Greenzo Energy India Ltd Analysis: Financials, Business Model & Future Growth Potential (2026)

Greenzo Energy India Ltd. is an Indian renewable energy company incorporated on 22 November 2022 and headquartered in New Delhi, India. Initially, the company was actively involved in EPC (Engineering, Procurement, and Construction) of solar energy projects. Later, the company expanded from renewable energy consulting and EPC services into hydrogen production solutions using domestically manufactured alkaline electrolysers. It has a 250 MW developing manufacturing unit in Gujarat with a keen focus on enabling large-scale, sustainable, green hydrogen solutions in India for industrial applications.

Key Financial Highlights (FY 2024-25)

The key financial highlights for (FY 2024-25) are as follows:

(Note: Figures are estimates as per publicly available sources and independent auditors’ financial reports)

Greenzo Energy India Ltd. - An Overview

The key details of Greenzo Energy India Ltd. are as follows:

Origin and History

Greenzo was incorporated in 2022, and over the years, it has established itself as a key provider of indigenous green and renewable synergy solutions in India.

Here is a brief overview of the journey of Greenzo Energy India Ltd since its incorporation.

2022 - Foundation and Global Setup

Greenzo Energy India Ltd was incorporated in November 2022 as a renewable energy consultant with an aim to enable a zero-emission future. In December 2022, it made its international presence by establishing a subsidiary company in the UK.

2023 - Strategic Partnerships and MoUs

In Feb 2023, the company signed an MoU with the Gujarat Government for a 250 MW Electrolyser factory and also secured a client's agreement for 58 MW and Land allotment for the factory. During the year, it obtained important approvals such as building plan NOC and utility connections.

2024 - Product Launch and Revenue Generation

This year marked the company’s commercial entry into the green and renewable energy segment with the launch of its Alkaline Electrolyser and revenue generation.

2025 - Market Recognition and Validation

By 2025, it had established itself to secure orders from key players in the industry, including Jindal Stainless Steel and Engineers India Limited. Moreover, it also acquired TUV Certification, which enhanced its credibility and compliance as per Global Quality standards.

Ownership and Governance

Greenzo Energy India Ltd. is a promoter-driven company with the majority of the shareholding under the promoters.

Board of Directors

Here is a brief overview of the board of directors of Greenzo Energy India Ltd.

(Note: The board of directors information presented here reflects the key leaders highlighted on the company's official website (greenzoenergyindia.com) as of April 2026. As Greenzo Energy India Limited is an unlisted company, detailed public disclosures are limited. Minor variations can exist across sources due to appointment/regularisation dates or filing differences.)

Business Operations

Over the years since its inception, the company has aligned well with the initiative of “ Aatmanirbhar Bharat”. It has transitioned well from just a consultancy-led model to a technology-driven manufacturer bringing complete renewable and green-energy solutions developed in India using local expertise. Today, it operates as an integrated renewable energy provider for industrial uses with a keen focus on the Green Hydrogen Value chain and Solar Energy EPC.

Green Hydrogen Manufacturing

Greenzo designs and manufactures indigenous Alkaline Electrolysers (ranging from 150 KW to 5 MW) that can reportedly produce approximately 400 kg to 2,000 kg of hydrogen per day.

It manages the entire lifecycle from production, purification, storage, to distribution.

Renewable Energy Infrastructure

The company develops utility-scale solar parks and solar-wind integrated PV Generation plants to ensure a stable power supply for green hydrogen production.

It operates solar-powered EV charging infrastructure and offers solar Photovoltaic solutions to provide power to telecom towers and green data centres.

Financial Overview

Greenzo Energy is in an early but high-growth stage of its business lifecycle. Having transitioned from a consultancy to a technology manufacturer, the company’s current financials show a small revenue base but project a strong foundation for future scaling.

Here is a brief financial overview of Greenzo Energy India Ltd.

