Gensol Engineering
GENSOL · NSE_SME · Micro Cap
Gensol Engineering
Solar EPC and EV-leasing platform. Trading halted in 2025 amid governance scrutiny — high risk.
Scoring breakdown
SageOne-style fundamental · TQ-100 technical · solar overlays
52-week position
Real snapshot from Screener
Investment thesis
One-liner · bull · bear · monitorables
One-liner. Gensol Engineering: order book visibility + working capital discipline determine equity returns through the next solar capex cycle.
Bull case for Gensol Engineering: continued capacity ramp at attractive unit economics, supportive policy (PLI / ALMM / RPO / open access), benign module + commodity cycle, healthy receivable conversion, and re-rating from current valuation as execution beats consensus.
Bear case for Gensol Engineering: module/tariff price crash, working-capital blowout from DISCOM receivables, leverage spiking past 4x net-debt/EBITDA, ALMM/PLI delays, Chinese dumping, and de-rating to historical median multiples on growth disappointment.
- 01Quarterly capacity commissioned vs guidance
- 02Receivable days from DISCOMs and large customers
- 03Net debt / EBITDA trajectory
- 04Order book to revenue cover
- 05Working capital days and customer concentration
- 06Commodity pass-through clauses in contracts
- 07Margin trajectory on order book mix
Solar exposure
Directness · policy linkage · BOM
Valuation snapshot
Multiple methods · solar-specific multiples
| Method | Value | Hist %ile |
|---|---|---|
| P/E (TTM) | 0.8x | — |
| Forward P/E | — | — |
| EV/EBITDA | 6.9x | — |
| EV/Sales | 1.7x | — |
| P/B | 0.1x | — |
| FCF Yield | -958.7% | — |
Project pipeline
0 tracked projects
Financials
Source: Screener.in (consolidated) · ticker GENSOL · last updated 2026-05-11
Ratio analysis (derived from statements)
Growth · profitability · returns · leverage · cash flow · valuation
Annual P&L · 5 years
₹ Crore. Source: Screener.in consolidated.
| Metric | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 |
|---|---|---|---|---|---|
| Sales | 82 | 64 | 160 | 398 | 963 |
| Operating Profit | 4 | 6 | 19 | 78 | 230 |
| OPM % | 5% | 10% | 12% | 20% | 24% |
| Net Profit | 2 | 3 | 11 | 23 | 53 |
| EPS (₹) | 3.38 | 6.37 | 15.72 | 27.04 | — |
Quarterly results · last 4 quarters
₹ Crore.
| Metric | Sep 2024 | Dec 2024 |
|---|---|---|
| Sales | 346 | 345 |
| OPM % | 31% | 20% |
| Net Profit | 23 | 18 |
Balance sheet · 5 years
₹ Crore.
| Item | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 |
|---|---|---|---|---|---|
| Equity Capital | 8 | 8 | 11 | 12 | 38 |
| Reserves | 25 | 28 | 36 | 195 | 288 |
| Borrowings | 11 | 11 | 82 | 598 | 1,510 |
| Fixed Assets | 8 | 7 | 55 | 293 | 723 |
| Total Assets | 74 | 70 | 208 | 1,066 | 2,324 |
Cash flow · 5 years
₹ Crore.
| Activity | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 |
|---|---|---|---|---|---|
| Operating | -18 | 6 | -15 | 115 | -98 |
| Investing | 0 | -1 | -52 | -706 | -668 |
| Financing | 20 | -4 | 67 | 709 | 859 |
| Net Cash Flow | 2 | 1 | 0 | 118 | 93 |
Shareholding pattern
Latest disclosed
Policy linkages
Schemes where this company is a confirmed or likely beneficiary