Ganesh Green BharatShare price, financial results, shareholding and management

NSE Emerge · GGBLSolar modules and EPCListed 12 July 2024IPO ₹190
ganeshgreen.com ↗Live price on NSE ↗ISIN INE0R8C01018 · Lot 300 shares · ₹53,325
₹177.75
-16.40% on the day
Close · 6 Nov 2026
Valuation
Market cap
₹441 cr
Stock P/E
5.9peers 12.2
Book value
₹113
Price to book
1.57
EV / operating profit
4.2
Market cap to sales
0.41
Returns and growth
ROCE · FY26
35.6%
ROE · FY26
31.0%
ROE, 3-year average
34.0%
Operating margin · FY26
10.4%peers 14.0%
Sales growth, 3 years
127.8%
Profit growth, 3 years
111.0%
Safety
Debt to equity
0.19peers 0.41
Borrowings
₹52.4 cr
Interest cover
17.9×
Cash from business / op. profit
19%
Debtor days
22
Pledged
0.00%
Ownership and share
Promoter holding
73.42%
Change in promoter holding
0.00 pts
Shareholders
5,522
52-week high / low
₹475 / ₹170
Dividend yield
Paid
Face value
₹10

Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.

Ganesh Green Bharat share price chart

₹177.75-56.29% 1 year

Close on 6 Nov 2026 · -16.41% on the day · Vol 3.10 L

Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.

Share price returns

To the close of 6 Nov 2026

1 month
-18.5%
3 months
-30.3%
6 months
-48.8%
1 year
-56.3%
Since IPO
-6.4%
Traded a day, 20 days
₹0.66 cr
Taken for delivery
69%

Business growth

Sales and net profit, from the reported results

SalesProfit
FY26 on FY25+235%+149%
3 years, a year+128%+111%
Latest half, H2 FY26+302%+147%

About Ganesh Green Bharat: business, products and customers

Ganesh Green Bharat makes solar panels at its factory in Gujarat and builds solar pumps, solar plants, power lines and water supply schemes, mostly for government agencies and power companies. It has now started building large battery storage projects too.

Ganesh Green Bharat assembles TOPCon solar panels at its plant at Dhanali near Mehsana in Gujarat, with a capacity of 1.1 GW. It also designs and installs solar water pumps, rooftop and ground mounted solar plants, power lines and substations, and village water supply schemes across eleven states. In FY26 more than 70% of its business came from making panels, where margins are lower than on contract work.

Panels are assembled from bought-in parts, and the CFO says more than 95% of the material is imported, with solar cells alone half or more of material cost. The company pays suppliers in advance and holds about two and a half months of stock, while big customers pay through letters of credit after inspection, so working capital swings with order size. Contracts carry no standard price escalation clause, so cell, metal and currency moves land on its margin.

Read more about the business

Most work is won in government and PSU tenders where price usually decides. The company names NTPC, SJVN, Power Grid, Indian Oil, Sterling and Wilson and UPL among its customers. In May 2026 it won a battery energy storage contract of about 1 GWh from NTPC REL, its largest order, to be built within 12 months.

The offer document names Solex Energy, Zodiac Energy and Waaree Renewable Technologies as listed companies it competes with. Work slows in the monsoon, so the second half of each year is larger than the first.

From the offer document, the November 2025 and May 2026 earnings calls, the June 2026 investor presentation and the CARE rating note of May 2026.

Read the deeper study ↓

In its favour

  • Sales have grown very fast: 128% a year over three years.
  • It earns a high return on the money it uses: ROCE 36% in FY26.
  • It has little debt for its size: debt to equity 0.19.
  • The promoters own a large part of the company: 73.42%.
  • It paid a dividend in the past year.

To watch

  • Building the NTPC REL battery storage project within 12 months of May 2026 (Earnings call, May 2026, p.7).
  • Revenue of ₹1,500 cr to ₹1,700 cr in FY27, the company's own expectation (Earnings call, May 2026, p.4).
  • Panel capacity rising toward 2 GW by the end of 2027 (Investor presentation, June 2026, p.7).
  • Profit margin of 8% to 9%, which the CFO expects as contract work grows (Earnings call, May 2026, p.15 and p.18).
  • Its operating margin fell last year: 10%, from 15%.

