Gensol Engineering Q3 FY25 PAT Grows 6%, Revenue Hits ₹345 Crore

Gensol Engineering Limited, a prominent player in the renewable energy sector specializing in solar engineering, procurement, and construction (EPC) services, along with electric mobility solutions, today announced its unaudited consolidated financial results for the quarter & nine months ended December 31st, 2024 (Q3 & 9M FY25).

Consolidated Financial Summary:

*Total Revenue & EBITDA includes Other Income                                                                                                                                  

Consolidated 9M FY25 Highlights:

• Total Revenue was ₹1,056 Crore for 9M FY25 compared to ₹743 Crore in 9M FY24, a growth of 42%
• EBITDA stood at ₹246 Crore for 9M FY25 compared to ₹130 Crore during 9M FY24, an increase of 89%
• EBITDA Margin increased by 580 bps to 23.3% in 9M FY25 as against 17.5% in 9M FY24
• PAT stood at ₹67 Crore for 9M FY25 compared to ₹50 Crore in 9M FY24, a growth of 34%

Consolidated Q3 FY25 Highlights:

• Total Revenue was ₹345 Crore for Q3 FY25 compared to ₹266 Crore in Q3 FY24, a growth of 30%
• EBITDA stood at ₹63 Crore for Q3 FY25 compared to ₹53 Crore during Q3 FY24, an increase of 19%
• EBITDA Margin decreased by 180 bps to 18.3% in Q3 FY25 as against 20.1% in Q3 FY24
• PAT stood at ₹18 Crore for Q3 FY25 compared to ₹17 Crore in Q3 FY24, a growth of 6%

Business Segment / Operational Highlights:

Solar:

• Won a major EPC contract from a well-known Public Sector Undertaking for the development of a 275 MW Solar PV Project at RE Solar Park, Khavda Rann of Kutch, Gujarat. The total bid value is around INR 1,061.97 crores (including GST), which also covers 3 years of operation and maintenance (O&M).
• Secured a major contract with NTPC Renewable Energy Limited (NTPC REL) to develop a 225MW-AC (276 MWDC) solar PV system at GSECL Solar Park, Gujarat worth INR 897.47 crore. The deal also includes 3 years of operations and maintenance.
• Secured order worth approximately INR 967.98 crores (including GST) for 245 MW Solar PV Project at Khavda RE Power Park, Rann of Kutch in Gujarat, including three years of O&M

Gensol EV Manufacturing:

• Debuted at the Bharat Mobility Global Expo 2025, unveiling the ‘EZIO’ micro urban vehicle and ‘EZIBOT’ cargo electric vehicle. The company also announced 30,000 pre-orders from existing fleet operators, reflecting strong market demand.

 Debt reduction:

• Gensol Engineering and Refex Green Mobility (Refex eVeelz) have partnered to transfer 2,997 electric four-wheelers (e4Ws), boosting sustainable mobility in India. Refex eVeelz will take over Gensol’s INR 315 Crore loan, streamline operations, and expand e4W use in cities like Chennai, Bengaluru, Hyderabad, Mumbai, and Pune.

Commenting on the overall performance of the Company, Mr. Anmol Singh Jaggi, Chairman and Managing Director, Gensol Engineering Ltd. said, “India’s renewable energy story is unfolding at a remarkable pace. With country touching 100 GW solar installed capacity, we have witnessed a watershed moment. This milestone underscores the effectiveness of government policies and increasing investments. Gensol's strong performance reflects this positive momentum. In Q3, we've secured major solar EPC contracts totalling Rs. 2,928 crores, bolstering our order book. Our EV business is also gaining traction, with 30,000 pre-orders for our 'EZIO' micro urban vehicle and 'EZIBOT' cargo EV unveiled at Bharat Mobility Global Expo 2025. The transfer of 2,997 e4Ws through our partnership with Refex Green Mobility not only demonstrated our commitment to electric mobility but substantially deleveraged our balance sheet. Looking ahead, we'll continue to drive clean energy solutions across solar EPC, EVs, battery storage, and green hydrogen, strengthening our market position and creating long-term value for our stakeholders.