Ganesh Green Bharat: Powering Ahead with Robust H1 FY26 Performance and Strategic Expansions

Ganesh Green Bharat Limited, a key player in India's burgeoning renewable energy sector, has reported an exceptional financial performance for the first half of Fiscal Year 2026. The company, known for its integrated approach to solar energy solutions, showcased remarkable growth across its key metrics, signaling a strong trajectory for the current fiscal year. With a reported revenue of INR 342 crores for H1 FY26, the company achieved an impressive 145% year-on-year growth compared to INR 139.26 crores in H1 FY25. This significant top-line expansion was complemented by robust profitability, with EBITDA soaring by 120% to INR 50.02 crores from INR 22.65 crores in the previous corresponding period. The Profit After Tax (PAT) also witnessed a substantial increase of 151.62%, reaching INR 32.88 crores, underscoring Ganesh Green Bharat's ability to convert revenue growth into enhanced shareholder value.

The company's strong performance is a testament to its strategic focus on both solar PV module manufacturing and comprehensive EPC (Engineering, Procurement, and Construction) services. The operational performance in H1 FY26 was significantly driven by strong order execution in module supply and rising demand within the solar EPC segment, which includes solar pumps, rooftop installations, and streetlights. Furthermore, the higher utilization of its 750-megawatt manufacturing facility played a crucial role in achieving these results. The EBITDA margin remained healthy at 14.61%, reflecting disciplined cost management and operational efficiency despite the inherent volatility in solar module pricing and input material dynamics. The PAT margin also saw a slight improvement to 9.60%, indicating effective working capital management and a controlled cost structure.

Strategic Diversification and Capacity Expansion Fueling Growth

Ganesh Green Bharat's growth narrative is not just about current performance but also about strategic foresight and expansion into future-ready segments. The company's revenue streams are primarily driven by its solar PV module business, which accounts for approximately 65% of the total revenue. This segment benefits from automated production lines, highly efficient modules, and strong customer relationships. The EPC solar allied services contribute 33% of the revenue, showcasing improved execution in streamlined project management and supply chain coordination. Electric services make up the remaining 2%.

The company has demonstrated proactive steps in capacity enhancement, exceeding its initial plans. While it initially aimed to increase module manufacturing capacity by 450-megawatts, it successfully expanded by 750-megawatts, bringing its total capacity to 1.1 gigawatts. This expanded capacity is now operating at full utilization from November 2025, with an ambitious target to reach over 2 gigawatts by FY26. This aggressive expansion strategy is designed to meet the escalating demand for solar modules and improve cost efficiencies through economies of scale.

Beyond traditional solar modules, Ganesh Green Bharat is strategically diversifying into emerging green energy verticals. A significant initiative is its entry into the Battery Energy Storage System (BESS) business. Recognizing the growing need for grid balancing and energy storage solutions, the company plans to initially focus on BESS EPC work for about a year before venturing into manufacturing. This move is expected to open new revenue streams, with a target of INR 500-600 crores from BESS next year. Furthermore, the company is eyeing cell manufacturing by January 2028, contingent on supportive government policies for local production. This forward-looking approach aims to integrate further into the solar value chain, reduce reliance on external suppliers, and enhance its competitive edge.

Robust Order Book and Future Outlook

The company's strong operational momentum is underpinned by a robust order book totaling INR 976 crores. This provides excellent revenue visibility for the next two quarters, ensuring sustained business activity. Management highlighted that historically, the second half of the fiscal year is significantly stronger, often delivering 1.5 to 2 times the performance of the first half. This trend, combined with the increased capacity utilization target of 85-90% for the current financial year, positions Ganesh Green Bharat for continued strong performance.

Management's guidance reflects confidence in sustained growth, with a stated target to double both profit and turnover annually. The company's proactive approach to technology adoption, demonstrated by its transition to mono and multi-busbar module technologies, ensures it remains at the forefront of innovation. While challenges such as competitive pricing in EPC, temporary softness in module markets, and receivables issues in the water supply segment exist, the company's focus on financial discipline, strong cash flow generation (INR 25.89 crores operating cash flow in H1 FY25), and strategic diversification are key strengths. Ganesh Green Bharat is not just expanding its footprint; it is building a resilient and diversified business model poised to capitalize on India's green energy transition, reinforcing investor trust through transparent disclosures and a clear growth roadmap.