GP Eco Solutions India LtdQ3 FY25Electrical Equipment

GP Eco Solutions India Ltd

Q3 FY25 Earnings Call Analysis

Management growth scorecard

Revenue

Category 1

Margin

Category 1

Fundraise

Yes

Order

Yes

Capex

Yes

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

Revenue guidance

Category 1

→FY26 revenue guidance is approximately INR 700 crore to INR 750 crore, targeting 3x growth this year and 5x growth in FY27.
→CAGR expected around 80% over three years, with some conservative estimates mentioning 50% but clarified to be closer to 80%.
→BESS supply target for FY27 is around 150 to 200 megawatt-hours, with potential to scale up to 500 megawatt-hours depending on investor/developer confidence.
→Order book for BESS as of H1 FY26 is ~30 megawatt-hours, aiming to reach 50 megawatt-hours by March and grow beyond with factory ramp-up.
→Targeting 10% market share in the utility BESS segment in India.
→Revenue segments expect growth with EPC projects (~INR 150 crore), residential and C&I segments (~INR 200 crore), and inverter/product sales (~INR 100 crore).
→Margins expected to improve from 8-9% range to approximately 13%-14% EBITDA in FY26, scaling to 17%-18% by FY27.

Category 1

→GP Eco Solutions India Limited targets **80% CAGR in revenue** over the next three years, driven by investments in BESS, solar manufacturing, and integrated project execution.
→EBITDA margin for FY26 is expected to be around **13% to 14%**, scaling up to **17% to 18% by FY27**.
→PAT margins have improved from 4% to approx. 8% currently, expected to sustain or improve with increased scale.
→Revenue guidance for FY26 is between **INR 700 crore to INR 750 crore**, with PAT around INR 50 crore.
→Strong growth expected from BESS facility near completion, 1.2 GW solar module & cell lines, and a robust EPC pipeline.
→Focus on expanding market share to **10% in the Indian utility BESS segment**, targeting scalable and sustainable growth.
→EBIT and profits expected to benefit from enhanced technology integration, manufacturing expansion, and strategic execution.

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Yes

→There is no explicit mention of any current or planned new fundraising through debt or equity during the call.
→The company has taken on long-term debt mainly for setting up factories and projects, with debt increasing from INR 33 crores to INR 72 crores in six months.
→Debt is expected to be managed and offset by returns from the new factories and products.
→The debt-equity ratio is expected to be maintained over the next two years.
→Working capital needs are met efficiently, and the company does not expect significant CapEx or fundraising for executing projects as 85% of project costs are recovered within one to two months after approvals.
→CapEx for new facilities like the solar module and cell manufacturing has been deferred to FY27 and FY28.
→If new government schemes like PLI arise, the company is interested but currently considers existing PLIs exhausted.

Yes

→Current BESS order book is around 30 megawatt hours (MWh), with additional projects expected to be finalized soon (Page 14).
→Targeting to secure approximately 50 MWh of BESS orders by March FY26 with current capacity (Page 14).
→Existing EPC order execution of around INR 150 crores under the Invergy brand and approximately INR 200 crores upcoming in H2 FY26 (Page 16).
→For solar modules, orders are being finalized quickly due to upcoming policy changes increasing costs by ~25% on solar cells (Page 26).
→Oriana has given a trial order, which is on track for commissioning by December 15, with a further pipeline of 20-30 MWh fixed from them pending performance proof (Page 24).
→Overall, the company is confident of exponential growth in order book driven by investor and developer confidence post successful project executions.

Yes

→The company plans a phased CapEx for a solar top-con module facility and cell manufacturing capacity.
→The 1.2 gigawatt module facility CapEx originally planned for the current year has been deferred to FY27 due to higher traction in BESS and increased competition in the module industry.
→Cell manufacturing capacity is slated for FY28.
→The total investment for setting up a 3 gigawatt BESS manufacturing facility is around INR 30-40 crores, with an added 2.5 gigawatt expansion on top of an existing 500 megawatt-hour semi-automatic facility.
→The new BESS facility, fully automated, is expected to be operational by January-February FY26.
→CapEx for new projects is mostly long-term loans; working capital needs are managed efficiently without major hindrance.
→Further CapEx plans will be revised and shared once finalized.

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