Gensol is a leading Solar Advisory and Operation & Maintenance Service Provider with a footprint across 13 countries and 20 GW of projects. This presentation showcase company's business verticals, leadership team, growth trajectory, global presence, major projects executed (National, Government & International).

1. Gensol Engineering
Limited
Investor Presentation
September, 2019
Solar Advisory| Solar EPC | Solar O&M

2. Safe Harbour Statement
This Investor Presentation has been prepared by Gensol Engineering Limited (GEL) and does not constitute a prospectus or placement memorandum or an
offer to acquire any securities. This presentation or any other documentation or information (or any part thereof) delivered or supplied should not be
deemed to constitute an offer. No representation or warranty, express or implied is made as to, and no reliance should be placed on, the fairness,
accuracy, completeness or correctness of such information or opinions contained herein. The information contained in this presentation is only current as
of its date. Certain statements made in this presentation may not be based on historical information or facts and may be “forward looking statements”,
including those relating to the general business plans and strategy of GEL its future financial condition and growth prospects, future developments in its
industry and its competitive and regulatory environment, and statements which contain words or phrases such as ‘will’, ‘expected to’, ‘horizons of growth’,
‘strong growth prospects’, etc., or similar expressions or variations of such expressions. These forward-looking statements involve a number of risks,
uncertainties and other factors that could cause actual results, opportunities and growth potential to differ materially from those suggested by the
forward-looking statements. Further, no representation or warranty expressed or implied is made nor is any responsibility of any kind accepted with
respect to the completeness or accuracy of any information. Also, no representation or warranty, express or implied, is made that such information
remains unchanged in any respect as of any date or dates after those stated herein with respect to matters concerning any statement made in this
Investor Presentation. GEL may alter, modify or otherwise change in any manner the content of this presentation, without obligation to notify any person
of such revision or changes. This presentation cannot be copied and disseminated in any manner. No person is authorized to give any information or to
make any representation not contained in and not consistent with this presentation and, if given or made, such information or representation must not be
relied upon as having been authorized by or on behalf of GEL. This presentation is strictly private & confidential. The earlier versions of this presentation,
were in draft form, and should not be circulated or referred to by any person.

3. Integrated Engineering and O&M Service Offerings in Solar Industry
About Gensol
 Incorporated in 2012, Ahmedabad based;
 Provides Integrated Engineering and O&M Services across Solar
Value Chain in India and abroad
 Driven by experienced team of Management, Engineers, R&D
 Providing Concept to Commissioning Solar Advisory, Project
Diligence, Pre & Post bid Consulting, Execution, Operation &
Management Services for Solar projects
 Services to Leading Renewable Energy Companies, Financial
Institutions, Government Organizations, Airports, Developers,
Investors, etc.
 Elite Clientele – ReNew Power, Adani Group, Greenko, Tata
Power, BPCL, Soft Bank Energy, Shapoorji, SBI, Edelweiss, etc.
 Demonstrating robust financial performance
500+
Employees
19,000+ MW
Technical Expertise
10+
Countries
180+
Engineers
150+
Clients
40+
R&D Team Strength

4. Gensol – Consolidated Business Verticals
49%
Advisory
19,372 MW
EPC Service
190 MW
Gensol
Engineering
Limited
O&M Service
Resco Services
1.4 MW
51%
2,200 MW
Gensun
Renewables
Pvt.Ltd.
(Subsidiary)
Solarig Gensol
Utilities Pvt. Ltd.
(Joint Venture)