From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.

Ganesh Green Bharat revenue and profit growth

Half-yearly results · Profit and loss

Sales have grown very fast. Last year profit grew more slowly than sales, so the profit kept from each rupee of sales slipped.

Sales and net profit, every year, ₹ crore
SalesNet profit
05001,0001,500Sales, FY21: 83 ₹ cr83Net profit, FY21: 7 ₹ cr7FY21Sales, FY22: 106 ₹ cr106Net profit, FY22: 5 ₹ cr5FY22Sales, FY23: 90 ₹ cr90Net profit, FY23: 8 ₹ cr8FY23Sales, FY24: 170 ₹ cr170Net profit, FY24: 22 ₹ cr22FY24Sales, FY25: 318 ₹ cr318Net profit, FY25: 30.2 ₹ cr30.2FY25Sales, FY26: 1,064 ₹ cr1,064Net profit, FY26: 75.2 ₹ cr75.2FY26
The latest halves, ₹ crore
SalesNet profit
0200400600800Sales, H1FY24: 59 ₹ cr59Net profit, H1FY24: 7 ₹ cr7H1FY24Sales, H2FY24: 111 ₹ cr111Net profit, H2FY24: 15 ₹ cr15H2FY24Sales, H1FY25: 138 ₹ cr138Net profit, H1FY25: 13 ₹ cr13H1FY25Sales, H2FY25: 180 ₹ cr180Net profit, H2FY25: 17.2 ₹ cr17.2H2FY25Sales, H1FY26: 341 ₹ cr341Net profit, H1FY26: 32.9 ₹ cr32.9H1FY26Sales, H2FY26: 723 ₹ cr723Net profit, H2FY26: 42.3 ₹ cr42.3H2FY26

SME companies report every six months. In the latest half, sales were higher than in the same half a year before. Profit grew more slowly than sales, so each rupee of sales left a little less profit.

Ganesh Green Bharat half-yearly results

SME companies report every six months · ₹ crore

₹ crore · growth on the same half a year before
H1FY24H2FY24H1FY25H2FY25H1FY26H2FY26
Sales59111138179.69341.10723.17
Expenses4689117153.98292.36661.66
Operating profit13232125.7248.7461.51
OPM21.0%20.0%15.0%14.3%14.3%8.5%
Interest3221.942.533.28
Depreciation1223.404.335.18
Profit before tax9201823.1643.1555.11
Net profit7151317.1532.8842.32

Ganesh Green Bharat profit and loss

Full years to March, FY21 to FY26 · ₹ crore, consolidated where reported

₹ crore
FY21FY22FY23FY24FY25FY26
Sales8310690170317.521,064
Expenses739676135270.59954.01
Operating profit119143546.93110.25
OPM13.0%9.0%15.0%21.0%14.8%10.4%
Other income11024.243.33
Interest12354.335.81
Depreciation01135.359.51
Exceptional and other items-1·1-1··
Profit before tax107112841.4898.26
Tax rate30.0%28.6%27.3%21.4%27.1%23.5%
Net profit7582230.2275.18
EPS ₹59.9243.426810.9313.1430.31
Dividend payout0.0%0.0%0.0%0.0%0.0%0.0%

The years to FY24 come rounded to the nearest crore in the source.

Exceptional and other items: profit before tax beyond operating profit, other income, interest and depreciation, such as one-off items or a share of associates' profit, as reported.

Ganesh Green Bharat profitability

Margins and returns on capital

Last year the company kept less from each rupee of sales than the year before. It earns a high return on the money it uses.

