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GH2 Solar ₹318 ▲ 11.2% 1M
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GH2 Solar Unlisted Shares

Renewable Energy Green hydrogen and solar EPC

GH2 Solar builds green hydrogen infrastructure in India. It makes alkaline electrolyzers, develops hydrogen projects and refuelling stations, and also runs a solar EPC and battery storage business.

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Indicative price
As of 23 Oct 2026
₹318 ▲ 11.19% in 1 month
Dealer quotes: ₹318 – ₹320 across 2 dealers
Key facts

GH2 Solar share details

Lot size
500 shares
Min. investment
₹159,000
Face value
₹10
Implied market cap
₹620 Cr
Shares outstanding
19,484,080
Founded
2013
Headquarters
Noida, Uttar Pradesh
Website
gh2solar.com
ISIN
INE1FAE01019
CIN
U40300DL2013PTC249995
Lock-in after IPO
6 months
Price history

GH2 Solar share price chart

1Y change
+11.58%
High
₹322
Low
₹228

Indicative off-market dealer quotes, not exchange prices. A flat stretch means the quote did not change on those days.

About

About GH2 Solar

GH2 Solar Limited, earlier GH2 Solar Private Limited, calls itself India's green hydrogen infrastructure partner. It is based in Noida, Uttar Pradesh. The company says it wants to cover the full chain from solar power to hydrogen molecules to hydrogen mobility. It began in utility-scale solar and still works as a solar EPC contractor. Its website lists open access solar projects of 20 MW in Maharashtra, 14 MW in Karnataka and 80 MW in Rajasthan. It also offers solar with battery energy storage (BESS) for industrial customers, and the site claims 2GW+ of solar capacity delivered. The newer business is hydrogen. GH2 Solar plans to make alkaline electrolyzers, the machines that split water into hydrogen, in a joint venture with South Korea's AHES. The factory is listed at Morena, Madhya Pradesh. The company says it holds PLI awards for both electrolyzer manufacturing (105 MW a year) and green hydrogen production (10,500 TPA). Other lines are hydrogen refuelling stations, fuel cell systems, and green ammonia and e-methanol. Government-awarded projects on its site include a green hydrogen demonstration at V.O. Chidambaranar Port in Tamil Nadu and a hydrogen fuel cell microgrid for NHPC in Leh. The company's investor page says it has no published annual reports or financial statements yet. We therefore could not read revenue, profit or debt from a company document, and this page shows no financials. The figures on this page are the company's own claims from its website. On IPO Guru the indicative unlisted price is ₹318 per share with a lot size of 500 shares, which puts the implied market cap near ₹619.59 crore. Unlisted shares of a company like this trade off-market between private parties, so prices are indicative and not set on an exchange. IPO Guru has no linked IPO for GH2 Solar at present.

Strengths

  • The company lists dual PLI awards, for electrolyzer manufacturing (105 MW a year) and green hydrogen production (10,500 TPA), according to its website.
  • It has a technology joint venture with South Korea's AHES for alkaline electrolyzers, with a factory planned at Morena, Madhya Pradesh.
  • It has solar project experience, including open access projects of 20 MW, 14 MW and 80 MW, and says it has delivered 2GW+ of solar capacity.
  • It has won government-awarded hydrogen projects, including a demonstration at V.O. Chidambaranar Port and a fuel cell microgrid for NHPC in Leh.
  • The business spans solar, battery storage, electrolyzers, refuelling and green molecules, so it is not tied to one product line.

Risks

  • No annual report or financial statement is published on the company's investor page, so revenue, profit, debt and cash flow could not be checked by us.
  • Green hydrogen is an early market in India. Demand, pricing and policy support such as PLI incentives can change.
  • The electrolyzer factory is still being set up, and the plan depends on the AHES joint venture and technology partnership.
  • Much of the work is project based and awarded by government or large buyers, so revenue can swing from year to year.
  • The solar EPC and storage business is competitive and sensitive to input costs and project timelines.
  • Unlisted share prices are indicative, can differ between dealers and may be hard to sell. There is no linked IPO date or price band.
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Important disclaimer

Unlisted shares are not traded on stock exchanges. Prices shown are indicative and based on off-market transactions; they may differ from eventual listing or future market prices. Exit liquidity depends on counter-party availability. SEBI mandates a 6-month lock-in on pre-IPO shares post-listing. Gains held beyond 24 months are taxed at 12.5% LTCG (no indexation). IPO Guru is not a SEBI Registered Investment Advisor. Information here is for general awareness, not personalised investment advice. Please consult your tax advisor before investing.

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