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.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Strong fundamentals, management trust is acceptable, but price trend argues for patience. Suitable for staggered entry or watchlist confirmation rather than aggressive buying.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Good · 72/100Rev +553% YoY · PAT +180% YoY · +113% QoQ · margin compression
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹725 Cr | +553.1% | +112.6% |
| EBITDA | ₹64 Cr | +120.7% | +30.6% |
| Operating margin | 9.0% | -700 bps | -500 bps |
| PAT | ₹42 Cr | +180.0% | +27.3% |
| PAT margin | 5.8% | -355 bps | -389 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
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.
Unexecuted Order Book by Service (Jun 2026)
Latest issuer-disclosed distribution across 5 reported categories.
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).
Solar PV Module Manufacturing
Current capacity of 1.1 GW with planned expansion to 2 GW by the end of 2027.
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
Management accountability
What management said, and what results must prove
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.
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.
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.
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.
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.
Trend score and candlestick chart
34Bearishfull bear SMA stack · SMA20 -10.3% / mo · MACD + · near 52W low
Technical chart
GGBLdaily · 1Y · AUTO-19.1%Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 37. Wait for confirmation.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~11.4% over last month) — short-term momentum negative.
- RSI(14) at 37 — rising, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 53% off 52W high · 6% 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.
Valuation & score drivers
U-Score 88 · DEEP VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 88 · DEEP VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
DEEP VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
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.
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.
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.
Score history
12 stored score snapshots. Latest stored move: +2 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: 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.
Healthy Trust Lite: Promoter holding is 73.4%. Key concern: Only 0 years of positive FCF.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Industrials: 73rd pctile, median 68 · SME: 93rd pctile, median 64
7 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead 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.
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.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 7.35
- P/B
- 1.97
- EV/EBITDA
- 4.88
- Market Cap
- 553.00Cr
Profitability
- ROE
- 31.00%
- ROCE
- 35.40%
- ROA
- 15.37%
- Dividend Y
- 0.22%
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
- 19.00×
- Altman Z
- 5.50
- 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
- 5%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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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.