5. Leadership Team
Anmol Singh Jaggi, Chairman & Managing Director
• Bachelor of Technology under Petroleum Engineering
branch from University of Petroleum & Energy
Studies, Dehradun;
• Experience of 12 yrs in Renewable Energy;
• Responsible for all corporate decisions for the
business operations
Puneet Singh Jaggi, Whole Time Director
• Bachelor of Technology (Chemical Engineering) from
Indian Institute of Technology Roorkee;
• Experience of 9yrs in Solar Industry;
• Responsible for designing of Technical Architecture &
Manage Product Development Cycle.
Gaurav Kharbanda, Independent Director
• MBA in Finance & IT;
• Experience of 13 yrs;
• Associated with Reliance Capital Ltd.,
Jamna Auto Ltd.
• Working as an Individual Financial Advisors
• B.Com from University of Delhi;
• Experience of 28yrs;
• Associated with Reliance Capital as Senior
VP & Head Infra Finance, SBI as Chief
Manager & Mytrah Energy India Ltd. as VP
(Finance) in past
Harish Kaushik, Independent Director
Jasminder Kaur Jaggi, Non-Executive Director
• Bachelors Degree in Political Science and a Bachelor’s
degree in Education
• 14 years of cumulative service as a Teacher in both
Army as well as Private Schools
• Responsible for Human Resource related activities of
the Company

6. Experienced Management
Mr. Gurpreet Singh Walia
Vice President
Projects & Engineering
Ms. Shivya Singhal
Vice President
Supply Chain & Finance
Mr. Ali Imran Naqvi
Vice President
Business Development
Mr. Pranay Mundra
President
Mr. Rajesh Parmar
CS & Compliance
Officer
Ms. Shilpi Dangi
Sr. Manager
Engineering
Ms. Payal Saxena
Sr. Manager
Strategic Advisory
Mr. Kohinoor Dam
General Manager
Field Services
Mr. Jabir Mahendi Aga
Chief Financial Officer

7. BUSINESS OVERVIEW
END TO END ADVISORY
IN RENEWABLE ENERGY SPACE

8. Solar Advisory Services 19,372 MW 155+ PROJECTS
OwnersEngineer
•Detailed Project
Report (DPR)
•Procurement
Assistance
•Design Vetting
•Construction
Supervision
•Plant Handover
LendersEngineer •Techno -
Commercial
Assessment
•Construction
Progress
Reporting
•Generation &
Operations
Reporting
DetailedEngineering
•Basic Drawings
•Detailed
Drawings &
Calculations
•Field & Material
Quality
Procedures
•As Built
Drawings
ProjectManagement
•Implementation
Schedule
Adherence
•Quality
Adherence
•Material & Work
Certification
•Health, Safety &
Environment
•Construction
Management
Policy&StrategicAdvisory
•Bidding
Assistance
•Policy Advisory
•Technical Due
Diligence
Benefitting by Providing Engineering & Advisory Services; Growing Demand backed by Strong Investment in Solar Power Sector
RESCO ServicesSolar O&M ServicesSolar EPC ServicesSolar Advisory Services

9. Key Clients
Solar Advisory Services - Clients
Design Review & Detailed Engineering
2,750 MW
Project Management
3,600 MW 2,570 MW
Lenders’ Engineer
8,350 MW
Policy & Strategic Advisory
11,490 MW
Detailed Project Reports
Key Lenders
RESCO ServicesSolar O&M ServicesSolar EPC ServicesSolar Advisory Services
Also Wind Clients

10. 800 MWp for Greenko in Andhra Pradesh
India’s Largest Solar PV Plant in
Single Location
RESCO ServicesSolar O&M ServicesSolar EPC ServicesSolar Advisory Services
Consulting Services Provided :
- Due Diligence Services
- Detailed Project Report
- Detailed Engineering
- Performance Acceptance Tests & Plant Handover
- Project Management Consultancy

11. Solar EPC Services 190 MW 53 PROJECTS 180+ ENGINEERS
Rooftop SolarShed Roof SolarGround Mounted Solar
Services Offered Turnkey EPC Installation & Commissioning EPC Management
Project Engineering √
√
(Selectively)
√
Equipment Supply √
√
(Minor Equipment)
-
Project Execution √ √
√
(Management)
Performance
Guarantee
√
Complete system
√
(Equipment & Execution Only)
√
(Design only)
RESCO ServicesSolar O&M ServicesSolar EPC ServicesSolar Advisory Services
Carport Solar

12. Solar EPC Services - Clients
25 MW Sunfan Energy, Karnataka
4.7 MW across, Madhya Pradesh
2 MW, Kenya
Key Clients
RESCO ServicesSolar O&M ServicesSolar EPC ServicesSolar Advisory Services

