Concall transcriptJun 2026
Jun 2026 · Transcript
Source: Nse
Ganesh Green Bharat Ltd. (GGBL)
SME CapIndustrials stocks · SME cap · NSE
Ganesh Green Bharat Ltd. (GGBL) is an Indian renewable energy company specializing in solar PV module manufacturing (1.1 GW capacity) and end-to-end EPC services for solar, electrical infrastructure, and water supply projects. The company is strategically expanding into Battery Energy Storage Systems (BESS) EPC, aiming to be a premier force in the Asian subcontinent's renewable energy sector.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals18 Oct 2026 · screener
Latest result22 May, 12:48 am IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags04 Jun 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
44NeutralSMA20 -2.0% / mo · MACD + · near 52W low
Stock trend: 40
Sector RS: 50
Sector 3M: -6.3% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
GGBLD candles · FIT view-29.5%Latest close ₹221.20 on 2026-10-19
Bar
+5.5%
RSI
54
MACD hist
1.01
52W pos
7%
2026-10-19O ₹209.60H ₹230.00L ₹205.60C ₹221.20Vol 41,700 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
GGBLNifty India ManufacturingNifty 500
- GGBL
- -17.7%
- Nifty 500
- -5.6%
- Nifty India Manufacturing
- -5.8%
- Vs Nifty 500
- -12.1 pp
Chart stats
19 Oct 2026- From 52W high
- -53.4%
- 52W range position
- 7%
- ATR (14)
- 3.9%
- Volume vs 20D
- 2.28x
- Avg traded value
- ₹0.4 Cr
- 20D price channel
- ₹204 - ₹230
₹475
₹202.1 - ₹475
₹8.7
Latest completed session
20-session average
38.4% annualized volatility
Research snapshot
What the evidence says now
Strong fundamentals, management evidence is still limited to a financial-only Trust Lite signal, but price trend argues for patience. Suitable for staggered entry or watchlist confirmation rather than aggressive buying.
Strong U-Score but weak trend: timing is not confirming the thesis.
Suggested next step
Add to watchlist
Fundamental setup is interesting, but technical confirmation is weak.
U-Score
Legacy · DEEP VALUE89
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Good72
Revenue +553.1% · PAT +180.0% YoY
Technical
Neutral44
Price trend and sector-relative-strength timing.
Valuation
Legacy model+81.4%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence74
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 31 Mar 2026
Good · 72/100Rev +553% YoY · PAT +180% YoY · +113% QoQ · margin compression
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹725 Cr | +553.1% | +112.6% |
| EBITDA | ₹64 Cr | NDF | +30.6% |
| Operating margin | 9.0% | NDF | -500 bps |
| PAT | ₹42 Cr | +180.0% | +27.3% |
| PAT margin | 5.8% | NDF | -389 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 7.03
- P/B
- 1.88
- EV/EBITDA
- 4.79
- Market Cap
- 528.00Cr
Profitability
- ROE
- 31.00%
- ROCE
- 35.80%
- ROA
- 15.37%
- Dividend Y
- 0.23%
Growth (CAGR)
- Revenue 5Y
- 29.00%
- EPS 5Y
- 29.00%
- Revenue 3Y
- 58.00%
- EPS 3Y
- 72.50%
Balance Sheet
- Debt/Equity
- 0.19
- Interest Coverage
- 15.86×
- Altman Z
- 5.40
- Book Value
- 113.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- 21.00 Cr
- EPS TTM
- 30.31
Shareholding
- Promoter Hold
- 73.42%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 4%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 1,064+234.6% vs prev
Net Profit
₹ CrLatest: 75.0+150.0% vs prev
Return on Equity
%Latest: 26.7+82.4% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 54. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~2.0% over last month) — short-term momentum negative.
- RSI(14) at 54 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 53% off 52W high · 9% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
10
RS percentile
Stage 4 Downtrend
1M return
+7.7%
3M return
-17.7%
6M return
-28.9%
1Y return
-45.6%
RS 1D
+3
RS 20D
+4
Sector rank
#2
Industry rank
-
Stage evidence
- Price is 18.3% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -2.4%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
leading
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 58.36+4.93%
RS vs Nifty 50058
Valuation & peers
U-Score 89 · legacy U-Score band DEEP VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 89 · legacy U-Score band DEEP VALUE · valuation evidence and comparable companies
Top Setup
Fundamental score breakdown
U band · DEEP VALUEValuation29/30
Growth22/25
Quality20/20
Balance Sheet11/15
Cash Flow1/10
Piotroski
8/9 (+5)
Penalties
1
Raw sum
89
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
89/100 · legacy band DEEP VALUE
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 81.4%.
- Quality contributes 20/20 to the score.
Main drags
- Cash flow is weaker at 1/10; verify the latest quarterly trend.
- Balance sheet is weaker at 11/15; verify the latest quarterly trend.
- Growth is weaker at 22/25; verify the latest quarterly trend.
