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GH2SOLAR· ISIN INE1FAE01019· Noida, UP, India· Est. 2013 Verified
GH2 Solar Limited logo

GH2 Solar Limited

Energy — Renewable
₹318+6.71%

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

As of 0 Annual · updated 09 Sept 2026Derived

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 2026

Gross Profit

—

EBITDA

—

Revenue Growth

—

Profit Margin

—

Performance Trends

5 annual periods · derived from filed statements

As of 0 Annual · updated 09 Sept 2026

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

As of 0 Annual · updated 09 Sept 2026
Disclosed reportedDerived calculated
Line itemFY2023FY2024FY2025FY2026
Total Income
Revenue from operationsDisclosed61.72₹ Crore64.77₹ Crore212.09₹ Crore578.16₹ Crore
Other incomeDisclosed0₹ Crore3₹ Lakh2.06₹ Crore4.63₹ Crore
Total IncomeDerived61.72₹ Crore64.8₹ Crore214.15₹ Crore582.79₹ Crore
Expenses
Cost of goods soldDisclosed57.43₹ Crore49.68₹ Crore175.01₹ Crore180.07₹ Crore
Purchases of stock-in-tradeDisclosed———296.98₹ Crore
Changes in inventoriesDisclosed0₹ Crore0₹ Crore0₹ Crore0₹ Crore
Employee benefits expenseDisclosed1.87₹ Crore2.33₹ Crore4.66₹ Crore9.82₹ Crore
Finance costsDisclosed26₹ Lakh43₹ Lakh1.82₹ Crore10.54₹ Crore
Depreciation and amortization expenseDisclosed12₹ Lakh8₹ Lakh30₹ Lakh91₹ Lakh
Manufacturing expensesDisclosed———10.26₹ Crore
Other expensesDisclosed74₹ Lakh7.29₹ Crore4.04₹ Crore11.05₹ Crore
Total ExpensesDerived60.42₹ Crore59.81₹ Crore185.83₹ Crore519.63₹ Crore
Profit
Profit before taxDerived1.3₹ Crore4.99₹ Crore28.32₹ Crore63.16₹ Crore
Current tax expenseDisclosed37₹ Lakh1.59₹ Crore8.29₹ Crore17.94₹ Crore
Deferred tax expenseDisclosed-1₹ Lakh-6₹ Lakh-4₹ Lakh-1.42₹ Crore
Tax expenseDisclosed36₹ Lakh1.53₹ Crore8.25₹ Crore16.53₹ Crore
Profit After TaxDerived94₹ Lakh3.46₹ Crore20.07₹ Crore46.63₹ Crore
Other comprehensive incomeDisclosed———2₹ Lakh
Total Comprehensive IncomeDerived94₹ Lakh3.46₹ Crore20.07₹ Crore46.65₹ Crore

Documents Library

Access all financial reports and filings

Annual Report

Annual Report_GH2.pdf

12.9 MB

Quarterly Report

Q1FY2026 Results of GH2 Solar others Financial res

2026
0.2 MB

Income Statement

financial result 2023

2023
2.0 MB

financial result 2024

2024
3.7 MB

financial result 2025

2025
3.3 MB

Document

GH2 Fund raise at INR 932 and issue of Bonus share

0.7 MB

GH2 Solar Bonus Issue bonus 3 1 Bonus Issue

0.4 MB

GH2 Solar July 2025 Pitch Deck Highlights others C

2025
4.7 MB

Private placement in GH2 Solar others Private Plac

0.3 MB

Valuation report of GH2 Solar others Valuation rep

1.2 MB

Shareholding Pattern

Anurag Jain

57.16%

Others

32.56%

Aditi Jain

10.28%

A

Anurag Jain

CEO

15+

LinkedIn
K

Kapil Agrawal

CFO

15+

V

Vepul Jain

Director

25+

GH2 Solar Bonus Issue bonus 3:1 Bonus Issue

bonus
17/11/2025

GH2 Solar Bonus Issue bonus 3:1 Bonus Issue

GH2 Solar Bonus Issue bonus 3:1 Bonus Issue

bonus
17/11/2025

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

others
26/09/2025

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

others
26/09/2025

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

others
27/08/2025

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

others
27/08/2025

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)

others
18/08/2025

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)

others
18/08/2025

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

others
12/08/2025

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

others
12/08/2025

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

others
31/03/2025

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

others
31/03/2025

Valuation report of GH2 Solar others Valuation report as on 31-Mar-2025

Valuation report of GH2 Solar others Valuation Report

others
01/10/2024

Valuation report of GH2 Solar others Valuation Report

Valuation report of GH2 Solar others Valuation Report

others
01/10/2024

Valuation report of GH2 Solar others Valuation Report

Express buy interest

No commitment — the desk will reach out

Current Price

₹318
+6.71%
Min lot: 1
Price/share₹318
Quantity100
Estimated Total₹31,800

Secure & Verified Transaction

Unlisted shares are illiquid and carry higher market risks. Please read the Risk Disclosure before investing.

Talk to a Specialist

Get expert guidance on this investment

52 Week Range
₹268
₹318

About GH2 Solar Limited unlisted shares

Indicative · updated daily

GH2 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.

All Energy — Renewable →

Buying, selling and holding unlisted shares

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.

Does Priveq charge a platform fee on top of the share price?

No. The price quoted to you is all-in; there is no separate platform fee or brokerage added on top.

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.

Is Priveq SEBI-registered? Does it give investment advice?

Priveq is not a SEBI-registered stock exchange and not a SEBI-registered investment adviser. Priveq Investech Private Limited operates Priveq.in as a research and information platform for unlisted and pre-IPO shares, and is the named counterparty on transactions executed through the platform. Nothing on this page is investment advice; it's information to help you evaluate a company and decide for yourself.

Am I eligible to invest through Priveq if I'm not an HNI?

Yes. Priveq isn't a stock exchange with membership restrictions, and investing isn't limited to HNIs. Depending on the company, entry points can start as low as ₹20,000, though the minimum for any specific company is shown as the Min Investment figure on its page.

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You receive an email acknowledging and confirming your order, along with a deal note or invoice recording the transaction details.

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Because Priveq is the direct counterparty on every transaction rather than just connecting a buyer and seller, this risk sits with Priveq, not with you. If a deal falls through after you've committed funds or shares, they remain safe, and Priveq guarantees a refund.

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