### **Overview** **Gensol Engineering Limited**, founded in 2012, is a leading Indian renewable energy company specializing in **solar power Engineering, Procurement, and Construction (EPC)** and **electric mobility solutions**. The company has evolved from a solar advisory firm into a diversified clean energy player with a vertical integration strategy across solar, battery energy storage systems (BESS), green hydrogen, and electric vehicle (EV) manufacturing and leasing. With a presence in India and expanding footprints in the Middle East and the U.S., Gensol is positioned as a key enabler of India’s energy transition and sustainable mobility transformation. --- ### **Core Business Segments** 1. **Solar EPC Services** - **Top 10 solar EPC player in India**, ranked among the **top 5 independent EPC providers**. - **Over 770 MW of solar projects delivered** across **rooftop, ground-mounted, and floating installations** in nearly all Indian states and internationally. - Operates in complex terrains, exemplified by the commissioning of a **40-acre, 15 million kWh/year solar plant in Panchet, Jharkhand**, despite challenging geology (loose soil, hard rock). - Recent major wins include: - **275 MW** project (**₹1,062 cr**) and **245 MW** project (**₹968 cr**) at **Khavda RE Park, Gujarat**. - **225 MW** project (**₹898 cr**) from **NTPC**, Gujarat. - **150 MWac solar plant in Maharashtra** (₹780 cr), including full power evacuation infrastructure and 3-year O&M. - Order book as of late 2024 stood at **₹7,000 crore**, with a bid pipeline several times larger. - Utilizes **Scorpius Trackers** (acquired in FY24) to increase energy throughput by 15–16% and reduce payback periods. 2. **Scorpius Trackers (Advanced Solar Tracking Solutions)** - Acquired in **September 2023**, Scorpius offers **patented single-axis solar tracking systems** with: - GPS-enabled real-time tracking - IoT integration - SCADA for performance optimization - Installed capacity of over **1,000 MW globally** across India, Japan, Middle East, and Africa. - Launched **Scorpius Trackers Inc. in Delaware (U.S.) in August 2024**, targeting **2,000 MW annual supply by 2028** in the fast-growing U.S. tracker market. 3. **Electric Mobility (EV Leasing & Manufacturing)** - Operates under **two key verticals**: - **Let’s EV (Gensol EV Lease Pvt. Ltd.)** – 100% EV-focused leasing. - **Gensol EV** – EV manufacturing at a **greenfield plant in Chakan, Pune**. - **Asset base of over ₹850 crore** in EV leasing as of December 2024. - Serves **PSUs, MNCs, government bodies, logistics firms, ride-hailing platforms, and campus fleets**. - Strategic transfer of **2,997 e4Ws** to **Refex eVeelz** and partnership with **Blu-Smart Mobility** to de-lever the balance sheet and strengthen operational focus. - EV leasing revenue projected at **₹280–300 crore for FY24**, with Q3 FY24 revenue at ₹32 crore. 4. **EV Manufacturing** - **State-of-the-art facility in Chakan, Pune** with annual capacity of **30,000 EVs (2W, 3W, 4W, LCVs, HCVs, buses)**. - Received **ARAI certification in February 2024**, enabling commercial production and OEM registration on Vahan portal. - Launched two new models in 2025: - **EZIO**: 2-door, 2-seater urban EV with **200 km range**, **AC fast charging (2–3 hrs)**, and operating cost of **₹0.50–0.60/km**. - **EZIBOT**: Compact last-mile cargo EV. - Secured **30,000 pre-orders** for EZIO and EZIBOT from fleet operators. - **Commercial production expected Q1 FY26**, with gradual ramp-up in FY26–FY27. - Faces early-stage **operating losses expected** due to production stabilization, but seen as a long-term strategic play. --- ### **Strategic Expansion & New Initiatives** 1. **Battery Energy Storage Systems (BESS)** - Secured **570 MW / 1,140 MWh BESS projects from GUVNL, Gujarat** under **Build, Own, Operate (BOO)** model. - Projects expected to generate **₹3,100+ crore in revenue over 12 years** with **>90% EBITDA margins** due to guaranteed capacity payments. - BESS order book (BOO) stands at **₹3,138 crore** as of Oct 2024. - Gensol is among **India’s first developers of standalone BESS projects**, aligning with government push for round-the-clock renewable power. 2. **Green Hydrogen & Derivatives** - Entered green hydrogen via strategic partnership with **Matrix Gas**, sharing promoters. - Key initiatives: - **Pune Green Hydrogen Valley Project** – first-of-its-kind in India, with **20-year offtake agreement** in specialty chemicals. - **Bio-hydrogen project (25 TPD)** with **Westinghouse USA**, using patented **GH2-PREGS technology**. - **Green steel pilot** using sponge iron tech replacing coal with green hydrogen. - Both Gensol and Matrix **awarded PLI scheme (SIGHT Tranche-I) under National Green Hydrogen Mission**, affirming technical and commercial credibility. 3. **International Expansion** - Established **Green Energy Trading LLC (UAE)** and secured **23.2 MWp rooftop solar project in Dubai** for a government entity. - Won **first international EPC contracts in UAE (14.08 MWp, ₹101.6 cr)** in Aug 2023. - Expansion into **U.S. via Scorpius Trackers** marks a strategic leap into the world’s largest solar tracker market. --- ### **Key Financial & Operational Highlights (FY25 Indicators)** - **Revenue (9M FY25)**: ₹1,056 crore, up **42% YoY**. - **EBITDA (9M FY25)**: ₹246 crore, up **89% YoY**, with **margins expanding from 17.5% to 23.3%**. - **EPC Revenue (Q1 FY25)**: ₹244 crore (+101% YoY). - **EV Leasing Revenue (Q1 FY25)**: ₹50 crore (+98% YoY). - **Total Revenue Visibility**: **₹10,382 crore** (as of Oct 31, 2024), broken down into: - Solar EPC: ₹5,424 crore - BESS (BOO): ₹3,138 crore - Power Generation: ₹1,820 crore --- ### **Leadership & Governance** - **Promoters**: Mr. **Anmol Jaggi** and Mr. **Puneet Jaggi** – over 20 years of experience in solar EPC. - Key Appointments (2024): - **Ms. Shilpa Urhekar** – CEO, Solar EPC (former Country Head, Sterling & Wilson). - **Mr. Amit Kumar** – CEO, EV Leasing (ex-MD, LeasePlan India). - **Mr. Kapil Nirmal** – CEO, Middle East Solar EPC (18+ years in Middle East renewables). - **Mr. Shailesh Vaidya** – CEO, Scorpius Trackers Inc. (U.S.). --- ### **Technological & Operational Edge** - **Digitalization & Innovation**: - Use of **drones for site inspection**, **AI-powered ERP (Octabees)**, and **centralized real-time monitoring** for project management. - In-house engineering expertise with **200+ engineers**, including **PVsyst, AutoCAD LT**, and proprietary O&M systems. - **Manufacturing Excellence**: - **Robotic assembly**, **multi-variant production lines**, **in-plant testing track**, and **end-of-line diagnostics** at Pune facility. - **O&M Support**: - Offers **5-year O&M services** on key projects (e.g., Panchet plant).