1. At a Glance
GP Eco Solutions India Ltd has gone from being a North Indian solar inverter distributor to a full-fledged energy powerhouse that now dreams in gigawatt-hours. With a market cap of ₹574 crore and a stock price chilling at ₹485 (after touching ₹616), this SME-listed energy play is the classic “humble beginning, electric ambition” story. The company’s H1 FY26 results made analysts blink twice — ₹121.94 crore in revenue and ₹10.4 crore PAT, implying a 45.8% YoY jump in sales and an electrifying 113% jump in profit.
The numbers look shiny: ROE at 23.6%, ROCE at 25.4%, and an 8.35% operating margin that’s decent for a trading-heavy solar business. But wait, there’s a ₹72 crore debt load and debtor days creeping to 95 — clearly, the sunlight takes its time turning into cash. The stock trades at a pricey 35.7x P/E, but when you have dreams of building a 3 GWh Battery Energy Storage System (BESS) factory, maybe valuation gravity doesn’t apply.
The company is pulling off a balancing act — distributing Sungrow and LONGi panels like a pro, expanding its own brand “INVERGY,” and adding EPC projects and BESS ambitions for extra wattage. Investors, grab your shades — GP Eco’s numbers are bright, but we need to check if they’re solar bright or flashbulb bright.
2. Introduction
Once upon a time in 2010, GP Eco Solutions started out selling solar equipment like every other hopeful renewable entrepreneur in India. Fast forward to FY25–26, and the company is talking about GWh-scale battery storage like it’s ordering chai. Somewhere between “authorized distributor” and “integrated EPC provider,” GPESL figured out how to turn sunlight into serious cash flow — well, almost.
Their claim to fame? Distribution rights for Sungrow inverters and panels from Saatvik and LONGi — basically, they sell the big boys’ stuff and make it sound like magic. The EPC business (where they actually build solar plants) adds a techie sparkle but remains a smaller contributor. The real action is in trading and distribution — low margins, high volume, and endless credit cycles.
And then came the twist — their homegrown brand “INVERGY.” Think of it as the desi Tesla cousin trying to make hybrid solar inverters and LFP batteries cool. Combine that with plans for a 3 GWh BESS facility starting January 2026, and you realize this company doesn’t do small dreams.
But as every investor knows, expansion comes with debt, delays, and drama. ₹72 crore in borrowings, creeping receivables, and a P/E of 35+ tell us that GP Eco’s journey is less “overnight success” and more “powered by EMI and optimism.” Still, for a company that increased its authorized capital from ₹25 lakh to ₹12 crore and distributed 70 lakh bonus shares, optimism seems to be the core energy source here.
3. Business Model – WTF Do They Even Do?
Let’s decode the GP Eco business like a detective investigating a solar-powered crime scene.
Primary Business:GP Eco is primarily a distributor of solar inverters and solar panels — they don’t manufacture these; they sell them for big global brands. Around 73% of FY24 sales came from Sungrow inverters, 12% from Saatvik panels, and 15% from hybrid inverters (under their brand INVERGY).
Secondary Business:They also act as an EPC (Engineering, Procurement & Construction) contractor, building solar plants for clients. But this segment contributes less than distribution.
Tertiary (but hyped) Business:Manufacturing under the INVERGY brand — focusing on hybrid inverters and lithium ferro phosphate (LFP) batteries. The company plans to set up large-scale manufacturing capacity for this, claiming to bring new “hybrid” energy solutions to India.
So, in simple words:Theybuy from Sungrow, sell to India, anddream of becoming the next Tesla.
Revenue segments (FY24):
- On-grid inverters: 45%
- Hybrid inverters: 9%
- Panels: 27%
The rest? EPC and miscellaneous projects.Geographically, over 80% of revenues come from just four states — UP, Uttarakhand, Punjab, and Delhi. It’s North-heavy, but now they’re planning a national (and international) spread, including a possible southern India push and export ambitions.
So yes, GP Eco is an energy middleman evolving into a manufacturer — like a trader realizing “margin kam hai, factory kholni padegi.”
4. Financials Overview
(Data Type:
Half-Yearly Consolidated Figures in ₹ Crores)
| Metric | Sep 2025 (H1 FY26) | Sep 2024 (H1 FY25) | Mar 2025 (Prev Half) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 121 | 83 | 163 | 45.8% | -25.8% |
| EBITDA | 15 | 7 | 9 | 114.3% | 66.7% |
| PAT | 10 | 5 | 6 | 100.0% | 66.7% |
| EPS (₹) | 8.79 | 4.18 | 4.84 | 110.3% | 81.6% |
Annualised EPS (H1 FY26):8.79 × 2 = ₹17.58P/E (based on CMP ₹485):485 / 17.58 = ~27.6x
Commentary:Revenue doubled YoY and profit more than doubled, proving that GP Eco’s business is running hotter than a rooftop solar panel at noon. Operating margins improved from 9% to 12%, a sign that they’re managing costs better — or just passing them to customers. QoQ dip in revenue (due to seasonal EPC cycles) isn’t alarming yet, but we’ll watch if that becomes a trend.
5. Valuation Discussion – Fair Value Range Only
Let’s bring in some numbers before the bhakti begins.
(a) P/E Method:Annualised EPS = ₹17.58Industry P/E = 34.7→ Fair Range = 25x to 35x → ₹440 – ₹615
(b) EV/EBITDA Method:EV = ₹637 Cr; EBITDA (TTM) = ₹24 Cr → EV/EBITDA = 26.5x (quite rich)Peer median = 20x→ Fair Range = ₹480 – ₹600
(c) Simplified DCF (steady-state 20% growth for 3 years, 10% discount):→ Intrinsic Range ≈ ₹450 – ₹610
Conclusion:The fair value range for educational purposes is₹440–₹610, meaning the current price (₹485) sits right in the fair zone — not too hot, not too cold, but enough to give you solar tan lines.
Disclaimer:This fair value range is foreducational purposes onlyand isnot investment advice.
6. What’s Cooking – News, Triggers, Drama
GP Eco’s recent news reads like a thriller novel with solar panels as props:
- Nov 2025:H1 FY26 revenue ₹121.94 Cr, PAT ₹10.4 Cr, and a ₹30–40 Cr capex for a3 GWh BESS factorykicking off by January 2026.
- Sep 2025:Shareholders approved related-party transactions up to ₹540 Cr (because, why not).
- Aug 2025:₹32 lakh GST penalty under Section 129(3). Management said they’ll appeal — typical “not our fault, sir” energy.
- July–Sept 2025:Bagged ₹121.92 Cr EPC project for 24 MW solar plant in Punjab and ₹37.5 Cr solar project in Bhatinda.
- Sep 2025:LOI to supply
