A prominent name in India’s solar sector is steadily widening its presence across manufacturing, EPC services and emerging clean energy technologies. Ganesh Green Bharat Limited, one of the country’s leading solar panel producers and EPC service providers, continues to build momentum as it strengthens operations and plans new ventures.
Formerly known as Ganesh Electricals Private Limited, the company manufactures solar modules and delivers complete solutions in supply, installation, testing and commissioning of solar and electrical systems. With more than two decades of experience and operations spread across 14 states, it has completed over 27 projects worth more than Rs 220 crore and installed more than 80,000 off grid systems under a state government programme.
Shares of the company were trading at Rs 400 on Thursday morning, close to its previous closing price on the stock exchange. The company currently has a market capitalisation of Rs 992 crore.
Its business runs across three major segments. Manufacturing contributes the largest share, with solar PV modules accounting for 65 percent. EPC Solar Allied Services include solar pumps at 24 percent, rooftop installations at 3 percent and solar street lighting at 6 percent. Electrical contracting forms the remaining 2 percent. The company’s four core verticals include end to end integration, solar EPC and module solutions, electrical contracting and water pumping schemes.
A key strategic focus for the company is the expansion of its EPC operations, which are expected to play a major role in future revenue growth. By strengthening EPC capabilities, the company aims to improve project execution efficiency, diversify its income sources and unlock higher margins through integrated solutions.
Manufacturing expansion has been progressing steadily. Capacity grew from 236 MW in FY24 to 750 MW by the first half of FY25. It is expected to reach 1.1 GW by the second half of FY26. By FY27, the company plans to introduce Battery Energy Storage Systems as part of its portfolio. Manufacturing utilisation stood at 69 percent in the first half of FY26. The goal is to set up a fully automated and end to end solar module ecosystem.
The company is currently developing BESS technology and aims to become operational next year. It is already participating in tenders to build early project experience. The market outlook is promising, with existing BESS installations covering only about 15 percent of the projected demand for 2032, offering significant growth potential. Installations are expected to reach 8.7 GW by 2027 and 417 GW by 2030.
As of November 2025, the company held an order book of Rs 976 crore. Solar module supplies make up the largest share at Rs 647.42 crore. Solar water pumps contribute Rs 147 crore, rooftop solar orders Rs 98.04 crore and solar street lighting Rs 47 crore. Solar power plants account for Rs 10.63 crore, while electrical contracting and water supply schemes together add more than Rs 25 crore.
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