
GH2 Solar Limited
vs. prev. close ₹298
52W High
₹318
52W Low
₹268
Market cap
₹620 Cr
IPO stage
No DRHP filed
Risk level
Moderate
CIN
U35105DL2013PLC249995
Price History
52W High
₹318
52W Low
₹268
About GH2 Solar Limited
GH2 Solar Limited, a solar and green hydrogen platform operating through 13 subsidiaries and 2 associates, grew consolidated FY26 revenue 2.76x to Rs 578.79 crore and PAT 3.5x to Rs 46.63 crore, with EPS of Rs 24.29 and ROE of 30.57%, while raising substantial fresh equity ahead of a planned public listing.
The Short Version :
GH2 Solar Limited (formerly GH2 Solar Private Limited), incorporated in 2013, is a renewable energy platform spanning solar power generation and green hydrogen, operating through a group of 13 subsidiaries and 2 associates including the Clean Power Generation and GH2 Solar SPV entities. FY26 consolidated revenue grew 2.76x to Rs 578.16 crore from Rs 209.44 crore, while PAT (attributable to owners) rose 3.5x to Rs 46.64 crore from Rs 13.32 crore. Consolidated EPS came in at Rs 24.29 versus Rs 7.90 a year earlier, with ROE improving to 30.57% from 25.62%, even as the company raised substantial fresh equity during the year ahead of a planned public listing.
Why It Trades Where It Does :
GH2 Solar's case rests on group-level profit growth outpacing an expanding capital base. Consolidated PAT grew 3.5x year-on-year against 2.76x revenue growth, lifting ROE (on equity attributable to owners) to 30.57%. Consolidated Book Value per Share, however, fell from Rs 121.20 to Rs 78.31, as the company issued a large volume of fresh equity, including a bonus issue and multiple private placements, expanding the share count more than 4.5x over the year to fund the business ahead of listing. This is a capital-raising growth story rather than a steady-state holding: the Group has not declared or proposed a dividend for FY26.
Top Risks :
Share count expanded over 4.5x in FY26 through private placements and a bonus issue; further pre-listing capital raises could dilute existing holders again.
The company is still pre-IPO, with fresh-issue and listing resolutions passed but execution pending, so liquidity on the desk stays thin.
Group revenue growing 2.76x in a single year raises execution risk in sustaining margins and working capital discipline across a fast-expanding 13-subsidiary, 2-associate structure.
Top Opportunities :
Group PAT growth (3.5x) comfortably outpacing revenue growth (2.76x) points to early operating leverage.
A diversified project pipeline across solar generation and green hydrogen SPVs spreads execution risk across multiple assets rather than one plant.
Active IPO-track positioning, authorized capital raised to Rs 30 crore and a fresh issue of up to Rs 450 crore approved, signals a near-term listing catalyst.
Disclaimer :
Priveq.in is an informational platform for unlisted and pre-IPO shares, operated by Priveq Investech Private Limited (the named counterparty on transactions). Unlisted shares carry risks including illiquidity, valuation uncertainty, and limited regulatory disclosure. This page is informational only and does not constitute investment advice.
Company Details
Industry
Energy — Renewable
Founded
2013
Headquarters
Noida, UP, India
Min Lot Size
1
Face Value
₹10.00
Total Shares
19484080
Regulatory Information
Corporate Identity Number (CIN)
U35105DL2013PLC249995
PAN Number
AALCA4806G
ISIN
INE1FAE01019
Key Valuation Ratios
Valuation
Market Cap
₹619.59 Cr
P/E Ratio
—
P/S Ratio
—
P/B Ratio
—
EV / EBITDA
—
Returns & Per Share
ROE
—
EPS
—
Book Value / Share
—
Solvency
Debt / Equity
—
Interest Coverage
—
Company Fundamentals
As of 0 Annual · updated 09 Sept 2026Gross Profit
—
EBITDA
—
Revenue Growth
—
Profit Margin
—
Performance Trends
5 annual periods · derived from filed statements
Revenue
₹ Cr
Net Profit
₹ Cr · losses in red
Earnings Per Share
₹ per share
Return on Equity
ROE %
Return on Capital Employed
ROCE %
Debt-to-Equity
0.66×
EBITDA Margin
12.90%
Interest Coverage
6.99×
Financial Statements
| Line item | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|
| Total Income | ||||
| Revenue from operationsDisclosed | 61.72₹ Crore | 64.77₹ Crore | 212.09₹ Crore | 578.16₹ Crore |
| Other incomeDisclosed | 0₹ Crore | 3₹ Lakh | 2.06₹ Crore | 4.63₹ Crore |
| Total IncomeDerived | 61.72₹ Crore | 64.8₹ Crore | 214.15₹ Crore | 582.79₹ Crore |
| Expenses | ||||
