Ganesh Green Bharat Limited
Company
| Website 🔗 |  |
| Business Activity | Manufacture/Service |
| Division | Solar |
| Sub-class | Solar PV Modules, EPC, Water Supply Schemes |
| Location | Ahmedabad, Gujarat |
| Establishment Year | 2019 |
Management
| Managing Director | Ketanbhai Narsinhbhai Patel |
| Educational Qualifications | Higher Secondary Certificate |
| Experience | 25 years |
| Annual Salary | ₹ 60 Lakhs |
| Total Number of Employees | 39 |
About
Ganesh Green Bharat Limited is an Indian manufacturer that designs, constructs, and maintains solar and electric goods, solar PV modules, and water supply systems.
Products and Services:
Ganesh Green Bharat Limited offers the following products and services:
Solar and Electric Systems:
- Solar Home Light Systems (CFL & LED Based)
- Solar Street Light Systems (CFL & LED Based)
- Solar Off-Grid and On Grid Power Plants (Solar Rooftop Systems)
- Solar Submersible Pumps (AC & DC)
- Solar Surface Pumps (AC & DC)
- SITC of all types of Street light work
- Distribution Transformer
- High mast work
- HT 11 kV And 66 kV installation and modification of substation
- Maintenance of structure distribution panel, single spun pole, load break switch (LBS), Air Circuit Breaker (ACB), cubical panels, superior quality LT Switchgear with fabricated panel, metering panel, starter control panel, customized design panel, etc.
- Cabling of High Tension [HT] and Low Tension [LT] – XLPE.
Water Supply Systems:
- Piped water supply systems, including polyethylene water storage tanks
- Construction of borewells
Manufacturing:
- Solar PV modules
Clients:
Ganesh Green Bharat Limited primarily serves government entities, including:
- Gujarat Industrial Development Corporation (GIDC)
- Ahmedabad Municipal Corporation (AMC)
- Rajasthan Renewable Energy Corporation Limited (RRECL)
- Dakshin Gujarat Vij Company Limited (DGVCL)
- Gujarat Energy Development Agency (GEDA)
- Chhattisgarh State Renewable Energy Development Agency (CREDA)
- Ajmer Vidhyut Vitaran Nigam Limited (AVVNL)
- Jodhpur Vidhyut Vitaran Nigam Limited (JdVVNL)
- Jharkhand Renewable Energy Development Agency
- Jaipur Vidhyut Vitaran Nigam Limited (JVVNL)
- Public Health Engineering Department (PHED), Bihar
- Public Health Engineering Department (PHED), Madhya Pradesh
- PHED, Rajasthan
- Uttar Pradesh New and Renewable Energy Development Agency (UPNEDA)
- NHAI through Kalthia Engineering Construction Ltd (Maharashtra)
The company also sells solar PV modules to private sector organizations.
Work Process:
Pre-Bidding Stage:
The company identifies and bids for government projects relevant to its business.
Post-Award Stage:
If the company wins a project bid, it begins the process of planning, procuring materials, and executing the project.
Completion Stage:
The company commissions the project and provides operations and maintenance services as needed.
Raw Materials:
Ganesh Green Bharat Limited purchases the following raw materials and services:
- Solar LED battery light
- Solar PV module
- Solar fan
- Solar lithium-ion battery
- Solar MC4 connector
- Cement
- Electrical pole
- Transformer
- Vacuum circuit breakers
- Electrical wires
- Inverters
- Insulators
- Submersible pump
- Electrical motor
- Stabilizers
- Water tank iron structure
- Solar cells
- Backsheet
- Encapsulant
- Glass
Suppliers:
Ganesh Green Bharat Limited sources materials from suppliers in India and China. The company’s top ten suppliers accounted for 80.17% of its purchases in 2024.
Manufacturing Units:
Ganesh Green Bharat Limited and its subsidiaries have a production capacity of 429.45 MW.
