Gensol Engineering began in 2012 as a solar advisory firm, but quickly pivoted to building the plants themselves - and then kept going, using each new skill to reach for the next. Today it is a clean-energy group that designs and constructs large solar farms, makes electric vehicles, leases EV fleets, and is building early-stage positions in battery storage and green hydrogen. The recurring pattern is backward integration: when something in the supply chain becomes a bottleneck or a cost centre, Gensol acquires or builds its own capability to supply it, from solar trackers to the cars that will use the power. # Business segments Five engines at different stages - a solar construction cash cow, two consumer platforms at national scale, and a green-energy bet under construction - each built with the cash flows of the one before. ## 1. Solar EPC: where the group's cash comes from **Gensol is a top-10 Indian builder of turnkey solar power plants, handling everything from design to commissioning for government utilities and industrial customers - and it keeps winning repeat work by solving the hard sites others avoid.** - **Turnkey builder for tough terrain** - the company has executed over 770 MW of solar projects across rooftop, ground-mount, and floating installations in almost every Indian state, including on rocky landscapes, black cotton soil, deserts, dump yards, and in the cyclone-prone Khavda region of Gujarat. A team of more than 240 engineers manages these projects end-to-end. - **Land is the customer's problem** - Gensol does not acquire land for its EPC projects; the customer provides it. This means execution timelines can stretch when customers are slow to transfer land, or when extended rainfall hits a site, but it also keeps Gensol's balance sheet light. - **Backward integration into trackers** - in 2023 the company bought Scorpius Trackers, one of India's largest single-axis solar tracker makers, for Rs. 135 Crores. Scorpius' trackers claim 15-16% higher energy output than fixed-tilt systems, and the acquisition lets Gensol offer an end-to-end EPC package with its own tracking technology inside, rather than buying from a third party. - **Drone-led quality control** - the company flies drones over rooftops to spot hairline cracks invisible to the naked eye, a technique it uses on both rooftop and ground-mounted assets to catch defects early. A centralised monitoring room tracks every under-construction plant in real time. - **Public-sector order book** - key customers are large PSUs such as NTPC, from which Gensol won a 225 MW project worth INR 898 crores, and it has secured multiple contracts at the Khavda Renewable Energy Park worth Rs. 463 crores. The unexecuted solar order book stood at roughly Rs. 3,400 crore as of September 2024, with another Rs. 2,000+ crore in contracts where Gensol is the lowest bidder and under finalisation. ## 2. EV leasing: a captive fleet for the mobility transition **Under the brand 'Let'sEV', Gensol buys electric vehicles from manufacturers and leases them to fleet operators, logistics companies, and government bodies - earning a stream of lease payments over four to five years while building a nationwide asset base.** - **All form factors, one platform** - the leasing portfolio spans two-wheelers, three-wheelers, four-wheelers, light and heavy commercial vehicles, and buses, sourced from 12 major OEMs. This breadth means a single delivery company can lease its entire EV fleet from Gensol. - **Assets under management as the scorecard** - the business measures itself by the value of vehicles it has out on lease, which reached approximately INR 850 crores by December 2024. Leases run for four to five years, creating a recurring revenue stream over that period. - **Tied to a related ride-hail platform** - a significant portion of the leased four-wheelers are deployed with BluSmart Mobility, an electric ride-hailing business built by the same promoter, giving the leasing arm a built-in demand channel. ## 3. EV manufacturing: a factory waiting for its moment **Gensol has built a greenfield electric-vehicle plant near Pune with capacity for 30,000 vehicles a year and secured ARAI certification for its first model - a tiny two-seater aimed at ride-hailing - but production has not yet begun.** - **A plant designed for EVs** - the Chakan facility features a multi-model, multi-variant single manufacturing line with robotic assembly stations, an in-plant test track, and a next-generation end-of-line vehicle testing setup. It is registered as an original equipment manufacturer on the government's Vahan portal. - **One platform, three variants** - the first vehicle is a two-door, two-seater three-wheel car built for the fleet segment first, with cargo and urban passenger variants to follow on the same platform. Two variants - EZIO (passenger) and EZIBOT (cargo) - were unveiled at the Bharat Mobility Global Expo 2025. - **Pre-orders without production** - the company announced 30,000 pre-orders from fleet operators, though these were later described as expressions of willingness without agreed prices or delivery schedules. Test production was expected to start by Q2 FY '25, with full production in FY26, but as of April 2025 an exchange inspection found no manufacturing activity at the plant and minimal electricity consumption. ## 4. Battery storage and green hydrogen: two bets under construction **Gensol has won its first large-scale battery storage contracts and is building a green-hydrogen project pipeline through a consortium - both are early-stage, asset-heavy plays that would generate long-term contracted cash flows if completed.** - **First BESS win with utility-style economics** - the company secured two standalone battery energy storage projects from Gujarat Urja Vikas Nigam Ltd. totalling 570 MW / 1,140 MWh, with expected revenues of over Rs. 3,100 crores across a 12-year contract and projected EBITDA margins above 90%. The build-own-operate model means Gensol will construct, own, and run the assets. - **Second life for old EV batteries** - the company is repurposing automotive batteries for stationary storage and UPS applications after their initial seven to ten years of use in vehicles, extending the value of batteries already in its leasing fleet. - **Hydrogen via consortium** - Gensol partners with Matrix Gas & Renewables (promoted by common backers) to bid for green hydrogen projects, with Gensol handling the renewable power side and Matrix the electrolyser and hydrogen technology. The consortium has won a 300 MW cumulative electrolyser manufacturing capacity under the government's PLI scheme, entitling it to Rs. 450 crore in incentives, and is developing India's first green hydrogen valley project in Pune with a 20-year offtake agreement from the specialty chemicals sector. # Group structure and partners **Gensol is a promoter-led group with a web of wholly owned subsidiaries for each new venture, significant related-party ties to BluSmart Mobility, and - as of July 2025 - an active insolvency proceeding.** - The promoters hold 63% of the company, with Chairman & Managing Director Anmol Singh Jaggi and Whole Time Director Puneet Singh Jaggi at the helm. - Key wholly owned subsidiaries include Gensol EV Lease Pvt. Ltd. (EV leasing), Gensol Electric Vehicles Pvt. Ltd. (EV manufacturing), Scorpius Trackers Pvt. Ltd. (solar trackers), and Green Energy Trading LLC in Dubai (Middle East solar EPC). - The green hydrogen push operates through a consortium with Matrix Gas & Renewables Ltd., an entity with common promoters, rather than through a subsidiary or joint venture. - The Chairman is also building BluSmart Mobility, India's largest B2C electric mobility business, and Gensol's EV leasing arm leases vehicles to BluSmart, creating a significant related-party revenue stream. - On 23 July 2025, the NCLT admitted an insolvency application filed by IREDA, which claimed outstanding dues of Rs. 510.10 crore across five loan facilities sanctioned between March 2022 and May 2024 for EV fleet leasing and solar projects; an interim resolution professional from EY Restructuring LLP has been appointed and a moratorium declared.