Operating margin, every year

Per cent of sales kept before interest, depreciation and tax

0%10%20%30%FY21: 13.0%13.0%FY21FY22: 9.0%9.0%FY22FY23: 15.0%15.0%FY23FY24: 21.0%21.0%FY24FY25: 14.8%14.8%FY25FY26: 10.4%10.4%FY26
Per cent
FY21FY22FY23FY24FY25FY26
Operating margin13.0%9.0%15.0%21.0%14.8%10.4%
Tax rate30.0%28.6%27.3%21.4%27.1%23.5%
ROCE·22.2%25.2%38.2%25.2%35.6%
ROE·20.4%25.8%47.8%23.1%31.0%
Dividend payout0.0%0.0%0.0%0.0%0.0%0.0%

Ganesh Green Bharat debt and cash flow

Balance sheet · Cash flow · Working capital

The company's own money, its net worth, has grown fast. Its loans are smaller than its own money. Last year the business brought in less cash than it showed as profit, so part of the profit is still to be collected. It spent more on assets and investments than the business brought in, and drew on its cash. Customers pay faster than they did in FY24, which frees up the company's money.

Its own money and its borrowings, ₹ crore
Net worthBorrowings
0100200300Net worth, FY21: 22 ₹ cr22Borrowings, FY21: 10 ₹ cr10FY21Net worth, FY22: 27 ₹ cr27Borrowings, FY22: 22 ₹ cr22FY22Net worth, FY23: 35 ₹ cr35Borrowings, FY23: 27 ₹ cr27FY23Net worth, FY24: 57 ₹ cr57Borrowings, FY24: 54 ₹ cr54FY24Net worth, FY25: 205 ₹ cr205Borrowings, FY25: 47.6 ₹ cr47.6FY25Net worth, FY26: 280 ₹ cr280Borrowings, FY26: 52.4 ₹ cr52.4FY26
Cash from the business against net profit, ₹ crore
Cash from the businessNet profit
-50050100Cash from the business, FY21: -4 ₹ cr-4Net profit, FY21: 7 ₹ cr7FY21Cash from the business, FY22: -8 ₹ cr-8Net profit, FY22: 5 ₹ cr5FY22Cash from the business, FY23: -2 ₹ cr-2Net profit, FY23: 8 ₹ cr8FY23Cash from the business, FY24: 25 ₹ cr25Net profit, FY24: 22 ₹ cr22FY24Cash from the business, FY25: -28.7 ₹ cr-28.7Net profit, FY25: 30.2 ₹ cr30.2FY25Cash from the business, FY26: 21 ₹ cr21Net profit, FY26: 75.2 ₹ cr75.2FY26

Bars below the line are cash going out.

Ganesh Green Bharat balance sheet

At each 31 March · ₹ crore

₹ crore
FY21FY22FY23FY24FY25FY26
Equity capital1111824.8024.80
Reserves21263439180.32255.51
Net worth22273557205.12280.31
Borrowings1022275447.5752.36
Other liabilities3539263986.19155.23
Total liabilities678888150338.88487.90
Fixed assets1222148.4953.92
Capital work in progress000000
Investments00000.010.01
Other assets668686129290.38433.97
Receivables····56.5362.72
Inventory····115.25172.66
Cash····45.2231.36
Trade payables····49.9683.42

Ganesh Green Bharat cash flow

₹ crore

₹ crore
FY21FY22FY23FY24FY25FY26
Cash from operations-4-8-225-28.7220.95
Cash from investing-2-20-34-48.14-25.54
Cash from financing-210310107.15-1.03
Net cash flow-801130.29-5.62
Capital spending····33.0415.43

Working capital

Days

Days
FY21FY22FY23FY24FY25FY26
Debtor days388181876522
Inventory days66399912717668
Days payable231100123907633
Cash conversion cycle-126205712416457
Working capital days62721413810050

Ganesh Green Bharat peers and competitors

Listed SME companies in the same industry

By sales, Ganesh Green Bharat is number 4 of the 34 listed SME companies in electrical equipment.

Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.