| Cost of goods soldDisclosed | 57.43₹ Crore | 49.68₹ Crore | 175.01₹ Crore | 180.07₹ Crore |
| Purchases of stock-in-tradeDisclosed | — | — | — | 296.98₹ Crore |
| Changes in inventoriesDisclosed | 0₹ Crore | 0₹ Crore | 0₹ Crore | 0₹ Crore |
| Employee benefits expenseDisclosed | 1.87₹ Crore | 2.33₹ Crore | 4.66₹ Crore | 9.82₹ Crore |
| Finance costsDisclosed | 26₹ Lakh | 43₹ Lakh | 1.82₹ Crore | 10.54₹ Crore |
| Depreciation and amortization expenseDisclosed | 12₹ Lakh | 8₹ Lakh | 30₹ Lakh | 91₹ Lakh |
| Manufacturing expensesDisclosed | — | — | — | 10.26₹ Crore |
| Other expensesDisclosed | 74₹ Lakh | 7.29₹ Crore | 4.04₹ Crore | 11.05₹ Crore |
| Total ExpensesDerived | 60.42₹ Crore | 59.81₹ Crore | 185.83₹ Crore | 519.63₹ Crore |
| Profit | ||||
| Profit before taxDerived | 1.3₹ Crore | 4.99₹ Crore | 28.32₹ Crore | 63.16₹ Crore |
| Current tax expenseDisclosed | 37₹ Lakh | 1.59₹ Crore | 8.29₹ Crore | 17.94₹ Crore |
| Deferred tax expenseDisclosed | -1₹ Lakh | -6₹ Lakh | -4₹ Lakh | -1.42₹ Crore |
| Tax expenseDisclosed | 36₹ Lakh | 1.53₹ Crore | 8.25₹ Crore | 16.53₹ Crore |
| Profit After TaxDerived | 94₹ Lakh | 3.46₹ Crore | 20.07₹ Crore | 46.63₹ Crore |
| Other comprehensive incomeDisclosed | — | — | — | 2₹ Lakh |
| Total Comprehensive IncomeDerived | 94₹ Lakh | 3.46₹ Crore | 20.07₹ Crore | 46.65₹ Crore |
Documents Library
Access all financial reports and filings
Income Statement
GH2 Solar Bonus Issue bonus 3:1 Bonus Issue
GH2 Solar Bonus Issue bonus 3:1 Bonus Issue
GH2 Solar Bonus Issue bonus 3:1 Bonus Issue
GH2 Solar Bonus Issue bonus 3:1 Bonus Issue
Private placement in GH2 Solar others Private Placement of 5,80,853 Shares at Rs. 932.36/Share
Private placement in GH2 Solar others Private Placement of 5,80,853 Shares at Rs. 932.36/Share
Private placement in GH2 Solar others Private Placement of 5,80,853 Shares at Rs. 932.36/Share
Private placement in GH2 Solar others Private Placement of 5,80,853 Shares at Rs. 932.36/Share
GH2 Fund raise at INR 932 and issue of Bonus shares 3:1 others GH2 New Fund raise and Bonus Issue
GH2 Fund raise at INR 932 and issue of Bonus shares 3:1 others GH2 New Fund raise and Bonus Issue
GH2 Fund raise at INR 932 and issue of Bonus shares 3:1 others GH2 New Fund raise and Bonus Issue
GH2 Fund raise at INR 932 and issue of Bonus shares 3:1 others GH2 New Fund raise and Bonus Issue
Q1FY2026 Results of GH2 Solar others Financial results for the quarter ending Jun 30, 2025 (Q1)
Q1FY2026 Results of GH2 Solar others Financial results for the quarter ending Jun 30, 2025 (Q1)
Q1FY2026 Results of GH2 Solar others Financial results for the quarter ending Jun 30, 2025 (Q1)
Q1FY2026 Results of GH2 Solar others Financial results for the quarter ending Jun 30, 2025 (Q1)
GH2 Solar July 2025 Pitch Deck Highlights others Company's July 2025 pitch highlighting green hydrogen projects, partnerships, and growth plans
GH2 Solar July 2025 Pitch Deck Highlights others Company's July 2025 pitch highlighting green hydrogen projects, partnerships, and growth plans
GH2 Solar July 2025 Pitch Deck Highlights others Company's July 2025 pitch highlighting green hydrogen projects, partnerships, and growth plans
GH2 Solar July 2025 Pitch Deck Highlights others Company's July 2025 pitch highlighting green hydrogen projects, partnerships, and growth plans
Valuation report of GH2 Solar others Valuation report as on 31-Mar-2025
Valuation report of GH2 Solar others Valuation report as on 31-Mar-2025
Valuation report of GH2 Solar others Valuation report as on 31-Mar-2025
Valuation report of GH2 Solar others Valuation report as on 31-Mar-2025
Valuation report of GH2 Solar others Valuation Report
Valuation report of GH2 Solar others Valuation Report
Valuation report of GH2 Solar others Valuation Report
Valuation report of GH2 Solar others Valuation Report
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Current Price
₹318Secure & Verified Transaction
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About GH2 Solar Limited unlisted shares
Indicative · updated dailyGH2 Solar Limited unlisted share price today
GH2 Solar Limited unlisted share price today is ₹318 as of 24 October 2026.
GH2 Solar Limited — frequently asked questions
- What is the grey market price for GH2 Solar Limited?
No IPO is currently announced for GH2 Solar Limited, so no grey market exists; the price above reflects Priveq's own desk valuation.
