Gensol Engineering
Gensol Engineering Ltd. (BSE: GENSOL) was an Indian renewable energy and EV leasing company offering solar EPC with Scorpius single-axis trackers and electric fleet leasing to operators such as BluSmart, before ceasing operations in 2025 amid SEBI and ED investigations into alleged Rs 978 crore fund diversion.
- Company typePublic
- Founded2016
- HeadquartersAhmedabad, India
- Headcount1,001–5,000
- GTM typeB2B
- OfferingServices
What Gensol Engineering does
Gensol Engineering Ltd. (BSE: GENSOL) was an Indian publicly listed renewable energy and electric mobility company headquartered in Ahmedabad, with operating geographies in Delhi NCR, Karnataka, and Gujarat. The company operated two primary business lines: solar EPC services enhanced by single-axis solar tracker technology acquired through the March 2023 purchase of Scorpius Trackers for Rs 135 crore, and electric vehicle fleet leasing delivered through its BluSmart subsidiary and a dedicated Gensol EV Lease Limited entity. The EV leasing business was anchored by a Rs 633 crore loan facility from Power Finance Corporation in April 2023 to finance 6,000 EVs for BluSmart's ride-hailing fleet in Delhi, complemented by a Rs 420 crore Series B round in 2023 with participation from MS Dhoni's family office, BP Ventures, and Sumant Sinha of Reliance.
Distribution was direct B2B: solar EPC solutions were sold to renewable energy project developers, and EV fleets were leased to ride-hailing operators with institutional debt funding. Gensol also explored adjacencies, piloting green hydrogen production for steelmaking under the National Green Hydrogen Mission with Matrix Gas and Renewables, Steel Authority of India, and Simplex Castings, and acquiring GridStor in September 2024 to enter energy storage. Customer concentration was high, with BluSmart functioning as the primary counterparty for the EV leasing business.
The company became subject to extensive regulatory and insolvency proceedings in 2025-2026. SEBI barred promoters Anmol Singh Jaggi and Puneet Singh Jaggi from securities markets over alleged diversion of approximately Rs 978 crore in government-guaranteed EV loans; the Enforcement Directorate attached promoter assets worth about Rs 87 crore in connection with Rs 505 crore in outstanding NPAs; ICAI advanced an accounting investigation to its disciplinary committee; and NCLT insolvency proceedings are active. The company is reported as having ceased operations in 2025.
Gensol Engineering firmographics
Firmographics- Name
- Gensol Engineering
- Legal name
- Gensol Engineering Ltd.
- Website
- https://gensol.in
- Company type
- Public
- Founded year
- 2016
- Operating status
- Closed
- Headcount range
- 1,001–5,000 employees
- Short description
- Gensol Engineering Ltd. (BSE: GENSOL) was an Indian renewable energy and EV leasing company offering solar EPC with Scorpius single-axis trackers and electric fleet leasing to operators such as BluSmart, before ceasing operations in 2025 amid SEBI and ED investigations into alleged Rs 978 crore fund diversion.
- Ownership category
- akta.pro rank
Gensol Engineering industry classification
Industry- Product category
- Solar EPC Services
- NAICS
- Solar Electric Power Generation (221114)
- akta.pro primary industry
- Solar EPC & Construction (Utility-Scale, Rooftop, Balance of System) (EUAMABAB)
- akta.pro secondary industries
- Utility-Scale PV EPC (Engineering, Procurement & Construction) (EUACAGAB), Electrical Balance-of-Plant EPC (MV Collection, Cabling, Earthing, Lighting) (EUAEADAB)
Keywords
Where Gensol Engineering is headquartered
LocationHeadquarters
- HQ city
- Ahmedabad
- HQ country
- India
- HQ region
- Asia
Markets served
Gensol Engineering business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Supply Chain, Technology or R&D, Marketing or Sales
Distribution channels3 records
Gensol Engineering product offering
Product offeringCore offering
Gensol Engineering provides solar EPC (engineering, procurement, and construction) services for utility-scale and commercial solar projects, and manufactures/distributes single-axis solar tracking systems through its Scorpius Trackers subsidiary. The company also offers electric vehicle fleet leasing services for commercial fleet operators and ride-hailing platforms.
Product overview
Gensol Engineering operates as a renewable energy solutions provider offering end-to-end EPC (Engineering, Procurement, and Construction) services. The company provides solar tracker solutions through its acquired brand Scorpius Trackers, and operates an electric vehicle fleet leasing business. The portfolio includes single-axis solar trackers for power generation and EV fleet procurement/financing services.
Differentiator
Problem solved
Functional benefit
Products and services
- Scorpius Trackers
- Solar EPC Services
- Electric Vehicle Fleet Leasing Services
Companies that use Gensol Engineering
Customer profileSegments2 records
Ideal customer profiles2 records
Gensol Engineering technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature2 records
Gensol Engineering partnerships and signals
Strategic signalPartnerships
Four partnerships are on record, tiered minor and core.
- Signodrive TechnologiesminorSignodrive Technologies deployed a 4,000-vehicle fleet sourced from Gensol Engineering through the IRP (Insolvency Resolution Process), operated exclusively on the Evera platform.
