Rs 1,783 crore order book & promoter increase stake: Multibagger solar EPC & EV manufacturing stock in green as it appoints an Independent Director and an Executive Director; details inside!

The stock gave multibagger returns of 205 per cent in just 1 year and a whopping 5,300 per cent in 3 years.

Today, shares of Gensol Engineering Ltd gained 3.06 per cent to an intraday high of Rs 984.95 per share from its previous closing of Rs 955.70 per share. The stock’s 52-week high is Rs 1,377.10  per share while it gave multibagger returns of 216 per cent from its 52-week low of Rs 311.69 per share.

Gensol Engineering Limited (BSE: 542851, NSE: GENSOL), a leading player in the renewable energy sector specialising in solar power engineering, procurement, and construction (EPC) services, along with electric mobility solutions, today announced that Mr Kuljit Singh Popli has been appointed as an Independent Director (Non-Executive) and Mr Ali Imran Naqvi as Director (Executive) to the Company’s board of directors (the “Board”).

Mr Kuljit Singh Popli has more than 40 years of rich professional experience in India. He is a Founder Director of Clime Finance Pvt. Ltd. Before that he served as an Advisor with the International Solar Alliance for two years and was Chairman & Managing Director of Indian Renewable Energy Development Agency Limited (IREDA), a leading developmental finance institution in India focusing on renewable energy and energy efficiency projects, from 2014-2019. His leadership resulted in strategic tie-ups with international financial institutions; successful credit enhancement; negotiation of several lines of credit from KfW, AfD, Nordic Investment Bank and World Bank; increase in loan sanctions; new and innovative financial products/schemes etc. enhancing IREDA's credibility and impact in the industry. He has also served as a Director (Technical) in IREDA from 2007-2014. He has also been associated with esteemed organisations like Power Finance Corporation (PFC), and National Hydroelectric Power Corporation (NHPC). In addition, Mr Popli serves as the Honorary Secretary General of the India Energy Forum and the Chairman of the Renewables vertical within the forum. He is an Electrical Engineer from Birla Institute of Technology (Mesra), an LLB from Delhi University and holds a Post Graduate Diploma in Project Management from Punjab University.

Mr. Ali Imran Naqvi has more than 14 years of professional experience and has been a valuable team member of Gensol Engineering Ltd. right from its inception. In his erstwhile role as CEO of Gensol Solar EPC (India), Gensol’s advisory portfolio grew to exceed 33,000 MW, with an EPC project base of over 600 MW and ongoing EPC projects of more than 500 MW. Under his leadership, Mr. Naqvi transformed Gensol into a turnkey solar EPC company, successfully executing over 600 MW of solar projects across India. In his new role, he will oversee the growth of Gensol Engineering Limited and its subsidiaries.

Earlier, the company announced the acquisition of 53,945 shares by Mr Anmol Singh Jaggi, the Promoter and Managing Director, through an open market operation on Wednesday, June 04, 2024. The transaction amounted to Rs 4,77,44,327.75 (Rupees Four Crores Seventy-Seven Lakhs Forty-Four Thousand Three Hundred Twenty-Seven and Seventy-Five Paisa Only). Before this acquisition, Mr Jaggi held 79,64,766 equity shares of the company, which constituted 21.03 per cent of the total shareholding. Following this purchase, his shareholding increased to 80,18,711 equity shares, representing 21.17 per cent of the company's total shares. As a result of this acquisition, the total promoter and promoter group shareholding rose from 2,37,17,306 shares (62.62 per cent of the total shareholding) to 3,78,72,897 shares (62.77 per cent of the total shareholding). This announcement is intended to inform the valued members of the company about the increased shareholding of the promoter and managing director.

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About Gensol Engineering Ltd

Established in 2012, Gensol Engineering Limited, a part of the Gensol group, provides engineering, procurement, and construction (EPC) services for solar power plants globally. The company tackles international turnkey projects and has a proven track record exceeding 770 MW of installed solar capacity across ground-mounted and rooftop installations. Gensol is committed to sustainability and is revolutionizing the Indian EV industry by not only setting up a cutting-edge manufacturing facility for electric three-wheelers and four-wheelers in Pune, but also offering comprehensive leasing solutions for a variety of customer segments including passenger, fleet, and cargo needs.

According to Quarterly Results, the net sales increased by 147 per cent to Rs 412 crore, EBITDA increased by 188 per cent to Rs 92 crore and profit after tax increased by 168 per cent to Rs 20 crore in Q4FY24 compared to Q4FY23. In its annual results, the net sales increased by 147 per cent to Rs 996 crore, EBITDA increased by 218 per cent to Rs 260 crore and profit after tax increased by 129 per cent to Rs 53 crore in FY24 compared to FY23.

Gensol Engineering Ltd is a multifaceted clean energy company headquartered in India. They specialize in Solar EPC (Engineering, Procurement, and Construction) services, having built solar power plants exceeding 590 MWp capacity globally. Gensol is also venturing into the electric vehicle (EV) industry with their own manufacturing unit in Pune that can produce 30,000 electric 3-wheeled and 4-wheeled vehicles per year. Additionally, they offer EV leasing solutions, partnering with ride-hailing companies and having already leased over 3,000 EVs with plans to significantly expand their leasing fleet in the coming year.

The company has a market cap of over Rs 3,600 crore and as of March 31, 2024, the order book stood at Rs 1,783 crore: Rs 1,448 crore from the solar segment and Rs 335 crore from the leasing segment. The shares of the company ex-traded bonus shares in the ratio 2:1 on October 17, 2023. The stock gave multibagger returns of 205 per cent in just 1 year and a whopping 5,300 per cent in 3 years. Investors should keep an eye on this Small-Cap stock.

Disclaimer: The article is for informational purposes only and not investment advice.