Gensol Engineering PAT Up 6 Percent, Revenue at INR 345 Crore in Q3 FY25

Gensol Engineering Ltd., a key player in the renewable energy sector specialising in solar EPC services and electric mobility solutions, has reported a robust financial performance for the quarter and nine months ended December 31, 2024 (Q3 and 9M FY25).

The company posted a significant rise in revenue and profitability, reflecting strong project execution and an expanding order book. In Q3 FY25, Gensol recorded a total revenue of INR 345 crore, marking a 30 percent increase from INR 266 crore in Q3 FY24, while EBITDA stood at INR 63 crore, reflecting a 19 percent rise from the previous year. However, the EBITDA margin saw a slight decline to 18.3 percent from 20.1 percent. Profit after tax (PAT) for the quarter rose 6 percent to INR 18 crore.

On a nine-month basis, the company reported robust performance with total revenue reaching INR 1,056 crore, a 42 percent jump from INR 743 crore in 9M FY24. EBITDA surged by 89 percent to INR 246 crore, leading to an improved EBITDA margin of 23.3 percent, up from 17.5 percent. PAT for the period increased 34 percent to INR 67 crore, highlighting operational efficiency and financial strength.

Gensol continues to secure high-value solar EPC contracts, further cementing its leadership position in the sector. The company won an INR 1,061.97 crore contract from a public sector undertaking to develop a 275 MW solar PV project at RE Solar Park, Khavda Rann of Kutch, Gujarat, including three years of operations and maintenance (O&M). Additionally, it secured an INR 897.47 crore contract from NTPC Renewable Energy Ltd. (NTPC REL) for a 225 MW-AC (276 MWDC) solar PV system at GSECL Solar Park, Gujarat, also including O&M services. Another major contract worth INR 967.98 crore for a 245 MW solar PV project at Khavda RE Power Park, Gujarat, further bolstered the company’s order book.

The company’s EV manufacturing business also made notable progress, debuting at the Bharat Mobility Global Expo 2025 with the unveiling of the ‘EZIO’ micro urban vehicle and ‘EZIBOT’ cargo electric vehicle. These launches received a strong market response, with 30,000 pre-orders from fleet operators, signalling growing demand for Gensol’s electric mobility solutions.

In a strategic move to streamline operations and reduce debt, Gensol partnered with Refex Green Mobility (Refex eVeelz) to transfer 2,997 electric four-wheelers (e4Ws). This partnership will see Refex eVeelz take over Gensol’s INR 315 crore loan while expanding e4W adoption across key cities, including Chennai, Bengaluru, Hyderabad, Mumbai, and Pune.

Commenting on the company’s growth, Anmol Singh Jaggi, Chairman and Managing Director of Gensol Engineering Ltd., highlighted India’s rapid renewable energy expansion, particularly achieving 100 GW of installed solar capacity.

He emphasised the company’s strong performance, with INR 2,928 crore worth of new solar EPC contracts strengthening its position in the sector. He also noted the rapid traction in the EV business and the strategic partnership with Refex Green Mobility, which not only promotes sustainable transportation but also enhances the company’s financial stability. Looking ahead, Gensol aims to accelerate its efforts in solar EPC, EVs, battery storage, and green hydrogen, driving long-term value for stakeholders while contributing to India’s clean energy transition.