Ganesh Green Bharat
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 05 Jul 2024 – 09 Jul 2024
- Listing date
- 12 Jul 2024
- Face value
- ₹10 per share
- Issue price
- ₹190 per share
- Lot size
- 600 shares
- Issue type
- Book Building issue
- Total issue size
- ₹125 Cr
- Market cap at offer price
- ₹509 Cr
- Promoter holding
- 100.00% → 73.42% pre-issue → post-issue
- ISIN
- INE0R8C01018
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Hem Securities Ltd.
- Registered office
- F-202.S.G., Business Hub, S.G.Highway, Gujarat
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 18,57,600 | — | — |
| Market maker | 3,31,200 | — | — |
Application size
Minimum 600 shares per lot, in multiples, at ₹190
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 600 | ₹1,14,000 |
| S-HNI (min) | 2 | 1,200 | ₹2,28,000 |
| S-HNI (max) | 8 | 4,800 | ₹9,12,000 |
| B-HNI (min) | 9 | 5,400 | ₹10,26,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 11.99 | 8.15 |
| P/E (×) | 15.85 | 23.31 |
| Price to book (×) | 0.00 | — |
| Market cap | — | ₹509 Cr |
Key performance indicators
- Return on net worth
- 34.72%
- ROCE
- 29.98%
- Debt / equity
- 0.94
- PAT margin
- 11.69%
- NAV per share
- ₹31.46
- Price to book
- 0.00
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Ganesh Green Bharat
Ganesh Green Bharat Limited (formerly Ganesh Electricals Private Limited) was originally formed as a partnership firm on April 2, 2016, and converted to a private limited company on May 30, 2019. The company was renamed to Ganesh Green Bharat Private Limited on October 11, 2023, and subsequently converted to a public limited company on October 13, 2023. The company operates through multiple business verticals: Solar System & Allied Services, Electrical contracting services, Water Supply Scheme Projects, and manufacturing of solar photovoltaic (PV) modules. The company employs an in-house engineering and design team to deliver comprehensive EPC (Engineering, Procurement, and Construction) solutions including designing, engineering, construction, installation and commissioning of projects. The company has successfully completed 26 projects across eight states including Rajasthan, Gujarat, Maharashtra, Bihar, Uttar Pradesh, Jharkhand, Chhattisgarh and Madhya Pradesh over the last 10 years. The company has a subsidiary, Souraj Energy Private Limited, incorporated in March 2021, which started manufacturing Solar PV modules in December 2022.
Company Analysis
from RHPGanesh Green Bharat Limited is an EPC contractor and solar PV module manufacturer providing electrical contracting services, solar systems & allied services, and water supply scheme solutions to government and government-funded entities across India.
Ganesh Green Bharat Limited (formerly Ganesh Electricals Private Limited) was originally formed as a partnership firm on April 2, 2016, and converted to a private limited company on May 30, 2019. The company was renamed to Ganesh Green Bharat Private Limited on October 11, 2023, and subsequently converted to a public limited company on October 13, 2023. The company operates through multiple business verticals: Solar System & Allied Services, Electrical contracting services, Water Supply Scheme Projects, and manufacturing of solar photovoltaic (PV) modules. The company employs an in-house engineering and design team to deliver comprehensive EPC (Engineering, Procurement, and Construction) solutions including designing, engineering, construction, installation and commissioning of projects. The company has successfully completed 26 projects across eight states including Rajasthan, Gujarat, Maharashtra, Bihar, Uttar Pradesh, Jharkhand, Chhattisgarh and Madhya Pradesh over the last 10 years. The company has a subsidiary, Souraj Energy Private Limited, incorporated in March 2021, which started manufacturing Solar PV modules in December 2022.
Objects of the Issue
- Repayment in full or in part, of certain outstanding borrowings ₹1,900.00 lakhs p.22
- Funding Capital Expenditure towards installation of additional plant and machinery at factory for expansion ₹1,151.92 lakhs p.22
- Funding to meet working capital requirements ₹6,000.00 lakhs p.22
- General Corporate Purpose p.22
- Repayment in full or in part, of certain of our outstanding borrowings ₹1,900.00 lakhs p.77
- Funding Capital Expenditure towards installation of additional plant and machinery at our factory ₹1,151.92 lakhs p.77
- Funding to meet working capital requirements ₹6,000.00 lakhs p.77
- General Corporate Purpose p.77
Issue Structure
- Total Issue
- ₹[●] lakhs (65,91,000 equity shares of ₹10 face value)
- Fresh Issue
- 65,91,000 Equity Shares aggregating to ₹[●] lakhs
- Offer for Sale
- Nil
- Price Band
- ₹[●] (Floor Price) to ₹[●] (Cap Price)
- Lot Size
- [●] equity shares
- Face Value
- ₹10 per equity share
Business Model
The company earns revenue primarily through engineering, procurement and construction (EPC) contracts awarded by Central and State Government authorities through competitive bidding processes. Revenue comes from: (1) Solar System & Allied Services, (2) Electrical contracting services, (3) Water Supply Scheme Projects, and (4) Manufacturing and sale of solar photovoltaic (PV) modules. The company provides comprehensive solutions including design, engineering, construction, installation and commissioning of projects, and operations & maintenance services. As of March 31, 2024, cost of material consumed represented 73.55% of revenue from operations.
