Gensol’s role will encompass the entire gamut of the project’s lifecycle —from the complex and critical task of land acquisition, highlighting the scale and intricacy of the undertaking, to the precise and detailed phases of design, engineering, procurement, and logistics. The scope also includes the manufacturing, supply, erection, inspection, installation, testing, and commissioning of a 150 MWac grid-connected ground-mounted solar PV power plant, along with the development of the associated power evacuation infrastructure to the STU substation. Additionally, the contract includes three (3) years of operation and maintenance (O&M) services for the project, inclusive of maintenance of the plant’s switchyard and its extensive transmission infrastructure.

Commenting on the development, Shilpa Urhekar, Chief Executive Officer, Solar EPC (India), Gensol Engineering Ltd. said, ” We are deeply grateful for the trust placed in us by one of India’s leading public sector utilities. This significant project is a testament to Gensol’s growing expertise as a provider of comprehensive, end-to-end solar solutions. It will play a vital role in advancing India’s clean energy transition, aligning with our firm commitment to contributing to the right energy mix. We look forward to further collaborating with the state of Maharashtra to support and enhance India’s renewable energy goals.”

The project aligns with the forward-looking policy introduced by the Ministry of New and Renewable Energy (MNRE) in April 2022, aimed at enhancing Maharashtra’s energy infrastructure while making a significant contribution to India’s sustainable energy goals. The awarding of this contract to Gensol highlights the company’s growing expertise and proven track record of delivering renewable energy projects on time.

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The project’s total capital expenditure (capex) is estimated at INR 321 Crore, with the Government of India providing 50% capex incentives to support this groundbreaking initiative. This investment underscores the shared commitment of both the government and the consortium to promote sustainable development and reduce carbon emissions in the steel industry.

The facility will employ direct reduced iron (DRI) vertical shaft technology to convert iron ore into sponge iron. Developed for Indian-grade ore, this process will support Matrix’s broader goal of establishing similar Green Steel plants for medium- to small-scale producers in Chhattisgarh, Odisha, and other regions across India. Traditionally, sponge iron production relies on fossil fuels, emitting CO₂ in the process. By utilizing green hydrogen produced with renewable energy, this new approach will replace coal and natural gas, eliminating CO₂ emissions—a major leap forward in clean iron production.

Consortium members: Matrix Gas & Renewables Ltd., Gensol Engineering Ltd., Indian Institute of Technology Bhubaneswar, and Metsol AB (Sweden) will collaborate on this pilot plant, which will have a capacity of 50 tons per day (TPD). Matrix will oversee the entire project lifecycle, including land acquisition, environmental assessments, and all critical phases of design, engineering, procurement, and logistics. The scope of work will cover the manufacturing, supply, erection, inspection, installation, testing, and commissioning of the facility, along with the development of supporting infrastructure.

Commenting on this landmark development, Chirag Kotecha, Whole-time Director, Matrix Gas and Renewables Ltd., said, “We are proud to lead such a transformative project in India’s steel industry. This facility not only demonstrates our commitment to green hydrogen and sustainable practices but also places us at the forefront of India’s clean energy transition. We look forward to contributing to the nation’s renewable energy goals and collaborating with the Government of India and key stakeholders to ensure the success of this initiative under the National Green Hydrogen Mission.”

This project aligns with the Government of India’s vision for a sustainable future, reinforcing the nation’s commitment to green energy solutions while enhancing its industrial capabilities. The awarding of this contract highlights Matrix’s expertise and proven track record in delivering innovative energy solutions.

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With a total installed capacity of 23,178 kWp (23 MWp), the project underscores Gensol Engineering’s commitment to driving sustainability in the Middle East by contributing to the region’s transition to cleaner energy sources. The contract, valued at AED 81.6 Mn (INR 186 Crore) plus taxes, is set to be executed over a 20-month period.