13. Samsonite South Asia
Maharashtra, India
RESCO ServicesSolar O&M ServicesSolar EPC ServicesSolar Advisory Services

14. Solar O&M Services 2200 MW 45 PROJECTS 210 EMPLOYEES
 Long Term Contracts (5 to 10 years)
 Annuity Revenue generation
 Lead generation from Clients in Services & EPC segment
 JV entity - Solarig Gensol Utilities Pvt. Ltd.
 JV with Solarig Ngage from Spain;
 49% held by Gensol Engineering
 Started in 2015
RESCO ServicesSolar O&M ServicesSolar EPC ServicesSolar Advisory Services

15. Solar O&M Services - Clients
Key Clients
RESCO ServicesSolar O&M ServicesSolar EPC ServicesSolar Advisory Services

16. Thermography Drones
Proprietary SCADA & Monitoring Centre
I-V Curve Testing
Robotic Cleaning CMMS
Advanced Technology
Onsite & At Monitoring Centres
RESCO ServicesSolar O&M ServicesSolar EPC ServicesSolar Advisory Services

17. Analytics :
Data Driven Performance
Management
RESCO ServicesSolar O&M ServicesSolar EPC ServicesSolar Advisory Services

18. Growth Trajectory – O&M Services
RESCO ServicesSolar O&M ServicesSolar EPC ServicesSolar Advisory Services
O&M Business has been growing
at a CAGR of 300% with
projects across 8 states in India
and projects in 3 countries
internationally.

19. RESCO Services 1.4 MW 3 PROJECTS
 Gensun Renewables Pvt. Ltd. is subsidiary of GEL
mainly focus on RESCO Services;
 Entered into Power Purchase Agreement (PPA) for
o Design
o Manufacture
o Supply
o Erection
o Testing and Commissioning
 Power production from solar PV plants
What is RESCO?
Under the RESCO model, a rooftop area is made
available by the rooftop owners for setting up solar
projects. Rooftop owners derive revenues from lease
rentals and/or cheaper power from solar PV projects,
while the solar company can contract with buyers such
as DISCOMs or other open access consumers and sell
solar power generated from the project.
RESCO ServicesSolar O&M ServicesSolar EPC ServicesSolar Advisory Services

20. RESCO Services - Clients
APPA University – 600 kWp
BLDE – 709 kWp
KLE – 150 kWp
Key Clients
RESCO ServicesSolar O&M ServicesSolar EPC ServicesSolar Advisory Services

21. Environment, Health & Safety

22. Engineering Projects Overview
Innovative Projects Carried by Gensol
TANGEDCO Kadaladi Solar Park
Bhadla II Solar Park
APGENCO Kadapa Solar Park
Owners’
Engineer
Acquisitio
n/Merger
Lenders’
Engineer
SOLAR PARKS SOLAR AT AIRPORTS
Chennai Airport
Ahmedabad Airport
Delhi Airport
Four Oman Airport
Owners’
Engineer
MAHAGENCO - AG FeederOwners’
Engineer
FLOATING SOLAR
MAHAGENCO
REC- Thermal Plants Reservoir
JSW Energy Limited-
Owners’
Engineer
CANAL TOP SOLAR
Owners’
Engineer
UJVNL
Sam Solar
SOLAR For AGRICULTURE
FEEDERS
SINGLE WINDOW ONLINE
WEBTOOL
IFC – Rooftop Proliferation Tool
for Maharashtra Energy
Development Agency
End Client
MAHAGENCO Kacharala Solar Park
Hyderabad Airport

23. Engineering Software & Tool’s
Toestimatetheenergygenerationatvarious
probability exceedanceetc.
Shading Analysis to illustrate the
sunshine availability at the areasbeing
planned for SolarPVPanel
Conducted to analyze the
possibility of GlintandGlareof
the solar PVpanels
Hybrid Optimization Model for Multiple Energy
Resources) nests three powerful tools, i.e.,
Simulation, Optimization & Sensitivity Analysis
Computer-aided design (CAD)
program used for 2-D and 3-D
design and drafting.
Roof/Area Optimization, Computer Aided
Designing and Energy Generation Simulation

