Ganesh Green Bharat is into multiple verticals catering to (i) Solar System & Allied Services, (ii) Electrical contracting services (iii) Water Supply Scheme Projects and as a manufacturer of solar photo- voltaic (“PV”) modules.Ganesh Green Bharat IPO aims to mobilize Rs 125.23 crores. The issue is entirely a fresh issue of 65.91 lakh shares.

About Ganesh Green Bharat :

• They providing comprehensive portfolios in the field of supply, installation, testing and commissioning (SITC) of solar and electrical goods and services to various government bodies.
• They have completed projects under various schemes of Central and State Government like – Saubhagya Scheme, KUSUM Scheme, Saur Sujla Yojna.
• They have also forayed into the business of designing, construction, installation and operation and maintenance of Water Supply Scheme Projects like the Mukhya Mantri Nishchay Quality Affected Yojna, Har Ghar Jal (Jal Jeevan Mission) etc.
• They started as a partnership firm in the year 2016 with focus on Electrical contracting services. Later in the year 2017 stepped into the renewable energy sector and expanded operations as an integrated solar energy solutions provider offering engineering, procurement and construction (“EPC”) services and operations and maintenance (“O&M”) services for solar home light, solar street light, solar power plants (On Grid and off Grid), Solar Highmast, Solar Pumping System etc. In 2016.
• Gradually in the year 2019 they started bidding for Water Supply Scheme Projects and are engaged in designing, construction, supply, testing and commissioning of Water Supply Scheme Projects which involves construction of piped water supply with installation of polyethylene water storage tank to provide drinking water through functional household tap connections in villages with all allied works of the scheme .
• The. Solar PV modules are manufactured using both polycrystalline and monocrystalline cell technology.Their Subsidiary operates from its manufacturing facility situated at Mehsana, Gujarat and is well equipped with machines.
• The Company is led by romoters, Ketanbhai Narsinhbhai Patel and Rajendrakumar Narsinhbhai Patel having an overall experience of more than two decades each and Niravkumar Sureshbhai Patel and Shilpaben Ketanbhai Patel having an overall experience of more than a decade each in the associated industry.

Financials: Ganesh Green Bharat IPO

Anchors: Ganesh Green Bharat IPO

Very good response.

Ganesh Green Bharat IPO: Salient Points

• Subsidiary, Souraj Energy Private Limited (Souraj) is involved into manufacturing of solar photo-voltaic (“PV”) modules with installed capacity of 192.72 MW.
• They have also set up an additional line for manufacturing of solar photo-voltaic (“PV”) modules with installed capacity of 236.73 MW which has recently started commercial production.
• They attained the status of Channel Partner of Ministry of New and Renewable Energy (MNRE) and in the year 2018 they completed a substantial project involving 16,486 SPV home lighting system in Rajasthan through Rajasthan Renewable Energy Corporation Limited (RRECL).
• Net proceeds use:

• Revenue from operations from various business verticals is as under:

• Over the years our Company has obtained various registrations and certifications that facilitate our business and help us to secure orders:
• Electrical Contractor license from Govt. of Gujarat to act as an Approved Electrical Contractor in Class ‘A’ in R & B. Department. Government of Gujarat, Electrical Contractor license from Govt. of Bihar to act as Category ‘1’ Contractor for Bihar, Electrical Contractor license from Govt. of Rajasthan to act as Electrical Contractor ‘Class A’ for Rajasthan, Electrical Contractor license from Govt. of Madhya Pradesh to act as Electrical Contractor for Madhya Pradesh, Electrical Contractor licensee from Govt. of Maharashtra to act as Electrical Contractor for Maharashtra etc.
• BIS Registration Certificate for Sealed Secondary Portable Lithium System Battery
• BIS Registration Certificate for Crystalline Silicon Terrestrial Photovoltaic (PV) modules (Si wafer based)
• BIS Registration Certificate for Fixed General Purpose Led Luminaires
• Enlisted in Approved List of Models and Manufactures (ALMM) for Solar Photovoltaic Modules by Ministry of New & Renewable Energy.
• Peers

• As of March 31, 2024 we have 18 ongoing Projects with an order book of Rs 31397.57 lakhs.
• Their Order Book includes (i) 10 work orders under Solar System & Allied Services aggregating to Rs 27,328.03 (ii) 7 work orders under Electrical contracting services aggregating to Rs 2,645.57 Lakhs, (iii) 1 work order under Water Supply Scheme Projects for an aggregate value of Rs. 1423.97 lakhs.
• In the last 10 years, They have successfully completed 26 Projects across the states of Rajasthan, Gujarat, Maharashtra, Bihar, Uttar Pradesh, Jharkhand, Chattisgarh and Madhya Pradesh.
• Over the years group has shown agility and has diversified its business verticals catering to (i) Solar System & Allied Services, (ii) Electrical contracting services (iii) Water Supply Scheme Projects and as a manufacturer of solar photo- voltaic (“PV”) modules.
• Ganesh Green Bharat IPO is coming at a PE ratio of 23.7x (FY24 Earnings).
• I intend to apply in Ganesh Green Bharat IPO subject to availability of funds. Company is in a high growth sector. compares favorably with peers. response to anchor book has been excellent.
• GMP as reported on social media has been Rs. 245 (128%)
• The lead manager has a good track record.
• SME IPOs are quite volatile and new retail investors need to exercise considerable caution in my view.
• This post is exploratory and educational purposes only. Please do your own diligence before investing in SME IPOs like this.
• Standard disclaimer: I am not a SEBI registered analyst and above analysis is for educational purpose only. Iam a postgraduate in engineering & Management . I have in the past cleared some exams like NISM-Series-V-A: Mutual Fund Distributors Certification, NISM-Series-X-A: Investment Adviser (Level 1) Certification and NISM-Series-X-B: Investment Adviser (Level 2) Examination. This post is my view on the subject matter and is only academic and exploratory in nature. It is not meant to influence investment decisions of investors. I may have bias/vested interest in covered Stock/Mutual Funds/NCD etc. due to my own investment or leaning. Further my understanding of the areas on which I write may be imperfect or incomplete and data could be wrong due to limited time and resources at my disposal. Do check the data from company’s RHP and exchanges before making any decision. Please do your own due diligence as stock market/MF investments have high degree of inherent risk.