Gensol Engineering Limited: Comprehensive Company Profile

Background

Overview

Established in 2012, Gensol Engineering Limited is a prominent player in the renewable energy sector, specializing in solar power engineering, procurement, and construction (EPC) services, along with electric mobility solutions. The company is dedicated to delivering sustainable and innovative energy solutions, contributing significantly to India's clean energy transition.

Mission and Vision

Gensol's mission is to revolutionize the clean energy ecosystem through innovation and comprehensive solutions. The company envisions a sustainable future powered by renewable energy, aiming to be at the forefront of combating climate change through its diverse offerings.

Industry Significance

With a diverse team of over 500 professionals, Gensol has successfully executed over 770 MW of solar projects, encompassing rooftop, ground-mounted, and floating solar installations across various states in India. The company's expansion into electric vehicle (EV) manufacturing and leasing further underscores its commitment to sustainable energy solutions.

Key Strategic Focus

Core Objectives

• Solar EPC Services: Providing end-to-end solutions for solar power projects, including design, procurement, construction, and commissioning.

• Electric Mobility Solutions: Developing and manufacturing electric vehicles, along with offering comprehensive EV leasing services.

• Battery Energy Storage Systems (BESS): Offering state-of-the-art energy storage solutions combined with advanced energy management systems.

Areas of Specialization

• Solar Trackers: Through the acquisition of Scorpius Trackers, Gensol offers innovative single-axis solar tracking solutions.

• Green Hydrogen: Providing comprehensive support for green hydrogen projects, from planning to implementation.

Key Technologies Utilized

• Solar Tracking Systems: Enhancing solar power generation efficiency through advanced tracking technologies.

• Electric Vehicle Manufacturing: Designing and producing EVs tailored for urban fleet and cargo segments.

• Energy Management Systems: Implementing advanced systems for optimal operation of energy storage solutions.

Primary Markets Targeted

• Renewable Energy Sector: Focusing on solar power projects across India and the Middle East.

• Electric Mobility Market: Catering to the growing demand for electric vehicles and related services.

• Energy Storage Solutions: Addressing the need for efficient energy storage in the renewable energy landscape.

Financials and Funding

Funding History

Gensol Engineering Limited has demonstrated robust financial growth over recent years, reflecting its strategic expansion and operational efficiency.

Recent Financial Performance

• FY24: The company reported a total revenue of ₹996 crore, marking a 147% increase from ₹403 crore in FY23. EBITDA stood at ₹260 crore, an increase of 218%, with a PAT of ₹53 crore, up 129% from the previous year.

• Q1 FY25: Gensol recorded a total revenue of ₹297 crore, a 105% increase from ₹145 crore in Q1 FY24. EBITDA was ₹89 crore, reflecting a 143% rise, and PAT stood at ₹15 crore, a growth of 50%.

Utilization of Capital

The capital raised has been strategically utilized to expand Gensol's operations in solar EPC projects, EV manufacturing, and energy storage solutions, aligning with the company's growth objectives and market demands.

Pipeline Development

Key Projects and Milestones

• Solar EPC Contracts: Gensol secured significant contracts, including a ₹1,061.97 crore project for a 275 MW solar PV project at RE Solar Park, Khavda Rann of Kutch, Gujarat, and an ₹897.47 crore contract for a 225 MW-AC solar PV system at GSECL Solar Park, Gujarat.

• Electric Vehicle Manufacturing: The company unveiled the 'EZIO' micro urban vehicle and 'EZIBOT' cargo electric vehicle at the Bharat Mobility Global Expo 2025, receiving 30,000 pre-orders from fleet operators.

• Battery Energy Storage Systems (BESS): Gensol emerged as a leading developer for standalone BESS projects, with a total awarded capacity of 570 MW/1,140 MWh from Gujarat Urja Vikas Nigam Limited (GUVNL), expected to generate over ₹3,100 crore over a 12-year tenure.

Timelines for Anticipated Milestones

• Solar Projects: The awarded solar projects are expected to be developed and commissioned over the next 2-3 years, contributing significantly to India's renewable energy capacity.

• EV Manufacturing: Production and delivery of the pre-ordered electric vehicles are scheduled to commence within the next 12-18 months.

• BESS Projects: The BESS projects are slated for development and operationalization over the next 3-4 years, enhancing energy storage capabilities in the region.

Technological Platform and Innovation

Proprietary Technologies

• Solar Trackers: Gensol's acquisition of Scorpius Trackers has enabled the company to offer bankable single-axis solar tracking solutions, enhancing the efficiency of solar power generation.

Significant Scientific Methods

• Energy Management Systems: Implementing advanced energy management systems to optimize the performance and efficiency of energy storage solutions.

AI-Driven Capabilities

• Smart Energy Solutions: Leveraging artificial intelligence to develop smart energy solutions that enhance the performance and reliability of renewable energy systems.

Leadership Team

Key Executives

• Anmol Singh Jaggi: Chairman and Managing Director. Co-founder of Gensol, Anmol has been instrumental in steering the company's strategic direction and growth in the renewable energy sector.

• Puneet Singh Jaggi: