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GP Eco Solutions India Limited (GPECO)

📊 NSE: GPECO 🏢 Electric Equipment 📢 Latest filing: 25 Sep 2026 📝 Analysis written: 13 Dec 2025

Latest quarterly results (H2 FY26)

In its latest reported quarter, H2 FY26, GP Eco's revenue was ₹293 Cr (+79.8% year on year, +141.2% on the previous half-year), and net profit ₹33.0 Cr (+450.0% year on year); the operating margin was 15.0%.

H2 FY26 (₹ Cr)	Value	YoY vs H2 FY25	vs prev. half
Revenue	₹293	+79.8%	+141.2%
Operating profit	₹44.0	+388.9%	+192.0%
Net profit	₹33.0	+450.0%	+217.3%
EPS (₹)	25.12	+419.0%	+185.8%
Operating margin	15.0%	—	—

Full quarterly financials → Results calendar →

GPECO delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 76.32% of the GPECO shares traded on NSE were taken to delivery, against the stock's own 20-session average of 76.77%. That is close to its usual level. Turnover was only ₹61 lakh, so a handful of trades can move this figure.

76.32%Delivery, 16 Oct

76.77%Own 20-session average

0.8×Volume vs its average

₹397.65NSE close · -0.53%

Delivery in the last 5 sessions: 87.0% · 72.9% · 57.8% · 83.0% · 76.3%

Delivery across the market →

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

GP Eco Solutions Assigned 'IVR BBB/Stable' and 'IVR A3+' Ratings by Infomerics

🟡 NEUTRAL ⭐ 5/10

REGULATORY 📅 25 Sep 2026, 07:14 PM

GP Eco Solutions India Limited has received credit ratings from Infomerics Valuation and Rating Ltd. on September 25, 2026. The agency assigned an 'IVR BBB/Stable' rating for its long-term facilities and an 'IVR A3+' rating for short-term facilities. With total debt at ₹58 Cr against a net worth of ₹93 Cr (D/E of 0.62), the investment-grade rating reflects adequate safety and moderate credit risk for the solar EPC and manufacturing firm.

Infomerics assigned 'IVR BBB/Stable' for Long Term Rating on 25-09-2026
Short Term Rating assigned at 'IVR A3+'
Credit rating applies against total existing debt of ₹58 Cr
Company reported TTM revenue of ₹660 Cr with a D/E ratio of 0.62

💡 Track subsequent credit rating rationale reports to evaluate the sanctioned bank limit details and any borrowing cost impacts on its ₹58 Cr debt profile.

GP Eco Solutions Shareholders Approve All Resolutions at 16th AGM

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 22 Sep 2026, 05:32 PM

GP Eco Solutions India Limited held its 16th Annual General Meeting on September 21, 2026, through video conferencing. The company reported that shareholders approved all proposed resolutions with the requisite majority. Remote e-voting was conducted between September 18 and September 20, 2026, along with e-voting during the AGM. This filing represents routine annual statutory compliance under SEBI Listing Regulations.

16th Annual General Meeting held on September 21, 2026, at 12:30 P.M.
Remote e-voting was open from September 18, 2026 (9:00 A.M.) to September 20, 2026 (5:00 P.M.)
All resolutions passed with the requisite majority by shareholders

💡 Track subsequent filings for the formal scrutinizer report and upcoming half-yearly or quarterly financial results for execution on revenue growth targets.

GPECO Allots 1.2 Lakh Shares to Promoters on Warrant Conversion, Receives ₹3.13 Cr

🟡 NEUTRAL ⭐ 4/10

FUNDRAISE 📅 16 Sep 2026, 08:25 PM

GP Eco Solutions India Limited has approved the allotment of 1,20,000 equity shares upon the conversion of fully convertible warrants issued to promoters on a preferential basis. The warrants were originally allotted at ₹348 per warrant, with ₹87 per warrant paid upfront and the balance ₹261 per warrant paid now, aggregating to an inflow of ₹3.13 crore (total value ₹4.18 crore). The three promoter allottees—Anju Pandey, Deepak Pandey, and Astik Mani Tripathi—received 40,000 shares each. Compared to the company's market cap of ₹505 crore, the cash inflow represents a minor ~0.6%, resulting in minimal equity dilution.

