Gujarat Inject Wins Order for 3,600 Solar PV Modules

Gujarat Inject (Kerala) has recently secured a domestic purchase order valued at approximately INR 4.86 crore (exclusive of GST) from Zentaraa Infra Projects for the supply of 3,600 Solar PV Modules, scheduled for execution in October 2026.

Earlier, the company signed an Investment Sale Agreement with Soleos Energy on June 27, 2025 to develop solar power projects. It recognised INR 2,076.45 lacs as Capital Work in Progress (CWIP) toward its Solar Power Generation Project, its first CWIP addition in two years.

The company is strategically transitioning toward clean energy, underpinned by strong financial growth and new commercial orders.

To formalise this expansion, shareholders approved an amendment to the company’s Object Clause on September 30, 2025. The updated charter equips the Company to engage in the generation, transmission, trading, and supply of electricity derived from renewable and conventional sources, as well as ventures into Battery Energy Storage Systems (BESS) and electric vehicle (EV) charging infrastructure. Management stated that the amendment provides ‘greater flexibility to explore and undertake new business opportunities’ as the company repositions itself for the green energy transition.

During FY 2025–26, the company delivered solid operational and financial performance alongside its clean energy initiatives. Total revenue nearly doubled to INR 3,632.04 lacs from INR 1,904.58 lacs in the previous year, while Profit After Tax (PAT) increased to INR 181.41 lacs from INR 101.72 lacs. The company continued its trading operations, recording purchases of stock-in-trade worth INR 3,362.37 lacs. It maintained an agile, asset-light trading model without holding finished goods inventory.

While advancing its solar asset development, no operational revenue was recognised from the solar generation project in FY 2025–26, as operational cash flows and revenue entitlements accrue upon the discharge of consideration payable to the seller. Independent statutory auditors highlighted the CWIP capitalisation and its eventual transition to Property, Plant and Equipment (PPE) as a Key Audit Matter (KAM), reflecting the scale and materiality of the project.