Any current/future new fundraising through debt or equity?

Gensol Engineering plans to raise between INR 200 crores and INR 300 crores of new equity, subject to approval at the EGM scheduled for January 25, 2024. Post equity raise and expected profits, the company anticipates a net worth of over INR 600 crores by FY25 start. The company expects to borrow up to INR 1,800 crores debt at a comfortable debt-to-equity ratio of around 3:1 by FY25. Leasing business currently has undrawn credit lines of about INR 800 crores, which they plan to fully utilize in FY25 to double the asset base. Cost of debt is currently sub-10%, with the possibility to improve if

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

**EPC Business:** Minimal capex planned, around INR 5-15 crores for plant and machinery. **EV Manufacturing:** Approximately INR 125-130 crores planned to expand the Chakan plant for cargo and personal mobility vehicles. **EV Leasing:** Significant asset purchase planned, with an intention to buy INR 800-1000 crores worth of vehicles in FY25 (considered as capex since vehicles are on the company's balance sheet). No new geographic expansion beyond the UAE for existing international operations; focus remains on the UAE market. No immediate strategic investments like demergers planned in the sho

Future growth expectations in sales/revenue/volumes?

Gensol aims to grow its revenue fivefold from FY24 to FY27, targeting approximately INR5,000 crores by FY27. For FY25, the combined revenues of all three subsidiaries (solar EPC, EV leasing, and EV manufacturing) are expected to cross INR2,000 crores. EV manufacturing revenue is projected at INR300 crores in FY25, doubling to INR600 crores in FY26. EV leasing business assets under management (AUM) expected to double in FY25, with current credit lines of INR800 crores expected to be fully utilized. Solar EPC business revenue expected to scale up to INR1,300 crores in FY25. Installed solar capac

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

Gensol aims to be five times its FY24 size in revenue within three years, targeting around INR5,000 crores by FY27. For FY25, combined revenues from EPC, EV leasing, and EV manufacturing are projected to cross INR2,000 crores. EPC segment expected revenue around INR1,300 crores; EV leasing close to INR400 crores; EV manufacturing about INR300 crores in FY25. EBITDA margins are expected to sustain or slightly improve, driven by a higher proportion of leasing business with strong margins (~30%+). EPC business is scaling rapidly, with FY25 execution volume projected at about 600 MW, up fr

Gensol Engineering LtdQ3 FY24Electrical Equipment

Gensol Engineering Ltd Q3 FY24 Earnings Call Analysis

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

Price: ₹10.89P/E: 0.4Market Cap: ₹42 CrSector: Electrical Equipment

Management growth scorecard

Revenue

Category 1

Margin

Category 3

Fundraise

Yes

Order

Yes

Capex

Yes

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

Full analysis

Revenue guidance

Category 1

Gensol aims to grow its revenue fivefold from FY24 to FY27, targeting approximately INR5,000 crores by FY27.
For FY25, the combined revenues of all three subsidiaries (solar EPC, EV leasing, and EV manufacturing) are expected to cross INR2,000 crores.
EV manufacturing revenue is projected at INR300 crores in FY25, doubling to INR600 crores in FY26.
EV leasing business assets under management (AUM) expected to double in FY25, with current credit lines of INR800 crores expected to be fully utilized.
Solar EPC business revenue expected to scale up to INR1,300 crores in FY25.
Installed solar capacity target for FY25 around 600 megawatts, up from 190 megawatts in FY24.
Market share to potentially grow from under 2% currently to 6-7% by FY30 in the solar EPC segment.
The company plans prudent growth, aiming for steady 100%-200% YoY growth in chosen market segments.

Margin guidance

Category 3

Gensol aims to be five times its FY24 size in revenue within three years, targeting around INR5,000 crores by FY27.
For FY25, combined revenues from EPC, EV leasing, and EV manufacturing are projected to cross INR2,000 crores.
EPC segment expected revenue around INR1,300 crores; EV leasing close to INR400 crores; EV manufacturing about INR300 crores in FY25.
EBITDA margins are expected to sustain or slightly improve, driven by a higher proportion of leasing business with strong margins (~30%+).
EPC business is scaling rapidly, with FY25 execution volume projected at about 600 MW, up from 190 MW in FY24 so far.
EV manufacturing production planned at ~5,000 vehicles in FY25, doubling to ~10,000 vehicles by FY26, contributing to revenue growth.
Debt-to-equity management and working capital efficiency will support sustainable growth and margin expansion.

