Key Metrics of Gensol Engineering Limited
About Gensol Engineering Limited
Sectors
Company details
- Registered office
- 15th Floor, A Block, Westgate Business Bay, S G Road, Jivraj Park, Ahmedabad, In-gj, 380051
- Listed
- NSE: GENSOL · ₹10.64
Operational Areas of Gensol Engineering Limited
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
Sign in to continue See plans & pricingFiling compliance
Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
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Credit ratings
WatchIssuer not cooperating with ICRA (rating based on limited information)
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 23 Apr 2026 | ICRA | Non-cooperating | D | — | — | ₹2,050 Cr | View |
| 20 Mar 2026 | CARE | Other | D | — | — | ₹716 Cr | View |
| 03 Mar 2025 | CARE | Downgraded (from BB+) | D | — | Stable | ₹716 Cr | View |
| 05 Apr 2024 | CARE | Assigned (from BB) | BB+ | A4+ | Stable | ₹716 Cr | View |
| 13 Mar 2023 | CARE | Assigned | BB | A4+ | Stable | ₹400 Cr | View |
Credit strengths (CARE, Mar 2026)
—
Credit challenges
− Delays in debt servicing
There are continuing delays in debt servicing. GEL is presently undergoing Corporate Insolvency Resolution Process under the National Company Law Tribunal NCLT Ahmedabad. The insolvency was admitted on June 13 , 2025 following a petition by Indian Renewable Energy Development Agency over a loan default of around Rs 510 crore. The tribunal imposed a moratorium and appointed an Interim Resolution Professional to take control of the company’s operations.
Could lead to an upgrade
• Timely servicing of debt obligations (i.e., principal and interest) for minimum 3 continuous months
Agency-reported financials (ICRA, 23 Apr 2026)
| Metric | FY2023 | FY2024 | 9MFY2025 |
|---|---|---|---|
| Operating income | ₹398 Cr | ₹963 Cr | ₹1,053 Cr |
| PAT | ₹23.30 Cr | ₹53.40 Cr | ₹67.50 Cr |
| OPBDIT/OI | 20.8% | 23.9% | 23.1% |
| PAT/OI | 5.9% | 5.5% | 6.4% |
| Total outside liabilities/Tangible net worth (times) | 4.10× | 6.40× | — |
| Total debt/OPBDIT (times) | 7.20× | 6.60× | — |
| Interest coverage (times) | 3.40× | 2.10× | 1.40× |
| Revenue growth (YoY) | — | 142.0% | — |
| EBITDA (margin × income) | ₹82.78 Cr | ₹230 Cr | ₹243 Cr |
| Implied total debt (debt/EBITDA × EBITDA) | ₹596 Cr | ₹1,519 Cr | — |
| Implied interest cost (EBITDA ÷ coverage) | ₹24.35 Cr | ₹110 Cr | ₹174 Cr |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long term Fund-based term loan continues to remain under Issuer Not | Term loans | ₹925 Cr | ₹925 Cr | 0.0% | D | Non-cooperating | ICRA |
| Long term – Fund-based cash continues to remain under Issuer Not credit | Working capital & bank lines | ₹719 Cr | ₹719 Cr | 0.0% | D | Non-cooperating | ICRA |
| Long term short term BG | Working capital & bank lines | ₹407 Cr | ₹407 Cr | 0.0% | D | Non-cooperating | ICRA |
CARE ratings on record (checked 23 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| Bank Guarantee | ₹25.0 Cr | CARE D / CARE D; ISSUER NOT COOPERATING* |
| Cash Credit | ₹15.0 Cr | CARE D; ISSUER NOT COOPERATING* |
| Cash Credit | ₹51.3 Cr | CARE D / CARE D; ISSUER NOT COOPERATING* |
| CC/WCDL/OD/LC/BG | — | Withdrawn |
| Term Loan | ₹625 Cr | CARE D; ISSUER NOT COOPERATING* |
Lenders
| Fund-based - LT | Cash Credit | HDFC Bank Ltd. |
| Fund-based - LT | Term Loan | Indian Renewable Energy Development Agency Ltd. |
| Fund-based - LT | Term Loan | Indian Renewable Energy Development Agency Ltd. |
| Fund-based - LT | Term Loan | Power Finance Corporation |
| Fund-based - LT/ ST | Cash Credit | Bandhan Bank Ltd. |
| Fund-based - LT/ ST | Cash Credit | ICICI Bank Ltd. |
| Non-fund-based - LT/ ST | Bank Guarantee | HDFC Bank Ltd. |
Credit assessment · Manufacturing
Rating Methodology – Manufacturing Companies (Mar 2025) · Standalone accounts · FY 2023-24
