Ganesh Green Bharat Limited IPO

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The company is a leading provider in the field of supply, installation, testing, and commissioning (SITC) of solar and electrical goods and services to various government bodies. Established as a partnership firm in 2016, they initially focused on electrical contracting services and have since expanded into the renewable energy sector and water supply schemes. Their journey has seen them successfully complete numerous projects under central and state government schemes and diversify their operations across multiple verticals.

Subsidiary Operations

Their subsidiary, Souraj Energy Private Limited (Souraj), plays a crucial role in their operations. Souraj specializes in manufacturing solar photovoltaic (PV) modules with an installed capacity of 192.72 MW. These PV modules are manufactured using both polycrystalline and monocrystalline cell technology, and they have initiated the use of Topcon Solar Cell Technology for enhanced efficiency. Their products are customized to meet the unique demands of their customers and comply with industry standards. Souraj operates from a state-of-the-art manufacturing facility in Mehsana, Gujarat, equipped with advanced machinery.

Diversification and Service Offerings

Over the years, they have diversified their business into multiple verticals:
i. Solar System & Allied Services                   ii. Electrical Contracting Services
iii. Water Supply Scheme Projects

Their comprehensive solutions include EPC services involving designing, engineering, construction, installation, and commissioning of projects. Their in-house engineering and design capabilities enable them to offer diversified products and solutions to their customers across these verticals.

Government and Private Sector Engagements

They actively bid for tenders issued by government authorities and have completed projects for departments in eight states, including:
i. Gujarat Industrial Development Corporation (GIDC)
ii. Ahmedabad Municipal Corporation (AMC)
iii. Rajasthan Renewable Energy Corporation Limited (RRECL)
iv. Dakshin Gujarat Vij Company Limited (DGVCL)
v. Gujarat Energy Development Agency (GEDA)
vi. Chhattisgarh State Renewable Energy Development Agency (CREDA)
vii. Ajmer Vidhyut Vitaran Nigam Limited (AVVNL)
viii. Jodhpur Vidhyut Vitaran Nigam Limited (JdVVNL)
ix. Jharkhand Renewable Energy Development Agency
x. Jaipur Vidhyut Vitaran Nigam Limited (JVVNL)
xi. Public Health Engineering Departments (PHED) of Bihar, Madhya Pradesh, Rajasthan, and Uttar Pradesh
xii. Uttar Pradesh New and Renewable Energy Development Agency (UPNEDA)
xiii. National Highways Authority of India (NHAI) through Kalthia Engineering Construction Ltd (Maharashtra)

They also supply solar PV modules to various private sector organizations, reflecting their strong presence in both public and private sectors.


Their company has consistently demonstrated its capability to deliver high-quality, comprehensive solutions in the solar energy, electrical contracting, and water supply sectors. Their strategic expansions, advanced manufacturing facilities, and robust project execution capabilities position them as a trusted partner for government bodies and private sector clients alike. As they continue to grow and innovate, they remain committed to contributing to sustainable development and the advancement of renewable energy solutions.

Objects of the Ganesh Green Bharat Limited IPO:

The company proposes to utilise the Net Proceeds from the Issue towards funding the following objects: i. Repayment in full or in part, of certain of the outstanding borrowings; ii. Funding Capital Expenditure towards installation of additional plant and machinery at the factory iii. Funding to meet working capital requirements iv. General Corporate Purpose.

Ganesh Green Bharat Limited IPO Details:

Open Date: Jul 05 2024
Close Date: Jul 09 2024
Total Shares: 6,591,000
Face Value: ₹ 10 Per Equity Share
Issue Size: 125.23 Cr.
Lot Size: 600 Shares
Issue Price: ₹ 181 - 190 Per Equity Share
Listing At: NSE Emerge
Listing Date: Jul 12 2024

Promoters And Management:

Ketanbhai Narsinhbhai Patel aged 47 years is the Chairman & Managing Director and promoter of the Company. He has completed Higher Secondary Certificate in the year 1996 from Gujarat Secondary Education Board, Gandhinagar and has an overall experience of 25 years in Government liasoning and Business Development. He played a significant role in the growth of the company. At present, he looks after functions such as liasoning with government authorities, business development and project execution in the Company. Rajendrakumar Narsinhbhai Patel aged 51 years is the Whole Time Director and promoter of the Company. He has been associated with the company since incorporation. He has completed Higher Secondary Certificate in the year 2000 form Gujarat Secondary Education Board, Gandhinagar. He has an experience of 24 years in the field of Project Management. He takes care of all the procurement and maintenance activities and looks after the overall execution in the company. Niravkumar Sureshbhai Patel aged 34 years is the Whole Time Director and promoter of the Company. He has been on the Board of Directors since incorporation. He has completed Bachelor of Commerce in the year 2010 from Gujarat University. He has a work experience of 11 years in the filed of finance and human resource management. Presently, he looks after project execution, finance and compliance in the company.