- Matrix Gas and RenewablesminorMatrix Gas and Renewables was selected for a pilot project under the National Green Hydrogen Mission, implementing green hydrogen production for steelmaking applications alongside Steel Authority of India and Simplex Castings.
- Scorpius TrackerscoreGensol acquired Scorpius Trackers for ₹135 crore to expand its renewable energy portfolio and offer end-to-end EPC solutions with advanced solar tracking technology. Scorpius specialized in designing, developing, marketing, and servicing single-axis trackers.
- BluSmart MobilitycoreGensol leased 6,000 electric vehicles financed by PFC loans to BluSmart Mobility for their EV ride-hailing fleet expansion in Delhi. BluSmart was the primary customer for Gensol's EV leasing business.
Scale indicators6 records
Recent moves6 records
Expansion highlights4 records
Gensol Engineering competitors and assessment
Company assessmentBroad incumbents
- Adani Solar: Vertically integrated solar manufacturing and EPC arm of the Adani Group with utility-scale project development. Overlaps with Gensol in EPC execution and balance-of-system supply, but operates at much greater scale and as part of a broader conglomerate.
- Tata Power Solar Systems: Subsidiary of Tata Power executing large-scale solar EPC and rooftop projects across India. Comparable in offering utility-scale solar EPC and tracker-integrated solutions, with a much stronger balance sheet and brand.
- Greenko Group: Large Indian renewable energy IPP with solar, wind, and storage assets. Overlaps with Gensol on the solar development/EPC adjacency but operates primarily as an asset owner and IPP rather than a pure EPC contractor.
Direct peers
- Sterling and Wilson Renewable Energy: One of India's largest pure-play solar EPC contractors executing utility-scale PV projects both domestically and internationally. Direct peer to Gensol's solar EPC business with overlapping project developer customers and similar balance-of-system/tracker integration scope.
- Vikram Solar: Indian solar module manufacturer and EPC contractor serving utility-scale and C&I segments. Comparable to Gensol in providing solar EPC services alongside hardware supply, including tracker-adjacent work.
- Waaree Renewable Technologies: Indian solar EPC and module manufacturer active in utility-scale and rooftop segments. Comparable to Gensol as a domestic solar EPC player and increasingly active in tracker-integrated projects.
- Jakson Group: Indian EPC and power solutions provider with strong solar EPC and distributed generation capabilities. Direct peer in solar EPC execution and B2B project developer customer base.
- Fourth Partner Energy: India-focused solar EPC and distributed generation company serving C&I and utility customers. Comparable to Gensol as a domestic solar EPC specialist with project developer relationships.
- Mahindra Susten: Renewable energy EPC and asset management arm of the Mahindra Group executing utility-scale solar and hybrid projects. Comparable to Gensol in solar EPC scope and Indian project developer customer base.
Others
- BluSmart Mobility (historical): Was the primary customer/lessee of Gensol's EV fleet, operating electric ride-hailing services in Delhi NCR and Bengaluru. Included as a peer to capture the EV leasing and electric mobility adjacency that was central to Gensol's second business line.
Market position
Strengths2 records
Weaknesses4 records
Competitive moat3 records
Key risks7 records
Key highlights5 records
Customer concentration
Gensol Engineering social profiles
Digital presenceGensol Engineering financial estimates
Financial estimateRevenue estimate
Valuation estimate
Gensol Engineering leadership team
Management profileNumber of profiles
Profiles3 records
Gensol Engineering subsidiaries and ownership
Company hierarchySubsidiaries3 records
Gensol Engineering funding detail
Funding detailFunding overview
Funding rounds1 record
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Gensol Engineering M&A and investment
M&A and investmentM&A2 records
Investments1 record
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Gensol Engineering
What does Gensol Engineering do?
Gensol Engineering provides solar EPC (engineering, procurement, and construction) services for utility-scale and commercial solar projects, and manufactures/distributes single-axis solar tracking systems through its Scorpius Trackers subsidiary. The company also offers electric vehicle fleet leasing services for commercial fleet operators and ride-hailing platforms.
Is Gensol Engineering a public or private company?
Gensol Engineering is a public company. It is classified as public and is currently closed.
When was Gensol Engineering founded?
Gensol Engineering was founded in 2016. It employs 1,001 to 5,000 people.
Where is Gensol Engineering based?
Gensol Engineering is headquartered in Ahmedabad, India, in the Asia region.
Who are Gensol Engineering's main competitors?
Broad incumbents on record are Adani Solar, Tata Power Solar Systems and Greenko Group. Direct peers are Sterling and Wilson Renewable Energy, Vikram Solar, Waaree Renewable Technologies, Jakson Group, Fourth Partner Energy and Mahindra Susten. BluSmart Mobility (historical) is listed as an others.
Does Gensol Engineering have an API?
No public API is recorded for Gensol Engineering.
What industry is Gensol Engineering in?
Gensol Engineering's product category is Solar EPC Services. Its primary akta.pro industry code is EUAMABAB, Solar EPC & Construction (Utility-Scale, Rooftop, Balance of System), with a secondary code of EUACAGAB, Utility-Scale PV EPC (Engineering, Procurement & Construction). Its NAICS code is 221114.