Microcap stock jumps after securing contract from Maharashtra State Electricity Distribution Company

Synopsis: Ganesh Green Bharat Ltd. shares surge after securing a ₹57.16 crore contract from MSEDCL for the supply, installation, and commissioning of 2,064 Off-Grid DC Solar Water Pumping Systems under the PM Kusum Yojana in Maharashtra.

The shares of a Micro-Cap company, specializing in renewable energy solutions, primarily focusing on the manufacturing of high-efficiency solar panels and providing comprehensive EPC services, jumped upto 2 percent upon securing a contract from Maharashtra State Electricity Distribution Company Limited.

With a market capitalization of Rs. 843.23 crores on Friday, the shares of Ganesh Green Bharat Ltd rose by upto 1.9 percent, making a high of Rs. 340.20 per share compared to its previous closing price of Rs. 333.65 per share. 

What Happened

Ganesh Green Bharat Limited, engaged in renewable energy solutions, primarily focusing on the manufacturing of high-efficiency solar panels and providing comprehensive EPC services has received a Letter of Empanelment and Rate Contract from Maharashtra State Electricity Distribution Company Limited (MSEDCL).

The contract pertains to the design, manufacture, supply, transport, installation, testing, and commissioning of Off-Grid DC Solar Photovoltaic Water Pumping Systems (SPWPS) with capacities of 3 HP, 5 HP, and 7.5 HP at identified farmer sites across Maharashtra. The scope also includes a complete system warranty, repair and maintenance services, and a Remote Monitoring System (RMS) for five years. 

A total of 2,064 units will be allocated under the project as part of the Magel Tyala Saur Krushi Pump Yojana/PM Kusum B scheme. The total value of the contract is Rs. 57.16 crore, inclusive of all duties and taxes. The company’s total order book for ongoing projects now stands at approximately Rs. 924.54 crore.

Financials & Others

The company’s revenue rose by 147 percent from Rs. 138 crore in September 2024 to Rs. 341 crore in September 2025. Meanwhile, Net profit rose from Rs. 13 crores to  Rs. 33 crores during the same period.

The company has strong financial metrics, with a Return on Capital Employed (ROCE) of 25.2% and a Return on Equity (ROE) of 23.0%, demonstrating efficient capital usage and profitability. Compared to the industry’s Price-to-Earnings (P/E) ratio of 18.3, the company’s P/E ratio of 16.9 suggests that the stock is relatively undervalued. The low PEG ratio of 0.21 indicates strong growth potential relative to its price.

Additionally, the company has a solid track record of high returns on equity, with a three-year average ROE of 27.9% and the low debt-to-equity ratio of 0.15 reflects prudent financial management, as the company has successfully reduced its debt.

Ganesh Green Bharat Ltd (GGBL) is an Indian technology company focused on sustainable energy, specialising in solar PV manufacturing, EPC, and electrical solutions, including solar home/street lights, power plants, and water schemes for government & rural clients, aiming to drive India’s green energy revolution with innovation and eco-friendly projects. They’re ISO certified and involved in projects for various central/state government bodies, delivering turnkey solutions from design to commissioning. 

The company has successfully executed 80,000+ Off-Grid Systems under the Rajasthan Government tender and has expanded its capacity from 236 MW to 1.1 GW currently, with a fully automated PV Module Line with compatibility of Mono Technology /Topcon Technology /HJT Technology. Along with it, the company’s operations span 14 Indian states and have completed 27+ projects totalling Rs. 220+ Cr in value

Written by Sridhar J

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