6,00,000 shares of Promoter of this Multibagger solar EPC & EV manufacturing company revoked; Order book stands at Rs 3,100 & Stock gains over 5,700 per cent!

The stock gave multibagger returns of 175 per cent in just 1 year and a whopping 5,700 per cent in 3 years.

Today, shares of Gensol Engineering Ltd surged 2 per cent to an intraday high of Rs 1,060.95 per share from its previous closing of Rs 1,040.15 per share. The stock’s 52-week high is Rs 1,377.10 per share while it gave multibagger returns of 178.6 per cent from its 52-week low of Rs 380.79 per share.

Anmol Singh Jaggi, a Promoter and Director, reported a significant transaction to the exchange on June 26, 2024. The action involved revoking a pledge of 600,000 equity shares, which translates to 1.60 per cent of the traded quantity. Post this transaction, Jaggi's total holding stands at 80,18,711 shares, representing 21.17 per cent of the company's equity. The average price per share during this period was Rs 1,040. This transaction was categorized under insider trading regulations, specifically dealing with the release of pledged equity shares on June 25, 2024.

Gensol Engineering landed a major contract to build a 250 MW/500 MWh battery storage system (BESS) for Gujarat's power grid. This system will provide electricity on-demand, boosting renewable energy use beyond sunlight hours, with the capacity to expand to 500 MW/1000 MWh and potentially generate Rs 2,680 crore over 12 years. This win showcases Gensol's expertise in solar power engineering and its strategic move into advanced battery storage, aligning with India's push for renewable energy and grid stability. The project, valued at Rs 1,340 crore, brings Gensol's total order book to Rs 3,123 crore, adding to their existing Rs 1,783 crore as of March 31, 2024.

The company's Board of Directors approved the allotment of 61,83,735 convertible warrants at an issue price of Rs 871 each, totalling Rs 5,38,60,33,185. These warrants were allotted preferentially to non-promoters and the company's promoter, Jasminder Kaur, with non-promoters receiving 46,58,735 warrants and Jasminder Kaur receiving 15,25,000 warrants. The allottees paid 25 per cent of the issue price, amounting to Rs 217.75 per warrant, for a total payment of Rs 1,34,65,08,296.25. Separately, the company's promoter and managing director, Anmol Singh Jaggi, acquired 53,945 shares on June 4, 2024, for Rs 4,77,44,327.75, increasing his stake from 79,64,766 shares (21.03 per cent) to 80,18,711 shares (21.17 per cent). Consequently, the total promoter and promoter group holding rose from 2,37,17,306 shares (62.62 per cent) to 3,78,72,897 shares (62.77 per cent), underscoring their strong commitment to the company's future growth.

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About Gensol Engineering Ltd

Established in 2012, Gensol Engineering Limited, part of the Gensol group, provides comprehensive engineering, procurement, and construction (EPC) services for solar power plants globally, with a proven track record of installing over 770 MW of solar capacity across ground-mounted and rooftop installations. Committed to sustainability, Gensol is revolutionizing the Indian EV industry by setting up a state-of-the-art manufacturing facility in Pune for electric three-wheelers and four-wheelers, capable of producing 30,000 vehicles annually. Additionally, they offer extensive EV leasing solutions for passenger, fleet, and cargo needs, having already leased over 3,000 EVs with plans to expand significantly. Headquartered in India, Gensol specializes in Solar EPC services, having built solar power plants exceeding 590 MWp globally, and is dedicated to advancing clean energy and electric mobility solutions.

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.

The company has a market cap of over Rs 3,900 crore. The shares of the company ex-traded bonus shares in the ratio 2:1 on October 17, 2023. The stock gave multibagger returns of 175 per cent in just 1 year and a whopping 5,700 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.