Business Segments
SWOT Analysis
- • Diversified business portfolio across multiple high-growth sectors(p.22)
- • In-house engineering and design capabilities providing competitive advantage(p.22)
- • Comprehensive EPC solutions from design through commissioning(p.22)
- • Proven track record with 26 completed projects across multiple states(p.37)
- • Order book of ₹31,397.57 lakhs providing revenue visibility(p.35)
- • Diversified portfolio in solar and electrical goods supply and installation(p.76)
- • Track record of successful government project execution across multiple schemes(p.76)
- • Expansion into high-growth water supply infrastructure sector(p.76)
- • Strong financial performance with improving profitability metrics(p.89)
- • High return on equity demonstrating efficient capital deployment(p.87)
- • Significant existing order book providing revenue visibility(p.81)
- • Diversified business portfolio across multiple verticals(p.111)
- • In-house design and engineering capabilities with experienced team(p.112)
- • Established track record of successful project execution(p.112)
- • Strong order book demonstrating project pipeline(p.113)
- • Experienced promoter and management team with deep industry expertise(p.113)
- • Strong financial performance with improving profitability and returns(p.113)
- • Backward integration through subsidiary solar PV module manufacturing(p.109)
- • Large-scale operations and operations & maintenance expertise(p.131)
- • Experienced and stable management with long track record(p.169)
- • Strong promoter commitment with substantial shareholding(p.165)
- • Diversified business operations across multiple segments(p.178)
- • Strong revenue growth trajectory(p.176)
- • Improved profitability and margins(p.176)
- • Diversified service portfolio across renewable energy, electrical contracting, and water supply(p.221)
- • Strong in-house engineering and design capabilities enabling customized solutions(p.221)
- • Channel Partner status of Ministry of New and Renewable Energy since 2016(p.221)
- • Rapid revenue growth of 88.66% in FY 2024(p.225)
- • Expanding EBITDA margins from 15.18% (FY23) to 20.35% (FY24)(p.222)
- • Manufacturing capability for high-margin solar PV modules with multiple technologies(p.221)
- • Heavy dependence on unsecured loans that can be recalled at any time(p.41)
- • Significant compliance gaps with Companies Act, 2013 provisions(p.34)
- • Limited operating history in solar PV module manufacturing business(p.35)
- • High working capital intensity with large inventory and receivables(p.31)
- • Heavy reliance on promoter and subsidiary-controlled premises for operations(p.38)
- • Material contingent liabilities not accounted for in financial statements(p.39)
- • Negative cash flows from operating activities in prior years(p.39)
- • High dependence on two lenders for financing arrangements(p.44)
- • Significant secured debt obligations restricting asset flexibility(p.44)
- • Restrictive covenants in debt agreements limiting operational flexibility(p.44)
- • Outstanding litigation and tax proceedings affecting financial position(p.42)
- • Promoter guarantees on company borrowings creating personal liability(p.46)
- • No dividend payout history limiting investor returns(p.45)
- • Dependence on government tenders and contract-based revenue(p.113)
- • Limited geographic presence concentrated in 8-10 states(p.114)
- • Relatively small number of employees with limited workforce(p.134)
- • Subsidiary company earlier operating at a loss(p.151)
- • Reliance on third-party suppliers for major raw materials prior to backward integration(p.113)
- • Founder-dependent management structure with concentration of control(p.165)
- • Heavy reliance on related party transactions(p.207)
- • Significant debt burden and leverage(p.206)
- • High contingent liabilities and disputed tax demands(p.212)
- • Unregistered vehicle loans creating legal exposure(p.193)
- • Heavy dependence on government projects and budgetary allocations(p.223)
- • Vulnerability to government policy changes and tender competitiveness(p.223)
- • High financial leverage with debt-to-equity ratio of 0.94x(p.230)
- • Promoters involved in pending material litigation regarding property(p.232)
- • Technology adoption risk and dependence on maintaining competitive technological capabilities(p.223)
- • Operational challenges during project execution with exposure to project termination risk(p.223)
- • Strong government support for solar energy and renewable projects(p.29)
- • Massive allocation for Jal Jeevan Mission water infrastructure(p.30)
- • Large-scale highway infrastructure development under PM GatiShakti(p.29)
- • Projected growth in electricity demand supporting expansion(p.30)
- • Saur Sujala Yojana promoting solar irrigation infrastructure(p.30)
- • Continued emphasis on electrification through Saubhagya scheme(p.30)
- • AMRUT 2.0 program funding urban water infrastructure(p.30)
- • Geographic expansion into new states and markets(p.37)
- • Strong government tailwinds in solar energy sector from renewable energy initiatives(p.76)
- • Expansion of water supply infrastructure under Jal Jeevan Mission(p.76)
