| Order / Market Cap | 63.0%Deal significance |
|---|---|
| Market Cap | ₹551.45 CrCurrent valuation |
| P/E TTM | 7.33Sector PE: 24.4 |
| 1-Year Return | -39.64%Stock performance |
| Order from | NLC INDIA LIMITED |
| Deal value | ₹347.39 Cr |
| Share of market cap | 63.0% |
| Share of annual revenue | 32.5% |
| Order book | ₹2,252.71 Cr (2.1x revenue) |
Key highlights
- Order value totals ₹347.39 crore inclusive of all duties and taxes
- Client is NLC India Limited acting on behalf of its subsidiary NLC India Renewable Limited
- Contract involves supplying G12R TOPCon N-Type Bifacial Solar PV modules
- Project is located at the RVUN Solar Park in Pugal, Bikaner, Rajasthan
- Cumulative order book for ongoing projects reached ₹2,252.71 crore as of October 2026
NLC India Taps GGBL for Rajasthan Solar Infrastructure
Ganesh Green Bharat Limited has been awarded a ₹347.39 crore purchase order by NLC India Limited, a Navratna Government of India Enterprise. The contract, executed on behalf of NLC India Renewable Limited, entails the supply of advanced G12R TOPCon N-Type Bifacial Solar PV modules. These modules are destined for the Solar Power Project located at the RVUN Solar Park in Pugal, Bikaner district of Rajasthan.
This domestic contract reinforces the company's technical capabilities in delivering high-specification bifacial modules, which capture solar energy from both sides of the panel to maximize efficiency in desert terrains.
Order Book Reaches New Heights
- Cumulative order book for ongoing projects now stands at approximately ₹2,252.71 crore
- New order represents 32.5 percent of the ₹1,067.6 crore annual revenue reported for FY26
- GGBL previously secured a ₹1,510 crore EPC contract for a BESS project from NTPC in May 2026
- Current bidding pipeline comprises over ₹4,500 crore in active tenders as of mid-2026
- Management has guided for a target revenue range of ₹1,500 crore to ₹1,700 crore for FY27
Technological Transition to TOPCon Modules
The selection of G12R TOPCon N-Type Bifacial modules for this project aligns with GGBL's strategic shift toward high-efficiency solar technology. TOPCon technology offers superior energy conversion rates and lower degradation compared to traditional modules. This order follows a similar ₹430 crore domestic win in April 2026 and a 1.36 MW international supply contract in June 2026.
By securing major contracts from government-backed entities like NLC India and NTPC, the company is positioning itself as a key supplier in the Indian renewable energy sector, which is currently seeing sector-wide P/E multiples of 24.4x.
| Date | Announcement | Amount |
|---|---|---|
| 11 Jun 2026 | Purchase order from Airavata (SL) Ltd for supply of 1.36 MW of 630Wp G12R TOPCon solar modulesSource: tradebrains.in | – |
| 23 May 2026 | EPC contract for 1,000 MWh Battery Energy Storage System (BESS) from NTPC Renewable Energy LimitedSource: NSE filing | ₹1,510.00 Cr |
| 17 Apr 2026 | Domestic order for supply of 630 Wp TOPCon N-Type bifacial solar PV modulesSource: now.solar | ₹430.00 Cr |
| 03 Feb 2026 | Work order from an Independent Power Producer for supply of bifacial 600W TOPCon N-Type solar PV modules in GujaratSource: ganeshgreen.com | ₹50.53 Cr |
| 30 Jun 2025 | Purchase order from Ram Taranga Solutions Private Limited for supply of 16.30 MW solar PV modulesSource: insights.dsij.in | ₹24.28 Cr |
| 17 Jun 2025 | Revised work order from Zetwerk Manufacturing Businesses Private Limited for supply of 378.75 MW solar PV modulesSource: insights.dsij.in | ₹620.64 Cr |
What to watch next
- Completion and commissioning of the 1,000 MWh NTPC REL BESS project by May 23, 2027
- Achievement of the FY27 annual revenue guidance target of ₹1,500 crore to ₹1,700 crore
| Share price | ₹222.35 |
|---|---|
| Market capitalisation | ₹551.45 Cr |
| Revenue (annual) | ₹1,067.60 Cr |
| Net profit (annual) | ₹75.18 Cr |
| P/E (TTM) | 7.33×Sector 24.4× |
| Promoter holding | 73.42% |
| FII holding | 0%Current quarter |
Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.
Exchange filing by Ganesh Green Bharat Limited announcing the receipt of a purchase order from NLC India Limited. Market figures from a third-party data provider.
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