

Yes

→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.

Yes

→**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).

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