GH2 Solar Limited: Powering India’s Green Energy Revolution Through Solar, Hydrogen & Integrated Clean Tech Solutions

A) Introduction: GH2 Solar Limited – Powering India's Green Energy Future 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. B) Business Overview and Services 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. C) Leadership and Management Team 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. D) Strategic Projects & Milestones 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 E) Financial Performance Snapshot (FY 2022–2024) 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   F) Key Financial Ratios and Valuation Metrics 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 G) Strategic Strengths and Market Positioning 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 Conclusion: GH2 Solar – A Clean Energy Catalyst 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.