Ganesh Green Bharat LtdQ1 FY26Electrical Equipment

Ganesh Green Bharat Ltd

Q1 FY26 Earnings Call Analysis

Management growth scorecard

Revenue

Category 1

Margin

Category 2

Fundraise

Yes

Order

Yes

Capex

Yes

4 of 5 growth signals are positive — a strong management growth story.

Full analysis

Revenue guidance

Category 1

→Company targets a minimum growth of 50%-70% annually over the next 5 years.
→Expected revenue for FY27 is in the range of INR1,500 crores to INR1,700 crores, potentially exceeding INR1,700 crores if execution pace improves or new orders are received.
→BESS segment is a key growth driver with significant orders, including a 1 gigawatt hour capacity order from NTPC REL.
→Order book and bid pipeline sufficient for 1.5 years, with ongoing tenders worth INR3,000 crores in modules and INR1,500 crores in BESS.
→Production capacity utilization for solar modules was 76% in FY26; target is 85% utilization in FY27.
→Strategic focus on expanding solar cell manufacturing depending on tender success and government policy.
→Increased revenue contribution expected from higher margin EPC and BESS segments supporting growth and profitability.

Margin guidance

Category 2

→Ganesh Green Bharat expects continued strong growth, targeting 50%-70% revenue growth annually over the next 5 years.
→FY27 revenue guidance is INR1500-1700 crores, possibly exceeding INR1700 crores with new orders.
→PAT margin expected to improve from 7% in FY26 to 8-9% in FY27 and FY28, driven by higher-margin EPC business and BESS projects.
→EBITDA margin in BESS segment anticipated around 13-14%.
→EPS grew 131% in FY26 to 30.31; further improvement expected alongside revenue and margin growth.
→Order book of INR2200 crores and active tender participation worth over INR2500 crores support revenue visibility.
→Working capital and debt expected to be managed prudently; fundraising planned at favorable valuations to support expansion.
→Enhanced operational efficiency and strategic procurement aim to improve profitability despite raw material price volatility.

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Fundraise plans

Yes

- Current fundraising primarily through bank loans to support working capital and project execution. - Company is managing projects mostly using its own funds at present. - Plans to take more loans from banks as project scale and working capital needs increase. - Fundraising through equity is planned in the future but only at a strong valuation to enable significant growth. - No immediate equity fundraising planned; will be considered after achieving higher valuation. - Debt-to-equity ratio is presently low; company intends to maintain a safe and manageable debt level during expansion. - Additional funds will be taken as needed based on project scale and order book growth, with a focus on efficient working capital management. Overall, incremental debt funding is ongoing and equity fundraising is planned but not immediate, dependent on company valuation and business growth.

Order book

Yes

→Current order book includes 500 MW in modules.
→Participated in non-DCR tenders for about 2,000 MW, providing 1 to 1.5 years of work visibility.
→Total bid value in modules stands at INR 3,000 crores (INR 2,000 crores in modules, plus additional INR 1,000 crores).
→For BESS, bids participated worth around INR 1,500 crores; expected to secure orders between INR 1,000 to 1,500 crores.
→Total order book combining modules and BESS sufficient for approximately 1.5 years.
→Actively bidding for more tenders, including around INR 2,000 MW non-DCR projects.
→Focus remains on non-DCR projects due to better material availability and quality.
→BESS order from NTPC REL approximately 1 GWh capacity secured.

Capex plans

Yes

→Planning to expand solar cell manufacturing capacity up to 1 gigawatt with tentative capex around INR 300 crores (Page 16).
→Earlier 1-gigawatt plant cost was about INR 800 crores; current costs are lower due to idle Chinese line availability and better support (Page 16).
→A larger investment of INR 750 to 800 crores planned for lithium battery cell and Battery Energy Storage System (BESS) manufacturing, including Battery Management Systems (Page 12).
→Module capacity expansion planned from 1.1 GW to 2 GW in phases, potentially accelerated to 2026 based on strong demand and new orders (Page 9).
→Capex and working capital expected to increase with new projects; currently managing with own funds and bank working capital facilities, considering future fundraises at better valuations (Pages 17, 15).
→No clear roadmap for peak debt yet; capex funded mainly from internal accruals plus bank funding (Page 18).

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

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