Gensol Engineering Shares Surge 3% After Winning ₹186 Crore Solar Project in Dubai

Gensol Engineering, a small-cap stock, saw its share price rise over 3% on Monday, October 14, after announcing it won a ₹186 crore contract for a rooftop solar project in Dubai.

The order was given by a leading UAE company for the design, construction, and long-term maintenance of solar photovoltaic (PV) systems for an aviation company in Dubai. The project has a total capacity of 23,178 kWp (23 MWp) and will be completed over 20 months.

Following this news, Gensol Engineering’s share price reached a high of ₹854.90, up 3.41% from the previous close of ₹826.65. The stock opened at ₹839.95 today. However, it is still 38% lower than its 52-week high of ₹1,377.10 reached on February 20. On the brighter side, it has increased 19% from its 52-week low of ₹72 hit on December 11. Over the past year, the stock has risen only 7%.

Order Book Details

As of September 30, Gensol Engineering reported a solar EPC (Engineering, Procurement, and Construction) order book of ₹4,097 crore, equivalent to 1.5 GW of orders, which includes projects from public and private sectors. The execution timeline for these projects is between 12 to 18 months.

The company’s total order book stands at ₹9,055 crore, which includes projects in battery energy storage and solar power generation. Thanks to this strong order book, Gensol Engineering reported significant growth in revenue, with Q2FY25 revenue increasing to ₹314 crore from ₹199 crore during the same quarter last year, marking a 58% rise.

Anmol Singh Jaggi, the Chairman and Managing Director of Gensol Engineering, stated, “Our financial performance reflects robust growth. We maintain our target of ₹2,000 crore in revenue for FY25, with the second half expected to contribute significantly.”