The Board of Directors has approved and passed resolutions for the following fund-raise plan:

• Rs. 400 crore to be raised through the issuance of Foreign Currency Convertible Bonds (FCCBs); and
• Rs. 200 crore to be raised through the issuance of warrants to promoters.

This initiative, combined with the company’s ongoing divestments, including the sale of vehicles and the sale of a subsidiary, is expected to significantly improve Gensol’s debt- equity ratio, positioning it for long-term financial strength and resilience.

Key financial impact of the fund-raise and divestments:

• Currently, Gensol Engineering has a debt of Rs. 1,146 crore against reserves of Rs. 589 crore, resulting in a debt-equity ratio of 1.95.
• With this announcement of Rs. 600 crore fund-raise, the company’s reserves are expected to increase to approximately Rs. 1,200 crore.
• Additionally, with Rs. 615 crore of divestments underway, the company’s debt will be reduced to approximately Rs. 530 crore.
• These measures will lead to a significantly improved and healthy debt-equity ratio of 0.44.

Speaking on the development, Anmol Singh Jaggi, Managing Director at Gensol Engineering Limited, stated: “Our foremost priority is to strengthen Gensol’s balance sheet, and we are taking bold and decisive steps to address it starting with this fund-raise. This Rs. 600 cr. fund-raise, coupled with the strategic divestments, will be crucial in strengthening and positioning the company for sustained growth. For years, we have delivered high value to our shareholders, and that remains our top priority. We are sharply focused on achieving a net-debt zero status, maintaining financial discipline, and unlocking even greater potential for our investors.”

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Bengaluru, February 25, 2025: Gensol Engineering Limited (BSE: 542851, NSE: GENSOL), a leading player in India’s renewable energy sector, has signed a non-binding Term Sheet for an INR 350 crore strategic transaction involving the sale of its US subsidiary, Scorpius Trackers Inc., to a major Renewable Energy Solutions provider in the US. The deal includes the transfer of exclusive and global Intellectual Property (IP) rights (except India) for Scorpius Trackers’ advanced solar tracking technology.

This transaction underscores Gensol’s strategy to monetize high-value assets, unlock capital from its subsidiaries, and reinvest in its core growth areas, strengthening the company’s financial position. The deal will be completed in two tranches, with full closure expected by March 2026, subject to due diligence, customary approvals, and closing conditions.

The proceeds from this transaction will be strategically redeployed to expand Scorpius Trackers’ operations in India, fuel solar EPC business growth, and support Gensol’s broader clean energy initiatives. This reinvestment aligns with the company’s long-term vision to enhance cash flow and strengthen the balance sheet, ensuring sustained value creation for shareholders. 

Anmol Jaggi, Chairman & Managing Director, Gensol Engineering Limited. “This deal is a testament to the inherent value within Gensol’s subsidiaries and the strength of our innovation-driven approach. The monetization of Scorpius Trackers’ US business enables us to reinvest in high-growth opportunities in India while strengthening our financial position. This marks a significant milestone in our journey to enhance shareholder value and accelerate our leadership in renewable energy.”

While the deal transfers global IP rights (excluding India) to the US entity, Scorpius Trackers Pvt. Ltd., India, remains a wholly owned subsidiary of Gensol Engineering, continuing to focus on the Indian market. Scorpius India will retain its IP for Indian projects, ensuring continued innovation and market leadership in one of the world’s fastest-growing solar markets.

Shailesh Vaidya, CEO, Scorpius Trackers, added, “This agreement positions Scorpius Trackers for rapid growth in the US market while allowing us to retain our market focus in India. The partnership will strengthen our technology presence globally and enable us to capitalize on the immense growth potential in India’s solar sector.”

Gensol Engineering’s strategic approach to subsidiary monetization reinforces its capital-efficient growth strategy, ensuring value realization from high-potential assets. With a diversified portfolio spanning solar EPC, tracker technology, electric mobility, and energy storage, Gensol remains committed to scaling operations, enhancing profitability, and driving long-term shareholder returns.

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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.  

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Consolidated Financial Summary:

#Total Revenue & EBITDA includes Other Income

*Gensol has re-stated historical financials basis updated accounting treatment of some EV leases, treating them as financing lease instead of operating lease 

Standalone Financial Summary:

#Total Revenue & EBITDA includes Other Income

• Gensol has re-stated historical financials basis updated accounting treatment of some EV leases, treating them as financing lease instead of operating lease 

Consolidated H1 FY25 Highlights:

• Net Debt to Equity reduced to 4x as on 30th September 2024, as compared to 2.2x as on March 31, 2024
• Cash Flow from operations has improved to ₹154 Crore in H1FY25 as compared to ₹22 Crore in H1FY24

Gensol Engineering Limited (GEL) Standalone & Consolidated PAT H1 FY25:

 In H1 FY25, Gensol’s standalone revenue reached ₹642 Crore and PAT grew by 130% to reach ₹90 Crore YoY (GEL standalone PAT margin is 14.1%)

• At the Gensol H1 FY25 consolidated level, PAT is ₹50 Crore, reflective of the ₹40 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.

Operational Highlights: 

• Won an EPC contract of ₹463 crore for a large-solar plant at Gujarat’s Khavda RE Power Park. The project will be a state-of-the-art solar facility, featuring a fixed tilt module mounting structure and other system components
• Awarded a repeat order of ₹40 crore for a rooftop solar project from a leading textile company
• Successfully emerged as a winning bidder for 116MW (150 MWp) of Solar Projects in Gujarat to be distributed across 27 locations in Gujarat, under the oversight of Paschim Gujarat Vij Ltd. (PGVCL).
• Signed an EPC and long-term O&M contract for a 23 MWp rooftop solar PV project in Dubai, advancing our commitment to sustainable energy solutions in the Middle East
• Entered the S. market by establishing Delaware-based subsidiary, Scorpius Trackers Inc., leveraging over a decade of expertise and 1,000 MW+ of contracts across India, Africa, Japan, and the Middle East.

Commenting on the overall performance of the Company, Mr. Anmol Singh Jaggi, Chairman and Managing Director, Gensol Engineering Ltd. said, “India’s renewable energy growth story is unparalleled, driven by ambitious targets and strong government support. Within this dynamic landscape, Gensol is uniquely positioned to play a pivotal role in advancing renewable energy solutions. Gensol’s journey has been transformative, evolving from a focused solar company into a diversified renewable energy leader. Our continuous and robust growth is a testament to our commitment, innovation, and agility. Through the expansion of our core solar offerings and strategic ventures into electric vehicles (EVs), leasing, battery energy storage and green hydrogen, our portfolio enhances our ability to drive value across India’s renewable energy landscape.”

“Looking ahead, Gensol’s strategy remains focused and ambitious. We are committed to investing in clean energy, concentrating our efforts on innovation across solar, EVs, battery energy storage and green hydrogen technologies. Gensol aims to be a trusted partner in India’s transition towards a sustainable energy future and we are committed to delivering long-term value to our shareholders and customers, helping shape a resilient, sustainable future for all.” added Anmol Jaggi. 

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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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