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | In default (CARE D) |
| Issuer cooperation | Not cooperating since 23 Apr 2026 (6 months) – investment grade cannot be retained |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 32% |
| Information on file | 67% · missing: Audited financial statements (last 18 months), Capex / investment plans, Auditor details |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 32% chance the next rating action is stable or better
- Current rating D (below investment grade)
- Interest coverage 1.4×
- Issuer not cooperating with the rating agency
Rated limits by facility
Timeline
From the report
Further, the promoters have demonstrated their capability to raise funds from the investors and have raised Rs.132.85 crore via preferential allotment during H1FY23 and also proposes to raise around Rs.500 crore through issue of share warrants during FY25.
From the report
Liquidity: Adequate Liquidity of the company remains adequate characterised by repayment of leased electric vehicles being backed by lease rental receivable from Blu-Smart in a structured manner and free cash and bank balance of Rs.43 crore available with the company as on December 31, 2023, apart from lien marked F ixed deposits of Rs.150 crore.
From the report
The sanctioned working capital limits (F und-based and non-fund based) of the company remained at around Rs.91.30 crore, which remained utilised at around 81% for the trailing 10 months ended January 2024.
From the report
The liquidity of the company is expected to further strengthen during FY25 with receipt of Rs.500 crore through issue of share warrants, of which Rs.215 crore is earmarked for working capital purpose and Rs.45 crore for general corporate purpose.
From the report
In 2012, Group started focus on solar energy and incorporated GEL with aim to provide entire range of solar advisory and EPC services.Further, the promoters have demonstrated their ability to raise funds from the investors and have raised Rs.132.85 crore via preferential allotment during H1FY23.
From the report
As on September 30, 2022, GEL had cash and cash equivalent of Rs.193.67 crore (including lien marked FD’s).
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of Gensol Engineering Limited
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
 Larsen & Toubro |
Capital Goods & Power Equipment · Heavy Engineering & Capital Goods | larsentoubro.com | 1938 | Mumbai, India |
 Thermax |
Capital Goods & Power Equipment · Heavy Engineering & Capital Goods | thermaxglobal.com | 1980 | Pune, India |
 Blue Dart Express |
Outlets operated by Blue Dart Express. | bluedart.com | 1983 | Mumbai, India |
| H.G. INFRA ENGINEERING LIMITED (PART IX) | Machine Tools & Industrial Machinery · Heavy Engineering & Capital Goods | — | — | Jodhpur, Rajasthan, India |
 Tata Hitachi Construction Machinery Company |
Machine Tools & Industrial Machinery · Heavy Engineering & Capital Goods | tatahitachi.co.in | — | India |
 Kirloskar Brothers |
Capital Goods & Power Equipment · Heavy Engineering & Capital Goods | kirloskarpumps.com | 1888 | Pune, India |
 Sansera Engineering Limited |
Machine Tools & Industrial Machinery · Heavy Engineering & Capital Goods | sansera.in | — | Bangalore, Karnataka, India |
 Action Construction Equipment Limited |
Fertilisers, Seeds & Crop Protection · Agriculture & Agri-Inputs | ace-cranes.com | 2009 | Palwal, India |
 AJAX Engineering |
Commercial Vehicles & Buses · Automobile Manufacturers | ajax-engg.com | 1992 | Bangalore, India |
| Il&FS Engineering And Construction Company Limited | · Construction | — | — | Hyderabad, Telangana, India |
Similar companies
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Principal business activities and related-party transactions are read from MGT-7 and AOC-4 filings.
Filings
No filings on record yet.