CompanyMarket cap ₹ crP/ESales ₹ crProfit ₹ crOp. marginDebt/equity
Oriana Power5632.21,81425222.0%0.67
KP Green Engineering1,36310.01,24613620.0%0.76
Ganesh Green Bharat4415.91,06475.210.4%0.19
Australian Premium Solar (India)4517.870857.913.4%0.28
Danish Power2,09530.45216918.0%0.00
Sahaj Solar1976.641929.612.4%1.27
GP Eco Solutions India50611.84144314.0%0.99
Raksan Transformers57817.03633413.0%0.27
INDO SMC1,18337.03103215.0%0.31
Sugs Lloyd56919.63012914.0%0.50
Smarten Power Systems11112.62438.84.9%0.07
Median of the 10 others56612.241738.514.0%0.41

Ganesh Green Bharat shareholding pattern

Promoters, FIIs, DIIs, HNIs and small holders

The promoters own more than half the company. Big foreign and Indian funds own very little. The number of shareholders is about the same.

Promoters
73.42%
0.00 pts since Jul 24
Foreign investors (FIIs)
1.41%
at Sep 25; not in the latest pattern
Indian institutions (DIIs)
0.76%
-5.43 pts since Jul 24
HNIs (over ₹2 lakh each)
5.61%
+5.08 pts since Jul 24
Small holders (up to ₹2 lakh)
17.85%
+6.24 pts since Jul 24
Companies and others
2.36%
-0.78 pts since Jul 24
Number of shareholders
5,522
5,088 in Jul 24

Ganesh Green Bharat shareholding pattern

Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.

Jul 24Sep 24Mar 25Sep 25Mar 26
Promoters73.42%73.42%73.42%73.42%73.42%
Foreign investors (FIIs)5.11%3.06%1.45%1.41%-
Indian institutions (DIIs)6.19%2.76%1.03%0.55%0.76%
HNIs (over ₹2 lakh each)0.53%1.83%3.59%3.55%5.61%
Small holders (up to ₹2 lakh)11.61%15.85%17.60%18.39%17.85%
Companies and others3.14%3.08%2.91%2.68%2.36%
Number of shareholders5,0884,3085,6075,5015,522

The named holders are at 31 March 2026, beside 30 Sept 2025, each under the group the pattern files them in.

Ganesh Green Bharat study: the business from its own documents

Read from 11 of the company's own documents

Ganesh Green Bharat so far

From the company's own record

  1. 12 July 2024Listed on NSE Emerge at ₹190
  2. 31 March 2026Promoters at 73.42%
  3. 27 Dec 2024Highest close since listing, ₹589.34

Ganesh Green Bharat key facts from the filings

Each figure with the document it comes from

Revenue
₹1,064.3 cr
Net sales in FY26, up from ₹317.5 cr in FY25.Investor presentation, June 2026, p.30 and p.32
Order book
₹2,212.9 cr
Work in hand in June 2026, about twice FY26 sales.Investor presentation, June 2026, p.26
Battery storage order
₹1,510 cr
The NTPC REL battery storage project, 68% of the order book on its own.Investor presentation, June 2026, p.26 (our arithmetic); Earnings call, May 2026, p.4
Panel capacity
1.1 GW
Panel making capacity since late 2025, up from 750 MW in December 2024; the company plans 2 GW by the end of 2027.CARE rating note, May 2026, p.2; Investor presentation, June 2026, p.7
Plant use
76%
Share of the 1.1 GW line used in FY26; the CFO targets 85% in FY27.Earnings call, May 2026, p.12
Show 5 more facts
Imported material
Over 95%
Share of material bought from abroad, as the CFO said, mostly from China.Earnings call, May 2026, p.5 and p.14
Solar cells in cost
50% to 60%
Share of raw material cost from solar cells, the input whose price moves margins most.CARE rating note, May 2026, p.2
Profit margin
7.06%
Net profit margin in FY26, down from 9.50% in FY25 as panels grew faster than contract work.Investor presentation, June 2026, p.31
Borrowings
₹52.4 cr
Total borrowings at March 2026, small against FY26 sales.Investor presentation, June 2026, p.33
Credit rating
CARE BBB; Stable
Assigned to its bank loans in May 2026.CARE rating note, May 2026, p.1

What the company said, and what happened

The company's own statements, attributed, set against what it later reported; not newboard's estimates

On the May 2026 call the CFO said the company expects revenue of ₹1,500 cr to ₹1,700 cr in FY27 from its order book and bids, with the NTPC REL battery storage project to be built within 12 months and about 60% of its main contract work done in FY27. The management said profit margins should improve to 8% to 9% with more contract work, that panel capacity will rise toward 2 GW in phases, and that it may set up solar cell or battery cell making if it wins enough orders. It plans to move to the main board based on its FY27 accounts.