24. Global Presence
National Presence across 22 Indian states with
offices at Delhi, Ahmedabad, Pune
International Presence across Africa, Middle
East & South East Asia

25. Select Projects Executed
Location Capacity (MW) Description of Services Client
Maharashtra 2500.00
Policy Advisory
Owner’s Engineer
Maharashtra 4.50
Detailed Project Report
Detailed Engineering
Procurement Assistance in
selection of EPC contractors
Tamil Nadu 500.00 Owner’s Engineer
Tamil Nadu 6.50 Owner’s Engineer
Uttar Pradesh 1.00 Detailed Engineering
Assam -
Techno Commercial Feasibility
Study
Haryana -
Techno Commercial Feasibility
Study (Ongoing)
Gujarat 1.02
Engineering , Procurement &
Construction (Ongoing)
Project Location Capacity (MW) Description of Services Client
N'djemena, Chad 100.00 Detailed Project Report
Mouila, Gabon 100.00 Detailed Project Report
Saudi Arabia 6000.00 Detailed Project Report
Seirra Lione, Africa 50.00 Detailed Project Report
Seirra Lione, Africa 100.00 Pre-Bid Assistance
Kenya 1.53 Detailed Design
Nepal 4.00 Detailed Engineering
Clean
Communications
Philippines 25.00 Detailed Engineering Green Tech solar Inc
Afghanistan 10.00 Design Vetting
Solargy (Leone) 1.40 EPC
National International

26. Blue Ocean Strategies
Strengthen our solar advisory &
consultancy services portfolio
Focus on developing
O&M portfolio
Expand our customer base by getting
repeat orders from current clients &
adding new clients
Targeting new geographies in MENA
and South Asia market
Continue to focus on R&D activities
and introduction of new technologies

27. Implement Group Level SAP ERP systems for faster decisions making and better
governance. Gensol’s project is one of the first projects on SAP Cloud Platform on
a global level
Plan to capitalize on India’s Digital Sky programme and induct the advanced fleet
of drones to extend best global practices in thermography inspection and aerial
surveillance of solar plants, thereby adding significant value to its customers and
bringing overall cost of operations down
Plan to ramp up third party testing services significantly to further our market
share with existing client base. Third party testing services position Gensol with
the likes of TUV and DNV who operate in similar space but are not cost effective
w.r.t. Indian market expectations
Blue Ocean Strategies – Current Major Initiatives

28. Media Coverage

29. INDUSTRY DYNAMICS
INCREASE IN SOLAR CAPACITY
INVESTMENT WILL LEAD TO DEMAND
IN ADVISORY & CONSULTING SERVICES

30. GOI has set targets to achieve 175GW in solar capacities by 2022…Renewable Energy capacities expected to become 3x in 5 years
58
78
100
123
148
175
FY17 FY18E FY19E FY20E FY21E FY22E
Renewable Energy(GW)
63%
21%
16%
RE break-up in FY16
Wind Other Solar
34%
57%
9%
Proposed RE break-up in FY22
Wind Solar Other
…with emphasis on ground-mounted as well as rooftop… …supported by falling capital cost of Solar PV project
5.1 10 16 23 31 40
12.7
23
33
43
52
60
FY17 FY18 FY19 FY20 FY21 FY22
Roof-top (GW) Ground Mounted Solar (GW)
17.8 32.8 48.8 65.8 83.3 100
80
69
51
40
26 23 19 17 15
FY14 FY15 FY16 FY17 FY18 FY19E FY20E FY21E FY22E
Module Price Trend & Forecast
(INR/Wp)
Over the next 6 years the sector will need investment of ~ INR 4.7 trillion
India Renewables – Solar Energy
Solar Capacity (GW)

