Greenzo Energy Unlisted Share Price 2026: Green Hydrogen Electrolyser Business, Funding, Financials and Outlook
India wants to produce 5 million tonnes of green hydrogen a year by 2030, and every tonne needs an electrolyser to split water using renewable power. Greenzo Energy India Limited is one of the few Indian companies building those machines at home. Incorporated in Delhi in November 2022, it designs alkaline electrolysers, supplies the surrounding plant equipment and builds complete hydrogen projects for industrial customers. In October 2026 it closed a ₹130 crore round led by investor Ashish Kacholia at a post-money value of about ₹1,030 crore. That round has drawn fresh attention to the Greenzo Energy unlisted share price. This article explains what the company makes, who it sells to, what its filings and funding reveal, how the We Grow Wealth quote compares with the round, and which risks matter most. The aim is to separate what has been reported from what is still unknown.
Key Takeaways
- Young company, large ambitions: Greenzo Energy India Limited was incorporated on 22 November 2022 and began earning revenue in March 2024, according to the company.
- Kacholia-led round: Greenzo has raised about ₹251 crore across three rounds, including ₹130 crore at a post-money value of about ₹1,030 crore, reported in October 2026.
- Indicative quote: The Greenzo Energy unlisted share price at We Grow Wealth is ₹683 as on 4 November 2026, for a lot of 100 shares.
- Orders far ahead of sales: The order book stood at about ₹1,800 crore in June 2025, while registry data place FY24 operating revenue in the ₹10 crore to ₹25 crore band.
- 250 MW plant in Gujarat: The company's electrolyser factory at Sanand GIDC near Ahmedabad is rated at 250 MW of output a year.
What is the Greenzo Energy unlisted share price today?
Greenzo Energy India Limited is an unlisted public company. Its shares are bought and sold through private deals, so every quoted price needs a date and a named source.
| Parameter | Detail |
|---|---|
| Company | Greenzo Energy India Limited |
| CIN | U29309DL2022PLC407203 |
| Indicative price | ₹683 per share |
| Price basis | We Grow Wealth quote as on 4 November 2026 |
| Lot size | 100 shares |
| Minimum investment | ₹68,300 (100 shares at ₹683) |
| Face value | ₹10 |
| ISIN | INE0OA401013 |
| Market value shown on our page | About ₹883 crore |
Indicative price as on 4 November 2026, based on the We Grow Wealth quote. Unlisted shares are not traded on any stock exchange and are not regulated by SEBI. Prices are not guaranteed and may differ at the time of the deal.
Our Greenzo Energy unlisted share page carries the current quote and lot size.
Why the quote can move quickly
Few Greenzo shares change hands, so a single large order can shift the price. News of a new contract, a delay at the plant or a fresh funding round tends to reach the Greenzo Energy unlisted share price within days. Buyers should treat any quote as a snapshot rather than a settled value.
What does Greenzo Energy actually make?
Greenzo works across the whole green hydrogen chain, from the core machine to the finished plant. The company describes three linked activities.
Alkaline water electrolysers
The core product is an alkaline electrolyser in sizes from 0.15 MW to 5 MW. In a September 2025 interview, managing director Sandeep Agarwal said the units operate at pressures of up to 30 bar. He also cited a service life of more than 10 years. The company launched what it calls India's first indigenous 1 MW alkaline electrolyser in April 2024. Research on PEM technology, a competing electrolyser design, is still at the development stage.
Balance of plant systems
An electrolyser also needs water treatment, power electronics, gas purification and storage. Greenzo supplies these balance-of-plant systems as one package, which raises the value of each order.
EPC and long-term maintenance
The company also builds projects end to end and offers operations and maintenance contracts of up to 10 years. Before hydrogen, it carried out solar EPC work, including projects in Nepal.
Who are Greenzo Energy's customers?
Construction World reported in October 2026 that Greenzo has executed megawatt-scale green hydrogen installations for Engineers India, Oswal Energies and Jindal Stainless. The company has also set up a subsidiary in the United Kingdom, registered in December 2022.