₹1,500 cr to ₹1,700 crFY27 revenue the company expectsMay 2026 call
2 GWPanel capacity aim, end of 2027June 2026 presentation
85%Plant use target for FY27May 2026 call
What management saidWhenWhat happened
1.1 GW panel capacity running in August 2025June 2025 callRunning at full capacity from November 2025, as the company said on the November 2025 call
Profit margin of 9% to 11% or 12%June 2025 call7.06% in FY26
Plant use of 85% to 90% within FY26November 2025 call76% in FY26

Is it a good business? Six questions

Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.

Ganesh Green Bharat makes money by assembling solar panels from imported parts and by building solar, power and now battery projects, mostly for government buyers.

Its weak spots are thin panel margins in a crowded market, prices fixed in tenders, and a new battery business that rests on one large order.

WatchCan it set its own prices?Most work is won in tenders where the lowest price usually wins, and contracts have no standard clause to pass on cost increases.
The evidence. The offer document says price is often the deciding factor in tender awards; the Managing Director said there is no standard price escalation clause.Offer document, p.134; Earnings call, May 2026, p.8
AverageHow strong is it against rivals?It has a record of on time supply to government buyers, but its panel capacity is small next to many makers in a market the rating agency calls oversupplied.
The evidence. CARE says the module industry faces excess supply and intense competition from Chinese and domestic makers; the Managing Director said many rivals have 4 GW to 10 GW plants.CARE rating note, May 2026, p.2; Earnings call, May 2026, p.10
WatchWho are its customers?Buyers are mostly government agencies, PSUs and large contractors, and one battery storage project now makes up most of the order book.
The evidence. The ₹1,510 cr battery storage project is part of a ₹2,212.9 cr order book; customers named include NTPC, SJVN, Power Grid, Indian Oil and Sterling and Wilson.Investor presentation, June 2026, p.26; Earnings call, May 2026, p.5
AverageDoes it need a lot of money?Plants have been cheap to add, but it pays suppliers ahead and holds months of stock, so working capital grows with orders.
The evidence. Total borrowings were ₹52.4 cr at March 2026; the CFO said it keeps about 75 days of inventory and pays advances for cells, glass and frames.Investor presentation, June 2026, p.33; Earnings call, May 2026, p.5 and p.6
StrongCan it keep finding new work?It has a large order book and is bidding for many more panel and battery tenders.
The evidence. Order book of ₹2,212.9 cr in June 2026; the Managing Director said it has bid about ₹3,000 cr in panel tenders and about ₹1,500 cr in battery tenders.Investor presentation, June 2026, p.26; Earnings call, May 2026, p.9
AverageDo good and bad years swing a lot?Sales have grown every year since FY23, but each year is lopsided toward the second half, and margins move with cell, metal and currency prices.
The evidence. The CFO said the second half is usually about 1.5 times the first because of the monsoon, and that FY26 margins were hit by raw material and currency moves.Earnings call, May 2026, p.4, p.8 and p.9

Who runs Ganesh Green Bharat?

Promoters, directors and officers; tap a name for the background

KNKetanbhai Narsinhbhai PatelPromoter, Chairman and Managing Director · holds 41.98%

Completed Higher Secondary in 1996 from the Gujarat Secondary Education Board, with 25 years in government liaison and business development at the time of the offer; looks after liaison with government bodies, business development and project execution. The offer document states that Ketanbhai Narsinhbhai Patel is the brother of Rajendrakumar Narsinhbhai Patel and the husband of Shilpaben Ketanbhai Patel.

Offer document, p.154 and p.155
RNRajendrakumar Narsinhbhai PatelPromoter and Whole Time Director · holds 13.06%

Completed Higher Secondary in 2000 from the Gujarat Secondary Education Board, with 24 years in project management at the time of the offer; with the company since it was formed and handles procurement, maintenance and overall execution.

