Gensol Engineering - A play on Energy Transition (Solar Energy & EV)

For those who have started tracking this business recently, the management has guided for EV rollouts multiple times, and has been extending timelines for almost a year now.

Firstly, it was Q3 FY 2023: (Source: October 2022 investor presentation)

Then it was Jan 2023. Some media links below:

Gensol Ventures Into EV Market With Manufacturing Plant In Pune (

Gensol Engineering Ltd., Managing Director, Mr. Anmol Singh Jaggi In Talk With Anil Singhvi - YouTube

Then, it was July, 2023:

EV growth: Gensol Engineering aims to roll out 10-12,000 cars starting July (

Then, a video was released of the Gensol EV factory around September 2023:

Breaking Ground: Gensol Electric Vehicles’ Futuristic Manufacturing Facility - YouTube

Now a news article mentioning Jan 2024 as release timeline. (refer thread above)

So, for now, management has lost a few points on meeting guidance and execution. However, this is a complex playing field and there is more happening under the hood than what meets the public eye (I would like to believe that for now).

Looking forward to the developments here.

P.S. - Other lines of business (EPC and EV leasing) are firing all cylinders.

Disclosure : Invested.


Question to everyone:

How do you see that growth of Blusmart will benefit Gensol Engineering. I think Gensol Engineering is the only listed company of the Gensol Group which Blusmart is also a part of.

I am bullish on Blusmart, it’s gonna raise funds and increase their fleet of cars. How does growth of Blusmart translate to Gensol Engineering is my question.

Only thing common is the Directors are same and both are related party.

Gensol engineering does not have any equity in BlueSmart, although BlueSmart is also promoted by the Same promoter group (Anmol Jaggi and few investors).

The only way Gensol group can gain from rising growth of BlueSmart is via their car leasing business wherein there may procure cars on their books via PFC funding which they recently secured and give out cars on lease to BluSmart as an arms length transaction.

A little far fetched gain could be induction of their manufactured EV cars into BlueSmart fleet. (this is a utopian scenario, given their EV manufacturing segment has a few important hurdles to cross in terms of product market fit).

It’s important to note that Gensol group is foraying into multiple businesses all of which are sunrise / disruptive sectors :

a) Gensol Engineering : Solar EPC, Car Leasing, EV manufacturing, Solar Panel maintenance and tracking, etc.
b) Blue Smart : Ride hailing (VC funded, not listed yet)
c) Matrix Gas - Green Hydrogen, etc. (not listed, DRHP filed, soon to be listed)

Invested. No Reco. Pls do your own due diligence.

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In one of the interviews, promoter has mentioned that the first 8 months of EV production will all be used for Blue Smart (at arms length)

Disclosure: Invested

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Thanks Akash and Pratik

I feel EV car leasing is going to be money spinner for Gensol, initially with Blusmart and then extending to other players.

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Gensol Engineering to manufacture electric reverse trike

via ET Markets App(Download Now):

Did I get it right? The management is guiding a revenue of 2000 cr for this financial year? They’ve done roughly 350 Cr in H1

Hi Siddharth,

Could you share the source of 2000 Cr. guidance given by management.

All that glitters… who is right?


Hi, in case anyone is tracking the company closely, company has promised to start plant 1 production from April 2023 and plant 2 from Sep 2023. But I haven’t see any news about their production being started. Does anyone aware of any 2/4 seater cargo or pv car produced from any of these plants? Also company recently started manufacturing of reverse trike. I dont know who will be target customer for these reverse trike. My opinion is that people buy motorcycle due to cost and flexibility that it can go anywhere in traffic. Reverse trike bike will take more space and cost is also around 6 lac. People may prefer to buy small car in that price. Any thoughts from anyone?

Pratik Gupta heads Gensol EV. He was founder of Storm Inc which Gensol acquired.

Sorry was my mistake in interpreting it! Here’s what I had seen