GH2 Solar Unlisted Shares

GH2 Solar Unlisted Share Price:

GH2 Solar Limited is currently trading in the unlisted market at approximately ₹250 per share, implying an estimated market capitalization of around ₹487 crore based on 1.95 crore outstanding equity shares. The company is an integrated clean energy company engaged in renewable energy, green hydrogen, electrolyzer manufacturing, battery energy storage systems (BESS), and green molecules such as green ammonia and green methanol. Founded in 2013, the company has executed 650+ solar projects for 325+ clients across India and is expanding beyond solar EPC into clean energy manufacturing. GH2 Solar is among the few companies selected under the Government of India’s SIGHT Scheme for both 10,500 TPA green hydrogen production and 105 MW electrolyzer manufacturing, positioning it to capitalize on India’s rapidly growing green hydrogen ecosystem.

GH2 PRODUCT PORTFOLIO

Solar Business:

Solar is GH2 Solar’s core business, where the company provides end-to-end Engineering, Procurement and Construction (EPC) services while developing renewable energy projects under both on-site and off-site business models. Its on-site offerings include Rooftop Solar through RESCO, Net Metering, and Behind-the-Meter (BTM) solutions, while its off-site portfolio comprises Open Access, Third-Party Power Purchase Agreements (PPA), Group Captive PPAs, and CAPEX project development for commercial and industrial (C&I) customers. The company offers turnkey solutions covering project design, engineering, procurement, construction, commissioning, and operations & maintenance for corporate, industrial, utility, and government clients.

Solar Portfolio & Expansion

• 650+ solar projects executed across India for 325+ customers.
• 300+ MW of installed renewable energy capacity.
• 1 GW+ of renewable energy projects under active development.
• Targeting a 2 GW renewable energy portfolio by 2030.
• Key Open Access solar projects include:
  • Jalgaon, Maharashtra – 20 MW
  • Yadgir, Karnataka – 10 MW
  • Bapini, Rajasthan – 80 MW
• Currently executing a 121 MW ground-mounted solar EPC project across multiple locations in Maharashtra

Green Hydrogen Business

GH2 Solar has built an integrated green hydrogen platform spanning the entire hydrogen value chain, from hydrogen production and EPC execution to downstream green fuels. The company offers end-to-end solutions through EPC and Build-Own-Operate (BOO) models, serving industrial, mobility, utility, and government clients.

Product Portfolio

• Alkaline Electrolyzer Manufacturing
• Green Hydrogen Plants
• Hydrogen EPC & Project Development
• Fuel Cell Systems
• Hydrogen Refuelling Stations
• Green Hydrogen Production & Supply
• Green Ammonia Production
• Green Methanol Production
• Electro-Sustainable Aviation Fuel (e-SAF)

Key Green Hydrogen Projects

• VOC Port, Tuticorin (Government of India) – Commissioned turnkey EPC and O&M project featuring a 10 Nm³/hr renewable-powered alkaline electrolyzer, integrated hydrogen storage, and fuel-cell system for port decarbonization.
• NHPC, Leh (Government of India) – Under construction; high-altitude hydrogen microgrid comprising a 20 Nm³/hr alkaline electrolyzer (99.99% purity, 30 bar) integrated with a 25 kW fuel cell for reliable off-grid power.
• Commercial & Industrial Fuel Cell Systems – Commissioned hydrogen fuel-cell backup power systems for commercial facilities, replacing diesel generators with zero-emission alternatives.
• KP Group Green Hydrogen Project – Under development; 1 MW green hydrogen production plant integrated with a hydrogen refuelling station for heavy-duty captive mobility applications.
• Green Ammonia Project – Jointly developing a 100,000 TPA green ammonia facility with AHES and KP Group, targeting industrial consumption and export markets.

Growth Initiatives

• 10,500 TPA Green Hydrogen Production Capacity awarded under the Government of India’s SIGHT Scheme.
• MoU with Deendayal Port Authority (Kandla Port) to evaluate a Green Hydrogen Export Hub, including hydrogen liquefaction, cryogenic storage, pipeline connectivity, and marine export infrastructure.

Electrolyzer Manufacturing

Electrolyzer manufacturing is GH2 Solar’s key long-term growth vertical and forms the foundation of its integrated green hydrogen strategy. Through a strategic joint venture with Advanced Hydrogen Energy Solutions (AHES), South Korea, the company is establishing a state-of-the-art manufacturing facility at Piparsewa, Morena (Madhya Pradesh) to manufacture pressurized alkaline electrolyzer systems designed for continuous green hydrogen production. Engineered for high efficiency, long operating life, and compatibility with variable renewable energy, the facility will initially cater to domestic demand from industries such as steel, refineries, fertilizers, green ammonia, green methanol, and hydrogen mobility.

Product Portfolio

• Pressurized Alkaline Electrolyzer Systems
• Electrolyzer Capacity: 100 kW to 7 MW
• Electrolyzer Stacks
• Balance of Plant (BoP) Systems
• Water Treatment Systems
• Gas Purification Systems
• Hydrogen Production Solutions

Manufacturing Facility

• Location: Piparsewa, Morena, Madhya Pradesh
• Technology Partner: AHES (South Korea)
• Commissioning Target: August 2026
• Current Manufacturing Capacity: 105 MW per annum
• Expansion Target: 500 MW per annum by 2030
• Government Support: SECI SIGHT Scheme (Mode-I, Tranche-II)
• PLI Incentive: ₹157.5 crore

Expansion & Capital Investment

• Initial Manufacturing Campus Investment: ₹400 crore
  • ₹100 crore allocated for Phase I, including a 3 GWh Battery Energy Storage System (BESS) assembly line.
  • ₹300 crore to be invested in phases through 2030 for expansion.
• Additional Capital Requirement: Management estimates ₹600–800 crore to expand electrolyzer manufacturing capacity from 105 MW to 500 MW.