Speaking about the win, Kapil K Nirmal, CEO – Solar EPC (MENA), Gensol Engineering Ltd., said, “We are thrilled to partner with UAE’s leading sustainable development and clean energy development company on this landmark project, which reflects our ongoing commitment to delivering innovative and efficient solar EPC solutions in this region. This project further strengthens our presence in the Middle East and aligns with Dubai’s vision of becoming a global leader in clean energy by 2050.”

The turnkey project will involve the design, procurement of materials, construction, testing, commissioning, and long-term operation and maintenance of the rooftop solar PV systems. These systems will provide a sustainable energy solution to the customer, contributing significantly to Dubai’s ambitious sustainability targets and reducing the carbon footprint of one of the region’s most critical industrial facilities.

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Ankit brings over 20 years of extensive experience across finance and accounting functions, including fundraising, M&A, investor relations, corporate governance, auditing, and taxation. In his current role, he will work with the Gensol Engineering leadership to execute strategies for establishing a solid financial foundation and enhancing corporate governance for the company.

Commenting on the appointment, Anmol Singh Jaggi, Chairman and Managing Director, Gensol Engineering Limited said, “We are delighted to welcome Ankit to the Gensol team as our new CFO. I am positive that Ankit’s extensive experience in finance and leadership roles, and his expertise in driving strategic financial initiatives will be invaluable in helping Gensol lead the energy transition. I extend my best wishes for his success in this new role and look forward to working closely with Ankit to propel Gensol to new heights.”

Speaking on his new role, Ankit Jain said: “I am honored to assume the role of CFO at Gensol Engineering and see it as a great opportunity to contribute to the energy transition in a meaningful way. I am committed to working with the senior leadership and board members to establish a robust financial strategy. Together, we will drive innovation and sustainable growth, positioning Gensol as a leader in the renewable energy sector.”

Ankit previously held the position of Vice President – Finance at Zetwerk India. Throughout his extensive professional journey, he has also held key positions in various companies such as Baker Hughes, Philips Lighting, GE Oil & Gas and KPMG, where he played a crucial role in shaping and scaling these organizations. He holds a Master’s degree from The Institute of Chartered Accountants of India.

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Commenting on this achievement, Anmol Jaggi, Managing Director, Gensol Engineering Ltd., said, “We feel immense pride to develop India’s first Green Hydrogen Valley project. Government of India has taken a great step in promoting these Hydrogen Valleys through Department of Science & Technology (DST). We are going to supply Green Hydrogen to the specialty chemical Sector in Pune, Maharashtra on round the clock (RTC) basis to develop the Green Hydrogen economy in India”

Chirag Kotecha, Whole-time Director at Matrix Gas and Renewables Ltd., added, “We are committed to contribute to India’s net-zero targets by achieving the key aspects of National Green Hydrogen Mission. This Green Hydrogen valley is being facilitated by National Chemicals Laboratories (NCL), Pune in Kurkumbh region. We will have an opportunity to establish such Green Hydrogen generation concepts, its applications and R&D facilities. We have been selected through competitive tender as the best bidder (both Technically and Commercially) to setup a Green Hydrogen Generation plant on BOO basis through Electrolysis route.”

Gensol & Matrix are both companies promoted by common promoters and will continue to collaborate in the Green Hydrogen and its derivates including Green Steel and Green Ammonia domain taking benefit of the skill sets of each entity.

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The company has strategically partnered with Westinghouse, USA who has patented technology and has commissioned multiple plants globally. The scope of work includes developing the establishment of a 25 Tons per day (TPD) Bio-waste processing and producing 1 TPD Green Hydrogen Infrastructure from Pre-Gasification Plasma Induced Radiant Energy-Based Gasification System (GH2-PREGS) technology.

