by | February 4, 2026 11:21 am
SYNOPSIS: One of India’s leading solar panel manufacturers secured a Rs. 50.53 crore solar module supply order, while reporting Rs. 668 crore revenue till December 2025 and guiding for Rs. 900 crore revenue by March 2026, supported by a strong order book.
During Wednesday’s trading session, shares of one of India’s leading solar panel manufacturers and EPC service providers surged more than 13 percent on NSE, after securing a solar module order worth nearly Rs. 50.5 crores, along with providing a strong revenue visibility for FY26.
With a market cap of Rs. 703 crores, shares of Ganesh Green Bharat Limited are currently trading in the green at Rs. 283.5 on NSE, up by over 4 percent, compared to its previous closing price of Rs. 271.85. The stock has delivered negative returns of around 35 percent in one year, and has fallen by over 11 percent in the last one month.
As per its latest regulatory filing, Ganesh Green Bharat Limited has received a work order worth Rs. 50.53 crores from an undisclosed Independent Power Producer for the supply of 600W bifacial TOPCon N-Type solar PV modules in Gujarat.
Alongside this order win, the company disclosed strong business momentum, having already booked revenues of Rs. 668.49 crore up to December 2025. Its total order book for ongoing project stands at around Rs. 673.18 crore, and management expects total revenues to scale up to around Rs. 900 crore by March 2026.
Earlier, on 11th December 2025, the company had also secured a Rs. 57.15 crore empanelment and rate contract from Maharashtra State Electricity Distribution Company Limited (MSEDCL) under the PM-KUSUM B scheme for manufacturing, supplying and commissioning over 2,000 off-grid solar water pumping systems across Maharashtra.
Ganesh Green Bharat reported a significant growth in revenue from operations, experiencing a year-on-year increase of around 147 percent, from Rs. 138 crores in H1 FY25 to Rs. 341 crores in H1 FY26. Likewise, its net profit more than doubled during the same period from Rs. 13 crores to Rs. 33 crores, representing an impressive growth of nearly 154 percent YoY.
As of November 2025, the company’s total order book stood at ~Rs. 976 crore. Solar module supply forms the largest share, contributing Rs. 647.42 crore, or 66 percent of the total. Solar water pumping systems account for Rs. 147 crore (15 percent), followed by solar rooftop orders worth Rs. 98.04 crore (10 percent).
Further, orders for solar power plants stand at Rs. 10.63 crore (1 percent), while solar street lighting contributes Rs. 47 crore (4.8 percent). Electrical contracting services make up Rs. 12 crore (1.24 percent), and water supply scheme projects add Rs. 13.78 crore (1.4 percent). Together, these segments collectively represent the company’s diversified order pipeline.
Ganesh Green Bharat Limited, formerly known as Ganesh Electricals Private Limited, is engaged in the business of manufacturing solar modules and providing comprehensive portfolios in the field of supply, installation, testing and commissioning (SITC) of solar and electrical goods and services. Its business model is built around four core verticals: end-to-end integration, solar EPC and module solutions, electrical contracting, and water pumping schemes.
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Shivani is a Financial Analyst with 5+ years of experience in finance writing, including 3+ years of hands-on experience in financial analysis. She has extensively covered trending themes across key sectors like green energy, banking, insurance, chemicals, IT, and other emerging industries, while analysing sectoral trends and company fundamentals. Her expertise also includes analysing private equity and venture capital acquisitions, providing comprehensive market overviews, and tracking FII/DII investment movements to gauge overall market direction and investor sentiment.
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