Gujarat Inject (Kerala) Limited is expanding its operations into the renewable energy sector, with the company advancing a solar power generation project while securing a new solar module supply order.
As part of its clean energy strategy, the company signed an Investment Sale Agreement with Soleos Energy Limited on June 27, 2025, for the development of solar power projects. Gujarat Inject (Kerala) has subsequently recognized INR 2,076.45 lakh as Capital Work in Progress (CWIP) toward its solar power generation project. The addition represents the company’s first CWIP addition in two years.
The company’s shareholders approved an amendment to its Object Clause on September 30, 2025, enabling it to undertake activities related to the generation, transmission, trading and supply of electricity from renewable and conventional sources. The amended clause also covers Battery Energy Storage Systems (BESS) and electric vehicle (EV) charging infrastructure.
In a further move into the solar supply business, Gujarat Inject (Kerala) has secured a domestic purchase order worth approximately INR 4.86 crore, excluding GST, from Zentaraa Infra Projects Private Limited. The order involves the supply of 3,600 solar PV modules and is scheduled for execution in October 2026.
Alongside its renewable energy expansion, the company reported growth in its financial performance during FY 2025–26. Total revenue increased to INR 3,632.04 lakh from INR 1,904.58 lakh in the previous financial year, representing an increase of nearly 91%.
Profit After Tax (PAT) rose to INR 181.41 lakh in FY 2025–26, compared with INR 101.72 lakh in FY 2024–25.
The company continued to operate its trading business during the year, recording purchases of stock-in-trade worth INR 3,362.37 lakh. Its trading operations follow an asset-light model, with the company not maintaining finished goods inventory.
Gujarat Inject (Kerala) said no operational revenue was recognized from its solar generation project during FY 2025–26, as revenue and operating cash flows are expected to arise after the consideration payable to the seller is discharged.
The capitalization of the solar project as CWIP and its subsequent transition to Property, Plant and Equipment (PPE) was also identified by the company’s statutory auditors as a Key Audit Matter, given the materiality of the project.
The company is now positioning renewable power generation, solar equipment supply, BESS and EV charging infrastructure as part of its broader strategy to diversify beyond its traditional trading operations and build a presence in the clean energy sector.
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