revenue
1500–1700 $million
FY 2027
official guidance
GANESH GREEN BHARAT LIMITED
Last · NSE₹481.90+260.05 (+117.22%)stale · yahoo · 18662h ago
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OpenFilings analyst
Our analyst
Agentic read of the latest earnings call — recommendation updates when we process a new transcript. Research synthesis, not investment advice.
BuyHoldSell
Strong growth and order visibility are offset by working-capital intensity, execution uncertainty and inconsistent expansion plans.
HOLD: FY26 revenue rose 232% to INR1,067 crore, EBITDA 122% to INR113.6 crore and PAT 149% to INR75.2 crore, with a INR2,200 crore order book and FY27 revenue guidance of INR1,500–1,700 crore.
The growth runway is attractive, supported by NTPC REL’s approximately 1 GWh BESS order, but the call exposed significant execution and funding risk: 95% imported materials, INR83 crore of advances versus INR9 crore previously, no standard price-escalation clause, and only 8–9% expected PAT margins.
Themes
- Solar Manufacturing
- Solar Epc
- Bess
- Ntpc Rel
- Working Capital
- Import Dependence
Near term
Execution of the NTPC REL BESS project over the next 12 months; management expects roughly 60% of the INR1,150 crore EPC component to be completed in FY27.
Conversion of the INR2,200 crore order book and bids into revenue, with seasonality expected to keep H2 at roughly 1.5 times H1.
Recovery of cash tied up in inventory, advances and receivables as Sterling & Wilson and government projects are billed and cleared through LC processes.
Module and BESS margin realization against management’s 12–14% EBITDA and 8–9% PAT expectations.
Longer term
BESS and higher-margin EPC could improve the mix from a business that generated more than 70% of FY26 revenue from lower-margin manufacturing.
Capacity expansion from the current 1.1 GW module line depends on order wins; FY26 utilization was 76%, with an 85% target for FY27.
Domestic cell and lithium-cell/BMS manufacturing could reduce import dependence, but plans remain conditional on tenders, policy and technology support.
Government and PSU relationships may support repeat orders, although the company remains much smaller than established solar manufacturers and EPC competitors.
Red flags
Loans and advances increased from approximately INR9 crore to INR83 crore, while management attributed the deterioration in cash flow to inventory and business advances without providing a detailed reconciliation.
More than 95% of materials are imported, yet contracts generally lack price-escalation clauses, leaving margins exposed to aluminium, copper, silver, FX and freight volatility.
Management cited roughly INR750–800 crore for lithium-cell/BMS investment, but later suggested a 1 GW solar-cell line could cost about INR300 crore; funding, peak debt and returns were not quantified.
The INR1,500 crore BESS tender includes only about INR1,150 crore of EPC work, with maintenance and timing details reducing the near-term revenue contribution versus the headline order value.
The 8–9% PAT margin outlook is largely an aspiration tied to BESS/EPC mix improvement; FY26 margins had already fallen to roughly 7%, and no firm margin bridge was provided.
Cell manufacturing remains dependent on winning sufficient DCR/BESS orders and government policy, while commercial production timelines ranged from 6–8 months for a ready line to 12–15 months for the lithium-cell setup.
Forward outlook
Recommendation history
OpenFilings analyst view from primary-source filings and earnings calls — not investment advice.
Earnings transcripts
- Issuer IR
Submission of Transcript of the Earning Conference call held on Friday, May 29, 2026 Download PDF
GANESH GREEN BHARAT LIMITED
- Issuer webcast
LINK OF ANALYSTSINVESTOR's Earning Conference Call On Financial Results For The Half Year And Year Ended March 31,2026 Listen
GANESH GREEN BHARAT LIMITED
- Issuer IR
Intimation Of Transcript Earning Call Conference20112025 Download PDF
GANESH GREEN BHARAT LIMITED
- Issuer webcast
LINK OF ANALYSTSINVESTOR's Earnings Conference Call On Financial Results For The Half Year Ended September 30, 2025 Listen
GANESH GREEN BHARAT LIMITED
- Issuer IR
Transcript Of Call Conference March 31 2025 Download PDF
GANESH GREEN BHARAT LIMITED
- Issuer webcast
LINK OF ANALYSTSINVESTOR's Conference Call On Financial Results For The Half Year And Year Ended March 31,2025 Listen
GANESH GREEN BHARAT LIMITED
Documents
FormReporting forFiledFlags
—2026-06-30≈0