See what Gensol Engineering Ltd management said on margin guidance — free account, 30 seconds.

Fundraise plans

Yes

Gensol Engineering plans to raise between INR 200 crores and INR 300 crores of new equity, subject to approval at the EGM scheduled for January 25, 2024.
Post equity raise and expected profits, the company anticipates a net worth of over INR 600 crores by FY25 start.
The company expects to borrow up to INR 1,800 crores debt at a comfortable debt-to-equity ratio of around 3:1 by FY25.
Leasing business currently has undrawn credit lines of about INR 800 crores, which they plan to fully utilize in FY25 to double the asset base.
Cost of debt is currently sub-10%, with the possibility to improve if interest rates decline.
The firm will be conservative in leveraging, especially in the EV leasing business, with plans to possibly increase leverage as the business matures.

Order book

Yes

- Current EPC order book specifics are not explicitly detailed in the transcript. - On January 23, 2024, Gensol Engineering indicated strong traction in orders, including a INR180 crore order book from UAE clients such as Dubai Municipal Corporation and Dubai Government. - Sweet spot for orders is between INR 50 crores (minimum) and INR 400 crores (maximum). - The company plans to avoid orders above INR 400 crores for FY'25, with potential to take on larger orders from FY'26. - Projected revenue for FY'25 is around INR 2,000 crores across EPC, EV manufacturing (INR 300 crores), and EV leasing (INR 400 crores). - EPC revenue expected to be about INR 1,300 crores. - The EPC business aims to scale to ~600 MW solar capacity in FY'25 from 190 MW completed in FY'24 to date. - The company emphasizes sustainable growth in its orderbook without pursuing extremely large solar parks (e.g., 500-1000 MW). This summarizes Gensol's current order positioning and near-term expectations.

See what Gensol Engineering Ltd management said on order book — free account, 30 seconds.

Capex plans

Yes

EPC Business: Minimal capex planned, around INR 5-15 crores for plant and machinery.
EV Manufacturing: Approximately INR 125-130 crores planned to expand the Chakan plant for cargo and personal mobility vehicles.
EV Leasing: Significant asset purchase planned, with an intention to buy INR 800-1000 crores worth of vehicles in FY25 (considered as capex since vehicles are on the company's balance sheet).
No new geographic expansion beyond the UAE for existing international operations; focus remains on the UAE market.
No immediate strategic investments like demergers planned in the short or medium term, but possible in the long term depending on market conditions.
Hydrogen and battery energy storage systems (BESS) segments are being actively pursued with ongoing and upcoming projects but specific capex details not provided.

Track Gensol Engineering Ltd — get its next earnings analysis in your feed

How does Gensol Engineering Ltd rank vs peers in Electrical Equipment?

Pro feature

ThisGensol Engineering Ltd

Rev 1Mar 3

See where Gensol Engineering Ltd sits in Electrical EquipmentSee which companies these are, and every other name in the sector.Open rankings

How does Gensol Engineering Ltd rank in Electrical Equipment?

Compare Gensol Engineering Ltd against every Electrical Equipment company (Q3 FY24) on revenue, margins and earnings-call signals.

View Electrical Equipment leaderboard →

What Gensol Engineering Ltd's management said in earlier quarters

Others in Electrical Equipment this season

Supreme Power Equipment Ltd (Q2 FY27)
Compared to the half year ended September 30, 2025 (not explicitly stated, but implied by YoY growth context), revenue increased (exact previous period revenue…
Inox Wind Ltd (Q2 FY26)
200 crore. Key concall takeaways from Inox Wind Ltd's Q2 FY26 earnings call — and how it ranks against sector peers.
Power & Instrum. (Q2 FY26)
Net Sales: ₹70.27 Cr (up from ₹54.93 Cr in Q2 FY25) — approx. Key investor presentation takeaways from Power & Instrumentation (Gujarat) Ltd's Q2 FY26 investor
Triveni Turbine Ltd (Q2 FY26)
The outstanding order book is at a record ₹22.2 billion, which is 24% higher year-over-year. Key concall takeaways from Triveni Turbine's Q2 FY26 earnings call…

Compare:vs Bharat Heavy Electricals Ltd vs A B B vs CG Power & Industrial Solutions Ltd

🔎 Who's planning the most growth?

Companies ranked by management's own guidance — revenue, margins, capex and order book, from every earnings call in India.

See rankings →