Allotment of 1,20,000 equity shares of face value ₹10 each upon conversion of warrants
Conversion exercise price of ₹348 per warrant, bringing in total consideration of ₹4,17,60,000
Balance consideration received on conversion totals ₹3,13,20,000 (₹261 per warrant)
Shares allotted equally (40,000 each) to promoters Anju Pandey, Deepak Pandey, and Astik Mani Tripathi

💡 Track the upcoming shareholding pattern update to confirm the minor increase in promoter shareholding and subsequent quarterly cash flow statements.

GP Eco Solutions Allots 600 Equity Shares Under ESOP Scheme 2024

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 01 Sep 2026, 06:26 PM

GP Eco Solutions India Limited's Nomination and Remuneration Committee approved the allotment of 600 equity shares of face value Rs 10 each pursuant to the exercise of vested options under the GPECO Employee Stock Option Scheme – 2024. The options were exercised by an employee who was granted options on May 12, 2025. Consequent to the allotment, the company's total issued share count increases by 600 shares to 1,23,30,400 equity shares. The newly allotted shares rank pari passu with existing shares with no lock-in restrictions.

Allotment of 600 equity shares of face value Rs 10 each under ESOP Scheme 2024
Options exercised from grant date of May 12, 2025
Paid-up share base increases marginally from 1,23,29,800 to 1,23,30,400 shares
Shares carry no lock-in period and rank pari passu with existing shares

💡 Track subsequent quarterly financial performances and operational updates; no action required on minor routine ESOP allotments.

₹76.85 Cr Direct EPC Contracts Finalized as Scope Revisions Lower Order Value from ₹121.92 Cr

🟡 NEUTRAL ⭐ 5/10

OTHER 📅 01 Sep 2026, 06:21 PM

GP Eco Solutions India Limited has clarified and revised the contractual structure of its earlier announced ₹121.92 Cr Punjab solar project originally awarded by Welkin Renewable. The project has now been structured directly with end customers Garg Acrylics Limited (₹46.06 Cr) and Nahar Industrial Enterprises Limited (₹30.79 Cr across two packages), bringing the total contract value to ₹76.85 Cr (~11.6% of TTM revenue of ₹660 Cr). The reduction in contract value is driven by scope alterations, including direct land and module procurement by the clients, rather than project cancellations.

Total EPC contract value revised down to ₹76.85 Cr from the original ₹121.92 Cr intimation due to client-level scope reductions.
Total project capacity finalized at 25.60 MW AC / 33.96 MW DC, executed directly with end customers instead of intermediary Welkin.
Scope adjustments include exclusion of land procurement, transmission infrastructure, and direct module sourcing for a 7.50 MW AC unit by Nahar.
Individual contract values: Garg Acrylics at ₹46.06 Cr (11.50 MW AC) and Nahar Industrial Enterprises at ₹30.79 Cr (14.10 MW AC total).

💡 Track the execution progress and revenue recognition timeline of these direct EPC contracts in upcoming half-yearly financial results.

GPECO Solar EPC Contract Value Revised Down to ₹76.85 Cr from ₹121.92 Cr on Scope De-scoping

🔴 NEGATIVE ⭐ 6/10

OTHER 📅 29 Aug 2026, 04:20 PM

GP Eco Solutions India Limited has announced a structural amendment to its July 2025 EPC solar order in Punjab. The contract was originally awarded by intermediary Welkin Renewable for ₹121.92 Cr (24 MW AC / 31.67 MW DC), but has now been restructured directly with end-users Garg Acrylics Limited and Nahar Industrial Enterprises Limited. Due to the exclusion of land procurement, power evacuation infrastructure, and certain PV module procurement from GP Eco's scope, the aggregate contract value is revised downward to ₹76.85 Cr across 25.60 MW AC / 33.96 MW DC. The company also clarified that earlier disclosures (including an intimation on October 29, 2025 for ₹37.50 Cr) do not represent duplicate orders.

