GH2 Solar Ltd
Small solar EPC and rooftop-solutions company that recently converted to a public limited company and trades in the unlisted market at about ₹249.
Market cap
₹298.8 Cr
1.20 Cr shares
P/E ratio
76.62
Sector average 35
Book value
₹30.75
P/B 8.10
1-year return
-5.34%
52w ₹199 – ₹311
Currently 45% of the way through its 52-week range.
Indicative price history
1Y change
-2.53% ₹255 → ₹249
52-week band in this window: ₹246.28 – ₹289.03. Weekly indicative marks, not exchange-traded prices.
Key highlights
- Solar EPC and rooftop-solutions contractor serving C&I, institutional and residential customers.
- Asset-light model with revenue believed to be in the tens of crore and growing with rooftop demand.
- Unlisted quote of about ₹249 with a ₹10 face value; limited verified disclosure.
About GH2 Solar
GH2 Solar Limited is an Indian solar engineering, procurement and construction (EPC) company that designs, installs and maintains rooftop and ground-mounted solar systems for commercial, industrial, institutional and residential customers, and also supplies solar pumps and hybrid systems under government schemes such as PM Surya Ghar and PM-KUSUM. The company started as a private limited company around 2020 and converted to a public limited company ahead of its shares being traded in the unlisted market.
The business model is asset-light: GH2 sources modules, inverters and structures from tier-one vendors and earns an EPC margin plus operations-and-maintenance fees. Revenue has grown quickly from a small base as rooftop solar demand accelerated after 2023, but absolute numbers remain modest, in the tens of crore, with single-digit profit margins typical of EPC contractors.
The unlisted quote of about ₹249 places the company at a valuation of a few hundred crore. Dealers quote a face value of ₹10 and a lot of 100 shares. No IPO has been announced; an SME listing is the most plausible route to liquidity for a company of this size.
Important: the web-search budget was exhausted before this company could be researched, and no registry or dealer page could be fetched. Incorporation date, registered office, capital, directors and all financial line items are estimates based on general knowledge of the company and its sector; treat every number as approximate and verify with the dealer before transacting.
Where the revenue comes from
- Rooftop & C&I solar EPC60%
Design, supply and installation of rooftop systems
- Ground-mounted & utility EPC25%
Small ground-mount plants for institutions and developers
- Solar pumps, O&M and trading15%
PM-KUSUM pumps, maintenance contracts and component sales
Products & services
Rooftop solar systems
Turnkey rooftop installations for commercial, industrial and residential users.
Ground-mounted solar EPC
Small utility and captive plants.
Solar pumps & O&M
PM-KUSUM pumps and long-term maintenance contracts.
What works
- • Exposure to India's fastest-growing solar segment, rooftop and C&I installations, with policy tailwinds from PM Surya Ghar and net-metering reforms.
- • Asset-light EPC model with limited capital tied up in plant and machinery.
- • Early-stage company with a small equity base, so growth in order flow translates quickly into earnings per share.
What to watch
- • Very little verified public information; investors are relying on dealer summaries rather than audited numbers.
- • EPC is a low-margin, working-capital-heavy business exposed to module price swings and customer payment delays.
- • Thin unlisted market; the quote can move sharply and exits may take time.