The subsidiary, Souraj Energy Private Limited (Souraj) is involved in the manufacturing of solar photovoltaic (“PV”) modules with an installed capacity of 192.72 MW and the remaining 236.73 MW by the company
Other Key Aspects:
Channel Partner of the Ministry of New and Renewable Energy (MNRE).
Listed on the Approved List of Models and Manufacturers (ALMM) for Solar Photovoltaic Modules.
Certifications:
ISO 9001:2015
ISO 14001:2015
Work Process Flowchart
Revenue – Category
Revenue – Region
Audit and Legal
Auditor’s Remarks:
The auditors have made the following remarks on the company’s financial information.
- The company has not fully complied with the Indian Accounting Standards.
Non-Compliances and Other Issues:
The company has not fully complied with all of the Companies Act, 2013 provisions. This includes:
- Not filing all of the required forms with the Registrar of Companies (RoC)
- Not preparing consolidated financial statements in FY 21-22
Contingent Liabilities:
The company had contingent liabilities of Rs. 48 Crores at the end of FY 2024, the details are as follows:
| Particulars (Rs in lakhs) | 31 March 2024 |
| Contingent liabilities in respect of: | |
| Bank Guarantees given on Behalf of the Company | 1,646.86 |
| Claims against the company not acknowledged as debts (Income tax Appeal (disputed demand) for A.Y. 2020-21, A.Y. 2022-23, TDS Defaults and GST Defaults) | 1,192.68 |
| Corporate Guarantees given on Behalf of the Company | 1,065.68 |
| Corporate Guarantees Given on Behalf of the Subsidiary Company | 698.17 |
| Duty saved under EPCG Scheme | 198.93 |
| Total | 4,802.32 |
Legal Cases:
Cases Filed Against the Company
Special Civil Suit No. SPCS/17/2021: Filed by Patel Kanubhai Manilal against the company’s promoters, seeking an order to execute a sale deed in the plaintiff’s favour and to cancel the sale deed executed in favour of the company’s promoters.
Cases Filed by the Company
WP(C)/5657/2022: Filed jointly with Power and Instrumentation (Gujarat) Ltd. against the State of Assam and APDCL, seeking a refund of ₹ 25,17,983 that was invoked by APDCL.
WP(C)/5669/2022: Filed jointly with Power and Instrumentation (Gujarat) Ltd. against the State of Assam and APDCL, seeking a refund of ₹ 23,77,263 that was invoked by APDCL.
Tax Proceedings against the Company:
| Case Type | Number of Cases | Amount (₹ in Lakhs) |
| Direct Tax Cases | 3 | 674.12 |
| Indirect Tax Cases | 1 | 530.95 |
SWOT Analysis
Strengths
| Diverse Product and Service Portfolio: Ganesh Green Bharat Limited offers a wide range of products and services in the renewable energy, water supply, and electrical contracting sectors. This diversification helps mitigate risks and capture opportunities across multiple segments. |
| In-house Design and Engineering Expertise: The company has a skilled team of designers and engineers capable of developing detailed project plans and ensuring compliance with industry standards. This in-house expertise allows for efficient project execution and quality control. |
| Strong Track Record in the Renewable Energy Sector: Ganesh Green Bharat Limited has a proven track record in the renewable energy sector, having completed numerous projects under various government schemes. This experience positions the company as a reliable partner for government entities and private sector organizations. |
| Government Partnerships: The company has established partnerships with various government authorities and departments across India. These partnerships provide access to a stable pipeline of projects and contribute to the company’s growth and market presence. |
Weaknesses
| Dependence on Government Projects: A significant portion of the company’s revenue is derived from government projects. This dependence creates vulnerability to changes in government policies, budgetary allocations, and project timelines. |
| Limited Experience in the Manufacturing Sector: Although the company has recently entered the manufacturing of solar PV modules, it has limited experience in this sector compared to established players. This lack of experience could pose challenges in scaling production, managing costs, and competing effectively. |
| Geographic Concentration of Revenue: The company generates a majority of its revenue from a few states in India, primarily Gujarat and Rajasthan. |
Opportunities
| Expansion into New Geographic Markets: Expanding operations into new geographic regions within India can help diversify revenue streams and reduce reliance on specific markets. |
