Greenzo Energy India Limited (GEIL), as per its annual filings, is engaged in the business of trading, manufacturing, assembling, exporting, and importing engineering equipment for hydrogen generation and related plant equipment.
Business Model of Greenzo Limited
The company generates revenue from three different source:
A. Green Electrolyzer Hydrogen Manufacturing
Greenzo creates Indigenous Alkaline Electrolyzers (150 kW-5 MW) and Balance of Plant (BOP). This machine helps create green hydrogen through water electrolysis, using alkaline technology.
This alkaline technology is said to have the lowest capital cost, more durability and better efficiency than alternative technologies like PEM ELECTROLYSIS or SOEC / AEM. It’s also the most scalable option for producing hydrogen.
B. Green Hydrogen Systems
Provides systems for hydrogen production, including hydrogen production equitments around
Generation
Compression
Purification
Storage
Controls and safety
Related plant equipment
C.Renewable energy EPC
Greenzo does Energy Procurement and Construction for solar and hybrid renewable projects. This help Greenzo as power is the main cost for hydrogen.
Milestones of Greenzo Energy
November 2022: Registered in India
December 2022: Registered subsidiary in the UK
February 2023: Signs MoU with Gujarat Government for 250 MW Electrolyser Factory
March 2023: MoU signed with clients for 58 MW & Land Allotment for the Factory.
October 2023: Ceremony by Home Minister Amit Shah
March 2024: Revenue generation
April 2024: Alkaline Electrolyzer: The product launch
2025: Received an order from OP Jindal Stainless Steel and Engineers India Limited.
2026: Signed a strategic MoU with Lord Mark Industries for developing 60 MW Hydrogen production projects in Uttar Pradesh.
Financial Analysis of Greenzo Energy’s Unlisted Shares
Particulars (in Rs. cr) | FY24 | FY25 | FY26 |
Revenue | 14.9 | 17.3 | 36.8 |
EBITDA | 1.3 | 2.3 | 6.1 |
EBITDA Margin | 8.70% | 13.30% | 16.60% |
Net Margin | 6.70% | 8.10% | 9.2% |
Profit After Tax | 1 | 1.4 | 3.4 |
EPS | 1.8 | 1.18 | 2.77 |
Greenzo Energy’s FY25 numbers reflect a company that’s still in its formative, growth-building phase rather than cruising on established performance.
A) Sharp Revenue growth.
FY26 revenue stood at Rs 36.8 Cr, more than 2x of FY25 revenue at Rs 17.3 crore. This signals that Greenzo has entered a faster growth phase.
B) 165 % EBITDA growth
EBITDA grew more than 1.5 times from Rs 2.3 crore in FY25 to Rs 6.1 crore in FY26. On top of that, the EBITDA margin improved from 13.3 % in FY25 to 16.16% in FY26 showing healthier profitability of Greeenzo.
C) More than 2X PAT growth
Greenzo’s FY 26 profits have grown to Rs 3.4 crore in FY26 which is a 143% jump from 1.4 crore PAT in FY25. This is in line with their revenue and EBITDA growth.
D) Sharp EPS recovery.
In FY25, despite the profit growth, EPS dropped 34% from Rs 1.8 to Rs 1.18 due to equity dilution. In FY 26 EPS grew to Rs 2.77 per share, which is a 135% rise.
Overall Greenzo financials in FY 26 has shown stronger growth with better margin, all positive signals for investors interested in exploring Greenzo Energy unlisted shares.
Greenzo energy share price review

In the last 2-3 years, Greenzo has established itself as an important player in the renewable energy market.
On July 24, greenzo energy share price was trading around Rs 700 per share. By Aug 24, the share dropped to Rs 650 per share and remained there for 3 months. By early 2025, the share price corrected to Rs 620 to Rs 640, indicating the market has moved from hype to homework. The share remained mostly around Rs 600 in 2025. In 2026, Greenzo dropped to Rs 555 in June and then recovered back to Rs 600 by September 2026.
This stabilisation phase is similar to a platform-building stage, not falling apart but taking a breather. A P/E above 500 and a high price-to-sales ratio show the market still believes in the long-term hydrogen story but is waiting for execution, order clarity and revenue scale before rerating further.
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