⚡ At a Glance
Ganesh Green Bharat Ltd (GGBL) just posted a scorching 87% jump in FY25 revenue — but with a bittersweet aftertaste: EBITDA margins dropped over 500 bps. From ₹17,017 lakh to ₹31,801 lakh, GGBL’s growth story is real, but so is the hit on profitability. What’s cooking? Hint: strategic pivot to solar module sales. 🍳🔋
☀️ About the Company
GGBL is a renewable energy player with a dual focus on:
- EPC projects (Engineering, Procurement, Construction)
- Solar PV module manufacturing
But FY25 marked a shift: Modules now make up 70% of revenue — a deliberate pivot for stability and scale.
👨💼 Key Management
- Chairman & MD: Ketanbhai Narsinhbhai Patel
The solar-powered captain behind the company’s transformation. Also doubles up as the chief hype-man in investor calls.
📊 FY25 Financials (₹ in Lakhs)
| Metric | FY25 | FY24 | YoY Growth |
|---|---|---|---|
| Revenue | ₹31,801 | ₹17,017 | +86.88% |
| EBITDA | ₹4,741 | ₹3,502 | +35.38% |
| EBITDA Margin | 14.91% | 20.58% | -567 bps |
| PAT | ₹3,042 | ₹2,186 | +39.21% |
| PAT Margin | 9.57% | 12.84% | -327 bps |
| EPS | ₹13.14 | ₹17.19 | ↓ |
🧾 H2FY25 continued the same story — high revenue (₹18,018 lakh) and volume, but margins weakened again.
🧮 FV Estimate (Fair Value Range)
Based on:
- EPS base of ₹13.14
- Industry average P/E: 22–26× (solar is hot, but so is scrutiny)
🎯 Fair Value Range: ₹290 – ₹340
(CMP not used, as per new EduInvesting standards)
⚙️ Strategy Shift: From EPC to Modules
Why the pivot?
- Module Sales = Stable Volume ✅
- EPC = Higher Margins but Riskier ❌
By FY25, 70% of revenue came from solar module sales — a huge strategic shift that led to lower margins but better order book visibility.
🧠 Industry Outlook
- India’s solar push remains red-hot
- Module capacity expansion is key
- AI, ML in solar production? GGBL is already deploying predictive tech and automation.
🧱 Capacity Expansion
| Milestone | Status |
|---|---|
| FY24 Capacity | 236 MW |
| FY25 New Plant Operational | 750 MW (Jan 2025) |
| Utilization (targeted) | 70–75% in Year 1 |
| FY26 Planned Capacity | 1.1 GW by Aug 2025 |
Also integrating robotic automation, AI/ML, and vertical integration across supply chain.
📦 Order Book
- ₹1,124 crore order book
- Clients: MNCs, PSUs
- Includes “Generation Insurance” for quality control flex
🧪 Tech & Process Innovations
- AI-enabled assembly lines
- Tier-1 raw material suppliers
- Predictive maintenance, minimal human intervention
- Higher-efficiency cell designs already in use
GGBL is basically building solar plants like Tesla builds Model Ys.
🧵 EduInvesting Take
Ganesh Green isn’t just another EPC flameout. They’ve flipped the model: lower-margin, high-volume solar module sales are now the focus — and it’s working. The capacity expansion is aggressive, tech-savvy, and vertically integrated.
But let’s be real — margin pressure is real too. Going from 20.58% to 14.91% EBITDA hurts. And EPS dropped 23%.
So is this a multibagger or just a sunny PR release?
💬 Our bet: If they scale to 1.1 GW and fix margins, you’ll wish you’d bought it when nobody was watching.
🚨 Risks & Red Flags
- Margins falling despite revenue boom
- High capex; dependence on utilization
- Module competition heating up — especially from China
- EPS dip may spook valuation chasers