Offer document, p.154
NSNiravkumar Sureshbhai PatelPromoter and Whole Time Director · holds 13.06%

B.Com from Gujarat University (2010), with 11 years in finance and human resource management at the time of the offer; on the board since the company was formed and looks after project execution, finance and compliance.

Offer document, p.154
SKShilpaben Ketanbhai PatelPromoter and Non-Executive Director

Bachelor of Law from Hemchandracharya North Gujarat University, Patan (2019), with 17 years in law and compliance at the time of the offer; looks after CSR activities.

Offer document, p.154
PJPalak Jagatbhai ShahIndependent Director

A Chartered Accountant since 2003 with a Diploma in Information System Audit, and about 20 years in valuations and tax audits.

Offer document, p.154; Investor presentation, June 2026, p.19
SBSahil Bipin GalaIndependent Director

A Chartered Accountant since 2012 with a certificate in forensic accounting and fraud detection, and about ten years in taxation, internal audit and forensic audit.

Offer document, p.155; Investor presentation, June 2026, p.19

Ganesh Green Bharat latest news and announcements

Announcements · Documents · Corporate actions

What changed recently

Each half-year is set against the same half a year earlier

  • H2 FY26: sales ₹723 cr (+302%), net profit ₹42.3 cr (+147%) on H2 FY25.
  • Shareholding, 31 March 2026: promoters unchanged at 73.42%.

Ganesh Green Bharat announcements

106 on record, latest first; each opens the filing on the exchange

Ganesh Green Bharat annual reports, earnings calls and documents

Every document links to its source; “read” marks those this page is built from

Ganesh Green Bharat share split, bonus and dividends

From the corporate actions the company announces on the exchange

  • DividendINTERIM DIVIDEND - RS 0.50 PER SHAREex-date 25 June 2026
Checks we ran on Ganesh Green Bharat's data · 9

Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.

  • ✓Balance sheet totals add up for FY25 and FY26.
  • ✓Market cap uses the share count in the latest shareholding pattern (2,48,01,000 shares).
  • ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
  • ✓Promoter pledge figures are within possible limits in every shareholding pattern shown.
  • ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
  • ✓The two half-years of FY26 add up to the full-year sales.
  • !Earnings per share changes basis between FY23 (₹68.00) and FY24 (₹10.93) because the share count behind it changes; EPS is shown as reported, and growth is worked out on profit.
  • ✓Revenue and profit are reported for every year shown, FY21 to FY26.
  • iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.

Questions people ask about Ganesh Green Bharat

What does Ganesh Green Bharat do?

Ganesh Green Bharat makes solar panels at its factory in Gujarat and builds solar pumps, solar plants, power lines and water supply schemes, mostly for government agencies and power companies. It has now started building large battery storage projects too.

What is the share price of Ganesh Green Bharat?

₹178 at the close on 6 Nov 2026, from the exchange's daily figures.

What is the market cap of Ganesh Green Bharat?

₹441 cr at the close on 6 Nov 2026, on 2,48,01,000 shares.

What is the P/E of Ganesh Green Bharat?

5.9 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).

What are Ganesh Green Bharat's revenue and profit?

Revenue ₹1,064 cr and profit after tax ₹75 cr in FY26.

Who are the promoters of Ganesh Green Bharat?

Ketanbhai Narsinhbhai Patel, Rajendrakumar Narsinhbhai Patel, Niravkumar Sureshbhai Patel, Shilpaben Ketanbhai Patel; promoters held 73.42% at 31 March 2026.

What was the IPO price of Ganesh Green Bharat?

₹190 a share; it listed on 12 July 2024.

What is Ganesh Green Bharat's website?

www.ganeshgreen.com

More SME companies like Ganesh Green Bharat

Other listed SME companies in electrical equipment, the closest in size first, each read from its own documents.

Every listed SME company in Electrical Equipment → · SME companies listed in 2024 →

Built from 3 earnings call transcripts, 3 investor presentations, 2 annual reports, 1 offer document, 1 result filing, 1 credit rating note, 106 exchange announcements, 5 shareholding patterns and 6 years of reported results. Every figure carries its source; where the documents are silent, the page says so.