Any current/future new fundraising through debt or equity?

The company has done a preferential/warrants round of INR 540 crores, with INR 140 crores received and INR 400 crores expected to be received before December 31, 2025. They are actively working on raising more working capital, especially non-fund-based limits like letters of credit and bank guarantees, to support solar EPC and electric mobility business growth. No new specific equity or debt fundraising rounds beyond the above are explicitly mentioned currently. Efforts are underway to deleverage, particularly in EV leasing by selling vehicles to Refex and similar transactions to reduce EV-rel

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

A small equity capital raise of INR 50-60 crores was done for the EV leasing business, Let'sEV, mostly retained as cash with some used for vehicle additions. Preferential allotment proceeds (~INR 540 crores) were mainly allocated as: - Over 50% for working capital, - About 25% towards EV manufacturing, - A small portion for inorganic acquisitions. Capex mainly incurred in EV manufacturing and EV leasing; solar EPC has minimal capex. The company is focusing on slow and steady ramp-up of EV manufacturing with a total capacity of 30,000 vehicles. Strategic move includes transferring 2,997

Future growth expectations in sales/revenue/volumes?

Gensol expects continued strong growth, with a 42% year-on-year increase in revenue over the first 9 months of FY '25. The large INR 7,000 crore solar EPC order book is to be executed over the next 18-24 months, driving substantial revenue. Q4 is traditionally the strongest quarter for revenue, with visibility for catch-up on delayed executions due to land acquisition and weather, indicating higher sales. Solar EPC business growth is projected to maintain or exceed current rates, supported by 80% turnkey projects which yield higher margins. EV manufacturing production will start in FY '26, ini

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

Gensol Engineering Limited reported a 42% revenue growth and 34% PAT growth year-on-year for the 9 months ended FY '25. EBITDA margins expanded by 582 bps to 23.3% showing strong operating performance. The company expects continued steady and higher-than-industry growth rates, driven by a robust INR 7,000 crore solar EPC order book to be executed over 18-24 months. Turnkey solar projects (80% of order book) are expected to drive better margins going forward. EV manufacturing is planned to ramp up gradually with a slow and steady increase in vehicle production to manage capital intensity. EV le

Current/ Expected Orderbook/ Pending Orders?

Current order book stands at approximately INR 7,000 crores, mainly in solar EPC projects. 80% of this order book is from turnkey projects with better margins; 20% from balance of system projects. Recent significant wins include three large solar projects of 275 MW, 245 MW, and 225 MW (total close to INR 3,000 crores), with completion timelines of 18 months. About INR 300 crores order book in EV leasing business called Let'sEV, with vehicles already leased and operational. Some solar projects are expected to be completed in the current quarter, including 4 projects from a customer in Eastern I

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Gensol Engineering LtdQ4 FY26Electrical Equipment

Gensol Engineering Ltd Q4 FY26 Earnings Call Analysis

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

Price: ₹22.5P/E: 0.8Market Cap: ₹80 CrSector: Electrical Equipment

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

Yes

Order

Yes

Capex

Yes

3 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 2

→Gensol expects continued strong growth, with a 42% year-on-year increase in revenue over the first 9 months of FY '25.
→The large INR 7,000 crore solar EPC order book is to be executed over the next 18-24 months, driving substantial revenue.
→Q4 is traditionally the strongest quarter for revenue, with visibility for catch-up on delayed executions due to land acquisition and weather, indicating higher sales.
→Solar EPC business growth is projected to maintain or exceed current rates, supported by 80% turnkey projects which yield higher margins.
→EV manufacturing production will start in FY '26, initially slow, with gradual ramp-up targeting top 5-6 metro cities, eventually increasing volumes.
→EV leasing business has turned profitable and expects scale-up through large transactions like the INR 300 crore deal with Refex.
→Overall, Gensol anticipates more than 40-50% growth in solar EPC revenues and steady volume scaling in EV segments in the coming years.

Margin guidance

Category 3

→Gensol Engineering Limited reported a 42% revenue growth and 34% PAT growth year-on-year for the 9 months ended FY '25.
→EBITDA margins expanded by 582 bps to 23.3% showing strong operating performance.
→The company expects continued steady and higher-than-industry growth rates, driven by a robust INR 7,000 crore solar EPC order book to be executed over 18-24 months.
→Turnkey solar projects (80% of order book) are expected to drive better margins going forward.
→EV manufacturing is planned to ramp up gradually with a slow and steady increase in vehicle production to manage capital intensity.
→EV leasing has recently turned profitable and is expected to expand with new leasing and financing solutions.
→Management aims to deleverage and improve financial health through asset monetization and reduce promoter pledge, bolstering earnings quality.
→Q4 and next financial year are expected to show significant execution and growth, with expectations of more than 40-50% growth in solar EPC revenue over next year.

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Fundraise plans

Yes

→The company has done a preferential/warrants round of INR 540 crores, with INR 140 crores received and INR 400 crores expected to be received before December 31, 2025.
→They are actively working on raising more working capital, especially non-fund-based limits like letters of credit and bank guarantees, to support solar EPC and electric mobility business growth.
→No new specific equity or debt fundraising rounds beyond the above are explicitly mentioned currently.
→Efforts are underway to deleverage, particularly in EV leasing by selling vehicles to Refex and similar transactions to reduce EV-related debt.
→The management's core focus is on deleveraging and optimizing working capital rather than aggressive new fundraising.

Order book

Yes

→Current order book stands at approximately INR 7,000 crores, mainly in solar EPC projects.
→80% of this order book is from turnkey projects with better margins; 20% from balance of system projects.
→Recent significant wins include three large solar projects of 275 MW, 245 MW, and 225 MW (total close to INR 3,000 crores), with completion timelines of 18 months.
→About INR 300 crores order book in EV leasing business called Let'sEV, with vehicles already leased and operational.
→Some solar projects are expected to be completed in the current quarter, including 4 projects from a customer in Eastern India and a textile company project.
→Execution delays due to customer land acquisition and extended rainfall; majority orders to be executed over 18-24 months.
→Large order execution backlog is expected to drive strong revenue growth in coming quarters.

Capex plans

Yes

→A small equity capital raise of INR 50-60 crores was done for the EV leasing business, Let'sEV, mostly retained as cash with some used for vehicle additions.
→Preferential allotment proceeds (~INR 540 crores) were mainly allocated as:
→ - Over 50% for working capital,
→ - About 25% towards EV manufacturing,
→ - A small portion for inorganic acquisitions.
→Capex mainly incurred in EV manufacturing and EV leasing; solar EPC has minimal capex.
→The company is focusing on slow and steady ramp-up of EV manufacturing with a total capacity of 30,000 vehicles.
→Strategic move includes transferring 2,997 EVs to Refex, reducing vehicle-related debt by INR 315 crores.
→Active efforts underway to raise more working capital through non-fund-based limits like letters of credit and bank guarantees to support solar EPC and EV business expansion.

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

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