Aggregate contract value reduced by ₹45.07 Cr from ₹121.92 Cr to ₹76.85 Cr due to scope reduction
Restructured into direct contracts with Garg Acrylics (₹46.06 Cr) and Nahar Industrial Enterprises (₹16.55 Cr + ₹14.24 Cr)
Total project capacity finalized at 25.60 MW AC / 33.96 MW DC under Open Access Captive arrangement
De-scoping includes land procurement, transmission line/bay infrastructure, and PV module supply for a 7.50 MW AC segment
Clarified that October 29, 2025 disclosure for ₹37.50 Cr is part of this direct order, preventing double counting

💡 Track execution milestones and revenue recognition across FY27 for the ₹76.85 Cr direct order, and monitor whether the exclusion of low-margin pass-through items (land and modules) helps sustain or improve project-level operating margins.

GP Eco Solutions Issues Notice for 16th AGM on Sep 21, 2026; Shares FY26 Annual Report

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 26 Aug 2026, 12:39 PM

GP Eco Solutions India Limited has scheduled its 16th Annual General Meeting (AGM) for Monday, September 21, 2026, via Video Conferencing. Alongside the notice, the company released its FY2025-26 Annual Report highlighting revenue from operations of ₹414.38 crore (up 68.15% YoY) and PAT of ₹40.12 crore (up 287% YoY). The report also underscores its shift into manufacturing, with Phase 1 of its Dasna Giga Factory commissioned and targeting 3 GWh BESS capacity by September 2026.

16th AGM scheduled for September 21, 2026, at 12:30 PM IST via VC/OAVM.
Reported FY25-26 turnover of ₹414.38 Cr (+68.15% YoY) and PAT of ₹40.12 Cr (+287% YoY).
Manufacturing share of consolidated revenue increased to 31% from 17%.
Dasna Giga Factory Phase 2 expansion targeting 3 GWh BESS capacity by September 2026 (aiming for 5 GWh by FY28).

💡 Track shareholder resolutions passed at the AGM on September 21, 2026, and monitor the operational ramp-up of Phase 2 at the Dasna Giga Factory.

GP Eco Solutions Schedules 16th AGM on Sept 21, 2026; Proposes Whole-Time Director Appointment

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 26 Aug 2026, 12:29 PM

GP Eco Solutions India Limited has issued notice for its 16th Annual General Meeting (AGM) scheduled for September 21, 2026, via video conferencing. The cut-off date to determine e-voting eligibility is September 14, 2026, with remote e-voting open from September 18 to September 20, 2026. Key agenda items include the adoption of FY2025-26 audited financial statements and the approval of the redesignation of Mr. Pavitra Khandelvwal as Whole-time Director for a 5-year term effective August 13, 2026.

16th Annual General Meeting scheduled for September 21, 2026, at 12:30 PM IST via VC/OAVM
Cut-off date for e-voting fixed as Monday, September 14, 2026
Remote e-voting window active from September 18, 2026 (9:00 AM) to September 20, 2026 (5:00 PM)
Proposed re-designation of Mr. Pavitra Khandelvwal to Whole-time Director for a period of 5 years effective August 13, 2026

💡 Eligible shareholders holding shares as of the September 14, 2026 cut-off date should review the Annual Report and vote on the AGM resolutions before September 20, 2026.

