GH2 Solar Financials 2026: Revenue, Profit & Growth

GH2 Solar Limited (GSL) operates as a clean energy company that provides solar EPC services, open access power, and green hydrogen solutions to its customers. The company provides complete energy solutions to industrial and commercial clients while it begins to enter new market sectors.

GH2 Solar had a good FY25-26, but the numbers do raise an interesting question. Is this growth as strong as it looks? With revenue and profits rising sharply, the company is expanding its clean-energy business while also preparing for a potential IPO. But there are a few important things investors should look at before getting too excited. Let’s take a closer look at what the Annual Report really tells us. 

GH2 Solar Financial Performance 2026

Source: Stockify 

A)Revenue Grew By Around 2.76 times

GH2 Solar generated Rs 578 crore in revenue during FY26, which showed a major 176% increase from its previous revenue of Rs 209 crore in FY25. It shows a big expansion in its business activity, with a large part of its income coming from its core business.

B) EBITDA Tripled

EBITDA increased from Rs. 23.88 Cr to Rs. 74.62 Cr in FY26. This gives an increase of approximately 212%. This means operating earnings grew faster than revenue. The EBITDA margin improved from approximately 11.4% in FY25 to 12.9% in FY26. This is a positive sign because it suggests the company was not merely growing revenue. It also improved operating profitability.

C) Profitability Improved Sharply

GH2 Solar's consolidated PBT increased from Rs. 21.47 Cr to Rs. 63.17 Cr, a rise of approximately 194%. More importantly, Consolidated PAT increased from Rs. 13.32 Cr to Rs. 46.64 Cr, representing a 250% increase. As a result, PAT margin improved from roughly 6.3% to 8.0%. The company also reported Rs. 46.41 Cr of profit attributable to equity holders of the parent, compared with Rs. 13.46 Cr in FY25.

D) EPS Doubled

EPS of GH2 Solar rose from Rs. 7.90 in FY25 to Rs. 24.29 in FY26, up nearly 207%. The increase in EPS essentially captures the substantial earnings improvement in FY26.However, the eventual IPO price and valuation will be important.

E) Trade Receivables Have Roughly Doubled 

The balance sheet as of 31st March 2026 shows trade receivables at around Rs. 112 Cr, compared with around Rs.56 Cr a year earlier. In other words, receivables roughly doubled while revenue grew 176%. Here, the EPC business is growing rapidly, where payment cycles could be longer.

F) Borrowings and Finance Costs Also Increased

Another important point is the increase in financing requirements. Consolidated borrowings increased substantially during FY26. While finance costs rose from around Rs. 1.92 Cr in FY25 to Rs. 10.54 Cr in FY26.That is a very sharp increase in finance costs. Hence, the balance sheet could become stronger if revenue and EBITDA continue growing faster than debt and finance costs.

G) Related-Party Loans Need Monitoring

The consolidated accounts also show loans to related parties. On March 26, related party loans were at Rs 19 crores (including interest).The report says these loans carry interest at 9% and are repayable on demand. Hence, the key consideration is whether these funds are deployed productively and recovered on appropriate terms.

The numbers show a clear change in the size of operations. The business achieved strong revenue growth, which resulted in profit increases. That moved forward at a faster rate than revenue expansion. The data shows that the company has improved its financial management because its projects now achieve better economic results.

GH2 Solar Is Expanding Its Business

GH2 Solar operates across areas including solar EPC, green hydrogen and allied clean-energy technologies, along with operations and maintenance activities. The company is also expanding its group structure.

The company operates in two separate energy markets, which include solar power and hydrogen production. This is to achieve business expansion and reduce its reliance on one particular sector. As of March 31 2026, the group had 2 associates and 13 subsidiaries. The annual report shows growth through multiple subsidiaries in clean power generation, green hydrogen and solar-related activities.

GH2 Solar IPO Plans: A Major Development for GH2

GH2 Solar IPO is planning to raise money soon. The company is planning a fresh issue of equity shares aggregating up to Rs. 4,500 million (Rs. 450 Cr), including share premium. But this requires all the necessary steps for a proposed IPO and listing, subject to applicable approvals and regulations.

This fresh issue of Rs. 450 Cr could infuse significant capital for future expansion and add to the strength of the company’s balance sheet. However, investors should not judge the IPO based on the issue size alone. The eventual valuation, price band, dilution, use of proceeds, and post-IPO earnings potential will be crucial.

Key Strengths And Risks

The business shows its core strengths through its fast-growing revenue base, its rising profit margins, and its upcoming positions in future energy markets. The business achieves strong operational performance by generating high return ratios.

The business encounters three main risks that affect its cash flow stability and its need for outside financial support. Its ability to succeed in its green hydrogen operations.

GH2 Solar’s Growth Story Is Getting Stronger

In FY26, GH2 Solar's financials saw rapid growth, with revenue up 176% and consolidated PAT up 250%. Its move beyond solar EPC into green hydrogen, electrolyzers, BESS, and other clean-energy solutions also gives it exposure to a growing sector.

However, the next phase will be about the quality of growth. Investors need to watch receivables, borrowings, finance costs, and how efficiently the company converts profits into cash. The proposed Rs 450 Cr fresh issue could bring in some more capital for expansion, but the eventual IPO valuation and dilution will matter.

For investors watching GH2 Solar share price, the next big question may not be how fast it can grow, but how profitably and sustainably it can scale.