Commenting on the development, Anmol Singh Jaggi, Chairman and Managing Director, Gensol Engineering Ltd., said, “We are honored to emerge as the lowest bidder for EPC of India’s first biomass to green hydrogen project for India’s leading power generation company. Gensol and Matrix consortium highlights our unwavering commitment to innovation and excellence within the renewable energy sector, aligning towards India’s National Green Hydrogen Mission and proliferating to unlock EPC turnkey solution provider. By converting bio-waste into hydrogen, we are addressing critical environmental challenges and making a significant contribution to the nation’s energy transition. We are committed to executing this project with the highest standards of quality and efficiency that defines Gensol.”

Chirag Kotecha, Whole-time director, Matrix Gas & Renewables Ltd., added, “We are proud to be at the forefront of India’s energy transition with the development of the country’s first Biomass to Green Hydrogen project. This project represents a significant leap forward in the nation’s mission. Our team is dedicated to executing this project with the utmost precision and efficiency, ensuring that it serves as a model for future initiatives to create a holistic GH2 ecosystem, by embracing this innovative pathway model for the onset of the plasma waste-to-energy era.”

Gensol & Matrix are both companies promoted by common promoters and will continue to collaborate in the Green Hydrogen and its derivatives including Green Steel and Green Ammonia domain taking benefit of the skill sets of each entity.

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Standalone Financial Summary:

Consolidated Financial Summary:

 
Q1 FY25 Highlights:
Total Revenue was ?297 Crore for Q1 FY25 compared to ?145 Crore in Q1 FY24, a growth of 105%
EBITDA stood at ?89 Crore for Q1 FY25 compared to ?37 Crore during Q1 FY24, an increase of 143%
EBITDA Margin increased by 470 bps to 30.0% in Q1 FY25 as against 25.3% in Q1 FY24
PAT stood at ?15 Crore for Q1 FY25 compared to ?10 Crore in Q1 FY24, a growth of 50%
PBT was ?27 Crore for Q1 FY25 compared to ?14 Crore in Q1 FY24, an increase of 86%
Net Debt to Equity is 1.86x as of 30th June 2024
The total order book stood at ?5,025 Crore (includes solar, BESS & EV Leasing)

Gensol Engineering Limited (GEL) Standalone & Consolidated PAT:

*GEVPL impact is inclusive of capitalized interest expense towards GEL
In Q1FY25, Gensol’s standalone revenue grew by 87% YoY to reach ?275 Crore and PAT grew by 165% to reach ?33 Crore YoY (GEL standalone PAT margin is 11.8%)
At the Gensol consolidated level, PAT is ?15.1 Crore, reflective of the ?17.4 Crore impact of its subsidiaries in new segments of solar trackers and e-mobility, which have immense headroom for growth
Gensol remains committed to invest in its new business segments which are expected to increase multifold in the near future, contributing to overall profitability

Business Segment / Operational Highlights:

Solar:

Recently awarded ?463 Crore solar plant project at Gujarat’s Khavda RE Power Park
Won 116 MW (150 MWp) of solar projects in Gujarat (under KUSUM yojna). These projects will be
distributed across 27 diverse locations, all under the purview of Paschim Gujarat Vij Co. Ltd.
(PGVCL), the state electricity distribution company.
Appointed Binaya Bhusan Panda as Chief Operating Officer (COO)

BESS:

Amongst India’s largest project developers for standalone BESS projects, with a total awarded capacity of 570MW / 1140MWh from Gujarat Urja Vikas Nigam Limited (GUVNL) which will generate a total revenue of over Rs 3100 Crore over the 12-year Battery Energy Storage Purchase Agreement (BESPA) tenure
Commenting on the overall performance of the Company, Mr. Anmol Singh Jaggi, Chairman and Managing Director, Gensol Engineering Ltd. said, “We’re pleased to share that our performance in Q1 FY25 has been exceptional. Gensol is dedicated to expanding its presence in current and new business segments like Solar, BESS & 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. As we increase our investments in these emerging areas, we are confident in our ability to seize the opportunities in the renewable energy and eMobility sectors, playing a key role in advancing India’s energy transition goals.”

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