GP Eco Solutions receives NSE listing approval for 4.99 lakh preferential equity shares

🟡 NEUTRAL ⭐ 3/10

FUNDRAISE 📅 19 Aug 2026, 06:50 PM

GP Eco Solutions India Limited has secured listing and trading approval from the National Stock Exchange (NSE) for 4,99,000 equity shares of ₹10 face value each issued via a preferential allotment. The shares are admitted to dealings effective August 19, 2026. As per exchange guidelines, the entire lot of 4,99,000 shares will remain under lock-in until March 05, 2027. This notification marks the procedural listing completion for the preferential issue.

4,99,000 equity shares of ₹10 face value each admitted to dealings on NSE.
Listing and trading effective from August 19, 2026 (Symbol: GPECO, Series: SM).
Entire batch of 4,99,000 shares placed under statutory lock-in until March 05, 2027.
Allotted distinctive share number range runs from 11830801 to 12329800.

💡 Track the deployment of funds raised from this preferential issue towards planned BESS manufacturing expansion, and note the lock-in expiry date of March 05, 2027.

GPECO Receives NSE Listing Approval for 4.99 Lakh Preferential Shares Locked-in Till March 2027

🟡 NEUTRAL ⭐ 3/10

FUNDRAISE 📅 19 Aug 2026, 03:24 PM

GP Eco Solutions India Limited has received listing and trading approval from the National Stock Exchange of India (NSE) for 4,99,000 equity shares of face value ₹10 each issued on a preferential basis. The newly listed shares are admitted to dealings effective August 19, 2026. As per regulatory requirements, all 4,99,000 shares will remain under lock-in until March 05, 2027. This announcement represents the final procedural step following the company's preferential allotment.

NSE approved listing and trading for 4,99,000 equity shares of face value ₹10 each
Trading admission effective from August 19, 2026 (Symbol: GPECO, Series: SM)
Entire batch of 4,99,000 shares under lock-in until March 05, 2027
Distinctive numbers assigned from 11830801 to 12329800

💡 Track subsequent quarterly shareholding pattern disclosures to review the updated expanded share base and note the lock-in expiry on March 05, 2027.

₹5,000 penalty levied by NSE for 1-day delay in regulatory filing

🟡 NEUTRAL ⭐ 2/10

REGULATORY 📅 13 Aug 2026, 06:03 PM

GP Eco Solutions India Limited (GPECO) has been fined ₹5,000 by the National Stock Exchange (NSE) for a one-day delay in submitting Related Party Transaction disclosures under Regulation 23(9) for the half-year ended March 31, 2026. The Board of Directors reviewed the notice on August 12, 2026, and has directed the compliance team to implement stricter monitoring to prevent future lapses. Financially, the penalty of ₹5,900 (including GST) is negligible compared to the company's TTM revenue of ₹660 Cr. This is a procedural administrative matter with no impact on business fundamentals.

Penalty of ₹5,000 plus 18% GST (Total ₹5,900) imposed by NSE.
Non-compliance involved a 1-day delay in filing disclosures for the half-year ended March 31, 2026.
Board of Directors formally advised the compliance team to exercise due care and diligence.
Notice for non-compliance was originally issued by the Exchange on June 30, 2026.

💡 No action required as the matter is purely administrative. Investors should simply note the Board's commitment to improving secretarial compliance timelines.

GPECO Appoints Vikash Kumar Misra as CFO; Announces Board Reconstitution and Sept 21 AGM

🟡 NEUTRAL ⭐ 7/10

MANAGEMENT 📅 12 Aug 2026, 01:31 PM

GP Eco Solutions India Limited (GPECO) has appointed Vikash Kumar Misra as Chief Financial Officer for a 5-year term effective August 12, 2026, following the resignation of Neha Garg. The board also approved the transition of Pavitra Khandelwal to Whole-Time Director and Anju Pandey to a Non-Executive role. These leadership changes occur as the company manages a TTM revenue of Rs 660 Cr and targets an 80% CAGR through expansion into high-margin Battery Energy Storage Systems (BESS). The 16th Annual General Meeting is scheduled for September 21, 2026.