The Oswal Energies contract
The largest disclosed order came in June 2025. Oswal Energies awarded Greenzo a ₹320 crore contract for electrolysers and plant equipment for a 20 MW green hydrogen facility in Gujarat. The project was set to run over 12 to 15 months. In July 2025, Oswal reported receiving the first 1 MW electrolyser stack.
Smaller reference plants
A 150 kW plant built for Felix Industries produces 30 normal cubic metres of hydrogen an hour. It was inspected by TÜV Rheinland and Bureau Veritas against ISO 22734 and ASME Section VIII.
How much has Greenzo raised, and at what value?
Two trade publications, Mercom India on 19 October 2026 and Construction World on 23 October 2026, reported the same core numbers. Greenzo has raised about ₹251 crore across three investment rounds. The latest round of ₹130 crore was led by Ashish Kacholia and his associates.
Who else invested
Other participants named in the reports were Alchemy Longterm Venture Fund Series 3, Lashit Sanghvi, Siddharth Sunder Iyer and Nova Global Opportunity Fund PCC. The round valued Greenzo at about ₹1,030 crore on a post-money basis.
Where the money is going
The company said the funds will expand electrolyser manufacturing, strengthen backward integration and support research and development. Working capital and faster project execution in India and abroad are also on the list. An equipment maker pays for materials long before customers settle their bills, so working capital matters.
How the quote compares with the round
Paid-up capital of ₹12.31 crore, as shown in registry data updated in July 2026, implies about 1.23 crore shares of ₹10 each. At ₹683, that count gives a value near ₹841 crore. Our product page shows about ₹883 crore. Both figures sit below the ₹1,030 crore post-money value of the latest round. However, the round price per share and the share count after the round have not been published. Any comparison between the Greenzo Energy unlisted share price and the round is therefore approximate.
What do the filings say behind the Greenzo Energy unlisted share price?
This is where investors need the most care. Greenzo has not published audited results, and we could not confirm exact revenue or profit figures for FY25 or FY26 from a primary source. We have therefore left those numbers out rather than repeat unverified figures.
| Measure | Figure | Basis and date |
|---|---|---|
| Operating revenue, FY24 | ₹10 crore to ₹25 crore band | Registry data, year ended 31 March 2024 |
| Revenue, FY25 and FY26 | Not publicly verified | No audited figures found |
| Paid-up capital | ₹12.31 crore | Registry data, updated July 2026 |
| Authorised capital | ₹16 crore | Registry data, 2026 |
| Latest balance sheet filed | 31 March 2025 | Registry data, updated July 2026 |
| Equity raised to date | About ₹251 crore | Trade press, October 2026 |
| Order book | About ₹1,800 crore | Company statement, June 2025 |
Reading the gap between orders and revenue
The striking point is scale. An order book near ₹1,800 crore sits against annual revenue in the tens of crores. That gap is normal for a young equipment maker, because orders are booked years before they turn into sales. It also means almost all of the value rests on future execution. Revenue will be recognised only as machines are delivered and projects are commissioned.
Order book versus pipeline
In September 2025 the managing director referred to an order pipeline of about ₹2,000 crore. A pipeline usually includes enquiries and bids, not only signed contracts. Readers should not treat it as the same measure as the ₹1,800 crore order book.
How does the Sanand plant shape the outlook?
Greenzo signed an agreement with the Gujarat government in February 2023 for a 250 MW electrolyser factory. Union Home Minister Amit Shah laid the foundation stone in October 2023. Trade reports in October 2026 describe a 250 MW-per-year facility at Sanand GIDC near Ahmedabad.
Capacity targets
In the September 2025 interview, Sandeep Agarwal said Greenzo aimed to scale capacity from 250 MW to 2 GW a year by 2030. That would require far more capital than the ₹251 crore raised so far. It would also need steady orders from steel, fertiliser, refining and chemical customers.
Policy support
Demand for Indian electrolysers rests heavily on the National Green Hydrogen Mission. Changes to its incentives, or slower take-up by industry, would affect Greenzo's order flow and, in turn, the Greenzo Energy unlisted share price.
Which risks could weigh on the Greenzo Energy unlisted share price?
