GH2 Solar Limited

Why It Trades Where It Does

As of September 1, 2026, the desk price implies a premium of about 22% to GH2 Solar's own FY26 primary round : A September 2025 private placement at ₹932.36 per share, equivalent to roughly ₹233 per share once adjusted for the subsequent 3:1 bonus issue. On FY26 consolidated financials, that works out to about 11.7x EPS of ₹24.29 and 3.6x book value of ₹78.31, for a market cap near ₹555 crore. Listed solar EPC peers trade well above that : Waaree Energies at roughly 20x P/E and 5.5x P/B, Premier Energies at 28-31x P/E and 10-11x P/B (late August 2026). Sterling and Wilson's P/E isn't meaningful on negative trailing earnings, so its 8-9x P/B is the more usable comparison there.

Top Risks

• Revenue concentration in a handful of large PMC and infra-company contracts, together worth over ₹700 crore, that could reprice or slip.

• Capex-heavy expansion into electrolyzer manufacturing in Gujarat and Tuticorin, in a still-nascent Indian green hydrogen demand market.

• Consolidated gearing (net debt to equity) stood at 69.59% as of March 2026, and working capital needs will keep rising with EPC growth.

Top Opportunities

• National Green Hydrogen Mission tailwinds and a SECI Tranche 2-backed, subsidy-supported 105 MW electrolyzer project.

• Diversified, blue-chip C&I client base (PepsiCo, Aditya Birla, Flipkart, Club Mahindra) alongside large PMC mandates from infra companies.

• FY26 revenue and PAT grew 176% and 245% year on year respectively; the recent private placement, bonus issue, and conversion to a public limited company signal pre-IPO readiness.

Disclaimer

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