GH2 Solar Private Limited
1 MAbout GH2 Solar Private Limited
A Comprehensive Overview of Price & Journey
Understanding GH2 Solar Private Limited Inception and Growth
Key Highlights
- An unfunded and completely bootstrapped company that has received a PLI subsidy from SECI worth 157.5 Cr for manufacturing electrolysers.
- Initially started as a rooftop solar panel installer under the name Akshay Jyoti Solar; now a SECI-recognized electrolyser manufacturer.
- A 11x revenue growth story in FY25, despite no institutional funding
- The company aims to go public by 2026-27.
Company Overview
Founded by Anurag Jain in 2013, Gh2 is a renewable energy producer focused on solar EPC, C&I open access power, green hydrogen production, and electrolyser manufacturing. The company aims to accelerate India’s decarbonization mission. Gh2 stands for (G) Green (H2). Hydrogen. The original company started under the name Akshay Jyoti Solar—installing rooftop solar panels. Later it evolved into the Gh2 solar, producing green energy. It operates under the Uneecops Group umbrella.
- Currently the company has 50+ MW installed capacity and 200+ MW projects under development.
- The company aims to achieve a 1000+ MW portfolio by 2030.
- Revenue scaled 11x in the past 3 years
- Profit after tax has crossed 200 Cr in FY25.
Currently the company is unlisted, attracting investor awareness and prevalently trade in unlisted market. Growing interest in GH2 Solar Equity Shares and GH2 SOLAR Unlisted Share opportunities has increased due to expectations surrounding the upcoming GH2 Solar IPO.
What does the company do? – Operational Model
In the past recent years, Gh2 solar has been in active transition; the company has pivoted from a solar EPC company to a technology and green energy manufacturer. The company has four interconnected business segments:
Segment – 1 Solar EPC
This is the core business of Gh2 Solar, where they provide complete end-to-end development of renewable energy projects. Their turnkey solutions include:
- Project Development
- Turnkey Support
- Customization for Space Availability
- Hassle-Free Installation & Support
- Operations & Maintenance
Segment – 2 C&I Open Access Power
Open Access C&I refers to a regulatory mechanism where commercial and industrial consumers can directly buy power from independent renewable energy producers via state or central transmission lines. It enables C&I to bypass DISCOMs provided that consumption exceeds a threshold that is often 1 MW+.
Gh2 solar participates in the mechanism as a producer and distributor. It sets up off-site plants, generate power and transmit at the client terminal via state or national transmission lines.
This unlocks a stable source of revenue for Gh2, since it operates through long-term agreements and contracts. It creates a predictable future cash flow.
C&I Open Access is gaining traction due to heavy DISCOM tariffs; corporations are required to fulfill net-zero commitments, and these third-party power players have shown reliability in fulfilling their commitments.
Currently, 27 states have officially notified Green Energy Open Access (GEOA) regulations. Gh2 Solar primarily operates its C&I GEOA across Rajasthan, Tamil Nadu, and Gujarat and fulfills corporate demand across the country via central or state transmission lines.
Segment – 3 Electrolyzer Manufacturing
An electrolyzer is a device that splits the water (H₂O) into its constituent molecules—hydrogen and oxygen. Once separated, hydrogen is used in fuel cells to generate electricity, power transportation, and replace fossil fuel requirements in steelmaking and chemical manufacturing industries.
Gh2 Solar produces advanced pressurized alkaline electrolysis systems.
In an competitive tender in August 2024 from Solar Energy Commission of India (SECI) – Gh2 Solar won the bid and granted 105 MW electrolyser manufacturing tender backed by 157.5 Cr subsidy under Production Linked Scheme for Green Hydrogen provided by Government.
Segment – 4 Green Hydrogen Production and Mobility
Under the SIGHT scheme, Gh2 has received a mandate to produce 10,500 MT of green hydrogen per year with annual financial incentive of upto INR 47 crore to offset initial operational and scaling costs.
