Gensol Engineering Ltd Share Price – NSE /  BSE

Infrastructure Developers & Operators, Small Cap

The stock is currently locked at its 52-week low, having nosedived an astonishing 85% over the past three months.

The meltdown follows a damning interim order issued by SEBI on 15 April 2025, which accused Gensol?s promoters ? Anmol Singh Jaggi and Puneet Singh Jaggi ? of diverting massive funds meant for electric vehicle procurement. In response to the findings, the regulator has barred both promoters from taking up any directorial or key managerial positions and restricted their access to the securities market. Subsequently, both Anmol and Puneet stepped down as directors of the company.

SEBI?s probe, which was initiated after a complaint in June 2024, unearthed significant misuse of Rs 977.75 crore in loans secured from IREDA and PFC. These funds were meant to finance the purchase of 6,400 electric vehicles. However, only 4,704 EVs were actually acquired, leaving over Rs 207 crore unaccounted for. The investigation revealed that funds were routed through entities like Go-Auto and Capbridge Ventures, many of which had links to the promoters. A portion of the money was allegedly used for personal indulgences, including a luxury apartment at Gurgaon?s DLF Camellias and a Rs 26 lakh golf set.

In addition to fund diversion, SEBI flagged falsified documents submitted to credit rating agencies, further misleading investors and lenders. The regulator is now appointing a forensic auditor to comb through the company?s books and transactions, extending the probe to Gensol?s related entities as well.

In a stock exchange filing, Gensol said it will extend full cooperation during the forensic audit and pledged transparency throughout the process. The company is committed to providing the auditor with complete access to records and information to ensure a transparent and comprehensive audit process, the clarification read.

Acknowledging the reputational damage and stock volatility triggered by the SEBI proceedings and media coverage, Gensol said it remains focused on stabilizing its operations. The company also clarified that it is not currently engaged in any undisclosed mergers, acquisitions, or major transactions.

In an interim order, SEBI whole time member Ashwani Bhatia also directed Gensol to put its proposed 1:10 stock split on hold. SEBI suspects that it was likely to attract more retail investors to the scrip.

Gensol Engineering is a renewable energy company specializing in solar power EPC services and electric mobility solutions. The company's consolidated net profit rose 32.52% to Rs 16.91 crore on a 56.42% increase in revenue to Rs 344.51 crore in Q3 FY25 over Q3 FY24.

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This project is developed under a Rs 40 crore EPC contract and underscores Gensol?s expertise in executing complex solar installations in challenging terrains.

The scope includes comprehensive operations and maintenance (O&M) support for five years.

This 40-acre solar power plant will generate over 15 million units of clean energy annually for commercial applications. The site?s complex topography, featuring loose soil, hard rock formations, and mining excavations, required innovative engineering solutions.

Gensol deployed advanced Mounting Structure Systems (MMS) and high-efficiency PV modules, optimizing performance despite the steep terrain.

The project is projected to offset 21,000 metric tons of CO₂ emissions every year, significantly contributing to Jharkhand?s renewable energy targets.

The plant will bolster Jharkhand?s energy security, reducing dependence on fossil fuels while meeting rising electricity demand. Gensol remains committed to supporting India?s net-zero ambitions through scalable, efficient, and environmentally responsible solar projects.

Gensol Engineering is a leading renewable energy company specializing in solar power EPC services and electric mobility solutions. With a track record of over 770 MW solar projects and an advanced EV manufacturing facility in Pune, Gensol continues to drive innovation and contribute to India's energy transition.

The company's consolidated net profit rose 32.52% to Rs 16.91 crore on a 56.42% increase in revenue to Rs 344.51 crore in Q3 FY25 over Q3 FY24.

As on 9 April 2025, Gensol Engineering's share price hit a 52-week low at Rs 140.20, down 4.98% from the previous closing.

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Gensol Engineering announced that an Extra Ordinary General Meeting (EGM) of the Company will be held on 12 April 2025.

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Shares of Gensol Engineering lost 54.85% in thirteen consecutive trading sessions from its recent closing high of Rs 579.60 on 21 February 2025.

The counter came into the limelight after the rating agency downgraded the company's long-term bank facilities of Rs 639.70 crore from CARE BB+ (Stable) to CARE D and its long-term/short-term bank facilities of Rs 76.30 crore from CARE BB+ (Stable) / CARE A4+ to CARE D / CARE D. This downgrade reflects a significant increase in the perceived risk of default on the company's debt obligations.

The stock hit a 52-week low of Rs 261.70 today. The stock hit a 52-week high of Rs 1,125.75 on 26 June 2024. The counter lost 76.75% from its 52-week high of Rs 1,125.75 on 26 June 2024.

On the technical front, the stock's daily RSI (relative strength index) stood at 12.859. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

On the daily chart, the stock was trading below its 50-day and 100-day simple moving average (SMA) placed at 622.65, 705.42, and 823.53, respectively. These levels will act as crucial resistance zones in the near term.

The board of Gensol Engineering on 13 March 2025 approved splitting one share of Rs 10 each into 10 shares with a face value of Rs 1 each. Record date for the stock split will be intimated in due course after obtaining shareholder approval.

The board also approved fund-raising initiatives amounting to Rs. 600 crore aimed at significantly enhancing its financial standing. The company plans to raise Rs 400 crore through the issuance of Foreign Currency Convertible Bonds (FCCBs); and Rs 200 crore through the issuance of warrants to promoters. The warrants will be issued at Rs 56 apiece, after adjustment of sub-division of equity shares.

This initiative, combined with the company’s ongoing divestments, including the sale of vehicles and the sale of a subsidiary, is expected to significantly improve Gensol’s debt-equity ratio, positioning it for long-term financial strength and resilience.

Currently, Gensol Engineering has a debt of Rs. 1,146 crore against reserves of Rs 589 crore, resulting in a debt-equity ratio of 1.95. With this announcement of Rs 600 crore fund-raise, the company’s reserves are expected to increase to approximately Rs. 1,200 crore. Additionally, with Rs 615 crore of divestments underway, the company’s debt will be reduced to approximately Rs. 530 crore. These measures will lead to a significantly improved and healthy debt-equity ratio of 0.44.

Founded in 2012, Gensol Engineering has over a decade of experience in the renewable energy sector. Its diverse business interests include EPC and O&M services for solar power projects, EV leasing through its partnership with Blu-Smart, and the upcoming EV manufacturing division, with a plant currently under construction in Pune.

The company's consolidated net profit rose 32.52% to Rs 16.91 crore on a 56.42% increase in revenue to Rs 344.51 crore in Q3 FY25 over Q3 FY24.

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