Appointment of Vikash Kumar Misra as CFO for a 5-year term starting August 12, 2026
Resignation of former CFO Neha Garg effective July 31, 2026; she will continue as an Advisor
16th Annual General Meeting (AGM) scheduled for September 21, 2026, at 12:30 P.M. IST
Pavitra Khandelwal appointed as Whole-Time Director for a 5-year term ending August 12, 2031
Board approved the FY 2025-26 Annual Report following a period with TTM PAT of Rs 54 Cr

💡 Investors should monitor the upcoming AGM on September 21, 2026, for management commentary on the execution of the BESS manufacturing facility and the new CFO's strategy for capital allocation.

Board Meeting on Aug 12 to Appoint New CFO and Reorganize Board

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 06 Aug 2026, 05:13 PM

GP Eco Solutions India Limited has scheduled a board meeting for August 12, 2026, to approve the FY 2025-26 Board's Report and implement several leadership changes. The company will process the resignation of CFO Neha Garg and the appointment of Vikash Kumar Misra as the new CFO. Additionally, the board will see a reshuffle with Mr. Pavitra Khandelwal moving to a Whole-Time Director role and Mrs. Anju Pandey transitioning to a Non-Executive position. These changes occur as the company manages a TTM revenue of ₹660 Cr and targets significant growth in the Battery Energy Storage Systems (BESS) segment.

Board meeting scheduled for August 12, 2026, to approve the FY 2025-26 Board's Report.
Resignation of Neha Garg as Chief Financial Officer (Key Managerial Personnel).
Appointment of Vikash Kumar Misra as the new Chief Financial Officer.
Elevation of Mr. Pavitra Khandelwal from Non-Executive Director to Whole-Time Director.
Resignation of Mr. Akhilesh Kumar Jain as a Non-Executive Director.

💡 Investors should monitor the formal appointment details of the new CFO on August 12 to assess their experience in scaling manufacturing businesses, given the company's 80% CAGR target.

₹18.24 Cr Order Win for GPECO Subsidiary for 24,319 Inverter Units

🟢 POSITIVE ⭐ 5/10

OTHER 📅 03 Aug 2026, 03:02 PM

GP Eco Solutions' wholly-owned subsidiary, Invergy India, has secured a purchase order worth ₹18.24 crore from E-KORS Private Limited. The contract involves the supply of 24,319 units of 1.1 KW MGT inverters for a tender issued by South Bihar Power Distribution Company Limited. The order is slated for rapid execution by September 30, 2026, representing approximately 2.76% of the company's TTM revenue of ₹660 crore. This win highlights the company's ability to service government-linked power distribution projects through its subsidiary.

Order value of ₹18.23,92,500 (approx. ₹18.24 crore) for inverter supply.
Contract involves the supply of 24,319 units of 1.1 KW MGT inverters.
Execution deadline is set for September 30, 2026, implying a tight 2-month turnaround.
Order awarded to wholly-owned subsidiary Invergy India Private Limited for a South Bihar Power tender.

💡 Monitor the timely execution of this order by the September 30 deadline and observe the impact on operating margins in the Q2 FY27 results.

View All GPECO Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Total revenue grew 78.4% YoY to INR 247.44 Cr in FY25 from INR 138.68 Cr in FY24. H1 FY26 revenue reached INR 121.94 Cr, a 45.44% YoY increase from H1 FY25 (INR 83.84 Cr), driven by scaling EPC projects and manufacturing operations.

Geographic Revenue Split

The company is expanding solar deployment across Asia-Pacific, Africa, and Latin America to meet electrification and climate goals; specific percentage splits per region are not disclosed in available documents.

Profitability Margins

Net Profit Margin was 4.27% in FY25, down from 5.15% in FY24 due to increased operating expenses. However, PAT margin improved to 8.53% in H1 FY26, reflecting a 112.59% YoY growth in PAT to INR 10.40 Cr.