To protect the production pipeline and reduce import reliance, the company is establishing an INR 400 crore upstream manufacturing ecosystem in a joint venture with Advanced Hydrogen Energy Solution of South Korea and UK’s Rhizome Energy in Gwalior, Madhya Pradesh.
Gh2 aims to scale its production capacity up to 500 MW by 2030.
Green hydrogen serves as a sustainable and predictable revenue stream for Gh2 solar supported by long-term supply contracts. Large Commercial and Industrial (C&I), fertilizer companies, and refineries, industrial users mandated to minimize carbon footprints requires clean energy to meet their commitments.
Competitive Landscape
Gh2 Solar is positioned uniquely due to the combination of two different but complementary business lines: Solar EPC and Green Hydrogen Generation & electrolyser manufacturing. Hence, Gh2 Solar has no direct competitor but competes in across business segment.
Segment – Solar EPC & Power Development
Primary Competitors:
- Oriana Power
- Gensol Engineering
- Advait Energy Transitions
- Satvik Green Energy
- KPI Green
All the five companies listed above operate in the same segment as renewable energy generation. Solar EPC is their core business and is advancing in green hydrogen and electrolyser manufacturing. In addition, they all target C&I clients.
Segment—Green Hydrogen Production and Electrolyser Manufacturing
Gh2 is rapidly expanding in green hydrogen & electrolyser manufacturing. It directly competes against India’s largest conglomerate operating under the industry.
Production Competitors
- Reliance Green Hydrogen
- L&T Green Energy Tech
- AM Green (Greenko)
- Renew E-Fuels
Other than Gh2 Solar, these all were the winners of government tenders from SECI under the SIGHT PLI scheme.
Manufacturing Competitors
- Adani New Industries
- Ohmium Operations
- John Cockerill-Greenko
- L&T Electrolysers
SWOT Analysis
Strength
- De-risked Dual Engine Business Model
- Vertical Ecosystem Integration
- Substantial Regulatory and Financial Backing
- Proven EPC Track Record
Weakness
- Negative Operating Cash Flows
- Geographic and Sector Concentration
- Scale and Capital Deficit
- Joint-Venture Technology Dependence
Opportunities
- Upcoming IPO
- Export Potential via Green Ammonia
- India’s Aggressive Net-Zero Mission
Threats
- Aggressive expansion by large conglomerates may squeeze margins and increase competition
- Heavy infrastructure projects may result in execution and delay risk.
- Gh2 uses Advanced Pressurized Alkaline Electrolysis technology that may become obsolete with the adoption of advanced technologies like PEM (Proton Exchange Membrane) or SOEC (Solid Oxide Electrolysis Cells).
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Key Highlights
- An unfunded and completely bootstrapped company that has received a PLI subsidy from SECI worth 157.5 Cr for manufacturing electrolysers.
- Initially started as a rooftop solar panel installer under the name Akshay Jyoti Solar; now a SECI-recognized electrolyser manufacturer.
- A 11x revenue growth story in FY25, despite no institutional funding
- The company aims to go public by 2026-27.
Company Overview
Founded by Anurag Jain in 2013, Gh2 is a renewable energy producer focused on solar EPC, C&I open access power, green hydrogen production, and electrolyser manufacturing. The company aims to accelerate India’s decarbonization mission. Gh2 stands for (G) Green (H2). Hydrogen. The original company started under the name Akshay Jyoti Solar—installing rooftop solar panels. Later it evolved into the Gh2 solar, producing green energy. It operates under the Uneecops Group umbrella.
- Currently the company has 50+ MW installed capacity and 200+ MW projects under development.
- The company aims to achieve a 1000+ MW portfolio by 2030.
- Revenue scaled 11x in the past 3 years
- Profit after tax has crossed 200 Cr in FY25.
