Ganesh Green Bharat Limited (GGBL)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, Ganesh Green's revenue was ₹725 Cr (+302.4% year on year, +111.8% on the previous half-year), and net profit ₹42.0 Cr (+144.8% year on year); the operating margin was 8.6%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹725 | +302.4% | +111.8% |
| Operating profit | ₹62.0 | +136.6% | +23.9% |
| Net profit | ₹42.0 | +144.8% | +27.7% |
| EPS (₹) | 17.07 | +172.7% | +28.7% |
| Operating margin | 8.6% | — | — |
GGBL delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 75.86% of the GGBL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 70.96%. That is close to its usual level. Turnover was only ₹18 lakh, so a handful of trades can move this figure. Volume was 0.4 times its average, well below normal.
Delivery in the last 5 sessions: 66.2% · 75.0% · 70.0% · 90.9% · 75.9%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Ganesh Green Bharat Limited submitted its Reconciliation of Share Capital Audit Report for the quarter ended September 30, 2026. The company maintains an issued and listed capital of 2,48,01,000 equity shares on the NSE Emerge SME platform. Exactly 100% of its equity is dematerialized, split between NSDL (83.75%) and CDSL (16.25%), with zero physical shares outstanding. No changes in share capital occurred during the quarter.
- Total issued and listed capital stands unchanged at 2,48,01,000 equity shares
- 100% of share capital is held in dematerialized format (0 physical shares)
- NSDL holds 2,07,69,900 shares (83.75%), while CDSL holds 4,03,11,000 shares (16.25%)
- Zero demat requests were pending beyond 21 days during the quarter
Ganesh Green Bharat Limited submitted its statement of investor complaints under Regulation 13(3) of SEBI LODR for the quarter ended September 30, 2026. The company started the quarter with 1 pending complaint and received 0 new complaints during the period. The single pending complaint was disposed of, leaving 0 complaints unresolved at the end of the quarter.
- Complaints pending at beginning of quarter (01.07.2026): 01
- Complaints received during the quarter: 00
- Complaints disposed of during the quarter: 01
- Complaints unresolved at the end of the quarter (30.09.2026): 00
Ganesh Green Bharat Limited (GGBL) has issued the notice for its 7th Annual General Meeting scheduled for September 29, 2026, alongside its FY2025-26 Annual Report. The company disclosed that its manufacturing capacity has been scaled to 1.2 GW in 2026, up from 1.1 GW previously reported and 750 MW in 2024. Remote e-voting runs from September 25 to September 28, 2026, with the cut-off date fixed for September 22, 2026. The independent auditor's report noted no qualifications or adverse remarks regarding internal financial controls or subsidiaries.
- 7th Annual General Meeting scheduled for September 29, 2026, at 11:30 AM via VC/OAVM
- Remote e-voting begins September 25, 2026, and concludes on September 28, 2026, with cut-off date on September 22, 2026
- Solar PV module manufacturing capacity scaled to 1.2 GW in 2026 from 1.1 GW in 2025
- Auditor's report confirmed no qualifications or adverse remarks under CARO 2020 for subsidiary Souraj Energy and JV PIGL GEPL
Ganesh Green Bharat Limited has approved the re-appointment of promoter-directors Mr. Rajendrakumar Narsinhbhai Patel and Mr. Niravkumar Sureshbhai Patel as Whole Time Directors for a 3-year term. Both terms are effective from October 25, 2026, to October 24, 2029, following the completion of their current tenures. The company also appointed M/s. Dalwadi & Associates, Cost Accountants, effective September 05, 2026.
- Re-appointment of Rajendrakumar Narsinhbhai Patel as Whole Time Director for a 3-year term from October 25, 2026, to October 24, 2029
- Re-appointment of Niravkumar Sureshbhai Patel as Whole Time Director for a 3-year term from October 25, 2026, to October 24, 2029
- Rajendrakumar Patel brings 24+ years of project management experience overseeing procurement and maintenance
- Niravkumar Patel brings 11+ years of experience managing project execution, finance, and compliance
- Appointment of M/s. Dalwadi & Associates, Cost Accountants, effective September 05, 2026
Ganesh Green Bharat Limited has approved the re-appointment of promoter directors Mr. Rajendrakumar Narsinhbhai Patel and Mr. Niravkumar Sureshbhai Patel as Whole Time Directors. Both re-appointments are for a 3-year tenure effective from October 25, 2026, to October 24, 2029. The executives oversee core procurement, project execution, finance, and operational functions for the company.
