Ganesh Green Bharat Reports FY26 Revenue of ₹1,067.60 Crore and BESS Order Book of ₹1,510 Crore

Executive Financial Summary

Ganesh Green Bharat Limited (GGBL) has released its audited consolidated financial results for the fiscal year ended March 31, 2026. The company reached a revenue milestone of ₹1,067.60 crore, representing a 232% increase over the previous fiscal year. This growth was accompanied by a Profit After Tax (PAT) of ₹75.18 crore. As of the reporting date, the company’s total unexecuted order book is valued at approximately ₹2,212.91 crore.

Key Highlights:

• Revenue from Operations: ₹1,067.60 crore
• Profit After Tax (PAT): ₹75.18 crore
• Total Order Book: ₹2,212.91 crore

Detailed Fiscal Year 2026 Performance Breakdown

Financial results for FY26 indicate an expansion in operational scale compared to FY25. While consolidated revenue from operations reached ₹1,067.60 crore, EBITDA increased to ₹113.58 crore, a 122% year-on-year rise. The EBITDA margin moderated to 10.64%, down from 15.90% in FY25, which management attributes to a higher proportion of large-scale supply, installation, testing, and commissioning (SITC) projects.

The consolidated balance sheet shows total assets expanded to ₹487.90 crore as of March 31, 2026. Long-term borrowings recorded a decline to ₹9.16 crore, compared to ₹13.82 crore at the end of the previous fiscal year.

Strategic Transition: BESS and Order Book Composition

The company’s unexecuted order book of ₹2,212.91 crore reflects a strategic shift toward Battery Energy Storage Systems (BESS), which now overtakes the solar business in terms of pipeline value. The energy storage segment accounts for ₹1,510 crore of the total order book.

A primary driver of this pipeline is a contract from NTPC Renewable Energy Ltd (NTPC REL) for a 1,000 MWh BESS EPC project. Under the terms of this agreement, Ganesh Green Bharat will manage engineering, procurement, and construction while also supplying the storage systems.

• Technical functions of BESS within the current portfolio include:
  • Provision of grid stability and frequency regulation.
  • Management of peak demand requirements.
  • Enabling round-the-clock (RTC) clean power supply.
  • Mitigation of renewable energy curtailment.

Manufacturing Scale and Operational Footprint

As of December 2025, the company’s solar photovoltaic (PV) module manufacturing capacity reached 1.1 GW. These facilities utilize TOPCon technology to produce high-efficiency modules. The consolidated financial results include the subsidiary entity, Souraj Energy Private Limited (SEPL).

Core Business Verticals:

1. Solar EPC: Execution of ground-mounted and rooftop solar systems.
2. Solar PV Module Manufacturing: Production utilizing high-efficiency TOPCon technology.
3. Electrical Infrastructure: Installation of Extra High Voltage (EHV) transmission lines (11KV to 132KV), underground cables, and substations.
4. Water Supply Projects: Development of infrastructure for water distribution schemes.

Corporate Governance and Management Commentary

Ganesh Green Bharat is led by Chairman and Managing Director Ketanbhai Narsinhbhai Patel. The company is listed on the NSE SME platform under the symbol GGBL.

Management Commentary: Regarding the 1,000 MWh BESS project, Ketan Patel stated: “Securing this 1,000 MWh BESS project from NTPC REL is a significant milestone for Ganesh Green and reflects the confidence that leading industry stakeholders place in our capabilities.”

Recent Corporate Actions: The Board of Directors approved the preferential allotment of 1,99,000 fully convertible equity warrants at a price of ₹344.34 per warrant (including a premium of ₹334.34). The allotment is split equally between promoter group members Shilpaben Ketanbhai Patel (99,500 warrants) and Ashaben Rajendrakumar Patel (99,500 warrants), aggregating to a total consideration of approximately ₹6.85 crore.

FY27 Revenue Guidance and Tender Pipeline

Management has issued forward-looking guidance for FY27 based on current order visibility and bidding activity.

Future Revenue Targets:

• FY27 Revenue Guidance: ₹1,500 crore – ₹1,700 crore.

Bidding Pipeline:

• Submitted Bids: Participation in tenders exceeding ₹3,000 crore.
• Upcoming Tenders: Plans to bid for an additional ₹1,000 crore in projects.

Factors Influencing Margins: Management identified several variables that impacted FY26 margins, including geopolitical tensions and volatility in the USD exchange rate. Furthermore, increased input costs for industrial metals—specifically aluminum, copper, and silver—affected the manufacturing segment. This segment now constitutes over 70% of the company’s revenue mix, which structurally carries different margin profiles compared to pure EPC services.