Greenzo Energy India Ltd
Delhi-based green hydrogen company with a 250 MW alkaline electrolyser line at Sanand and an order book of about ₹1,800 Cr.
Market cap
₹732.33 Cr
1.19 Cr shares
P/E ratio
271.05
Sector average 45
Book value
₹79.87
P/B 7.74
1-year return
-10.45%
52w ₹530 – ₹770
Currently 37% of the way through its 52-week range.
Indicative price history
1Y change
-12.81% ₹709 → ₹618
52-week band in this window: ₹537.82 – ₹709.83. Weekly indicative marks, not exchange-traded prices.
Key highlights
- 250 MW automated alkaline electrolyser facility commissioned at Sanand GIDC; ₹3,500 Cr phased investment planned.
- Order book of about ₹1,800 Cr and a 1,000 MW-plus enquiry pipeline against FY25 revenue of under ₹100 Cr.
- Debt-free after two equity raises (₹54.4 Cr in FY24, ₹20.7 Cr in FY25); paid-up capital ₹11.85 Cr.
About Greenzo Energy
Greenzo Energy India Limited is a green-hydrogen and clean-technology company that designs and manufactures alkaline electrolysers, hydrogen generation systems and turnkey renewable solutions for refineries, chemicals, fertiliser, steel and mobility customers. The group traces its origins to Greenzo Energy Private Limited (2021); the present public company was incorporated in New Delhi on 22 November 2022 and houses the operating business.
The company unveiled an indigenously developed 1 MW alkaline electrolyser stack in October 2024 and has commissioned a 250 MW automated electrolyser manufacturing facility at Sanand GIDC near Gandhinagar, the first phase of a planned ₹3,500 Cr investment. Management reports an order book of about ₹1,800 Cr, several projects at various stages of execution and an enquiry pipeline above 1,000 MW.
Financially the company is still small relative to its order book: revenue grew about 8% in FY25 while EBITDA margin slipped from roughly 8% to 6% as it invested in people and capacity. Equity of ₹54.4 Cr was raised in FY24 and ₹20.7 Cr in FY25, long-term borrowings were fully repaid and paid-up capital stands at about ₹11.85 Cr (1.19 Cr shares of ₹10). Dealer quotes have ranged from about ₹530 to ₹770 over the past year, valuing the company at ₹650–900 Cr.
Registry data are from Tofler/ZaubaCorp snippets and price data from dealer pages; exact revenue and profit figures were not visible in the snippets, so line items are reconstructed around reported totals and growth rates; treat them as approximate.
Where the revenue comes from
- Electrolysers & hydrogen systems55%
Alkaline electrolyser stacks, balance-of-plant and hydrogen generation units
- Renewable EPC & turnkey projects35%
Solar and hybrid projects bundled with green hydrogen offtake
- Services & other income10%
O&M, engineering services and treasury income
Products & services
Alkaline electrolysers
Indigenously developed 1 MW stacks scaled into multi-MW hydrogen generation systems.
Green hydrogen projects
Turnkey hydrogen plants for refineries, chemicals, fertiliser, steel and mobility.
Renewable EPC
Solar and hybrid power projects paired with hydrogen production.
What works
- • One of very few Indian companies with an indigenous alkaline electrolyser stack and an automated 250 MW manufacturing line, aligned with the National Green Hydrogen Mission.
- • Order book of about ₹1,800 Cr and a 1,000 MW-plus enquiry pipeline give multi-year revenue visibility relative to current revenue of under ₹100 Cr.
- • Debt-free after retiring long-term borrowings in FY25, with a current ratio around 14x after two equity raises.
What to watch
- • Execution gap: revenue is a small fraction of the order book and margins fell in FY25, so converting orders into profitable delivery is unproven.
- • The ₹3,500 Cr Sanand expansion will need large further equity and debt, implying dilution for existing holders.
- • Green hydrogen demand in India depends on policy mandates and subsidies; the unlisted price has swung 30% within a year on thin volumes.