GH2 Solar Limited (formerly GH2 Solar Pvt. Ltd.), one of India’s emerging players in the renewable energy and green hydrogen space, has announced its 13th Annual General Meeting (AGM) scheduled for August 27, 2025. The company is seeking shareholder approval on multiple strategic fronts, including:
Adoption of FY25 financial statements
Reappointment of director(s)
Fundraise through private placement
Issue of bonus shares
Enhancement of remuneration for key managerial personnel
Approval for sale, lease, or disposal of assets as per business requirements
The highlight of the AGM is the company’s proposed fundraise of nearly ₹59 crore through a private placement to scale operations and strengthen working capital.
Founded in 2013, GH2 Solar started as a solar EPC solutions provider and has since transformed into an integrated clean energy company with strong focus on:
EPC Services – Rooftop, ground-mounted, hybrid, and turnkey renewable projects
Electrolyser Manufacturing – Awarded 105 MW capacity under SECI PLI Scheme with subsidies of ₹147 crore
Green Hydrogen Production – Secured incentives for a 10,500 MT per annum facility under India’s SIGHT Scheme
Green Ammonia & Battery Storage – Long-term roadmap includes green ammonia production and BESS (Battery Energy Storage Systems)
With a robust ₹600 crore order book and marquee clients across PSU and private sectors, GH2 Solar has positioned itself as one of India’s first movers in green hydrogen EPC and manufacturing.
Objective: To raise growth capital for scaling up hydrogen production and electrolyser manufacturing, as well as meeting working capital needs.
Fundraise Amount: ₹58.93 crore
Equity Shares: Up to 6,32,064 shares
Face Value: ₹10 per share
Issue Price: ₹932.36 per share (including premium of ₹922.36)
Category of Allottees: Non-promoter investors – including individuals, HUFs, corporates, and private funds.
Notable Allottees: Dr. Faruk Patel (86,009 shares), GrowMo360 Meridian Fund, Dovetail Global Fund, Aarth AIF, LC Infra Projects, Vijay Kumar Jain (each 54,006 shares), VKP Investment Services, V2K Hospitality, among others.
Promoter Participation: Promoters will not participate, ensuring equity dilution without loss of control.
Ratio: 3:1 (i.e., 3 new fully paid-up equity shares for every 1 existing share held)
Record Date: To be determined by the Board of Directors.
This move will significantly enhance liquidity and broaden the retail investor base, while maintaining promoters’ control.
| Category | Pre-Issue (%) | Post-Issue (%) |
|---|---|---|
| Promoters | 76.57 | 66.74 |
| Non-Promoters | 23.43 | 33.26 |
The fundraise will reduce promoter holding by ~10% but diversify the investor base. Importantly, there will be no change in management control.
The issue price of ₹932.36 per share has been determined on the basis of a Valuation Report dated March 31, 2025, prepared by CA Mohit Jain, IBBI Registered Valuer. The valuation reflects GH2’s strong positioning in the hydrogen EPC and electrolyser manufacturing space.
Financial Performance
| Particulars | FY22 | FY23 | FY24 | FY25 |
| Revenue (₹ Cr) | 17.31 | 61.72 | 64.77 | 212.09 |
| EBITDA (₹ Cr) | 0.95 | 1.68 | 5.47 | 28.38 |
| EBITDA Margin (%) | 5.5 | 2.7 | 8.5 | 13.4 |
| PAT (₹ Cr) | 0.59 | 0.93 | 3.46 | 20.07 |
| Net Profit Margin (%) | 3.4 | 1.5 | 5.3 | 9.5 |
Analysis:
Revenues grew 12x in FY25 compared to FY24, driven by strong order book execution.
PAT crossed ₹20 crore in FY25, reflecting operational scale.
Margins expanded sharply with EBITDA at 13.4% and NPM at 9.5%, showcasing improved cost efficiencies.
Electrolyser Expansion: State-of-the-art plant in Rajasthan with 105 MW annual capacity (expandable to 500 MW).
Hydrogen Production: Commissioning of 10,500 MT per annum facility over 36 months, supported by incentives.
Green Ammonia: Plans for 50–100 TPD green ammonia facility by FY27.
IPO Plans: GH2 Solar aims for a listing by FY26–27, leveraging its first-mover advantage in hydrogen EPC and electrolyser manufacturing.
GH2 Solar is positioning itself as a key player in India’s green hydrogen ecosystem, with EPC execution and manufacturing strengths. The recent fundraise via private placement and 3:1 bonus issue not only strengthen the balance sheet but also reward existing shareholders.
With revenues surpassing ₹200 crore in FY25 and profitability improving meaningfully, the company is entering a high-growth trajectory. Backed by strong government policies for hydrogen, GH2 Solar stands out as a potential pre-IPO opportunity for investors seeking exposure to India’s energy transition theme.
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