Ganesh Green Bharat Ltd
Incorporated in 2016, Ganesh Green Bharat
Ltd specializes in Solar PV Module manufacturing, Solar Systems and Allied Services, Electrical Contracting, and Water Supply Scheme
Projects[1]
- Market Cap ₹ 671 Cr.
- Current Price ₹ 271
- High / Low ₹ 555 / 221
- Stock P/E 13.4
- Book Value ₹ 96.0
- Dividend Yield 0.00 %
- ROCE 25.2 %
- ROE 23.0 %
- Face Value ₹ 10.0
Pros
- Company has reduced debt.
- Company has a good return on equity (ROE) track record: 3 Years ROE 27.9%
Cons
- Though the company is reporting repeated profits, it is not paying out dividend
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Industrials Capital Goods Electrical Equipment Other Electrical Equipment
Half Yearly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|
| 106 | 90 | 170 | 318 | 521 | |
| 96 | 76 | 135 | 270 | 446 | |
| Operating Profit | 9 | 14 | 35 | 48 | 75 |
| OPM % | 9% | 15% | 21% | 15% | 14% |
| 1 | 0 | 2 | 4 | 4 | |
| Interest | 2 | 3 | 5 | 5 | 4 |
| Depreciation | 1 | 1 | 3 | 5 | 8 |
| Profit before tax | 7 | 11 | 28 | 41 | 66 |
| Tax % | 26% | 26% | 23% | 27% | |
| 5 | 8 | 22 | 30 | 50 | |
| EPS in Rs | 43.42 | 68.00 | 10.93 | 12.18 | 20.18 |
| Dividend Payout % | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 44% |
| TTM: | 109% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 80% |
| TTM: | 91% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | -22% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 28% |
| Last Year: | 23% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|
| Equity Capital | 1 | 1 | 18 | 25 | 25 |
| Reserves | 26 | 34 | 39 | 180 | 213 |
| 22 | 27 | 54 | 48 | 35 | |
| 39 | 25 | 39 | 86 | 157 | |
| Total Liabilities | 88 | 88 | 150 | 339 | 430 |
| 2 | 2 | 21 | 48 | 47 | |
| CWIP | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 |
| 87 | 86 | 129 | 290 | 383 | |
| Total Assets | 88 | 88 | 150 | 339 | 430 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|
| -8 | -2 | 25 | -29 | |
| -2 | -0 | -34 | -48 | |
| 10 | 3 | 10 | 107 | |
| Net Cash Flow | 0 | -0 | 0 | 30 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|
| Debtor Days | 81 | 81 | 87 | 65 |
| Inventory Days | 39 | 99 | 127 | 176 |
| Days Payable | 100 | 123 | 90 | 76 |
| Cash Conversion Cycle | 20 | 57 | 124 | 164 |
| Working Capital Days | 72 | 141 | 38 | 100 |
| ROCE % | 24% | 38% | 25% |
Insights
In beta| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Nov 2025 | |
|---|---|---|---|---|---|
| Solar PV Module Manufacturing Capacity MW ・Standalone data |
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| Number of Employees Numbers ・Standalone data |
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| Total Order Book INR Crores |
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| Off-Grid Solar Systems Executed (Cumulative) Numbers |
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| Solar Module Supply Order Book INR Crores |
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| Solar PV Module Capacity Utilization % ・Standalone data |
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| Solar Rooftop Order Book INR Crores |
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| Solar Water Pumping System Order Book INR Crores |
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Documents
Announcements
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Updates
5 February 2026 - Participated in Intersolar Africa exhibition, Sarit Expo Centre, Nairobi, Kenya, Feb 3–4, 2026.
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Bagging/Receiving of orders/contracts
3 February 2026 - Received Rs.50.53 crore solar PV modules work order from IPP; order book Rs.673.18cr; revenue ~Rs.900cr by Mar 2026.
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Certificate under SEBI (Depositories and Participants) Regulations, 2018
21 January 2026 - Reconciliation of share capital audit report for quarter ended Dec 31, 2025 submitted by Nirav Soni & Co.
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Clarification - Financial Results
19 January 2026 - Exchange has sought clarification from Ganesh Green Bharat Limited for the quarter ended 30-Sep-2025 with respect to Regulation 33 of the SEBI (LODR) Regulations, 2015. …
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Certificate under SEBI (Depositories and Participants) Regulations, 2018
8 January 2026 - Certificate under Reg 74(5) for quarter ended 31 Dec 2025 confirming dematerialisation/rematerialisation details.
Annual reports
Concalls
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Nov 2025Transcript PPT REC
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Nov 2025TranscriptAI SummaryPPT
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Aug 2025TranscriptAI SummaryPPT
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Jun 2025TranscriptPPTREC
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Nov 2024Transcript PPT REC
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Jul 2024TranscriptAI SummaryPPT
Business Overview:[1]
GGBL is an ISO 9001:2015, ISO 14001:2015, BIS certified manufactures solar systems, and EPC services provider. It also undertakes electrical contracting and water supply scheme projects. Company has completed ~27+ Projects worth ~Rs. 220+ Cr including ~2.50 Lac+ Solar modules products, ~1 Lac+ Systems installed, and ~50,000+ Water connections installed, etc. in ~14 states.