Gensol Engineering Ltd News

Gensol-Matrix consortium wins Rs 164 crore for first bio-hydrogen project

It announced they have emerged as the lowest bidder for the EPC of India's first biomass to green hydrogen project.

Gensol Engg and Matrix Gas consortium win Rs 164-crore bid; stock rises 3%

The project is scheduled for completion within 18 months, the company said.

Gensol Engineering sets up US subsidiary, to supply 2,000 MW solar trackers

Homegrown Gensol Engineering on Wednesday said it has set up a subsidiary in the US with an aim to supply over 2,000 MW solar trackers annually by 2028 to key renewable energy markets. The first US office of the newly formed arm Scorpius Trackers Inc will be located in California, positioning the company at the heart of one of the most dynamic renewable energy markets globally, Gensol Engineering said in a statement. "Gensol Engineering announces entry into the US market with Scorpius Trackers Inc. With a goal to supply over 2,000 MW annually by 2028, Scorpius Trackers Inc aims to capitalise on its decade-long experience," the company said. It has over 1,000 MW of contracted orders across key markets including India, Africa, Japan, and the Middle East, it said. The US solar tracker market, which is the largest in the world deploys trackers aggregating over 25,000 MW annually. The US tracker market is growing at a robust compound annual growth rate (CAGR) of more than 20 per cent,

Gensol Engineering Q1 result: PAT grows over 2-fold to Rs 32.5 cr

Gensol Engineering on Monday posted over two-fold growth in standalone profit after tax (PAT) Rs 32.5 crore for the quarter ended June 2024 on higher revenues. It had reported a PAT of Rs 12.3 crore in the April-June period of the preceding 2023-24 financial year, the company said in an exchange filing. The company's revenues surged to Rs 275 crore from Rs 147 crore in the year-ago quarter. Gensol Engineering Ltd Chairman and Managing Director Anmol Singh Jaggi said, "Our performance in Q1 FY25 has been exceptional. Gensol is expanding its presence in current and new business segments like Solar, BESS (battery energy storage systems) & EV Leasing, which are poised for significant growth in the near future, boosting our overall profitability". The renewable energy space is experiencing rapid expansion, driven by increasing demand for sustainable solutions and supportive government policies, he added. Gensol Engineering recently bagged a Rs 463 crore solar plant project at Gujarat's

Here's why Gensol Engineering's stock locked in upper circuit on Budget Day

Shares of Gensol Engineering were locked in a 5 per cent upper circuit at Rs 983.90 per share on the BSE in Tuesday's intraday deals

Gensol Engg hits 5% upper circuit on securing project worth Rs 1,340 crore

The rise in stock came after the company emerged as a successful bidder for a 250-Mw/500 MWh battery energy storage system (BESS) tender floated by Gujarat Urja Vikas Nigam Limited

Gensol Engineering wins bidding for Rs 1,340 cr energy storage project

Gensol Engineering on Wednesday said it has emerged as a successful bidder for Gujarat Urja Vikas Nigam's 250 MW (500 MWh) Battery Energy Storage Project worth Rs 1,340 crore. The project will supply electricity on an 'on-demand' basis to Gujarat State's DISCOMs during peak and off-peak hours, thereby extending renewable energy availability beyond solar hours, fulfilling energy storage purchase obligations, and enhancing grid resilience, a company statement said. According to the statement, Gensol Engineering -- a pioneer in solar power engineering, procurement, and construction (EPC) services and electric mobility sector -- emerged as a successful bidder for 250 MW/500 MWh standalone battery energy storage systems (BESS) project from Gujarat Urja Vikas Nigam Ltd (GUVNL). The project will deliver 250 MW/500 MWh energy for two charge/discharge cycles per day. Gensol Engineering Managing Director Anmol Singh Jaggi said in the statement, "Securing this project enables us to make a ...

Gensol Engineering Ltd Q4 results: Net profit jumps three-fold to 20 cr

Gensol Engineering Ltd on Tuesday reported a nearly three-fold jump in its consolidated net profit to Rs 20 crore during the March 2024 quarter, on account of higher revenue. It had posted a profit after tax (PAT) of Rs 7 crore in the year-ago period, the company said in a regulatory filing. The company's total revenue also rose to Rs 412 crore in the January-March period as against Rs 167 crore a year ago. As of March 2024, the company said it had an order book of Rs 1,783 crore, of which Rs 1,448 crore worth of orders are from the solar segment. "We continue to take strategic bets like Scorpius Trackers's acquisition, Middle East entry, BESS (battery energy storage system) and we continue to expand into segments such as EV leasing and EV manufacturing," Anmol Singh Jaggi, Managing Director of Gensol Engineering, said. The company is a part of the Gensol group of companies which offers EPC services for the development of solar power plants.

Gensol Engineering appoints Shilpa Urhekar as CEO of Solar EPC, India

Gensol Engineering on Tuesday announced the appointment of Shilpa Urhekar as Chief Executive Officer (CEO), Solar EPC (India). Urhekar will succeed Ali Imran Naqvi, who has been nominated to oversee the growth of Gensol Engineering Ltd and its subsidiaries, the company said in a BSE filing. Before joining Gensol, Urhekar served as the Country Head (India) at Sterling and Wilson Renewable Energy Ltd (SWREL), where her tenure saw successful bidding and execution of 6 Gigawatt (GW) renewable energy projects. She managed the multi-gigawatt Solar EPC projects across India. Under her guidance, SWREL achieved positive bottom-line growth and completed projects ahead of schedule. With over two decades of experience in the renewable energy industry, Urhekar's appointment marks a pivotal moment for Gensol's leadership team. She will primarily focus on strengthening the company's solar EPC business and solidifying its position as a key player in India's renewable energy landscape, according

Gensol Engineering appoints Kapil Nirmal as CEO of West Asia business

Solar energy solutions provider Gensol Engineering has appointed Kapil K Nirmal as CEO - Middle East to lead its solar EPC (engineering procurement construction) business operations in the region. In his new role, Nirmal will spearhead the region's expansion for Gensol navigating market complexities, ensuring sustainable growth, and establishing Gensol as a prominent player in the Middle East solar PV sector, according to a statement on Wednesday. He has over 18 years of experience in business development, new market establishments, and avenues, having held several positions across top organisations like Emirates Electrical Engineering LLC, Al Rostamani Group, Siraj Power Contracting LLC and Amplus Energy Solutions. He is an alumnus of the University of Cambridge and IIM Calcutta. Gensol has a distinguished track record of over 600 MW in diverse solar projects, including rooftop, ground-mounted, and floating installations across India.

Gensol Engg trades lower for fourth straight day; slips 43% from Feb high

The stock has witnessed selling pressure off late owing to the company's name associated with Zenith Multi Trading DMCC (Zenith).