- Re-appointment of Rajendrakumar Narsinhbhai Patel as Whole Time Director for 3 years (October 25, 2026 to October 24, 2029)
- Re-appointment of Niravkumar Sureshbhai Patel as Whole Time Director for 3 years (October 25, 2026 to October 24, 2029)
- Rajendrakumar Patel brings 24+ years of project management and procurement experience
- Niravkumar Patel brings 11+ years of experience in project execution, finance, and compliance
Ganesh Green Bharat Limited announced the outcome of its Board meeting held on September 05, 2026. The Board approved the re-appointment of Mr. Rajendrakumar Narsinhbhai Patel as Whole Time Director for a 3-year term from October 25, 2026 to October 24, 2029. Additionally, Mr. Niravkumar Sureshbhai Patel was re-appointed as Whole Time Director for the same 3-year term ending October 24, 2029. Both individuals are promoters and key executives overseeing project management, procurement, finance, and operations.
- Re-appointment of Mr. Rajendrakumar Narsinhbhai Patel as Whole Time Director for a 3-year term effective October 25, 2026 to October 24, 2029
- Re-appointment of Mr. Niravkumar Sureshbhai Patel as Whole Time Director for a 3-year term effective October 25, 2026 to October 24, 2029
- Mr. Rajendrakumar Narsinhbhai Patel brings 24+ years of project management and procurement experience
- Mr. Niravkumar Sureshbhai Patel brings 11+ years of experience managing finance, HR, and compliance
Financial Performance
Revenue Growth by Segment
The company reported total revenue of INR 342.38 Cr in H1 FY26, a 145.83% YoY increase from INR 139.28 Cr in H1 FY25. The module supply segment continues to dominate revenue, supported by rising demand in the solar EPC segment, specifically solar pumps, solar rooftops, and solar streetlights.
Geographic Revenue Split
While a specific regional percentage split is not disclosed, the company recently secured a Letter of Empanelment and Rate Contract from Maharashtra State Electricity Distribution Company Limited on December 10, 2025, indicating a strong presence and expansion in the Maharashtra region.
Profitability Margins
Net Profit Margin (PAT Margin) for H1 FY26 stood at 9.60%, a slight improvement from 9.38% in H1 FY25. This was driven by better working capital distribution and a controlled cost structure despite competitive pricing in the EPC segment.
EBITDA Margin
EBITDA margin for H1 FY26 was 14.61%, down from 16.27% in H1 FY25. The 166 bps compression was primarily due to competitive pricing in certain EPC segments and temporary softness in solar module prices. Absolute EBITDA grew 120.76% YoY to INR 50.02 Cr.
Capital Expenditure
The company utilized proceeds from its Initial Public Offering (IPO) aggregating to INR 125.23 Cr to fund its growth initiatives. Current focus includes ramping up the 1.1 GW solar PV module plant to full capacity.
Credit Rating & Borrowing
Interest expenses for H1 FY26 were INR 2.53 Cr, compared to INR 2.40 Cr in H1 FY25. The company maintains strong financial discipline with a positive operating cash flow of INR 25.89 Cr in H1 FY26.
Operational Drivers
Raw Materials
Key raw materials include solar glass, solar cells (implied by future cell manufacturing plans), and components for Battery Energy Storage Systems (BESS). Logistics and container costs for importing these materials significantly impact the cost structure.
Import Sources
Raw materials and components, specifically glass and containers, are primarily sourced from China, as indicated by management's discussion on Chinese transportation and material lead times.
Key Suppliers
Not specifically disclosed in the provided documents; however, the company interacts with Tier-1 clients for repeat orders and government entities like Maharashtra State Electricity Distribution Company Limited.
