Gensol Engg to set up India's first green hydrogen plant in JV; stock up 3%

Gensol Engineering share price gained up to 2.87 per cent at Rs 935 per share on the BSE in Wednesday’s intraday deals. Gensol Engineering stock price today surged after the company said it has secured a project to set up India’s first green hydrogen valley in Pune.

The company will build the plant in partnership with Matrix Gas & Renewables, a green hydrogen infrastructure developer and natural gas aggregator. 

Gensol – Matrix will set up a green hydrogen production plant on build own and operate (BOO) basis to supply green hydrogen to the specialty chemical sector with the firm offtake for 20 years, the company said in an exchange filing on Tuesday. 

 

“We are going to supply green hydrogen to the specialty chemical Sector in Pune, Maharashtra on round the clock (RTC) basis to develop the Green Hydrogen economy in India,” said Anmol Jaggi, Managing Director, Gensol Engineering.

Further Chirag Kotecha, whole-time director at Matrix Gas and Renewables, added that the green hydrogen valley is being facilitated by National Chemicals Laboratories (NCL), Pune in Kurkumbh region. The joint venture, thus will have an opportunity to establish such Green Hydrogen generation concepts, its applications and R&D facilities.

“We have been selected through competitive tender as the best bidder (both Technically and Commercially) to setup a Green Hydrogen Generation plant on BOO basis through Electrolysis route,” Kotecha said. 

Gensol Engineering specialises in solar consulting and engineering, procurement, and construction (EPC)services. In its consulting business, it offers end-to-end solar advisory, including concept development, engineering reviews, detailed engineering, construction supervision, quality control, and technical due diligence for projects both in India and internationally. 

For the April-June quarter of financial year 2024-25 (Q1FY25),  the Gensol Engineering ’s revenue surged by 104.52 per cent year-over-year to Rs 296.59 crore in Q1FY25. However, on a quarterly basis, revenue fell by 25.88 per cent compared to the previous three months.

Net profit also doubled in Q1FY25, rising 100 per cent from the same period last year to Rs 20.48 crore. On a quarterly basis, net profit decreased by 15.62 per cent from the previous three months.

The company has a total market capitalisation of Rs 3,533.54 crore. Its shares are trading at a price to earnings multiple of 34.23 times with an earning per share of Rs 26.55.

At 09:45 AM; the share price of the company was trading 2.21 per cent higher at Rs 929 a piece. By comparison, the BSE Sensex was trading 0.09 per cent lower at 81,849 levels.