Small-cap stock: Shares of small-cap stock Gensol Engineering jumped over 3 per cent on Monday, October 14 after the company said it has secured an order worth ₹186 crore for a rooftop solar project in Dubai.
Gensol Engineering said the order was awarded by a leading company from UAE for the design, construction, and long-term operation and maintenance of rooftop solar photovoltaic (PV) systems for the engineering facilities of an aviation company in Dubai.
With a total installed capacity of 23,178 kWp (23 MWp), the contract is valued at ₹186 crore (AED 81.6 million) plus taxes, and is set to be executed over a period of 20 months.
Following this announcement, Gensol Engineering share price surged to the day’s high of ₹854.90, a rise of 3.41 per cent over its previous close of ₹826.65. The stock had opened at ₹839.95 today.
The stock is trading 38 per cent lower from its 52-week high of ₹1,377.10, touched on February 20. Meanwhile, the stock has risen 19 per cent from its 52-week low of ₹72 scaled on December 11. In the last one year, the small-cap stock has risen just 7 per cent.
The renewable energy company focussed on solar EPC services last week announced that its solar EPC order book stands at ₹4,097 crore as of September 30, representing 1.5 GW of orders.
Gensol Engineering’s solar order book includes projects from both public and private clients. The timeline for the execution of these projects ranges from 12 to 18 months.
Gensol Engineering’s overall order book as of September 30, 2024, stands at ₹9,055 crore, which includes projects from two other segments, viz battery energy storage system and solar power generation.
On the back of this strong order book, the company recorded significant revenue from operations during the second quarter of the current fiscal year (Q2FY25). The company in a business update said its revenue increased to ₹314 crore in Q2FY25 from ₹199 crore in the same quarter last year, a rise of 58%.
“This financial performance of the company reflects robust and commendable growth trajectory. We continue to stand by our guidance of ₹2,000 crore topline for FY25 at the consolidated level, with H2 contributing the bulk of the revenue on the same lines as last year,” said Anmol Singh Jaggi, Chairman and Managing Director of the company.
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