EBITDA Margin

EBITDA margin was 6.82% in FY25 (INR 16.88 Cr) and improved significantly to 12.74% in H1 FY26 (INR 15.54 Cr), a 354 BPS increase. The company targets 13-14% for full-year FY26 and 17-18% by FY27.

Capital Expenditure

Property, Plant & Equipment (PPE) increased 578% from INR 3.00 Cr in FY24 to INR 20.32 Cr in FY25 to support manufacturing expansion and the upcoming BESS facility.

Credit Rating & Borrowing

Debt-Equity ratio stood at 0.55 in FY25, down from 0.67 in FY24. Total borrowings include INR 2.29 Cr in long-term debt and INR 30.09 Cr in short-term debt to fund working capital for EPC projects.

⚙️ Operational Drivers

Raw Materials

Key raw materials include solar panels, solar cells, and battery components for the upcoming BESS facility. Raw material expenses accounted for 77.7% of total income in H1 FY26 (INR 94.78 Cr).

Capacity Expansion

The company is scaling its manufacturing base, supported by a 578% increase in PPE to INR 20.32 Cr in FY25, including a new facility for BESS expected to deliver 15% margins.

Raw Material Costs

Raw material costs were INR 94.78 Cr in H1 FY26, representing 77.7% of revenue. Procurement strategies focus on increasing purchasing strength through a larger manufacturing base.

Manufacturing Efficiency

The company is aiming for a 5x increase in PAT compared to historical levels by scaling manufacturing and improving purchasing strength.

📈 Strategic Growth

Expected Growth Rate

80%

Growth Strategy

The company aims to achieve an 80% CAGR over three years by scaling its manufacturing base to increase purchasing power, expanding into high-margin (15%) Battery Energy Storage Systems (BESS), and growing its asset-light EPC and recurring O&M revenue streams.

Products & Services

Solar EPC (Engineering, Procurement, and Construction) projects, Operations & Maintenance (O&M) services, and Battery Energy Storage Systems (BESS).

Brand Portfolio

GP Eco Solutions.

New Products/Services

New BESS (Battery Energy Storage Systems) products are expected to contribute higher margins of 15% compared to the 8-9% average for standard EPC projects.

Market Expansion

Targeting emerging markets in Asia-Pacific, Africa, and Latin America driven by electrification needs and climate goals.

🌍 External Factors

Industry Trends

The solar industry is seeing strong deployment in Asia-Pacific and Africa driven by climate goals. GPECO is positioning itself by transitioning from a pure EPC player to a manufacturer, targeting a margin increase from 6.82% to 17-18% by FY27.

Competitive Landscape

Operates in the competitive solar EPC and O&M market, differentiating through an asset-light model and a move toward higher-margin manufacturing (15% target for BESS).

Competitive Moat

GPECO's moat lies in its asset-light EPC model combined with recurring O&M income, providing stable cash flow. Its shift to in-house manufacturing is designed to capture more value, aiming to increase EBITDA margins to 17-18%.

Macro Economic Sensitivity

Highly sensitive to global renewable energy policies and electrification trends in emerging markets like Asia-Pacific and Africa.

Consumer Behavior

Increasing demand for sustainable energy and electrification in emerging markets is driving the shift toward solar solutions and battery storage.

Geopolitical Risks

Trade barriers or supply chain shifts in the global solar market could impact the procurement of components, affecting the 80% CAGR growth target.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to the Companies Act 2013 and GST regulations. The company must also follow technical standards for solar installations and manufacturing to maintain its EPC project quality.

Taxation Policy Impact

Effective tax rate for H1 FY26 was approximately 22.9% (INR 2.92 Cr tax on INR 12.72 Cr PBT).

Legal Contingencies

No specific pending court case values were disclosed; however, the auditor's report for FY25 noted that internal financial controls need to be strengthened to ensure the reliability of financial reporting.

⚠️ Risk Analysis

Key Uncertainties

Supply chain volatility and the need for stronger internal financial controls (as noted by auditors) are primary risks to achieving the 80% CAGR target.