Any current/future new fundraising through debt or equity?

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 manufacturi

Any current/future capex/capital investment/strategic investment?

**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.

Future growth expectations in sales/revenue/volumes?

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 y

Future growth expectations in earnings/operating earnings/profits/EPS?

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 approximate

Current/ Expected Orderbook/ Pending Orders?

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 orde

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Ganesh Green Bharat LtdQ3 FY26Electrical Equipment

Ganesh Green Bharat Ltd Q3 FY26 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹272P/E: 17.2Market Cap: ₹861 CrSector: Electrical Equipment

Management growth scorecard

Revenue

Category 1

Margin

Category 3

Fundraise

N/A

Order

Yes

Capex

Yes

3 of 4 growth signals are positive.

Full analysis

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.

Margin guidance

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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Fundraise plans

→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

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.

Capex plans

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).

How does Ganesh Green Bharat Ltd rank vs peers in Electrical Equipment?

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