📌 At a glance
Winsol Engineers Ltd (NSE SME: WINSOL, CMP: ₹269) has lit up the FY25 scoreboard with a 43% YoY revenue jump and ₹1178.67 lakh PAT. The company’s EBITDA margin stands at 14.82%, and a whopping ₹195 crore order book sets the tone for FY26. But wait, this isn’t just another infra player — Winsol is turning manufacturer too, with Alunova Profiles entering the aluminium & solar component game, and a Zambian subsidiary going international.
If you thought this was a small-time contractor from Jamnagar… bro, think again. Winsol just levelled up.
🏢 About the Company
- Name: Winsol Engineers Ltd
- CIN: U40100GJ2015PLC085516
- Head Office: Jamnagar, Gujarat
- Listed On: NSE SME Emerge (Symbol: WINSOL)
- Business: Engineering, Procurement, Construction & Commissioning (EPCC) for wind and solar Balance of Plant (BoP)
- Certifications: ISO 9001:2015, 14001:2015, 45001:2018
- Workforce: 300+ employees (200+ technical)
- Geography: Active in 9 states in India
🧑💼 Key People
- Ramesh Jivabhai Pindariya – Chairman & Managing Director (DIN: 07322863)
- FY25 Quote: “Solar mein suraj nikal gaya hai, aur hum manufacturing mein ghus rahe hain.”
📊 FY25 Financial Performance (Consolidated)
| Metric | FY25 (₹ Lakh) | FY24 (₹ Lakh) | Change (%) |
|---|---|---|---|
| Revenue from Operations | 11,141.85 | 7,804.91 | +42.75% |
| H2FY25 Revenue | 6,959.94 | 4,459.96 | +56.05% |
| EBITDA | 1,650.78 | Not stated | — |
| EBITDA Margin | 14.82% | — | — |
| Profit After Tax (PAT) | 1,178.67 | 908.58 | +29.73% |
📈 This isn’t just growth. This is hockey-stick-level growth.
🧮 Forward Value (FV) Estimate
Assuming a sector P/E of 20x for EPC + Renewable combo:
FV = ₹11.78 EPS × 20 = ₹235.60/share
📉 CMP = ₹269 → already ahead of FV
🧠 Market is clearly pricing in manufacturing expansion + export upside
🏗️ Order Book & Pipeline
- Current Order Book: ₹195 crore+
- Clientele: Leading renewable energy companies
- Nature: Solar EPC, wind infra, O&M, substations, BoP, etc.
- Execution Timeline: Likely spread over FY26–27
🧠 Edu Take: Order book is 1.75× FY25 revenue. Great visibility for the next few quarters.
🏭 Diversification Play – Manufacturing Launch
🚀 Introducing: Alunova Profiles Pvt Ltd
What will they make?
- Insulated copper/aluminium/steel wires
- Aluminium extrusions & solar panel frames
- Inverter parts, automotive components
- High-performance finishes: powder coating, anodising, wood-effect, etc.
🎯 Manufacturing Facility to Go Live: FY26
💡 Why it matters: Moves Winsol from service contractor → asset-based manufacturer
🌍 Export potential? Absolutely.
🌍 Global Expansion – Zambia Subsidiary
- New Entity: Winsol Engineers Zambia Ltd
- Why Zambia?
- Renewable energy investments in East Africa
- Indian EPC expertise is in demand
- EduInvesting View: Zambia isn’t just a vanity play — it could be the gateway to Africa’s green gold rush
🔋 Segment & Capability Snapshot
| Segment | Details |
|---|---|
| Solar & Wind EPC | Balance of Plant, substation, cabling |
| Operation & Maintenance (O&M) | Post-installation servicing |
| ROW & Foundation Work | Land prep + structural execution |
| New Segment (Alunova) | Manufacturing aluminium, wiring & solar parts |
| International Expansion | EPC + services in Zambia (Africa footprint) |
📈 Stock Snapshot
| Parameter | Value |
|---|---|
| CMP (29 May) | ₹269.00 |
| Change | +₹1.50 (+0.56%) |
| IPO Date | 14 May 2024 |
| IPO Buzz | Hugely positive (strong debut) |
🧠 EduInvesting Take
This isn’t your average SME infra story. Winsol is quietly evolving from:
- 🛠️ EPC contractor →
- 🧰 Infra service brand →
- 🏭 Solar and aluminium manufacturer →
- 🌍 Global exporter
And it’s doing this while staying profitable, debt-light (so far), and holding ₹195 Cr worth of work-in-hand.
Verdict: “Jamnagar se Japan? Maybe. But right now, they’re making Gujarat glow greener.”
⚠️ Red Flags & Risks
- 🚧 Execution bottlenecks (manufacturing delays = investor FOMO crash)
- 📦 Heavy reliance on project-based income — lumpy quarters ahead?
- 🧾 No margin breakdown segment-wise
- 💰 No capex details for Alunova — how will it be funded?
🔮 Future Outlook
- Alunova unit launch in FY26 will redefine margins
- Zambia subsidiary could turn into a revenue sleeper hit
- Order book indicates 20–30% revenue growth continuity
🎯 Final Verdict
Winsol isn’t just doing infra work. They’re engineering their destiny — one EPC, one aluminium extrusion, and one Zambian deal at a time. For a company listed just last year, the script’s tight and the ambition’s loud.
We’re watching closely — not because it’s big already, but because it’s acting like it will be.
Author: Prashant Marathe
Date: 29 May 2025
Tags: Winsol Engineers, Alunova Profiles, Renewable Energy, Solar EPC, FY25 Results, Jamnagar Companies, NSE SME, Order Book, Zambia Expansion, EduInvesting
