GH2 Solar Limited Unlisted Shares

About Company

GH2 Solar Limited, part of the Uneecops Group (an IT solutions provider founded in 1996), is a New Delhi-headquartered integrated clean-energy company originally incorporated on 28 March 2013 as Akshay Jyoti Solar Private Limited, later renamed Uneecops Solar Private Limited before becoming GH2 Solar Limited.

The following table shows a 10-point analysis of GH2 Solar Limited. We will discuss each point in detail after this table.

Company Overview

The company's core business began as solar EPC (engineering, procurement and construction), and it has delivered more than 650 solar projects for over 325 clients across India, with a current portfolio of around 50 MW of solar projects, primarily ground-mounted open-access and commercial & industrial (C&I) rooftop installations in Maharashtra and Karnataka, largely serving aerated-beverage companies.

GH2 Solar has expanded into green hydrogen, offering EPC solutions, resource augmentation, green hydrogen exports, electrolyzer distribution, hydrogen mobility and transportation solutions, and project development services for green hydrogen developers.

Challenges in GH2 Solar's Business

The following are the key challenges faced by the company:

• Client and geographic concentration: The company's existing solar EPC portfolio is concentrated among a limited set of clients (largely aerated-beverage companies) in Maharashtra and Karnataka.
• Execution risk on new capacity: The ~₹400 crore electrolyzer and BESS manufacturing project is a significant scale-up from its EPC-focused history, with completion targeted only by end-2026.
• Policy dependence: Revenue visibility from the new manufacturing business depends on continuity of the PLI scheme, SECI's SIGHT program, and the government's broader National Green Hydrogen Mission targets.
• Emerging market with limited track record: Electrolyzer and BESS manufacturing are new business lines for the company, with no long operating history to assess yet.
• Funding requirements: Scaling electrolyzer capacity to 500 MW by 2030 and building a 3 GWh BESS assembly line will require continued phased capital investment.
• IPO uncertainty: The company remains unlisted with no DRHP filed as of September 2026, and no confirmed timeline for any public listing.

Financial Review of GH2 Solar

GH2 Solar Limited was incorporated on 28 March 2013 and is registered as an unlisted Public Limited Company with the Registrar of Companies, Delhi. As per publicly available financial disclosures:

• The company's revenue grew from about ₹17.3 crore in FY22 to ₹61.7 crore in FY23, ₹64.8 crore in FY24, and sharply to approximately ₹212–214 crore in FY25. 
• EBITDA rose from ₹0.95 crore in FY22 to ₹28.4 crore in FY25, with the operating margin improving markedly to 13.38% in FY25 from 8.45% in FY24. 
• Profit after tax rose from ₹3.46 crore in FY24 to about ₹20.1 crore in FY25.
• The company's authorized share capital stands at ₹25 crore, with paid-up capital of about ₹19.48 crore, corresponding to roughly 1.95 crore equity shares of ₹10 face value each.
• Employee strength has grown from about 73 (August 2025) to around 99 (May 2026), reflecting the company's ongoing expansion into manufacturing.
• GH2 Solar remains an unlisted company and has not filed a DRHP as of September 2026.

Recent Developments

The company’s recent developments are:

• Announced (September 2025) a ₹400 crore joint venture with South Korea's Advanced Hydrogen Energy Solutions (AHES) Ltd to set up a green hydrogen electrolyzer manufacturing facility at Piparsewa, Morena district, Madhya Pradesh, with an initial annual capacity of 105 MW.
• Secured a Production Linked Incentive (PLI) subsidy of ₹157.5 crore under SECI's SIGHT program to support the electrolyzer manufacturing project.
• Outlined plans to expand electrolyzer capacity to 500 MW by 2030 and to build a 3 GWh Battery Energy Storage System (BESS) assembly line as part of the same investment.
• Partnered with UK-based Rhizome Energy to integrate sustainable design principles and advanced engineering practices into its manufacturing facility.
• Held a Bhoomi Pujan (ground-breaking) ceremony for the Gwalior-region facility, attended by the Chief Minister of Madhya Pradesh, Dr. Mohan Yadav.
• Confirmed as one of five companies selected under the Government of India's PLI scheme for both green hydrogen production and electrolyzer manufacturing under the National Green Hydrogen Mission.

Quick Summary

GH2 Solar Limited is a New Delhi-based, Uneecops Group-backed clean-energy company that has built a solid solar EPC track record (650+ projects, 325+ clients) and is now pivoting into green hydrogen electrolyzer and battery storage manufacturing, backed by a ₹400 crore investment plan and a ₹157.5 crore government PLI subsidy. Sharp revenue and profit growth in FY25 and selection under India's PLI scheme for green hydrogen reflect strong near-term momentum.

Visit the official website of GH2 Solar Limited