GANESH GREEN BHARAT IPO Review

Ganesh Green Bharat are providing comprehensive portfolios in the field of supply, installation, testing and commissioning (SITC) of solar and electrical goods and services to various government bodies and is India’s leading solar panel manufacturer and EPC service provider.

The Company is led by the Promoters, 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.

Financially, Ganesh Green Bharat revenue jumped to ₹1,0612.10 Lakhs in FY22 to ₹9,059.53 Lakhs in FY23 and currently increased to ₹1,7196.48 Lakhs in FY24. Similarly, EBITDA increased from ₹859.18 Lakhs in FY22 to ₹1,368.98 Lakhs in FY23 and currently increased to ₹3,462.14 Lakhs in FY24. The PAT also increased from ₹520.75 Lakhs in FY22 to ₹815.57 Lakhs in FY23 and currently at ₹2,182.98 Lakhs in FY24. This indicates a steady growth in financial performance.

For the Ganesh Green Bharat IPO, the company is issuing shares at a pre-issue EPS of ₹10.92 and a post-issue EPS of ₹8.01. The pre-issue P/E ratio is 17.39x, while the post-issue P/E ratio is 23.72x against the industry P/E ratio of 119.97x. The company's ROCE for FY24 is 29.98%, and ROE for FY24 is 46.42%. These metrics suggest that the IPO is fairly priced.

The Grey Market Premium (GMP) of Ganesh Green Bharat indicates potential listing gains of 150%-160%. Given the company's financial performance and the valuation of the IPO, we recommend Investors to Apply to the IPO for Listing Gains or Long Term Investment purposes.