Table of Contents
GH2 Solar Unlisted Share
BUY
₹ 252.00
SELL
₹ 278.00
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As on 21 Sep 2026, 09:28 AM, we are buying shares of the GH2 SOLAR LIMITED EQ for ₹ 252.00 and selling them for ₹ 278.00 per share.
About GH2 Solar Unlisted Share
About
GH2 Solar Limited, founded in 1995 (public entity since 2013), is a Noida-based renewable energy company engaged in solar EPC, open-access energy, green hydrogen production, and electrolyzer manufacturing. Despite being unfunded, it ranks 44th among 315 competitors and employs around 54 professionals. Led by Anurag Jain (Founder & CEO), the firm has commissioned a green hydrogen demo plant, won SECI’s electrolyzer manufacturing tender, and remains strategically aligned with India’s net-zero mission.
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2. Business Divisions
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Solar EPC & Open-Access Solutions: Provides turnkey solar EPC and open-access power supply tailored for commercial and industrial clients.
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Green Hydrogen & Electrolyzers: Engages in hydrogen production, electrolyzer manufacturing, and hydrogen mobility applications.
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Operations & Maintenance (O&M): Offers customized installation, maintenance, and flexible financing models through PPAs and open-access frameworks.
Financial Highlights
Key Performance (₹ in lakhs)
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Revenue grew from ₹1,731 (2022) to ₹21,209 (2025), driven by scaling hydrogen and solar projects.
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Gross Margins improved to 17.48% in 2025, reflecting better cost management and project efficiency.
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EBITDA surged from ₹95 (2022) to ₹2,838 (2025), indicating strong operating performance.
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Operating Profit Margin (OPM) increased from 5.49% (2022) to 13.38% (2025), showing improved scalability.
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PAT rose from ₹58.5 (2022) to ₹2,007 (2025), with NPM reaching 9.46%.
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EPS stood at ₹46.78 in 2025 despite equity dilution from recent issuances.
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Finance Cost & D&A climbed with expansion, but EBIT margins strengthened to 13.24% in 2025.
Pros
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Strong revenue growth with improving profitability margins.
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Alignment with government-backed SECI programs ensures policy credibility.
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Diversified across solar EPC, hydrogen, and electrolyzer manufacturing.
Cons
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Rising finance costs could pressure profitability.
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EPS decline from equity dilution.
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High dependency on industrial and commercial clients may limit retail diversification
Fundamentals
| Share Name | Particulars |
|---|---|
| GH2 Solar Unlisted Share | 278 |
| Shares Price | Per Equity Share |
| Minimum Lot Size | Shares Worth Rs. 20000 |
| Depository | NSDL & CDSL |
| PAN Number | AALCA4806G |
| ISIN Number | INE1FAE01019 |
| CIN | U35105DL2013PLC249995 |
| Fundamentals | Value |
|---|---|
| Market Cap (in cr.) | 457.88 |
| P/E Ratio | 5.94 |
| P/B Ratio | 7.76 |
| Debt to Equity | - |
| ROE (%) | - |
| Book Value | 35.82 |
| EPS | 46.78 |
| Face Value | 10 |
| Total Shares | 16470355.4 |
Financials
| P&L Statement | 2026 | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Revenue | 578.16 | 212.09 | 64.77 | 61.72 |
| Cost of Material Consumed | - | 175.01 | 49.68 | 57.43 |
| Gross Profit Margins | - | 17.48% | 23.30% | 6.95% |
| EBITDA | - | 28.38 | 5.47 | 1.68 |
| EBITDA Margins | - | 13.38% | 8.45% | 2.72% |
| EBIT | - | 28.08 | 5.39 | 1.56 |
| EBIT Margins | - | 13.24% | 8.32% | 2.53% |
| PBT | - | 28.32 | 4.99 | 1.29 |
| PAT | 46.64 | 20.07 | 3.46 | 0.93 |
| NPM | 8.07% | 9.46% | 5.34% | 1.51% |
| EPS | - | 46.78 | 10.03 | 244.74 |
| Cash Flow Statement | 2026 | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Cash from Operating Activity | 4.31 | -20.15 | 1.3 | -1.77 |
| Cash from Investing Activity | - | -43.94 | -2.48 | -0.11 |
| Cash from Financing Activity | - | 70.22 | 3.94 | 1.84 |
| Net Cash Flow | 4.31 | 6.13 | 2.76 | -0.04 |
| Assets | 2026 | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Fixed Assets | - | 3.3 | 0.24 | 0.26 |
| CWIP | 32.99 | 0.46 | 0 | 0 |
| Investments | - | 4.51 | 0 | 0 |
| Trade Receivables | - | 55.42 | 40.5 | 11.65 |
| Inventory | - | 0 | 3.05 | 0 |
| Other Assets | 282.06 | 67.74 | 8.73 | 8.19 |
| Total Assets | 315.05 | 131.43 | 52.52 | 20.1 |
| Liabilities | 2026 | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Share Capital | - | 4.29 | 3.45 | 0.04 |
| Reserves | - | 54.6 | 3.59 | 3.55 |
| Borrowings | - | 47.79 | 5.85 | 3.71 |
| Trade Payables | 15.02 | 11.76 | 34.04 | 11.83 |
| Other Liabilities | 300.03 | 12.99 | 5.59 | 0.97 |
| Total Liabilities | 315.05 | 131.43 | 52.52 | 20.1 |
Peer Comparison
| Company | Market Cap (cr.) | Revenue (cr.) | P/E | P/B | ROE (%) |
|---|---|---|---|---|---|
| GH2 Solar Unlisted Share | 457.88 | 578.16 | 5.94 | 7.76 | - |
| Jupiter International Limited Unlisted Shares | 17291.83 | 556 | 140.61 | 32.72 | 24% |
| SUN DROPS ENERGIA LIMITED | 2202.98 | 366.67 | 42.99 | 0 | 8% |
| Insolare Energy Unlisted Share | 1012.27 | 438 | 59.52 | 4.93 | 9% |
| Greenzo Energy Unlisted Shares | 801.83 | 15.96 | 583.84 | 9.17 | 12% |
| Solar 91 Cleantech Unlisted Share | 766.78 | 82.19 | 134.56 | 26.33 | 38% |
Promoters or Management
| Name | Designation |
|---|---|
| Anurag Jain | CEO |
| Kapil Agrawal | CFO |
| Vepul Jain | Director |