Sector valuation model
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
7.0
PB
1.9
EV/EBITDA
4.8
ROE
31.0%
ROCE
35.8%
FCF Yield
—
Debt/Equity
0.2
MoS
+81.4%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
89
Previous: 89
Legacy U-Score band
DEEP VALUE
Previous: DEEP VALUE
Margin of safety
+81.4%
Previous: +81.4%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
89
89
89
89
89
89
89
89
89
89
89
89
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹277.6
+20.3% MoS
Growth-justified P/E
39.3
Growth-justified Value
₹1,191.18
+81.4% MoS
PEG
0.15
Comparable companies
Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
WAAREERTL
Micro
Waaree Renewable Technologies Limited
Solar EPC
match 211
72
18.1
68.3%
+54%
UNDERVALUED
ZODIAC
Small
Zodiac Energy Limited
Solar EPC
match 209
54
12.8
18.7%
+55%
FAIR VALUE
SOLARWORLD
Small
Solarworld Energy Solutions Limited
Solar EPC
match 204
73
9.2
20.8%
+65%
UNDERVALUED
SURANASOL
Small
Surana Solar Limited
Solar EPC
match 203
29
18.5
-1.9%
+12%
OVERVALUED
SWSOLAR
Micro
Sterling and Wilson Renewable Energy Limited
Solar EPC
match 195
51
16.8
40.1%
+25%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-08-16T11:41:46.409Z
Management commentary snapshot
GGBL reported robust FY26 performance with Net Sales up 235% YoY to ₹1064.27 Cr and Net Profit up 147% YoY to ₹75.19 Cr, driven by strong execution across its solar and BESS segments. Operating margins compressed to 10.67% from 14.91% in FY25.
The company delivered exceptional top-line and bottom-line growth in FY26, largely due to strong demand in solar and strategic entry into BESS. While growth is impressive, the significant compression in operating and net margins warrants close attention, especially with rising material and other expenses. The large order book provides near-term revenue visibility.
Current business mix
Unexecuted Order Book by Service (Jun 2026)
Latest issuer-disclosed distribution across 5 reported categories.
Solar Module21.3%
Solar Allied Service9.4%
Electrical Service0.5%
Water Supply Service0.6%
BESS Project68.2%
Growth engines
BESS Sector Expansion
Strategically entering the Battery Energy Storage System (BESS) EPC sector to capitalize on accelerating demand.
Rising Electricity Demand
India's per capita electricity consumption is low and expected to increase by 3.0% CAGR till 2050 due to urbanization and industrialization.
Government Solar Targets
Indian government has a target of 500 GW solar power generation manufacturing capacity by 2030.
Solar Module Demand
Indian solar module demand is projected to grow from 21 GW (FY24) to 47 GW (FY30E).
Capacity and execution
Solar PV Module Manufacturing
Current capacity of 1.1 GW with planned expansion to 2 GW by the end of 2027.
Tailwinds
Government Incentives
PLI scheme for module manufacturing and non-trade barriers like ALMM and DCR for domestic manufacturing.
Policy Support for Rooftop Solar
PM Surya Ghar Muft Bijli Yojana aims to increase solar capacity by 30 GW by 2027 through rooftop installations.
Increased RPO Targets
RPO target for DISCOMs and bulk users is set to increase from 29.9% in FY25 to 43.3% by FY30.
Solar Park & CPSU Schemes
Solar Parks target 40 GW by March 2026, and CPSU Scheme Phase II aims for 12 GW of grid-connected PV projects.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
The document provides full fiscal year results (FY26 vs FY25) and also half-yearly comparisons (31-Mar-26 vs 31-Mar-25), which are annual comparisons. This is appropriate for assessing overall business growth and profitability trends.
Sector KPIs management disclosed
Order Book
₹2212.91 Crores as of Jun 2026.
Revenue Growth
Net Sales increased 235% YoY to ₹1064.27 Cr in FY26.
Net Profit Growth
Net Profit increased 147% YoY to ₹75.19 Cr in FY26.
Operating Margin
Operating Margin decreased to 10.67% in FY26 from 14.91% in FY25.
Management forward view
BESS as Long-Term Opportunity
Chairman & MD envisions strong expansion into the BESS sector, positioning the Company for the future of clean energy and sees it as a significant long-term growth opportunity.
Focus on Scalable Business
Management's focus remains on building a scalable, technology-driven business that creates sustainable value for investors.
Commitment to Quality
Our Motto is to Provide the Best in Class Solar PV Modules in the Industry with Utmost Quality and Better Reliability for contributing the Green Energy Revolution.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Order Book Execution | ₹2212.91 Cr unexecuted order book. | Monitor timely execution and conversion of the substantial order book into revenue. |
| Margin Trends | Operating Margin 10.67%, Net Margin 7.06% in FY26. | Watch for stabilization or improvement in operating and net margins, given the significant compression in FY26. |
| BESS Project Ramp-up | ₹1510 Cr BESS projects in unexecuted order book. | Track progress and profitability of BESS projects, as this is identified as a key long-term growth driver. |
| Capacity Expansion | Planned expansion to 2 GW by end of 2027. | Monitor progress on the 2 GW solar PV module manufacturing capacity expansion and its utilization ramp-up. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
74Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 75th percentile of the scored universe and 73rd percentile within Industrials. Main check: cash conversion is weak at 43/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
7 docs text-extracted · 4 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
75th percentile
overall median 67 · Industrials: 73rd pctile, median 68 · SME: 93rd pctile, median 64
Evidence depth
Financial-only
7 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
43
weak · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
98
strong · capital discipline
Results
55
watch · quarterly consistency
Trust positives
- ▸Promoter holding is 73.4%.
- ▸Promoter pledge is zero.
- ▸ROCE is 35.4%.
Trust risks
- ▸Only 0 years of positive FCF.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Ganesh Green Bharat Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
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All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.