Gujarat Inject Revenue Nearly Doubles to Rs 36.32 Crore

PAT Increases to Rs 1.81 Crore from Rs 1.02 Crore

Reader Takeaway: Strong revenue growth driven by trading model; long-term value hinges on executing the new solar project pivot.

What just happened

Gujarat Inject (Kerala) Limited has delivered robust financial results for FY 2025-26 while formally pivoting its business model toward the renewable energy sector. The company secured a Rs 4.86 crore order for 3,600 Solar PV Modules from Zentaraa Infra Projects Private Limited, set for October 2026 delivery. Shareholders have also approved an amendment to the company’s object clause to officially include solar power generation, Battery Energy Storage Systems (BESS), and EV infrastructure.

Why this matters

The company is evolving from an asset-light trading firm into a renewable energy participant. It has already committed Rs 20.76 crore toward Capital Work in Progress (CWIP) for its solar power project. This transition represents a major strategic shift in its long-term operations.

Financial and Operational Performance

Total revenue grew to Rs 36.32 crore in FY 2025-26, up from Rs 19.05 crore in the previous year. Profit After Tax rose to Rs 1.81 crore from Rs 1.02 crore. The company continues to rely on an asset-light trading model, which saw stock-in-trade purchases hit Rs 33.62 crore.

Risks to watch

Auditors have flagged the transition of the solar project from CWIP to property, plant, and equipment as a Key Audit Matter due to its scale. Additionally, no revenue has been recognized from the solar power project yet, as cash flows remain contingent upon the final settlement of consideration payable to the project seller.

What to track next

Investors should track the construction milestones of the solar generation project and the successful supply execution of the Zentaraa Infra order in 2026. Maintaining trading margins during this capital-intensive expansion phase remains a key operational test.