Financials of Ganesh Green Bharat Limited IPO:

Particulars ( In Lakhs )
Revenue from Operations 10,554 9,020 17,017
Other Income 58 40 179
Total Revenue 10,612 9,060 17,196
Cost of Material Consumed 6,522 6,045 12,516
Change in Inventories 0 0 -1,085
Employees Benefit Expenses 574 400 436
Other Expenses 2,532 1,179 1,619
EBITDA 985 1,435 3,711
OPM (%) 9.28% 15.84% 21.58%
Depreciation & Amortisation 52 77 337
EBIT 933 1,359 3,374
Finance Cost 229 256 537
PBT 704 1103 2837
Tax 183 287 654
PAT 521 816 2183
NPM (%) 4.91% 9.00% 12.69%
No.of Shares 248.01 248.01 248.01
EPS 2.09 3.28 8.80

Comparison With Peers:

Name of the Company Revenue (In Crore) PAT (In Crore) EPS ( in Rs) P/E CMP Mcap (In Crore)
Ganesh Green Bharat Limited 170 22 8.80 21.6 190 471
Solex Energy Limited 366 9 10.91 134.0 1,464 1,171
Waaree Renewable Technologies Limited 876 148 14.22 138.0 1,958 20,391
Zodiac Energy Limited 220 11 7.50 104.0 780 1,144
* All the data is as per FY24.

Recommendation on Ganesh Green Bharat Limited IPO:

Review and Recommendation of Ganesh Green Bharat by team IZ is 5/10. 1. The company specializes in providing comprehensive portfolios in the field of supply, installation, testing, and commissioning (SITC) of solar and electrical goods and services to various government bodies. 2. They have completed projects under various Central and State Government schemes like the Saubhagya Scheme, KUSUM Scheme, and Saur Sujla Yojna. Additionally, they have ventured into designing, constructing, installing, and operating water supply scheme projects such as the Mukhya Mantri Nishchay Quality Affected Yojna and Har Ghar Jal (Jal Jeevan Mission). 3. Diversified Services and Capabilities Over the years, their group has diversified into multiple verticals, including: i. Solar System & Allied Services               ii. Electrical Contracting Services iii. Water Supply Scheme Projects            iv. Manufacturing of Solar PV Modules 4. Joint Ventures and Partnerships In addition to executing projects independently, they enter into joint ventures with other infrastructure companies to jointly bid and execute projects. These joint ventures help them achieve pre-qualification, both technical and financial, with their partners at the time of the bid. 5. Competition Key competitors include small and mid-sized companies, both listed and unlisted. Notable competitors include Solex Energy Limited, Zodiac Energy Limited, and Waaree Renewable Technologies Limited. Factors influencing client decisions among competitors include service quality, technical ability, performance record, experience, health and safety records, availability of skilled personnel, and price. 6. The Revenue has Increased from Rs.105 Crores in FY22 to Rs.170 Crores in FY24. 7. The EBITDA has Increased from 10 Crores in FY22 to 37 Crores in FY24. 8. The PAT has Increased from 5 Crores in FY22 to 22 Crores in FY24. 9. As per FY24, CFO/EBITDA is 0.93, and EPS is 8.80, 10. Market Capitalization is 471 Crores and P/E is 21.6x based on FY24.

Lead Manager of Ganesh Green Bharat Limited IPO:

  1. Hem Securities Limited

Registrar of Ganesh Green Bharat Limited IPO:

  1. Kfin Technology Private Limited

Company Address:

Ganesh Green Bharat Limited F-202. S.G. Business Hub S.G. Highway Ahmedabad-382470 Phone: +91-79-29703080 Email: Website:

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