31. Interesting Facts on Solar Industry
 Registered lowest ever solar tariffs in India of Rs.2.44 per unit in July, 2018
 Registered lowest ever wind tariff of Rs.2.43 per unit in December, 2017
International Energy Agency estimates “India’s solar potential is greater than 750 GW”
0%
20%
40%
60%
80%
1990 1995 2000 2007 2012 2013 2014 2015 2016 2017 2018 2019 2020
Shifts in India's Energy Mix: 1990-2019
REs contribution Coal contribution Source: CEA

32. Green Energy : Impact Investment
Did You Know?
• Nearly 300 million Indians are still under electrified.
• India’s 2 GW park in Karnataka to be World’s Largest:
 To power nearly 1 million households;
 To reduce CO2 emissions by 20 million tons a year
Direct environmental benefits of Solar Energy:
 Lower carbon dioxide and methane emission
 No harmful greenhouse gasses
 Cheaper source of electricity powering millions of households
 PRI highlights that signatories allocated ~US$900 billion to
renewable and alternative energy investments in 2016.
 World Bank lent more than $1 billion for Renewable Energy in FY
2017 to India. Bank’s largest-ever support for solar power in any
country.
Source: PRI, World Bank, “An Assessment of India’s Energy Choices” by ISB, CPI, JNU, IIT Delhi

33. FINANCIAL PERFORMANCE
DEMONSTRATED FINANCIAL PERFORMANCE
ACROSS BUSINESS SEGMENTS

34. Financial Snapshot (1/3)
FY16 FY17 FY18 FY 19
O&M 20 93 558 1047
Engineering & Advisory 445 988 2250 1697
EPC 747 5136 4094 5595
0
1000
2000
3000
4000
5000
6000
7000
8000
9000
Service-wise Revenue Breakup (in lakhs)
37%
62%
16%
83% 60%
32%
8%
67%
21%
13%
2%
Total 1212 6217 6902 8339

35. Financial Snapshot (2/3)
15
121
654
1304
FY16 FY17 FY18 FY19
Networth (in lakhs)
55
182
785
1005
FY16 FY17 FY18 FY19
EBITDA (in lakhs)
36
119
534
650
FY16 FY17 FY18 FY19
PAT (in lakhs)
Return on Equity – 66.4%
Return on Cap Employed – 70.2%
0263%
0443%
0262%

36. Financial Snapshot (3/3)
Total Outstanding Order
Book as on Q1 2019
₹ 341.18 cr

37. Consolidated Balance Sheet
Particulars (in lakhs) FY 19 FY18 FY17 FY16
EQUITY AND LIABILITIES
Share capital 604 1 1 1
Reserves and surplus 700 653 120 13
Networth 1,304 654 121 15
Minority Interest (0) 1 - -
Long-term borrowings 680 74 16 0
Long-term Provisions 42 28 21 10
Short-term borrowings 5 20 15 -
Trade payables 919 952 230 132
Other current liabilities 1,138 810 558 379
Short-term provisions 201 104 35 13
Total 4,289 2,644 997 550
ASSETS
Fixed Assets 842 88 14 17
Deferred Tax Asset (Net) 48 38 47 42
Long-term loans and advances - 23 0 -
Other non-current assets 163 35 10 9
Trade receivables 2,256 1,639 642 349
Cash and Bank Balances 256 192 71 45
Short-term loans and advances 98 218 212 26
Other Current Assets 627 411 1 62
Total 4,289 2,644 997 550

38. Consolidated Profit & Loss Statement
Particulars (in lakhs) FY19 FY18 FY17 FY16
Revenue from operations 8,339 6,902 6,217 1,212
Other income 47 62 15 4
Total Revenue 8,385 6,964 6,232 1,216
Expenses:
Purchase of stock in trade 3,458 3,227 4,179 472
Employee benefits expense 1,532 1,085 604 331
Other expenses 2,390 1,867 1,266 358
EBITDA 1,005 785 182 55
Depreciation and amortization expense 44 12 12 1
EBIT 961 773 171 54
Finance costs 77 28 4 2
PBT 884 745 166 52
Tax expense:
(1) Current tax 244 203 52 13
(2) Deferred tax (10) 9 -5 3
PAT 650 534 119 36

