GH2 Solar: A new green hydrogen and solar EPC story in India

GH2 Solar is one of the more-watched companies in India’s unlisted-share market, ticking two of the country’s largest clean energy boxes: solar EPC (engineering, procurement, construction) and green hydrogen. First up, we take a look at the company in numbers – how it’s growing, and where it stands on the road to a public listing.

What is GH2 Solar?

GH2 Solar Limited is a Public Limited Company. It was incorporated on 28 March 2013 . Established in 1995. Uneecops is a Noida, India based company operating as Uneecops, GH2 Solar and Uneecops Solar. Anurag Jain (Founder & CEO) is at the forefront. Formerly Uneecops Solar Private Limited before the brand name change.

GH2 Solar has two key verticals:

1. solar EPC & Open Access end-to-end rooftop and ground-mounted solar projects for C&I customers of any size (from kw to mw) and open-access power procurement and RESCO/PPA models.

2. Green Hydrogen & Electrolyzer Manufacturing - This includes the full 'electron to molecule' pathway, from green hydrogen production to alkaline electrolyzer manufacturing and hydrogen mobility.

The company has completed over 650 solar projects for more than 325 customers in India. According to data from 2025, the company has a team of about 54-73 employees.

Finance & Growth Figures GH2 Solar’s financial performance has recently taken off sharply:

• Revenue (FY25, ended Mar 31, 2025): Rs 212-214 crore vs Rs 17.3 crore in FY22- approx. 230% CAGR in last year alone • EBITDA (FY25) : Rs 28.4 crore vs Rs 0.95 crore in FY22.

• Operating profit margin increased to 13.38% in FY25 from 5.49% in FY22. EBIT margin for FY25 is approx. 13.24%.

• Net profit (PAT) FY25: ~₹20 crore, vs ~₹0.59 crore in FY22; net margin ~9.46%.

• Gross margin increased to ~17.48% in FY25.

• EPS (FY25): ~₹46.78 (on dilution of recent equity issue)

The numbers tell a story of a company that has improving margins and revenues that are growing. Profit margin is low relative to revenue but that is normal for a capital intensive EPC and manufacturing business that is in growth mode.

Sources of Ownership and Funding

Total Funding Amount: $6.5M GH2 Solar Raised Funding From Series A on Oct 9, 2025. Most importantly, it bootstrapped for 12 years (2013 - 2025) before its debut round, with no formal institutional funding - an incredible runway for an infrastructure business.

The Big Wager: Electrolyzers for Green Hydrogen

The latest big move the company has made has been to branch out to producing electrolyzers:

• GH2 Solar signs MoU with South Korea's Advanced Hydrogen Energy Solutions (AHES) Ltd for establishment of green hydrogen electrolyzer plant in Gwalior/Morena, Madhya Pradesh.

• Initial investment of Rs. 400 Cr. Initial capacity of 105 MW, with a target of 500 MW by 2030.

•The company has been selected under India’s PLI scheme for green hydrogen and electrolyzer manufacturing and has commissioned projects under SECI’s SIGHT program • A further announcement spoke of a 500 MW electrolyzer factory and a 100,000 tonnes/year green ammonia plant with KP Group and AHES, ambitions beyond current capacity.

This lifts GH2 Solar from a pure solar EPC contractor to an integrated clean energy platform covering generation, storage and hydrogen production.

Share price (not listed) wide range & volatility

Pre-IPO stock like unlisted GH2 Solar share are traded on different platforms at different prices without verification from the exchange. Indicative prices were in the range of ₹212-₹304 per share in early to mid July 2026, with most of the platforms being in the range of ₹224-₹259. One tracker is down about 16.5% in the last six months, mirroring the volatility witnessed in India’s pre-IPO gray market this year. Each share has a face value of ₹10 and the minimum investment tickets are usually between ₹1 lakh (400+ shares) and lots of 500 shares depending on the dealer.

These are not exchange listed prices, but over the counter trades. Always check with several sources before you proceed.”

Prospects for an IPO

Electrolyzer maker GH2 Solar to invest ₹400 crore; plans IPO in 2026 GH2 Solar said it will invest ₹400 crore on electrolyzers in Sep 2025. The issue size, listing date and date of DRHP filing is not yet disclosed. He said any IPO would be a growth-stage listing and not a mega-issue, given its relatively smaller current revenue base vis-a-vis the bigger players in India’s renewable energy space.

The bigger picture

GH2 Solar is a recent rapid scale up story with revenues >10x (FY22 to FY25) and margins improving with real capital committed (Rs400 cr) toward a differentiated green hydrogen electrolysis business. It is also a small, thinly funded company (73 employees, $6.5M raised) now in a capital intensive, execution heavy phase with unlisted share prices swinging wildly between platforms. Any investor looking at this stock is facing a mix of growth story vs illiquidity and execution risk and valuation risk. Best to consult a SEBI registered financial advisor.

FAQs

1. When was GH2 Solar created?
It was established in 1995 and was incorporated as a public limited company on 28 March 2013 (as Uneecops Solar Private Limited).

2. GH2 Solar FY25 sales
₹212-214 crore for year ended 31 March 2025, up about 230% year-on-year.

3. Is GH2 Solar a good buy?
Yes, in a small way. Net profit for FY25 was ~₹20 crore net margin was ~9.46% (up from near breakeven in FY22).

4. How much did GH2 Solar raise?
Including a Series A round in October 2025, the company has raised a total of $6.5 million in its first institutional funding round after 12 years of bootstrapping.

5. What is the GH2 Solar, the green hydrogen project in the works?
05 MW Electrolyzer plant at Gwalior / Morena, Madhya Pradesh with AHES Ltd, South Korea $48.1 million (₹400 crore) A roadmap to 500MW by 2030

6. What is the price of GH2 Solar unlisted?
As of mid-2026, the average indicative price across the platforms is in the range of ₹212-₹304 per share. These are non-exchange verified numbers please take these as

7. What is the GH2 Solar IPO?
The company has announced its plans to float an IPO in 2026 but no DRHP, price band or listing date has been declared yet.

8. Can I invest in GH2 Solar on an unlisted basis?
Illiquidity risk as with any pre-IPO investment, price variance across platforms and execution risk.
1. Please check the sources first. 2. Also take the advice of SEBI registered advisor.