- • Growth through capacity expansion via new solar PV module manufacturing machinery(p.78)
- • Projected significant revenue growth driven by expanded order book and new capacity(p.81)
- • Diversification into B2B and B2C solar PV module supply model(p.81)
- • Geographic expansion opportunities within India(p.43)
- • Government PLI scheme expansion for solar module manufacturing(p.111)
- • India's renewable energy capacity expansion targets(p.100)
- • Rapid solar and renewable energy growth with favorable location(p.101)
- • Large untapped renewable energy potential in India(p.103)
- • Government's Jal Jeevan Mission expanding water supply infrastructure(p.112)
- • Government Saubhagya scheme for universal household electrification(p.112)
- • PM-KUSUM scheme driving solar agriculture pump adoption(p.103)
- • Strong India economic growth and renewable energy focus(p.99)
- • Acquisition of subsidiary to expand manufacturing capabilities(p.196)
- • Expansion into solar module manufacturing(p.200)
- • Growth through increased EPC project execution(p.200)
- • Leveraging joint venture for market expansion(p.200)
- • Government support via interest subsidy programs(p.200)
- • Expansion of government solar schemes driving market demand(p.221)
- • Growth in water supply infrastructure projects under government programs(p.221)
- • Increased market penetration across multiple Indian states(p.221)
- • Higher-margin solar PV module supply business with significant order book(p.226)
- • Strategic focus on high-margin project categories(p.224)
- • Expansion of manufacturing capacity with newly installed machinery(p.221)
- • Dependence on government budgetary allocations which can be reduced(p.30)
- • Competitive bidding process with no guarantee of project awards(p.30)
- • Raw material price volatility impacting project profitability(p.32)
- • Supply chain disruptions for solar PV cells and components(p.32)
- • Concentration of revenue in specific geographic regions(p.38)
- • Rising interest rates increasing borrowing costs(p.37)
- • Intense competition from larger players with greater resources(p.41)
- • Government contract termination risks with limited recourse(p.36)
- • Global financial instability adversely affecting Indian economy and demand(p.48)
- • Slowdown in Indian economic growth impacting project demand and profitability(p.49)
- • Commodity price volatility affecting raw material and manufacturing costs(p.49)
- • Regulatory and tax law changes creating operational uncertainties(p.49)
- • Operational risks from accidents and natural disasters disrupting business(p.46)
- • COVID-19 pandemic and communicable disease outbreaks affecting operations(p.49)
- • Global economic slowdown and monetary policy tightening(p.96)
- • Intense competition from listed and unlisted companies(p.134)
- • Price competitiveness as primary selection criterion in tenders(p.134)
- • Volatility in raw material and commodity prices(p.130)
- • Project delays and cost overruns due to local factors(p.114)
- • Liquidity risk in emerging market vulnerable to capital outflows(p.98)
- • Inflation and high input costs impacting project profitability(p.97)
- • Regulatory and tax compliance risks with pending disputes(p.212)
- • Rising interest costs impacting profitability(p.201)
- • Volatility in material costs affecting gross margins(p.200)
- • Working capital intensity with high inventory and receivables(p.175)
- • Dependence on banking relationships for fund-based and non-fund-based facilities(p.212)
- • Cyclicality and uncertainty in government budgetary allocation for renewable energy projects(p.223)
- • Commodity price volatility affecting project economics, particularly solar cell costs(p.224)
- • Intense competitive bidding for government tenders(p.223)
- • Risk of project-related disputes and claims with government counterparties(p.223)
- • Foreign exchange and input price volatility(p.228)
- • COVID-19 pandemic impact on supply chain and operations(p.228)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Ketanbhai Narsinhbhai Patel | Promoter | 57.17% | 41.97% |
| Rajendrakumar Narsinhbhai Patel | Promoter | 17.79% | 13.06% |
| Niravkumar Sureshbhai Patel | Promoter | 17.79% | 13.06% |
| Shilpaben Ketanbhai Patel | Promoter | 1.98% | 1.45% |
| Ketanbhai Narsinhbhai Patel | Promoter | 57.17% | 41.97% |
| Rajendrakumar Narsinhbhai Patel | Promoter | 17.79% | 13.06% |
| Niravkumar Sureshbhai Patel | Promoter | 17.79% | 13.06% |
| Shilpaben Ketanbhai Patel | Promoter | 1.98% | 1.45% |
| Ashaben Rajendrakumar Patel | Promoter Group | 1.98% | 1.45% |
| Khushbu Niravkumar Patel | Promoter Group | 1.98% | 1.45% |
| Dhanjibhai Narsinhbhai Patel | Promoter Group | 1.31% | 0.97% |
| Ketanbhai Narsinhbhai Patel | Promoter | 57.17% | — |
| Rajendrakumar Narsinhbhai Patel | Promoter | 17.79% | — |
| Niravkumar Sureshbhai Patel | Promoter | 17.79% | — |
| Shilpaben Ketanbhai Patel | Promoter | 1.98% | — |
| Ketanbhai Narsinhbhai Patel | Promoter | — | — |
| Niravkumar Sureshbhai Patel | Promoter | — | — |
| Rajendrakumar Narsinhbhai Patel | Promoter | — | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.