Any current/future new fundraising through debt or equity?

There is no explicit mention of any current or planned new fundraising through debt or equity during the call. The company has taken on long-term debt mainly for setting up factories and projects, with debt increasing from INR 33 crores to INR 72 crores in six months. Debt is expected to be managed and offset by returns from the new factories and products. The debt-equity ratio is expected to be maintained over the next two years. Working capital needs are met efficiently, and the company does not expect significant CapEx or fundraising for executing projects as 85% of project costs are recove

Any current/future capex/capital investment/strategic investment?

The company plans a phased CapEx for a solar top-con module facility and cell manufacturing capacity. The 1.2 gigawatt module facility CapEx originally planned for the current year has been deferred to FY27 due to higher traction in BESS and increased competition in the module industry. Cell manufacturing capacity is slated for FY28. The total investment for setting up a 3 gigawatt BESS manufacturing facility is around INR 30-40 crores, with an added 2.5 gigawatt expansion on top of an existing 500 megawatt-hour semi-automatic facility. The new BESS facility, fully automated, is expected to be

Future growth expectations in sales/revenue/volumes?

FY26 revenue guidance is approximately INR 700 crore to INR 750 crore, targeting 3x growth this year and 5x growth in FY27. CAGR expected around 80% over three years, with some conservative estimates mentioning 50% but clarified to be closer to 80%. BESS supply target for FY27 is around 150 to 200 megawatt-hours, with potential to scale up to 500 megawatt-hours depending on investor/developer confidence. Order book for BESS as of H1 FY26 is ~30 megawatt-hours, aiming to reach 50 megawatt-hours by March and grow beyond with factory ramp-up. Targeting 10% market share in the utility BESS

Future growth expectations in earnings/operating earnings/profits/EPS?

GP Eco Solutions India Limited targets **80% CAGR in revenue** over the next three years, driven by investments in BESS, solar manufacturing, and integrated project execution. EBITDA margin for FY26 is expected to be around **13% to 14%**, scaling up to **17% to 18% by FY27**. PAT margins have improved from 4% to approx. 8% currently, expected to sustain or improve with increased scale. Revenue guidance for FY26 is between **INR 700 crore to INR 750 crore**, with PAT around INR 50 crore. Strong growth expected from BESS facility near completion, 1.2 GW solar module & cell lines, and a robust E

Current/ Expected Orderbook/ Pending Orders?

Current BESS order book is around 30 megawatt hours (MWh), with additional projects expected to be finalized soon (Page 14). Targeting to secure approximately 50 MWh of BESS orders by March FY26 with current capacity (Page 14). Existing EPC order execution of around INR 150 crores under the Invergy brand and approximately INR 200 crores upcoming in H2 FY26 (Page 16). For solar modules, orders are being finalized quickly due to upcoming policy changes increasing costs by ~25% on solar cells (Page 26). Oriana has given a trial order, which is on track for commissioning by December 15, with a fur

IN US

GP Eco SolutionsQ3 FY26Electrical Equipment

GP Eco Solutions Q3 FY26 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹413P/E: 12.3Market Cap: ₹494 CrSector: Electrical Equipment

Management growth scorecard

Revenue

Category 1

Margin

Category 1

Fundraise

Yes

Order

Yes

Capex

Yes

5 of 5 growth signals are positive — a strong management growth story.

Full analysis

Revenue guidance

Category 1

→FY26 revenue guidance is approximately INR 700 crore to INR 750 crore, targeting 3x growth this year and 5x growth in FY27.
→CAGR expected around 80% over three years, with some conservative estimates mentioning 50% but clarified to be closer to 80%.
→BESS supply target for FY27 is around 150 to 200 megawatt-hours, with potential to scale up to 500 megawatt-hours depending on investor/developer confidence.
→Order book for BESS as of H1 FY26 is ~30 megawatt-hours, aiming to reach 50 megawatt-hours by March and grow beyond with factory ramp-up.
→Targeting 10% market share in the utility BESS segment in India.
→Revenue segments expect growth with EPC projects (~INR 150 crore), residential and C&I segments (~INR 200 crore), and inverter/product sales (~INR 100 crore).
→Margins expected to improve from 8-9% range to approximately 13%-14% EBITDA in FY26, scaling to 17%-18% by FY27.

Margin guidance

Category 1

→GP Eco Solutions India Limited targets **80% CAGR in revenue** over the next three years, driven by investments in BESS, solar manufacturing, and integrated project execution.
→EBITDA margin for FY26 is expected to be around **13% to 14%**, scaling up to **17% to 18% by FY27**.
→PAT margins have improved from 4% to approx. 8% currently, expected to sustain or improve with increased scale.
→Revenue guidance for FY26 is between **INR 700 crore to INR 750 crore**, with PAT around INR 50 crore.
→Strong growth expected from BESS facility near completion, 1.2 GW solar module & cell lines, and a robust EPC pipeline.
→Focus on expanding market share to **10% in the Indian utility BESS segment**, targeting scalable and sustainable growth.
→EBIT and profits expected to benefit from enhanced technology integration, manufacturing expansion, and strategic execution.

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Fundraise plans

Yes

→There is no explicit mention of any current or planned new fundraising through debt or equity during the call.
→The company has taken on long-term debt mainly for setting up factories and projects, with debt increasing from INR 33 crores to INR 72 crores in six months.
→Debt is expected to be managed and offset by returns from the new factories and products.
→The debt-equity ratio is expected to be maintained over the next two years.
→Working capital needs are met efficiently, and the company does not expect significant CapEx or fundraising for executing projects as 85% of project costs are recovered within one to two months after approvals.
→CapEx for new facilities like the solar module and cell manufacturing has been deferred to FY27 and FY28.
→If new government schemes like PLI arise, the company is interested but currently considers existing PLIs exhausted.

Order book

Yes

→Current BESS order book is around 30 megawatt hours (MWh), with additional projects expected to be finalized soon (Page 14).
→Targeting to secure approximately 50 MWh of BESS orders by March FY26 with current capacity (Page 14).
→Existing EPC order execution of around INR 150 crores under the Invergy brand and approximately INR 200 crores upcoming in H2 FY26 (Page 16).
→For solar modules, orders are being finalized quickly due to upcoming policy changes increasing costs by ~25% on solar cells (Page 26).
→Oriana has given a trial order, which is on track for commissioning by December 15, with a further pipeline of 20-30 MWh fixed from them pending performance proof (Page 24).
→Overall, the company is confident of exponential growth in order book driven by investor and developer confidence post successful project executions.

Capex plans

Yes

→The company plans a phased CapEx for a solar top-con module facility and cell manufacturing capacity.
→The 1.2 gigawatt module facility CapEx originally planned for the current year has been deferred to FY27 due to higher traction in BESS and increased competition in the module industry.
→Cell manufacturing capacity is slated for FY28.
→The total investment for setting up a 3 gigawatt BESS manufacturing facility is around INR 30-40 crores, with an added 2.5 gigawatt expansion on top of an existing 500 megawatt-hour semi-automatic facility.
→The new BESS facility, fully automated, is expected to be operational by January-February FY26.
→CapEx for new projects is mostly long-term loans; working capital needs are managed efficiently without major hindrance.
→Further CapEx plans will be revised and shared once finalized.

How does GP Eco Solutions rank vs peers in Electrical Equipment?

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