Ganesh Green Bharat, a Gujarat-based company specialising in solar PV module manufacturing, solar systems and allied EPC services, electrical contracting, and water supply scheme projects, has reported FY26 consolidated revenue from operations of INR 1,067.60 crore, up 232% year on year. The company crossed the INR 1,000 crore milestone for the first time, driven by accelerated execution of solar module manufacturing and supply, installation, testing and commissioning (SITC) contracts.
EBITDA rose 122% YoY to INR 113.58 crore. EBITDA margin moderated to 10.64%, compared to 15.90% in FY25, reflecting a higher share of large-scale SITC project execution as the business scaled threefold. Profit after tax increased 149% YoY to INR 75.18 crore.
The company said performance accelerated sharply in the second half, with H2 FY26 (six months ended March 31, 2026) revenue nearly quadrupling compared to the corresponding period of the previous year — reflecting the ramp-up in order execution and the scale-up of solar module and SITC deliveries.
Based on its current order book and participation in large-scale tenders, the company expects FY27 revenue in the range of INR 1,500 crore to INR 1,700 crore — implying 40% to 59% YoY growth over FY26. Management said margins are expected to remain stable, with a focus on improving profitability through operational efficiencies, an optimized product mix, and strategic project execution.
The company’s order book currently stands at around INR 700 crore, providing near-term revenue visibility. It has also participated in tenders worth more than INR 3,000 crore, including EPC projects, and expects to secure orders exceeding INR 1,000 crore based on its execution track record and market assessment.
According to the company, FY26 margins were impacted by global geopolitical tensions, USD exchange-rate volatility, a higher (>70%) manufacturing-segment mix where margins are structurally lower, and rising input costs (aluminium, copper, silver). The management said it is focusing on operational efficiency, cost optimisation and a better product mix to strengthen margins in the coming periods.
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