Currently the company is unlisted, attracting investor awareness and prevalently trade in unlisted market. Growing interest in GH2 Solar Equity Shares and GH2 SOLAR Unlisted Share opportunities has increased due to expectations surrounding the upcoming GH2 Solar IPO.
What does the company do? – Operational Model
In the past recent years, Gh2 solar has been in active transition; the company has pivoted from a solar EPC company to a technology and green energy manufacturer. The company has four interconnected business segments:
Segment – 1 Solar EPC
This is the core business of Gh2 Solar, where they provide complete end-to-end development of renewable energy projects. Their turnkey solutions include:
- Project Development
- Turnkey Support
- Customization for Space Availability
- Hassle-Free Installation & Support
- Operations & Maintenance
Segment – 2 C&I Open Access Power
Open Access C&I refers to a regulatory mechanism where commercial and industrial consumers can directly buy power from independent renewable energy producers via state or central transmission lines. It enables C&I to bypass DISCOMs provided that consumption exceeds a threshold that is often 1 MW+.
Gh2 solar participates in the mechanism as a producer and distributor. It sets up off-site plants, generate power and transmit at the client terminal via state or national transmission lines.
This unlocks a stable source of revenue for Gh2, since it operates through long-term agreements and contracts. It creates a predictable future cash flow.
C&I Open Access is gaining traction due to heavy DISCOM tariffs; corporations are required to fulfill net-zero commitments, and these third-party power players have shown reliability in fulfilling their commitments.
Currently, 27 states have officially notified Green Energy Open Access (GEOA) regulations. Gh2 Solar primarily operates its C&I GEOA across Rajasthan, Tamil Nadu, and Gujarat and fulfills corporate demand across the country via central or state transmission lines.
Segment – 3 Electrolyzer Manufacturing
An electrolyzer is a device that splits the water (H₂O) into its constituent molecules—hydrogen and oxygen. Once separated, hydrogen is used in fuel cells to generate electricity, power transportation, and replace fossil fuel requirements in steelmaking and chemical manufacturing industries.
Gh2 Solar produces advanced pressurized alkaline electrolysis systems.
In an competitive tender in August 2024 from Solar Energy Commission of India (SECI) – Gh2 Solar won the bid and granted 105 MW electrolyser manufacturing tender backed by 157.5 Cr subsidy under Production Linked Scheme for Green Hydrogen provided by Government.
Segment – 4 Green Hydrogen Production and Mobility
Under the SIGHT scheme, Gh2 has received a mandate to produce 10,500 MT of green hydrogen per year with annual financial incentive of upto INR 47 crore to offset initial operational and scaling costs.
To protect the production pipeline and reduce import reliance, the company is establishing an INR 400 crore upstream manufacturing ecosystem in a joint venture with Advanced Hydrogen Energy Solution of South Korea and UK’s Rhizome Energy in Gwalior, Madhya Pradesh.
Gh2 aims to scale its production capacity up to 500 MW by 2030.
Green hydrogen serves as a sustainable and predictable revenue stream for Gh2 solar supported by long-term supply contracts. Large Commercial and Industrial (C&I), fertilizer companies, and refineries, industrial users mandated to minimize carbon footprints requires clean energy to meet their commitments.
Competitive Landscape
Gh2 Solar is positioned uniquely due to the combination of two different but complementary business lines: Solar EPC and Green Hydrogen Generation & electrolyser manufacturing. Hence, Gh2 Solar has no direct competitor but competes in across business segment.
Segment – Solar EPC & Power Development
Primary Competitors:
- Oriana Power
- Gensol Engineering
- Advait Energy Transitions
- Satvik Green Energy
- KPI Green
All the five companies listed above operate in the same segment as renewable energy generation. Solar EPC is their core business and is advancing in green hydrogen and electrolyser manufacturing. In addition, they all target C&I clients.
Segment—Green Hydrogen Production and Electrolyser Manufacturing
Gh2 is rapidly expanding in green hydrogen & electrolyser manufacturing. It directly competes against India’s largest conglomerate operating under the industry.
