Founded in 2012 by Anmol Singh Jaggi and Puneet Jaggi, Gensol Engineering Limited (Gensol) has emerged as a leading player in India’s renewable energy sector. With headquarters in Ahmedabad, Gujarat, the company started as a solar consultancy and subsequently expanded its operations to include engineering, procurement and construction (EPC) services for solar projects. It has also diversified into electric mobility, technology-driven energy solutions and asset optimisation platforms. Some of its current subsidiaries and partnerships include Param Renewables, BluSmart, Scorpius Trackers, and Matrix Gas and Renewables.
Renewable Watch provides an overview of Gensol’s portfolio, select subsidiaries, partnerships, financial performance and future outlook…
Current portfolio
Gensol’s EPC portfolio includes over 650 projects aggregating 770 MW spread across 19 states. The company has diversified into various businesses within the clean energy and clean mobility space. Each subsidiary complements the others, enabling Gensol to provide integrated solutions across the electric mobility, clean energy and green hydrogen segments. The following are the portfolio details and key plans of select Gensol subsidiaries.
Param Renewables: Param Renewables provides operations and maintenance (O&M) solutions for renewable energy projects. It manages a solar and wind energy portfolio of 5,600 MWp. The company focuses on monitoring operational efficiency, identifying energy losses and implementing measures to improve plant performance and returns. It uses data-driven and technology-based O&M solutions, providing real-time insights into renewable energy assets. It is also responsible for maintaining standards set by original equipment manufacturers for green hydrogen plants and optimising energy storage systems. It manages more than 200 sites across the country.
BluSmart: Founded in 2019, BluSmart is a prominent electric vehicles ride-hailing and charging infrastructure network operating in Delhi-NCR and Bengaluru. In June 2024, it expanded to the UAE with an all-electric limousine service. With a fleet of over 8,500 EVs, BluSmart has completed 20 million rides, covering nearly 650 million km, and reduced carbon emissions by approximately 47,000 tonnes. Its charging infrastructure includes 5,000 stations across 50 hubs in Delhi-NCR and Bengaluru. Its gross merchandise value has increased from Rs 40 million in October 2022 to Rs 550 million in October 2024, demonstrating rapid growth in electric mobility.
Prescinto: While Prescinto Technologies was acquired by IBM in October 2024, it helped Gensol diversify its business. It is a software-as-a-service platform focused on performance management for solar, wind and energy storage assets. It enables users to monitor and optimise renewable energy generation through real-time insights, analytics and automation. Currently, it has over 16 GW of assets under management across 14 countries.
Scorpius Trackers: In 2023, Gensol Engineering Limited acquired Scorpius Trackers for Rs 1.35 billion. Scorpius specialises in solar tracker technology, with patented tracker controllers, software and structural designs aimed at improving efficiency and returns. The company has over 1,000 MW of contracted orders across India, Japan, Africa and the Middle East. In August 2024, Gensol expanded into the US market with the launch of its Delaware-based subsidiary, Scorpius Trackers, Inc., and plans to scale up production capacity to 2,000 MW annually by 2028.
Matrix Gas & Renewables: In 2023, Gensol diversified into new energy solutions and gas distribution through a strategic partnership with Matrix Gas & Renewables. This collaboration includes plans to develop green hydrogen production facilities. In August 2024, the Gensol-Matrix partnership secured the winning bid for 237 MW of hydrogen electrolyser manufacturing capacity. The following month, the consortium was appointed to establish a green hydrogen valley in Pune, Maharashtra. Matrix Gas & Renewables plans to file for an initial public offering (IPO) in 2025 to raise up to Rs 12 billion. The company aims to develop 1,000 MW of green hydrogen projects within three years, supported by a planned capital expenditure of Rs 35 billion, funded through 70 per cent debt and 30 per cent equity in multiple phases.
Recent financial performance
Gensol has demonstrated strong financial performance in the past year. According to the company’s financial report, its total revenue stood at Rs 9.96 billion in 2023-24, a 147 per cent year-on-year increase.
In August 2024, the company declared its financial results for the first quarter of 2024-25. The consolidated total revenue for the quarter stood at Rs 2.97 billion, an increase of 105 per cent over the previous year’s revenue of Rs 1.45 billion during the same quarter. The company’s EBITDA increased by 143 per cent to reach Rs 890 million. Meanwhile, the profit after tax stood at Rs 150 million, as compared to Rs 100 million in the first quarter of 2023-24, a year-on-year growth of 50 per cent.
Gensol’s financial growth and expansion through diversification can be attributed to the timely financing raised by the company from diverse sources over the years. In a strategic move, in September 2019, Gensol decided to go public and launched its IPO, which consisted of 2,160,000 shares priced at Rs 81-Rs 83 per share. The IPO was oversubscribed and raised Rs 179.28 million to fund expansions in O&M, global projects and new business ventures.
In 2023, Gensol raised approximately Rs 1.4 billion through a qualified institutional placement. The funds will be used for expanding its renewable energy capacity to 5 GW by 2026, establishing renewable-powered EV charging networks, developing advanced energy storage solutions and strengthening its global presence in emerging markets. In February 2024, it raised Rs 9 billion in equity capital through convertible warrants on a preferential basis, attracting both global and domestic investors.
Future outlook
Going forward, Gensol’s future outlook remains positive, supported by a strong order book of approximately Rs 17.83 billion as of March 31, 2024. This includes projects in both solar energy and EV leasing. In addition, the company secured major solar contracts, along with two battery energy storage system (BESS) orders valued at Rs 32 billion.
The company has significantly enhanced its EPC capabilities, successfully commissioning 10 large-scale solar projects in 2023-24. Several more EPC projects are in the pipeline. In the past year, the company has secured solar EPC projects in the ground-mounted, and commercial and industrial (C&I) rooftop solar and agricultural solar segments.
In January 2024, Gensol secured a Rs 1.5 billion EPC contract for a 50 MW DC (33 MW AC) solar power plant in Chhattisgarh. In February 2024, the company won EPC contracts worth Rs 3.38 billion for two solar projects totalling 422.5 MW DC in Rajasthan and Maharashtra. In Maharashtra, Gensol secured another Rs 5.2 billion EPC contract for a 100 MW AC solar project in March 2024, and a Rs 7.8 billion EPC contract for a 150 MW ground-mounted solar PV power plant in November 2024. In the C&I rooftop solar space, the company won a 16 MW EPC contract in Madhya Pradesh in August 2024. In the agricultural solar space, it won a contract, in July 2024, for solar projects totalling 116 MW across 27 locations in Gujarat to solarise agricultural feeders.
In June 2024, Gensol won a Rs 13.4 billion tender from GUVNL for a 250 MW/500 MWh BESS project, with an additional 250 MW/500 MWh under the greenshoe option. In the electric mobility sector, the company’s subsidiary, Gensol Electric Vehicles, has made remarkable strides, leasing over 6,000 EVs till date, demonstrating strong growth and market penetration.
The company has an effective international expansion strategy, targeting diverse energy markets. With the acquisition of Scorpius Trackers, Gensol has entered global markets, securing orders in Japan, Africa, West Asia and the US. In October 2024, the company secured a contract for a 23 MW rooftop solar project in Dubai. It is looking to further expand its solar project development activities in West Asia.
Net, net, backed by robust financial health, strategic acquisitions and a pipeline of innovative projects, the company is not just pursuing growth, but is also committed to driving sustainable development on both the domestic and global fronts.
