BSE: 524238
GUJARAT INJECT (KERALA) LTD.
Sells solar PV modules to private domestic buyers and operates a 5 MW solar project in Jakasana, Gujarat. The company, formerly pharmaceutical-focused, is pivoting to renewable energy and has proposed renaming itself Regenova Renewtech Limited. FY26 revenue was Rs. 36.32 crore, up 91% year-on-year, with new solar activity reported at 77% of revenue. Solar PV module orders booked during FY26 include about Rs. 14.49 crore from Deon Energy for 16,129 modules of 620 WP, Rs. 3.49 crore from Earthwave Technology for 4,056 modules, Rs. 3.11 crore from Earthwave Technology for 3,645 modules, Rs. 1.21 crore from Perfect Renewtech for 1,355 modules, and Rs. 1.07 crore from Ottrive Lifestyle for 1,334 modules of 600 WP. Q1 FY27 revenue rose 414% year-on-year to Rs. 12.45 crore. The business operates as a single reportable segment with very low employee and other operating costs (Rs. 0.18 crore and Rs. 0.21 crore respectively in FY26) and heavy capex of Rs. 20.76 crore (57.2% of revenue) tied to the renewable-energy shift. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Solar PV modules and related trading (77%), Legacy / residual business (23%). Small, trading-heavy solar PV module seller pivoting from pharmaceuticals into renewable energy.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 0 | 0 | 6 | 19 | 36 |
| EBITDA (ex other income) | (0) | (0) | 0 | 1 | 2 |
| margin % | (200.4) | (217.0) | 0.8 | 5.6 | 6.4 |
| Owners' profit | 0 | 0 | 0 | 1 | 2 |
| EPS, as reported (₹) | 0.00 | 0.08 | 0.07 | 0.70 | 2.48 |
| ROE % · ROCE % | (0.3) · (0.7) | (4.9) · (14.6) | 1.0 · 1.2 | 10.2 · 12.5 | 15.3 · 21.2 |
| Debt / equity (x) | (0.84) | (0.73) | 0.00 | 0.00 | 0.00 |
| Cash from operations | (0) | 0 | (6) | (4) | 21 |
| Capex | 0 | 0 | 0 | 0 | (21) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q4 FY24 | Q1 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 5 | 3 | 3 | 4 | 2 | 2 | 2 | 31 |
| Profit before tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2 |
| Net profit | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2 |
| EPS (₹) | 0.03 | 0.08 | 0.14 | 0.05 | 0.05 | 0.05 | 0.03 | 2.24 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SUN PHARMACEUTICAL IND L | 4,20,165 | 34.8 | 5.01 | 22.5 | 13.7 | 17.5 | 11.8 | 32.3 |
| DIVI S LABORATORIES LTD | 2,51,896 | 86.3 | 15.03 | 65.0 | 15.3 | 18.8 | 8.7 | 42.8 |
| TORRENT PHARMACEUTICALS L | 1,56,538 | 73.9 | 8.90 | 38.9 | 12.2 | 8.0 | 11.8 | 33.1 |
| ZYDUS LIFESCIENCES LTD | 1,17,055 | 26.1 | 3.96 | 15.1 | 17.3 | 18.0 | 12.4 | 25.2 |
| LAURUS LABS LIMITED | 1,15,722 | 105.7 | 21.31 | 64.4 | 16.4 | 17.2 | 7.2 | 32.0 |
| DR. REDDY S LABORATORIES | 1,09,385 | 33.9 | 2.86 | 14.6 | 10.9 | 13.0 | 12.1 | 15.0 |
| CIPLA LTD | 1,09,060 | 32.3 | 3.16 | 16.7 | 11.2 | 14.7 | 8.0 | 19.7 |
| MANKIND PHARMA LIMITED | 1,03,353 | 50.6 | 6.24 | 28.4 | 11.7 | 10.8 | — | 27.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 4.5 | 30.1 | 6 of 158 | 97% |
| P/B | 1.3 | 3.0 | 37 of 163 | 78% |
| ROCE | 21.2 | 10.8 | 31 of 183 | 84% |
| ROE | 15.3 | 9.8 | 46 of 166 | 73% |
| Debt / Equity | 0.0 | 0.2 | 1 of 166 | 79% |
| EBITDA margin | 7.4 | 17.5 | 133 of 165 | 20% |
| Revenue growth | 624.5 | 16.3 | 1 of 161 | 100% |
| Profit growth | 2133.7 | 30.9 | 3 of 158 | 99% |
| Market cap | 16 | 810 | 170 of 181 | 6% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Board to consider preferential issue of shares and warrants | fund raising | medium | — | — |
| 22 Oct 2026 · Board to consider preferential share and warrant issue | fund raising | medium | — | — |
| 15 Oct 2026 · Gujarat Inject Kerala Bags Rs 6.25 Crore Solar Module Order from Deon Energy | business updates | medium | — | — |
| 15 Oct 2026 · Gujarat Inject gets Rs.6.25 Cr solar panel order from Deon Energy | business updates | medium | — | — |
| 5 Oct 2026 · Gujarat Inject Kerala: Clean Energy Pivot, 2x Revenue, 4.86 Cr Solar Order | compliance | low | — | — |
| 3 Oct 2026 · Gujarat Inject Kerala bags 4.86 Crore Solar PV module order | business updates | medium | — | — |
| 1 Oct 2026 · 35th AGM: All 5 resolutions passed with 99.42% majority | board shareholder meetings | medium | — | — |
| 29 Sept 2026 · 35th AGM held on 29 Sept 2026; 5 resolutions tabled | board shareholder meetings | low | — | — |
| 25 Sept 2026 · Stock split done: Rs 10 to Rs 1 face value; physical holders must claim shares in demat | corporate actions | medium | — | — |
| 23 Sept 2026 · Trading Window Closure for Q2 and H1 FY2027 Results | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.