Ganesh Green Bharat lands ₹1,496 cr NTPC order to pivot into storage
The company reported a 232% revenue surge to ₹1,067 crore, but margin pressure remains as it shifts focus from solar modules to battery storage.
What's new
- Revenue jumped 232% to ₹1,067 crore in FY26.
- NTPC REL contract for 1 gigawatt hour of battery storage is worth ₹1,496 crore.
- Management targets FY27 revenue of ₹1,500-1,700 crore and 2 gigawatt module capacity.
Why this matters
The NTPC contract is massive, worth nearly 1.7x the company's current market capitalization. While the revenue growth is aggressive, the 7% net margin shows the company is struggling to protect profits against volatile commodity and currency costs.
What we're watching
- Whether the shift to battery storage improves or further dilutes margins.
- Execution progress on the 2 gigawatt solar module capacity expansion.
- Ability to hit the ₹1,500-1,700 crore revenue target in FY27.
The full read
Ganesh Green Bharat is pivoting. After reporting a 232% revenue jump to ₹1,067 crore in FY26, the company landed a ₹1,496 crore order from NTPC REL for 1 gigawatt hour of battery storage. This contract alone is worth nearly 1.7x the company's current market capitalization. The shift toward higher-value energy storage projects is clear, but the transition comes with a cost. Net margins have slipped to 7% as volatile raw material prices and currency fluctuations bite. With an order book now at ₹2,200 crore, the company is pushing ahead with plans to double its solar module capacity to 2 gigawatts by the end of FY27. Management expects revenue to reach between ₹1,500 crore and ₹1,700 crore next year. The next test is whether this aggressive expansion can deliver better margins than the current 7%.
Questions answered
- How large is the new NTPC REL contract relative to the company's size?
- The ₹1,496 crore order is nearly 1.7x the company's current market capitalization.
- What is the company's current financial performance?
- Revenue surged 232% to ₹1,067 crore in FY26, though net margins compressed to 7% due to raw material and currency volatility.
- What is the company's guidance for the next fiscal year?
- Management expects revenue between ₹1,500 crore and ₹1,700 crore for FY27.
- What is the status of the company's manufacturing capacity?
- The company plans to double its solar module manufacturing capacity to 2 gigawatts by the end of FY27.
An independent reading of the company's own disclosure — the primary filing above is the final word.