Execution and delivery
Greenzo has a short operating history and a large order book relative to its size. Delays in delivering electrolysers or commissioning plants could push revenue out and strain cash.
Limited disclosure
Exact audited figures for FY25 and FY26 were not available to us. Shareholding details after the latest round are also unpublished. Buyers are therefore pricing the company with less information than a listed share would offer.
Technology and competition
Alkaline electrolysers face competition from PEM systems and from larger Indian and global manufacturers. Falling equipment prices abroad could squeeze margins on Indian orders.
Customer concentration
A handful of customers account for the disclosed orders. The ₹320 crore Oswal contract alone is large relative to annual revenue.
Liquidity, listing and tax
Selling a Greenzo holding may take weeks if few buyers are active. Greenzo has not filed a draft prospectus with SEBI, and we found no dated statement of IPO plans as of 4 November 2026. If the company ever lists, shares bought earlier are locked in for 6 months from the date of IPO allotment. Gains on shares held for more than 24 months are taxed at 12.5 percent without indexation, with no ₹1.25 lakh exemption. Shorter holdings are taxed at your slab rate.
Signals to watch over the next twelve months
Greenzo's story will be decided by a few observable events rather than by the headline order book.
- Whether the FY26 accounts, once filed with the registrar, show revenue rising in step with the Oswal project.
- Whether the Oswal 20 MW facility is commissioned within the period the companies set out in 2025.
- Any new electrolyser orders above 10 MW, especially from steel, refining or fertiliser buyers.
- Updated registry data showing the share count and shareholding after the Kacholia-led round.
Each of these will give a firmer base for judging the Greenzo Energy unlisted share price than the round valuation alone.
Who this holding may suit
Greenzo is an early-stage manufacturing bet on a policy-driven industry. It may interest investors who already hold diversified portfolios and want a small, long-horizon position in Indian clean energy equipment. Such investors should be comfortable with thin disclosure and no fixed exit route.
It is unlikely to suit anyone who needs regular income, quick liquidity or audited quarterly numbers. If you do proceed, We Grow Wealth confirms the live quote, collects payment and transfers the shares off-market to your demat account. Our guide on how to buy unlisted shares and what to check walks through the process. You can also read how unlisted shares differ from listed shares before deciding.
Frequently Asked Questions
What is the Greenzo Energy unlisted share price today?
The indicative We Grow Wealth quote is ₹683 per share as on 4 November 2026, for a lot of 100 shares. Prices are agreed privately, so confirm the quote before payment.
What does Greenzo Energy India Limited do?
It makes alkaline water electrolysers for green hydrogen in sizes from 0.15 MW to 5 MW. It also supplies balance-of-plant systems and offers project construction and maintenance services.
Who invested in Greenzo Energy in 2026?
A ₹130 crore round reported in October 2026 was led by Ashish Kacholia and his associates. Alchemy Longterm Venture Fund Series 3 and other investors also took part.
What is Greenzo Energy's valuation?
The latest round valued the company at about ₹1,030 crore post-money, according to October 2026 reports. At the We Grow Wealth quote of ₹683, our product page shows a market value of about ₹883 crore.
Is Greenzo Energy planning an IPO?
We found no draft prospectus filed with SEBI and no dated announcement of IPO plans as of 4 November 2026. A listing may never take place, so investors should not rely on one for an exit.
What is the minimum investment in Greenzo Energy shares?
At ₹683 per share and a lot of 100 shares, the minimum is ₹68,300. Both the price and lot size can change, so check them at the time of the deal.
Disclaimer: This content is for information and education only and is not investment advice or a recommendation to buy, sell or hold any security. Unlisted shares are not traded on any stock exchange and are not regulated by SEBI; investors do not get exchange or SEBI investor-protection or dispute-resolution mechanisms. Prices shown are indicative, are negotiated privately, may differ across platforms and are not guaranteed. Unlisted shares can be hard to sell and you may lose part or all of your investment. An expected IPO may be delayed or may not happen; if the company lists, pre-IPO shares are locked in for 6 months from the date of IPO allotment. Tax treatment is as per law on the date of publication and may change. We Grow Wealth earns a margin on the difference between its buy and sell prices. Please consult a qualified adviser before investing.