Production Competitors
- Reliance Green Hydrogen
- L&T Green Energy Tech
- AM Green (Greenko)
- Renew E-Fuels
Other than Gh2 Solar, these all were the winners of government tenders from SECI under the SIGHT PLI scheme.
Manufacturing Competitors
- Adani New Industries
- Ohmium Operations
- John Cockerill-Greenko
- L&T Electrolysers
SWOT Analysis
Strength
- De-risked Dual Engine Business Model
- Vertical Ecosystem Integration
- Substantial Regulatory and Financial Backing
- Proven EPC Track Record
Weakness
- Negative Operating Cash Flows
- Geographic and Sector Concentration
- Scale and Capital Deficit
- Joint-Venture Technology Dependence
Opportunities
- Upcoming IPO
- Export Potential via Green Ammonia
- India’s Aggressive Net-Zero Mission
Threats
- Aggressive expansion by large conglomerates may squeeze margins and increase competition
- Heavy infrastructure projects may result in execution and delay risk.
- Gh2 uses Advanced Pressurized Alkaline Electrolysis technology that may become obsolete with the adoption of advanced technologies like PEM (Proton Exchange Membrane) or SOEC (Solid Oxide Electrolysis Cells).
Fundamentals
Financials
All values are INR Cr except per share value
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Frequently Asked Questions
Like any other financial product or commodity, the price of unlisted shares is discovered at the intersection of demand from buyers and supply from sellers of particular unlisted shares.
The two determinants of price are dynamic factors and keep changing constantly, hence share price tends to fluctuate constantly – every day, every minute.
Upon successful completion of a deal, the unlisted shares are credited electronically directly to your standard demat account that is usually created with CDSL or NSDL (Central Depository Services Limited or National Securities Depository Limited).
The lock-in period of GH2 Solar varies depending on the category of the investor:
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Venture capital or foreign venture capital investors are subject to lock-in period of 6 months from the date of acquisition of shares
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For AIF investors of Category-II are not subject to any lock-in.
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Any other investor, including retail investors, HNI or corporate investors are subject to a lock-in period of 6 months from the date of listing.
Note – The above-mentioned lock-in is for mainboard, however for SME IPO the applicable lock-in period is 1 Year.
There is no regulatory minimum limit to invest in unlisted shares. However, minimum investment size varies with the per share price. Earlier, the typical investment size often ranges between 70K – 100K, but with the growing awareness and increased participation the investment size has been down sized to 50k.
Short-Term Capital Gain tax is applicable when you sell your unlisted shares within a year from date of acquisition. Realized gain is taxable at your slab rate after consolidating in total income for the year. Hence, the rate of tax depends on your overall income for the particular financial year.
Long-Term Capital Gain taxes are applicable when you sell your unlisted shares after two years from the date of acquisition. LTCG tax is calculated on profits realized on sale of unlisted shares at 12.5%. Investors particularly retail or HNI must understand the concept clearly as it impacts strategy and tax planning.
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You can download the NSDL or CDSL application and login into the account and check whether the shares have been credited or not.
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Credit of Unlisted Shares/Pre-IPO shares can be checked in brokers application as well but it takes T+2 days to show the shares.
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You would also get email confirmation of credit of shares via email.
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The value of share in unlisted space is determined in the same way as it is done in the listed market. Demand and supply decide the price of any share. If the demand is more than the supply, then the price of the share increases and vice versa.
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When a new share is introduced in the unlisted space, the value of the company is decided upon the last funding raised by the company. If the company hasn’t raised any funding in the past, then the valuation is decided upon the fundamentals of the company.
Yes, investing in unlisted shares is legal in India, the activity is regulated and governed under the rules and guidelines laid by SEBI (Securities and Exchange Board of India). Related parties must comply with the regulations and guidelines to ensure legal and financial standards.