Industry Opportunity

Green Hydrogen

India’s National Green Hydrogen Mission targets 5 MMT of annual green hydrogen production by 2030, backed by an outlay of ₹19,744 crore. The mission is expected to attract over ₹8 lakh crore in investments, creating significant opportunities in hydrogen production, infrastructure, and green molecules.

Electrolyzer

To achieve its green hydrogen target, India is estimated to require 60–100 GW of electrolyzer capacity by 2030, creating a domestic manufacturing opportunity worth USD 5–8 billion. Government incentives under the SIGHT Scheme are accelerating investments in local electrolyzer manufacturing.

Battery Energy Storage System (BESS)

With India’s target of 500 GW of non-fossil fuel capacity by 2030, energy storage demand is expected to rise sharply. The National Electricity Plan estimates a requirement of around 74 GW (411 GWh) of BESS capacity by FY2031-32, making battery storage one of the fastest-growing segments in the renewable energy sector.

GH2 SOLAR Management

• Anurag Jain – Founder, CEO & Managing Director
  • 14+ years of experience in the renewable energy sector.
  • Leads the company’s strategy, business expansion, and green hydrogen initiatives.
  • Instrumental in securing government PLI/SIGHT allocations for electrolyzer manufacturing and green hydrogen production.
• Aditi Jain – Founder & Whole-Time Director
  • 10+ years of industry experience.
  • Oversees operations, administration, corporate governance, compliance, and human resources.
• Nikhil Aggarwal – Chief Financial Officer (CFO)
  • Chartered Accountant with experience in renewable energy and bio-refineries.
  • Responsible for financial strategy, capital allocation, fundraising, risk management, and M&A.
• Pramod Gogania – Director of Operations
  • 27+ years of experience in the power sector.
  • Leads project execution, infrastructure development, grid integration, and operational excellence.
• Amit Sahoo – Chief Operating Officer (COO)
  • Oversees day-to-day operations, project planning, engineering execution, and cross-functional coordination across solar and green hydrogen projects.

GH2 SOLAR Financial Performance

• Revenue increased significantly from ₹64 crore in FY24 to ₹212 crore in FY25, driven by higher execution of solar EPC projects and diversification into green hydrogen.
• EBITDA grew from ₹5 crore in FY24 to ₹28 crore in FY25, with EBITDA margins improving from 8.5% to 14.2%, reflecting better operating efficiency.
• Profit After Tax (PAT) increased nearly six-fold from ₹3.46 crore in FY24 to ₹20 crore in FY25, supported by strong revenue growth and margin expansion.
• The company remains in a high-growth investment phase, with planned capital expenditure towards electrolyzer manufacturing, green hydrogen production, and battery energy storage systems (BESS) expected to drive future revenue growth.

GH2 SOLAR CAPACITY:

Electrolyzer Manufacturing & BESS

GH2 Solar is commissioning its integrated clean energy manufacturing facility at Morena, Madhya Pradesh, in August 2026. The facility has an initial electrolyzer manufacturing capacity of 105 MW per annum, awarded under SECI’s SIGHT Scheme (Mode-I, Tranche-II) and supported by a ₹157.5 crore Production Linked Incentive (PLI) under the National Green Hydrogen Mission. The plant will manufacture pressurized alkaline electrolyzers ranging from 100 kW to 7 MW and is planned to be expanded to 500 MW per annum by 2030. As part of Phase I, GH2 Solar is also establishing a 3 GWh Battery Energy Storage System (BESS) assembly line. The integrated manufacturing campus involves an initial investment of ₹400 crore, including ₹100 crore for Phase I, while an additional ₹600–800 crore is planned to expand electrolyzer manufacturing capacity to 500 MW by 2030.

Green Hydrogen

GH2 Solar has been awarded a 10,500 tonnes per annum (TPA) Green Hydrogen production capacity under the Government of India’s SIGHT Scheme as part of the National Green Hydrogen Mission. The company plans to establish a commercial green hydrogen production facility to supply industries such as steel, refineries, fertilizers, chemicals, and mobility, while also serving as the feedstock for green ammonia, green methanol, and sustainable aviation fuel (e-SAF) production. The project is expected to be developed over a three-year implementation period, enabling GH2 Solar to integrate renewable power, electrolyzer manufacturing, and hydrogen production into a complete clean energy value chain

GH2 SOLAR IPO Timeline

GH2 Solar is targeting a Main Board IPO within the next two years (by FY28) to raise approximately ₹250 crore for funding its electrolyzer manufacturing expansion, green hydrogen projects, and working capital requirements. The company is currently focused on commissioning its 105 MW electrolyzer manufacturing facility, scaling green hydrogen production, and strengthening its clean energy portfolio before entering the public markets. The proposed IPO is expected to support the next phase of expansion, including increasing electrolyzer manufacturing capacity to 500 MW per annum by 2030 and accelerating investments across the green hydrogen value chain.

Read our complete GH2 Solar analysis for a deeper understanding of the company’s business, financials, and green hydrogen strategy.

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