Founded in 1995 and officially incorporated in March 2013 as a public entity, GH2 Solar Limited is a Noida-based renewable energy company transforming India’s clean energy landscape. With a workforce of approximately 54 employees as of April 2025, the company has established itself as a pioneer in solar EPC, commercial and industrial (C&I) open-access power solutions, green hydrogen production, and electrolyzer manufacturing.
GH2 Solar delivers integrated renewable energy services tailored for industrial and commercial clients across India. Their expertise spans:
Solar EPC Projects: Custom installation and operation services
Open-Access Energy Models: Enabling bulk power procurement and cost-effective clean energy
Green Hydrogen Solutions: End-to-end systems including electrolyzer manufacturing and mobility applications
Flexible Financing: Models such as Power Purchase Agreements (PPA) and open-access for scalability
With a focus on turnkey project delivery, GH2 ensures seamless execution from design to commissioning, empowering clients to adopt sustainable solutions with ease.
Anurag Jain, Founder & CEO, brings over 14 years of experience in the renewable energy space.
Kapil Agrawal, CFO, has 18+ years of financial leadership experience.
Anuj Mathur, Head of Green Hydrogen, boasts 22 years of experience and credentials from ISB and IIT BHU.
The board also includes Aditi Jain, Vepul Jain, and other newly appointed directors in 2025.
GH2 Solar has achieved notable success through key projects such as:
Green Hydrogen Demo Plant: Commissioned at V.O. Chidambaranar Port, Tamil Nadu
SECI Tender Win: Secured contract for 105MW electrolyzer manufacturing capacity
Recognition under SECI’s SIGHT Program: Cementing its place in India’s decarbonization journey
Profit & Loss Statement Highlights (INR Cr)
| Particulars | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | 17.31 | 61.72 | 64.77 |
| EBITDA | 0.95 | 1.68 | 5.47 |
| EBIT | 0.84 | 1.56 | 5.39 |
| PAT | 0.585 | 0.93 | 3.46 |
| EPS (₹) | 153.95 | 244.74 | 10.03 |
| Gross Margin % | 15.31 | 6.95 | 23.3 |
| EBITDA Margin % | 5.49 | 2.72 | 8.45 |
| PBT Margin % | 4.59 | 2.09 | 7.7 |
| NPM % | 3.38 | 1.51 | 5.34 |
Balance Sheet Summary (INR Cr)
| Assets/Liabilities | 2022 | 2023 | 2024 |
| Total Assets | 10.36 | 20.1 | 52.52 |
| Trade Receivables | 9.77 | 11.65 | 40.5 |
| Share Capital | 0.038 | 0.038 | 3.45 |
| Reserves | 2.62 | 3.55 | 3.59 |
| Borrowings | 1.6 | 3.71 | 5.85 |
Cash Flow Highlights (INR Lakhs )
| Category | 2022 | 2023 | 2024 |
| Cash From Ops | -3.5 | -177 | 130 |
| Cash From Investing | -41 | -11 | -248 |
| Cash From Financing | 42 | 184 | 394 |
| Net Cash Generated | -2.5 | -4 | 276 |
P/E Ratio: 68.24
P/B Ratio: 33.05
Debt to Equity Ratio: 0.83
ROE: 49.15%
Book Value: ₹16.64
Shareholding & Equity Timeline:
31 March 2024: 4,58,000 shares
4 April 2024: +1,82,000 shares @ ₹217/share = ₹3.94 Cr
20 April 2025: +2,02,217 shares @ ₹217/share = ₹4.38 Cr
14 Nov 2025: +4,47,950 shares @ ₹523/share = ₹23.42 Cr
Total Shares as of Nov 2025: 42,90,167
Market Cap: ₹236 Cr at ₹550/share
GH2 Solar is positioned to ride India’s green hydrogen and renewable energy wave. Future expansions include:
Electrolyzer Manufacturing Facility
Hydrogen Mobility Infrastructure
C&I-Focused Open Access Projects
With strong government alignment and private investor interest, GH2 Solar is uniquely equipped to drive India’s decarbonization goals.
Vertical Integration: Strong control over project quality and delivery timeline
Government Backing: Recognition by SECI ensures trust and scalability
Cost-Effective Service Delivery: Customized energy models for high-efficiency deployment
Targeted Focus on Industrial & Commercial Sector: Enhances revenue consistency and growth predictability
GH2 Solar is redefining renewable energy delivery in India through a blend of innovation, strategic partnerships, and robust project execution. As a SECI-recognized player with a strong valuation trajectory, the company is well-poised to lead India's transition to a cleaner, greener, and more self-reliant energy future.
