Winsol Engineers Limited is a technology-driven, integrated Engineering, Procurement, Construction, and Commissioning (**EPCC**) firm specializing in Balance of Plant (**BoP**) solutions for the renewable energy sector. Established in **2015** and headquartered in **Jamnagar, Gujarat**, the company has evolved from a regional service provider into a diversified national player with operations spanning more than **9 Indian states**. --- ### Core Business Verticals & Revenue Streams Winsol operates a multi-faceted business model designed to capture value across the entire lifecycle of renewable energy assets. | Vertical | Scope of Services | Key Activities | | :--- | :--- | :--- | | **BoP Solutions (EPC)** | Infrastructure excluding generation equipment | Foundation work, substation civil/electrical, Right of Way (**RoW**) services, and cabling to grid. | | **O&M Services** | Post-commissioning asset management | SCADA-based remote monitoring, preventive maintenance, technical audits, and site manpower support. | | **IPP Model** | Independent Power Production | Generation and sale of power via **PPAs** to business houses from solar plants in **Jamnagar**. | --- ### Strategic Growth Pillars: Manufacturing & Internationalization The company is currently executing a transition from a specialized service provider to a vertically integrated energy corporation through three primary strategic shifts: * **Manufacturing Diversification:** Through its **51%** owned subsidiary, **Alunova Profiles Private Limited** (incorporated **May 2025**), Winsol is establishing a facility to manufacture insulated steel, copper, and aluminum wires, cables, and solar panel frames. This facility is slated to be operational by the end of **FY 2025-26**, reducing supply chain dependency. * **International Expansion:** In **March 2025**, the company incorporated **Winsol Engineers Zambia Limited** to explore power generation and transmission opportunities in the African market, marking its first step toward becoming a global player. * **Solarization & IPP Entry:** Under the **PM-KUSUM Scheme**, Winsol has successfully commissioned two solar plants in Gujarat: a **4.0 MW (AC)** plant at Darsali (**Feb 2026**) and a **2.5 MW (AC)** plant at Vanana (**Dec 2025**). --- ### Order Book & Client Portfolio As of **September 2025**, Winsol’s confirmed order book exceeded **₹240 Crore**, representing a **50% YoY growth** in the EPC segment. The company serves a blue-chip roster of India’s largest energy conglomerates. **Key Recent Contracts (2025-2026):** * **ACME Solar Holdings:** 220kV Transmission Line (Turnkey) – **₹60.81 Crore** * **Juniper Green Energy:** 220kV Transmission Line & Services – **₹48.28 Crore** * **NTPC REL:** Transmission Line Stringing (Bhuj) – **₹39.25 Crore** * **Adani Power:** 400kV Transmission Line (Raigarh) – **₹35.60 Crore** * **Adani Green Energy:** 33kV Transmission Line (Mundra) – **₹21.61 Crore** * **Juniper Green Energy (June 2025):** Wind power project materials – **₹10.36 Crore** * **Reliance Industries:** High-value Renewable Energy Project – **₹8.36 Crore** --- ### Financial Performance & Capital Structure Winsol has demonstrated aggressive growth, characterized by a **58% YoY revenue increase** in the first half of **FY2025-26**. **Consolidated Annual Financial Summary:** | Particulars (₹ in Lakhs) | FY 2024-25 | FY 2023-24 | % Change | | :--- | :--- | :--- | :--- | | **Revenue from Operations** | **11,141.85** | **7,804.91** | **+42.75%** | | **EBITDA (Excl. Other Income)** | **1,651.00** | - | - | | **EBITDA Margin** | **14.82%** | - | - | | **Profit After Tax (PAT)** | **1,178.68** | **908.58** | **+29.73%** | **Capital Management & IPO:** * **IPO Success:** Listed in **FY2024-25**, raising **₹23.36 crore**. Proceeds were utilized for **Working Capital (₹15.00 Cr)**, **General Corporate Purposes (₹5.31 Cr)**, and issue expenses. * **Capital Expansion:** Shareholders recently approved increasing the **Authorised Share Capital** to **₹17.50 Crore** and raising borrowing limits to **₹150 Crore** to fund large-scale turnkey projects. * **Shareholder Value:** Allotted **84,00,000** bonus shares in a **420:1** ratio in **December 2023**. --- ### Operational Infrastructure & Leadership * **Workforce:** A team of **300+** employees, including over **200 specialized engineers and technicians**. * **Technical Assets:** Operates a **66 KV** and **11 KV** transmission line network for power evacuation to **GETCO** substations. * **Leadership:** Led by Chairman and MD **Mr. Ramesh Jivabhai Pindariya**, a Chartered Engineer with over **24 years** of industry experience. * **Quality Standards:** Holds **ISO 9001:2015**, **ISO 14001:2015**, and **ISO 45001:2018** certifications. --- ### Risk Matrix & Mitigation Framework The company operates under the **Electricity Act, 2003** and **MNRE** guidelines. While the sector targets **500 GW** of renewable capacity by **2030**, several risks are actively managed by the Audit Committee: | Risk Category | Impact & Mitigation | | :--- | :--- | | **Operational** | Mitigation of project delays and **skilled manpower** shortages through internal training and SCADA-based monitoring. | | **Supply Chain** | Countering **geopolitical volatility** and raw material costs via the new **Alunova** manufacturing subsidiary. | | **Regulatory** | Navigating **policy uncertainty** and "red tape" through a dedicated compliance framework; no undisputed statutory arrears over **6 months** reported. | | **Financial** | Managing high capital requirements for IPP projects by increasing borrowing limits to **₹150 Crore**. | ### Future Outlook Winsol is positioned to capitalize on India's **620 GW** combined solar and wind potential. Management has identified a target to grow the **Operation & Maintenance (O&M)** business by over **100%** starting in **2025**, providing a high-margin, recurring revenue stream to complement its capital-intensive EPC projects.