Capacity Expansion
Current manufacturing capacity stands at 750 MW, which has been expanded to a 1.1 GW solar PV module plant. The 1.1 GW plant reached full capacity operation in November 2025.
Raw Material Costs
Raw material costs are subject to volatility in solar module pricing and input material dynamics. Management manages this by taking orders that can be completed within 6-8 months to mitigate long-term price fluctuations.
Manufacturing Efficiency
Capacity utilization was 69% in H1 FY26, with management targeting an increase to 85-90% within the current financial year following the ramp-up of the 1.1 GW facility.
Logistics & Distribution
Logistics for solar modules are sensitive and tend to slow down during monsoon months, which typically makes H2 a stronger period for execution and revenue recognition.
Strategic Growth
Expected Growth Rate
100%
Growth Strategy
The company plans to achieve its target of doubling turnover through higher utilization of its 1.1 GW plant (moving from 69% to 90%), participating in larger government tenders, and diversifying into high-margin segments like Battery Energy Storage Systems (BESS), solar cell manufacturing, and eventually wafer manufacturing.
Products & Services
Solar PV modules, solar pumps, solar rooftops, solar streetlights, and EPC services for clean energy solutions.
Brand Portfolio
Ganesh Green Bharat Limited (GGBL).
New Products/Services
Entry into Battery Energy Storage Systems (BESS) is expected next year, with margins projected between 9% and 11%. Future plans include solar cell and wafer manufacturing.
Market Expansion
Expansion is focused on the Indian domestic market, specifically through government empanelment like the recent Maharashtra state contract for design, manufacture, and supply.
Strategic Alliances
The company works closely with Tier-1 clients and government bodies; specific private JV partner names were not disclosed.
External Factors
Industry Trends
The industry is seeing a shift toward integrated manufacturing (cells and wafers) and energy storage (BESS). GGBL is positioning itself to capture this by expanding from module assembly into these advanced segments.
Competitive Landscape
The market is characterized by competitive pricing in the EPC segment and volatility in global module prices, requiring high operational efficiency to maintain margins.
Competitive Moat
The company's moat is built on long-standing customer relationships, repeat orders from Tier-1 clients, and operational efficiency in a capital-intensive manufacturing sector. Sustainability is driven by the transition to clean energy.
Macro Economic Sensitivity
The business is highly sensitive to government policies in the renewable energy sector and overall economic uncertainties that affect infrastructure spending.
Consumer Behavior
Increased demand for clean energy solutions and government-led initiatives for solar pumps and rooftops are driving volume growth.
Geopolitical Risks
Dependence on Chinese imports for glass and containers poses a risk if trade barriers or geopolitical tensions disrupt the supply of solar components.
Regulatory & Governance
Industry Regulations
Operations are governed by renewable energy policy changes and MNRE guidelines for solar manufacturing and EPC tenders.
Environmental Compliance
The company operates in the clean energy sector, aligning with national environmental goals. Specific ESG spend in INR was not disclosed.
Taxation Policy Impact
The effective tax rate for H1 FY26 was approximately 23.7% (Tax of INR 10.24 Cr on PBT of INR 43.15 Cr).
Legal Contingencies
The company has a matter currently under consideration by the Regional Director, North Western Region, as noted in the MDA, though the specific case value was not disclosed.
Risk Analysis
Key Uncertainties
Solar module price volatility and supply chain disruptions are the primary uncertainties, potentially impacting margins by 2-3% if not managed through short-term contracting.
Geographic Concentration Risk
Significant operations and recent contract wins are concentrated in India, with specific focus on states like Maharashtra.
Third Party Dependencies
High dependency on Chinese suppliers for critical raw materials like glass and logistics infrastructure.
Technology Obsolescence Risk
The shift toward BESS and cell manufacturing indicates a need to constantly upgrade technology to remain competitive against global solar manufacturers.
Credit & Counterparty Risk
The company manages credit risk through tight receivable management, evidenced by a positive operating cash flow of INR 25.89 Cr.