Financial Performance Snapshot

Balance Sheet Snapshot

Cash Flow Statement 

(Note: All the financial figures presented above are estimates based on audited financial statements and publicly available sources and are rounded off for presentation purposes.)

Previous Funding History

Greenzo Energy India Limited, an early-stage green hydrogen and electrolyser manufacturing company, has raised capital primarily through equity issuances to support its technology development and manufacturing facility in Gujarat.

• Angel Round (December 2022): Raised $1 Million from Real Time Accelerator Fund.
• Equity Issuances: These amounts are directly reflected in the company’s audited cash flow statements under financing activities.
  • FY24: ₹54.42 crore
  • FY25: ₹20.69 crore

As per publicly available reports, the company also carried out a significant preferential allotment in 2025, in which it raised funds from investors, including Vikram Solar Ltd and other institutional investors, at a reported pre-money valuation of approximately ₹430 crore.

Note: Greenzo Energy is an unlisted company. The above details are compiled from audited financial statements, MCA filings, and credible unlisted share platforms and may vary from one source to another.

Business Strengths

Over the past few years, Greenzo has achieved major milestones in the renewable energy segment, and its growth is associated with its core business strengths, which are as follows:

• Experienced Leadership and Strong Research Team: The company is backed by a visionary leader like Sandeep Agarwal (Founder & Managing Director) with leading industry experience. It has an in-house research team, including experts from IITs and public sector experts.
• Indigenous Manufacturing: Greenzo is among the early Indian companies manufacturing modular alkaline electrolysers (0.5 MW - 5 MW) according to the domestic and international needs. It proudly launched its 1 MW alkaline electrolyser produced using 100% local technology and materials.
• Comprehensive Solutions: Greenzo offers the complete set of green Hydrogen and renewable energy services, including EPC (Engineering, Procurement and Construction) Services, consulting, storage, and transportation as well.
• International Collaborations: Greenzo has collaborated with leading national and international players in the market. One such strategic collaboration is its joint venture with Felix Industries LLC (Oman), an environmental engineering firm.
• Growing Infrastructure: The company has state-of-the-art infrastructure. It has a developing  250 MW annual electrolyser manufacturing facility in Sanand-II, Gujarat, which is projected to expand to 1 GW by 2026.

Corporate Activities

The company has key ongoing and upcoming projects in solar and green hydrogen, that grows and strengthen its presence across India and International markets. As per company disclosures, these are the ongoing projects of the company.

• Developing an 8 MW solar power project in Nepal
• A long-standing MoU with API Power for up to 50 MW green hydrogen & ammonia projects in Nepal
• 5 MW Green Hydrogen Plant at Deendayal Port, Kandla, Gujarat 
• Supplied a 30 Nm³/hr Electrolyzer system to Felix Industries for their green hydrogen demonstration projects
• 3 MW Electrolyzer supply & installation contract to Jindal Stainless Limited (JSL)

Pipeline Projects

As per company disclosures, the following are the future projections:

• Planned 10 MW solar EPC project starting April 2026
• MoU with Lord’s Mark Industries for the development of approximately 60 MW green hydrogen projects in Uttar Pradesh
• 50 MW hydrogen & ammonia project in Nepal by 2027
• MoU signed with Solar Pulse Energy Pvt Ltd for hydrogen and solar projects in India and abroad.

Market Position and Strengths

Greenzo is building a strong position in the green hydrogen space through localised manufacturing, cost efficiency, and early market entry. Here is how it has strengthened its market position: 

• Localised manufacturing edge with over 50% domestic components
• Cost-efficient alkaline technology built for scalability
• Certified EPC capabilities with reliable after-sales support
• Early entrant in India’s electrolyser market

Disclaimer: The information presented above is based on publicly available data, industry reports, audited financial statements and company disclosures. Market size, growth estimates, financial insights and projections may vary across sources. Future performance is subject to regulatory changes, competition, and execution risks. Investors are advised to conduct their own research before making any investment decisions.