GH2 Solar Limited Unlisted Shares
About The Company
Strong
Market Position
Consistent
YoY Growth
Experienced
Management
Key Indicators
A snapshot of GH2 Solar Limited Unlisted Shares's financial health, valuation multiples and capital efficiency at a glance.
Pricing Trends
Financial Performance
| Indicators | 2025 | 2024 | 2023 |
|---|---|---|---|
| Revenue | 214.1 | 64.8 | 61.7 |
| Expense | 183.7 | 59.3 | 60.0 |
| EBITDA | 30.4 | 5.5 | 1.7 |
| Other Cost | 2.1 | 0.5 | 0.4 |
| PBT | 28.3 | 5.0 | 1.3 |
| Tax Expense | 8.2 | 1.5 | 0.4 |
| PAT | 20.1 | 3.5 | 0.9 |
| Other Inc./Exp. | 0.0 | 0.0 | 0.0 |
| Net Income | 20.1 | 3.5 | 0.9 |
| Shares O/S | 0.43 | 0.35 | 0.00 |
| EPS (₹) | 50.22 | 10.01 | 245.75 |
| Rev. Growth % | 230.4% | 5.0% | — |
| EBITDA Mgn % | 14.2% | 8.5% | 2.8% |
| Net Mgn % | 9.4% | 5.4% | 1.5% |
| EPS Growth | 401.7% | -95.9% | — |
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GH2 Solar Limited Unlisted Shares Unlisted Shares
GH2 Solar Limited (GSL) is engaged in solar EPC, C&I open access, green hydrogen production, and electrolyser manufacturing activities. It delivers solar energy solutions for commercial and industrial clients across India.
GH2 Solar Core Business Segments
GH2 Solar’s operations are built around multiple business segments that are connected to each other.
A) Solar EPC and Project Development
The business offers solar EPC solutions, which include project design, complete installation services, and final commissioning work. The company has built out about 50 MW of working solar power plants while it continues to build an identical amount of future projects.
GH2 Solar operates its own projects, and it also handles major EPC projects for industries that need services throughout various states. The business segment produces direct income while it allows the company to maintain enduring connections with industrial clients.
B) C&I Open-Access Power Model
GH2 Solar provides electrical power to business clients through its open-access system and power purchase agreements. The company operates solar power plants, which they build to deliver electricity through established tariff agreements that span multiple years.
The process generates stable financial returns because customers agree to extended service agreements, decreasing their dependence on single EPC contracts.
C) Green Hydrogen Projects
The company operates its expansion through green hydrogen operations, which form the basis of its strategic plan for future development. The company finished its pilot hydrogen microgrid projects for government PSUs. This proved its ability to operate in this particular market. GH2 Solar works on an 11 MW project, which includes a 1 MW electrolyser and hydrogen refuelling system to serve industrial operations and mobility requirements.
The company has plans to establish a hydrogen production plant, which will produce 10,500 tonnes of hydrogen every year. The plant will probably become the company's main revenue stream during the next few years.
D) Electrolyser Manufacturing
The company has started electrolyser manufacturing to develop its market position. The company will build a manufacturing plant in Piparsewa, which belongs to the Morena district in Madhya Pradesh. The facility will start with 105 MW annual production, but the company plans to reach 500 MW by 2030.
GH2 Solar generates revenue through equipment sales, while its hydrogen projects receive support. This results in improved cost management and enhanced supply availability.
GH2 Solar Target Customers And Use Cases
The company operates mainly to provide support for commercial and industrial customers, which consist of manufacturing plants, infrastructure operators, and government departments. The customers seek to lower their energy costs while they work toward their environmental sustainability targets.
GH2 Solar operates in the solar industry to serve businesses that require large amounts of electrical power for their operations. The company focuses on hydrogen fuel applications for industries that require sustainable fuel solutions. These include industrial facilities and emergency power generation.
GH2 Solar Financial Overview (3-Year Summary)
(All Amounts in Rs Crores)
Particulars | 2025 | 2024 | 2023 |
|---|---|---|---|
Revenue | 214.1 | 64.8 | 61.7 |
EBITDA | 30.4 | 5.5 | 1.7 |
EBITDA Margin % | 14.2% | 8.5% | 2.8% |
Profit After Tax (PAT) | 20.1 | 3.5 | 0.9 |
Earnings Per Share (Rs.) | 50.22 | 10.01 | 245.75 |
1. Revenue
Revenue has shown a sharp upward trend over the last three years. It increased from Rs 61.7 crore in 2023 to Rs 64.8 crore in 2024, reflecting a modest 5% growth. However, in 2025, revenue surged significantly to Rs 214.1 crore, marking a massive 230% YoY increase. This sharp jump indicates a strong scale-up in operations, likely driven by higher business volumes, expansion, or large project execution. The company appears to have moved from a stable phase into a high-growth phase in FY25.
2. EBITDA & EBITDA Margin
EBITDA has improved consistently from Rs 1.7 crore in 2023 to Rs 5.5 crore in 2024, and further to Rs 30.4 crore in 2025. This reflects strong operating leverage as revenue scaled.
EBITDA margins also expanded significantly from 2.8% in 2023 to 8.5% in 2024 and further to 14.2% in 2025. This steady improvement indicates better cost efficiency and stronger profitability per unit of revenue. Despite rapid revenue growth, the company has managed to improve margins, which is a positive signal of operational strength.
3. Profit After Tax (PAT)
PAT has grown sharply across the three years, increasing from Rs 0.9 crore in 2023 to Rs 3.5 crore in 2024, and then to Rs 20.1 crore in 2025. This reflects a strong bottom-line expansion driven by both revenue growth and improving operating margins.
The steep rise in profits in 2025 highlights the company’s ability to convert higher revenues into actual earnings, suggesting improved financial health and scalability of the business model.
4. Earnings Per Share (EPS)
EPS shows a mixed trend over the three years. It stood unusually high at Rs 245.75 in 2023, dropped sharply to Rs 10.01 in 2024, and then increased to Rs 50.22 in 2025.
This volatility in EPS is likely due to changes in the number of outstanding shares rather than purely operational performance. Despite this fluctuation, the recovery in EPS in 2025 aligns with the strong growth in profits, indicating improved shareholder returns.
GH2 Solar Unlisted Share Price Overview
GH2 Solar unlisted shares became active in trading in 2026. Initially, the share price began trading at Rs 255 per share. After that the GH2 Solar Unlisted Share price settled at Rs 265 per share. Currently GH2 Solar Unlisted Share price today is Rs 304 per share.
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