BM Greentech Berhad (BMG) is expected to see strong financial growth as it shifts its focus toward integrated solar and Battery Energy Storage Systems (BESS). After a recent analyst briefing, Maybank Investment Bank maintained a “buy” rating on the company, highlighting a positive outlook for its earnings from the fourth quarter of the 2026 financial year and continuing into 2027.
The company is gradually moving away from its traditional rooftop solar business in the commercial and industrial segment. This change comes as rooftop solar projects have seen slower adoption due to longer payback periods for customers. Instead, BMG is now focusing on combining solar systems with battery storage, which offers more value to users. With battery integration, businesses can better manage their electricity consumption by storing power and using it during peak hours, helping reduce energy costs under existing tariff structures. To strengthen this new direction, BMG has formed partnerships with battery suppliers to improve its technical expertise and reduce procurement costs.
Apart from its renewable energy segment, the company’s water-treatment division is also contributing steadily to its growth. BMG provides water solutions for industries and palm oil mills, including systems for biogas capture and wastewater treatment. The company is now seeing new opportunities in the data center sector, which requires large amounts of water for operations. Recently, BMG completed a river-water treatment plant in Johor for a data center project valued between RM15 million and RM20 million. It is also in discussions with other data center operators to offer similar solutions in the near future.
In addition, BMG is planning to expand its presence in the biomass sector. The company has submitted a bid for an 8 MW biomass project under the Feed-in Tariff 2.0 program. With an estimated 30% market share in Malaysia’s biomass boiler segment, BMG is in a strong position to benefit from upcoming opportunities. The government is expected to offer engineering, procurement, construction, and commissioning projects worth between RM1.3 billion and RM2 billion under this initiative.
Maybank Investment Bank has maintained its target price of RM2.18 for the company, reflecting confidence in its growth strategy. With a diversified portfolio that includes battery storage, water solutions, and biomass projects, BMG is well-positioned for steady expansion in the coming years.
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