- Has GH2 Solar Limited filed for an IPO, and when might it list?
GH2 Solar Limited has not filed a draft red herring prospectus, so no IPO is currently announced and no listing date has been set.
- How does GH2 Solar Limited compare to its listed peers?
There is no closely comparable listed company for GH2 Solar Limited in India today.
- Is GH2 Solar Limited on the SME or Mainboard IPO track?
GH2 Solar Limited has not filed a draft red herring prospectus, so no IPO track is set yet.
- What is GH2 Solar Limited's CIN and registered office?
GH2 Solar Limited's Corporate Identity Number is U35105DL2013PLC249995, registered at Noida, UP, India.
- What is GH2 Solar Limited's market capitalisation?
GH2 Solar Limited's market capitalisation is approximately ₹620 crore, based on its current unlisted share price.
More in Energy — Renewable
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Applies to every company on Priveq- How do I buy GH2 Solar Limited unlisted shares?
Priveq Investech Private Limited is the named counterparty on every transaction. To buy GH2 Solar Limited unlisted shares: complete KYC once (PAN, Aadhaar, bank details, and demat account information — SEBI-compliant, typically approved within 24 hours), then submit your order through your Priveq dashboard specifying quantity. Our team confirms price and payment details with you directly. Once payment is confirmed, GH2 Solar Limited shares are transferred off-market straight to your demat account, with no pooling and no middlemen.
- How do I sell GH2 Solar Limited unlisted shares?
Submit an Express Sell Interest for GH2 Solar Limited through your Priveq dashboard, specifying quantity, the same way a buy order is placed. Priveq quotes you a bid price, which may differ from the live Buy price shown to buyers, since unlisted-share pricing works on a bid-ask basis rather than a single quote. Once you accept, you'll need to provide your Client Master List (CML), a cancelled cheque or bank details, and PAN. If you hold shares with CDSL, transfer can also be completed digitally via CDSL Easiest. You transfer GH2 Solar Limited shares to Priveq first, and payment follows once the transfer is confirmed received, typically the same day, T+1, or occasionally T+2, communicated to you directly. For sizeable transactions worth crores of rupees, an escrow arrangement can be used instead, at the sole consent of both parties.
- What is the minimum investment for GH2 Solar Limited unlisted shares?
Minimum investment varies by company and is shown as the Min Investment figure on this page. GH2 Solar Limited's minimum is ₹318.
- Is there a maximum investment limit?
There's no fixed maximum investment limit for GH2 Solar Limited unlisted shares. For sizeable transactions worth crores of rupees, an escrow arrangement can be used at the sole consent of both parties, the same mechanism available on the sell side.
- Is buying GH2 Solar Limited unlisted shares legal in India?
Yes. Buying and selling unlisted shares in India is legal and is subject to relevant SEBI regulations, including the mandatory lock-in period after listing, stamp duty, and depository participant charges on each transaction. Priveq's own KYC process is built to be SEBI-compliant.
- What is the lock-in period for GH2 Solar Limited unlisted shares?
GH2 Solar Limited has not filed a DRHP yet, so no listing date or lock-in period applies at this stage. Once an IPO is filed, this answer updates to reflect the applicable SME or Mainboard lock-in.
- What happens if GH2 Solar Limited's IPO is delayed or withdrawn?
If an IPO is delayed, shares remain unlisted and continue to trade on the desk at Priveq's indicative price, with no lock-in in effect until an actual listing happens. If a company formally withdraws its DRHP, the same applies: shares stay unlisted, with no lock-in period until and unless a fresh IPO process begins.
- How are capital gains on GH2 Solar Limited unlisted shares taxed?
If you sell unlisted shares, including GH2 Solar Limited, within 24 months of purchase, the gain is taxed as short-term capital gain at your applicable income tax slab rate. Beyond 24 months, it is taxed as long-term capital gain at 12.5 percent, without indexation benefit, under the rules effective from 23 July 2024. If GH2 Solar Limited lists and you sell after listing, the applicable tax treatment shifts to listed-security rates, with the holding period still measured from your original unlisted purchase date. This is general information, not tax advice; investors should confirm their specific position with a tax advisor.
- Can NRIs invest in GH2 Solar Limited unlisted shares?
Yes, on a non-repatriable basis. NRIs can invest using funds from an NRO account; sale proceeds stay within India unless repatriated separately under RBI's own limits. Priveq does not currently support repatriable investment (NRE/FCNR-funded), which would require the investee company to file additional RBI paperwork as foreign direct investment.
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- How does Priveq determine the desk price for GH2 Solar Limited?
Priveq's desk price reflects several inputs together, not a single formula: the seller's ask price at the time, current demand and supply on the platform for GH2 Solar Limited specifically, broader sentiment in the unlisted and pre-IPO market, how GH2 Solar Limited's sector and listed peers are trading, the company's own recent financial performance and IPO-stage developments, and recent transaction history where deals have actually closed.
Because unlisted shares trade over the counter rather than on an exchange, this price is indicative, not a continuously live quoted market price, and the actual deal price is confirmed with you directly before a transaction closes.
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