FII-Backed Electrical Compay Secures AED 81.6 Mn Solar Project, Shares Gain 2549% In 3-Yrs

Small cap renewable energy and electric mobility pioneer, Gensol Engineering Ltd shares today zoomed nearly 3% and surged 6.76% in last 1-week. Last trading price of Gensol Engineering shares on BSE stood at Rs 841.00 per share. Gensol Engineering shares offered 90% return in last 2-years. The company today awarded new contract by UAE's leading sustainable development and clean energy development company for the design, construction, and long-term operation and maintenance of rooftop solar photovoltaic (PV) systems for the engineering facilities of a leading aviation company in Dubai.

Gensol Wins New Order: According to the BSE filing dated October 14, "with a total installed capacity of 23,178 kWp (23 MWp), the project underscores Gensol Engineering's commitment to driving sustainability in the Middle East by contributing to the region's transition to cleaner energy sources. The contract, valued at AED 81.6 Mn (INR 186 Crore) plus taxes, is set to be executed over a 20-month period."

Speaking about the win, Kapil K Nirmal, CEO - Solar EPC (MENA), Gensol Engineering Ltd., said, "We are thrilled to partner with UAE's leading sustainable development and clean energy development company on this landmark project, which reflects our ongoing commitment to delivering innovative and efficient solar EPC solutions in this region. This project further strengthens our presence in the Middle East and aligns with Dubai's vision of becoming a global leader in clean energy by 2050."

Gensol Shares Performance: The 52-week high price of Gensol Engineering shares on BSE stood at Rs 1377.10 per share (as on 20/02/2024) and 52-week low price is Rs 720.00 per share (as on 11/12/2023), respectively. The company's market capitalisation stood at Rs 3189.84 crore. Gensol Engineering slipped 14% in last 6-months, rose 6.50% in last 1-year, and shares zoomed 2549% in last 5-years.

Gensol Issued Update On Order Book: The company informed today that its Solar EPC - unexecuted order book stood at Rs 4097 crore while 2 Battery Energy Storage System (over 12 years) stood at Rs 3,138 crore. Meanwhile, 3 Solar Power Generation book (over 25 years) stood at Rs 1,820 crore. The total order book stood at Rs 9055 crore.

Shareholding: Promoters have increased holdings from 62.62% to 62.77% in June 2024 quarter. FII/FPI have decreased holdings from 2.39% to 1.98% in June 2024 quarter. Number of FII/FPI investors increased from 13 to 17 in June 2024 quarter. Institutional Investors have decreased holdings from 2.48% to 1.98% in June 2024 quarter.
Gensol Engineering Bonus Issue In 2023: The company earlier this year announced 2:1 bonus issue and declared October 17 as the record date for bonus issue.

About: Gensol Engineering Limited (GEL), which is a BSE-listed entity and also the flagship company for the Gensol group, was setup in the year 2012 when the solar industry in India was in the stage of its infancy. GEL is dedicated to using technology, engineering and innovation to give its clients the best returns on their capital. It strives to provide support and engineering expertise to clients a nd investors in Solar Power Sector through its offerings of complete concept to commissioning services for MW scale grid-connected solar power projects.

Disclaimer:

The stock just highlights the new order win and is not a recommendation to buy, sell or hold. We have not done fundamental or technical analysis and have no opinion on the stock mentioned. Neither, the author nor Greynium Information Technologies should be held liable for any losses. Please consult a professional advisor.