39. Consolidated Cash Flow Statement
Particulars (in lakhs) FY19 FY18 FY17 FY16
Cash flow from Operating Activities
Net profit before taxation, and extraordinary items 884 745 166 52
Adjustments for :
• Depreciation & Amortisation 44 12 12 1
• Interest & Finance Cost 77 28 4 2
• Interest income (6) (6) (2) -
Operating Profit Before Working Capital Changes 999 779 181 55
Adjusted for (Increase)/ Decrease:
• Trade Receivables (617) (997) (293) (243)
• Other Current assets (344) (435) 60 (55)
• Loans and advances and other assets 143 (29) (186) 5
• Trade payables (33) 722 98 103
• Other Current Liabilities & Provisions 274 265 199 170
Less : Income Tax paid (80) (141) (52) (19)
Net Cash Flow from Operating Activities (A) 343 165 6 15
Cash flow from Investing Activities
Purchase of Fixed Assets (798) (85) (9) (17)
Bank Deposit Matured (47) (7) (48) (1)
Interest Income 6 6 2 -
Net Cash Flow from Investing Activities (B) (839) (87) (55) (19)
Cash Flow From Financing Activities
(Payment)/ Proceeds From Share Capital/Minority Interest Holders - 0 - -
Proceeds from long term borrowings 605 59 16 -
(Repayments)/ Proceeds from short term borrowings (Net) (15) 4 15 -
Interest & Financial Charges (77) (28) (4) (2)
Net Cash Flow from Financing Activities (C) 513 35 27 (2)
Net (Decrease)/ Increase in Cash & Cash Equivalents (A+B+C) 17 113 (22) (5)
Cash and cash equivalents at the beginning of the period 130 16 38 43
Cash and cash equivalents at the end of the period 147 130 16 38

40. IPO OPPORTUNITY

41. IPO Details
Sr. No. Particulars Amt. (INR in lakhs)
1. Fundingofworkingcapital requirement 1,350
2. GeneralCorporatePurposes [▪]
IPO Details
Issue Size Upto21,60,000 Equity Shares
Issue Size inAmount INR 17.49 crs – INR 17.93 crs
FaceValue INR10
PriceBand INR 81 – 83
Pre Issue No. of Shares 60,42,737Equity Shares
Post Issue No. of Shares 82,02,737 Equity Shares
Listing On BSE SME
Bid/ Issue Opens On September 30, 2019
Bid/ Issue Closes On October 4, 2019
Shareholding Pattern Pre-IPO Post-IPO
Promoter & Promoter Group Holding 96.00% 70.72%
PublicHolding 4.00% 29.28%
Book Running Lead Manager
PantomathCapitalAdvisorsPvt.Ltd.
Registrar to the Issue
Link Intime India Pvt.Ltd.
ReservationFor No. ofShares
Market Maker 1,08,800
RetailPortion 10,25,600
Non-RetailPortion 10,25,600
Utilization of Net Proceeds

42. Investment Rationale
Why
Invest
in Gensol
Engineering
Integrated Services Offerings for entire Solar Value chain
Clienteles includes Soft Bank, ReNew Power, Adani, etc
Growing pie of Annuity revenue generating O&M business
Strong Human capital - Experienced team of Management,
Engineers, R&D
Continuous investment in R&D and Technology
Demonstrated Operational Track Record in field of Services &
Consultancy to Solar Companies, Banks & Other Stakeholders
Huge Addressable Market : Domestic as well as Overseas
Robust financial track record across segments
1
2
3
4
5
6
7
8

43. THANK YOU
Registered Office
SCO : 156-157,
First Floor, Sector 9C,
Madhya Marg,
Chandigarh -160009, India
Corporate Office
A2, 12th Floor, Palladium,
Opposite Vodafone's House,
Corporate Road, Prahladnagar,
Ahmedabad - 380051, India
Gensol Engineering Ltd | Solarig Gensol Utilities Pvt Ltd | Gensun Renewables Pvt Ltd
THANK YOU!