Rs 1,783 crore order book: Multibagger solar EPC company gets trading approval for warrants converted to equity shares from BSE & NSE to promoters & non-promoters!

The stock gave multibagger returns of 150 per cent in just 1 year and a whopping 4,700 per cent in 3 years.

Today, shares of Gensol Engineering Ltd gained 4.83 per cent to Rs 928 per share from its previous closing of Rs 885.25 per share with an intraday high of Rs 928 and and an intraday low of Rs 841. The stock is down by 32.6 per cent from its 52-week high of Rs 1,377.10  per share while it gave multibagger returns of over 170 per cent from its 52-week low of Rs 311.69 per share.

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.

Gensol Engineering Limited (the Company) has been granted in-principal approval to issue warrants, convertible into equity shares of Rs. 10 each, to both promoter and non-promoter categories on a preferential basis. This approval was received from the National Stock Exchange of India Limited (Ref: NSE/LIST/39981, dated June 03, 2024) and BSE Limited (LOD/PREF/KS/FIP/363/2024-25 dated June 3, 2024). The in-principle approval is for the issuance of (NSE - 1,01,85,059 shares & BSE – 1,03,34,059 shares) equity shares upon conversion of the warrants, with the key condition being that the warrant conversion price must be at least Rs 871 per share. This requirement stems from Regulation 28(1) of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015.

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's Business Segments performed well in FY24. In the Solar segment, Gensol won its first Battery Energy Storage System project from GUVNL with a revenue contribution of Rs 450 crore over 12 years, a large 50 MWp C&I order from SEML and its largest ever 100 MW turnkey EPC order from a leading power generation utility in Maharashtra. The strategic acquisition of Scorpius Trackers expanded the product offering with over 1,000 MW in contracted orders and Gensol established a Solar EPC subsidiary in the Middle East. In the EV Leasing segment, a new subsidiary Gensol EV Lease Pvt. Ltd. was incorporated and branded as "Let'sEV" with Amit Kumar as CEO. The business expanded its reach to 18 cities and 8 major OEMs. In the EV Manufacturing segment, Gensol launched its electric vehicle which is "Made in India" at its Chakan, Pune facility with a production capacity of 30,000 vehicles per annum and got ARAI certified in February 2024.

The company has a market cap of over Rs 3,000 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 150 per cent in just 1 year and a whopping 4,700 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.