| Growth in the Renewable Energy Market: The renewable energy market in India is experiencing rapid growth, driven by government initiatives and increasing environmental awareness. Ganesh Green Bharat Limited is well-positioned to capitalize on this growth trend and expand its market share. |
Threats
| Increasing Competition in the Renewable Energy Sector: The renewable energy sector in India is becoming increasingly competitive, with the entry of new players and the expansion of existing companies. This competition could put pressure on the company’s margins and market share. |
| Changes in Government Policies and Regulations: Changes in government policies and regulations related to the renewable energy and water supply sectors could affect the company’s business prospects and financial performance. |
| Volatility in Raw Material Prices: The prices of raw materials used in the company’s manufacturing and EPC services are subject to market volatility. This volatility could impact the company’s profitability and financial stability. |
Porter’s Five Forces1
| Threat of New Entrants | MODERATE |
| The renewable energy sector in India is experiencing significant growth, attracting new players to the market. However, the need for technical expertise, financial resources, and government approvals creates barriers to entry. |
| Bargaining Power of Suppliers | LOW |
| The company has a diverse supplier base and does not rely heavily on any single supplier, reducing the bargaining power of suppliers. |
| Bargaining Power of Buyers | MODERATE |
| The company’s primary customers are government entities, which can have moderate bargaining power due to the regulated nature of the industry. |
| Threat of Substitute Products or Services | LOW |
| The company’s products and services are essential for the development of renewable energy and water supply infrastructure, limiting the threat of substitute products or services. |
| Rivalry Among Existing Competitors | HIGH |
| The renewable energy sector in India is highly competitive, with the presence of several large and established players. |
Peer Comparison
The company’s performance on various financial and operational metrics compared to its peers for FY 2024 is as follows:
| Company Name | Ganesh Green Bharat Limited | Solex Energy Limited | Waaree Renewable Technologies Limited | Zodiac Energy Limited |
| Revenue (₹ in Lakhs) | 17017.02 | 36592.11 | 87644 | 22006.11 |
| EBITDA Margin | 20.35% | 7.76% | 23.64% | 8.64% |
| PAT Margin | 11.69% | 2.39% | 16.89% | 5.01% |
| RoNW | 46.42% | 18.89% | 63.80% | 23.17% |
| ROCE | 29.98% | 11.12% | 56.69% | 22.40% |
Green Box
Capacity Expansion:
Ganesh Green Bharat Limited plans to increase its solar PV module production capacity by setting up an additional production line at its Mehsana facility. This expansion is expected to increase the company’s overall production capacity to approximately 400 MW.
IPO Funds:
Ganesh Green Bharat Limited’s primary objective behind its initial public offering (IPO) is to raise funds for the following:
- Repayment of outstanding borrowings: ₹ 1900 lakhs
- Funding capital expenditure for the installation of additional plant and machinery: ₹ 1151.92 lakhs
- Funding working capital requirements: ₹ 6000 lakhs
Industry Outlook:
The solar energy market in India is expected to grow significantly in the coming years, driven by government initiatives, increasing environmental concerns, and declining costs of solar power generation. The International Energy Agency (IEA) predicts that India will become the world’s third-largest solar market by 2024.
Amber Box
Technology:
The renewable energy sector is characterized by rapid technological advancements. The company needs to continuously invest in research and development and adapt to new technologies to remain competitive and meet evolving customer demands.
Red Box
Negative Operating Cash Flow:
The company had negative operating cash flow in the past few years
Working Capital Management:
The company’s operations are working capital intensive, requiring significant investments in inventory, manpower, and project execution. Efficient working capital management is crucial for the company’s financial health and its ability to undertake new projects.
Images
- The force value of “LOW” is considered good Click Porter’s Five Forces article for more information. ↩︎
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