Solar energy solutions provider Gensol Engineering reported a consolidated revenue of ₹34.7 billion (~$416 million), a 14% year-over-year (YoY) increase from ₹30.5 billion (~$366 million) during the second quarter (Q2) of the financial year (FY) 2025.

Strong solar EPC and electric mobility business performance boosted revenue for the quarter.

The company’s Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) was  ₹10.7 billion (~$128 million), a 128% YoY surge from ₹4.7 billion (~$56 million).

The net profit or profit after tax (PAT) rose to ₹2.3 billion (~$27 million), a 29% YoY increase.

1H FY25

For the first half (1H) of FY25, Gensol had a consolidated revenue of ₹71 billion (~$851 million), a 49% YoY growth of ₹47.8 billion (~$573 million).

The company’s EBITDA for 1H  reached ₹18.3 billion (~$219 million), a 138% YoY increase from ₹7.7 billion (~$92 million).

Consolidated PAT grew by 52% YoY, reaching ₹5 billion (~$60 million), underlining the robust performance of Gensol’s core operations in solar EPC and electric mobility.

Key Operational Achievements

Gensol secured a ₹4.63 billion (~$55 million) contract for a major solar project in Gujarat’s Khavda RE Park.

On the global front, Gensol recently established a subsidiary to tap into the attractive solar market in the Middle East. It also incorporated Scorpius Trackers in Delaware, U.S., expanding Gensol’s solar tracker expertise to North American markets.

Anmol Singh Jaggi, Managing Director of Gensol Engineering, said, “Our robust H1 performance reflects the strength of our strategy and our commitment to driving India’s transition to sustainable energy solutions.”

As of September 30, 2023, Gensol has an order book worth over ₹17 billion (~$202.18 million).

Gensol has also forayed into electric mobility and launched its first electric vehicle, the Gensol Zeal, with deliveries scheduled to commence in the third quarter. It also operates a fleet of over 1,000 electric vehicles in the ride-hailing segment, with ambitious plans to expand this fleet to 20,000 vehicles by 2025.

Gensol recently partnered with Matrix Gas & Renewables to develop a green steel production facility using 100% green hydrogen and employing direct reduced iron vertical shaft technology to convert iron ore to sponge iron.

Earlier, the company secured a $22.21 million contract to install 23 MW of rooftop solar systems in Dubai. This contract was awarded by a sustainable development and clean energy firm in the United Arab Emirates. The project will be executed over 20 months and entails designing, constructing, operating, and maintaining rooftop solar systems for an aviation company’s engineering facilities.