Greenzo Energy India Ltd. - Unlisted Shares
Fundamentals
- Current Price
- ₹695
- Market Cap
- ₹815.42 Cr
- ISIN
- INE0OA401013
- Face Value
- ₹10
- P/E Ratio
- 599.14
- EPS
- 1.16
- P/B Ratio
- 10.61
- Book Value
- 65.49
- Debt / Equity Ratio
- 0.0
Key Financials
Profit & Loss
| Metric | FY2025 | FY2024 |
|---|---|---|
| Revenue from Operations | 15.97 | 14.79 |
| Operating Expenses | 15.02 | 13.53 |
| Operating Profit | 0.95 | 1.26 |
| Op. Profit Margin % | 2.18% | 8.52% |
| Other Income | 1.29 | 0.10 |
| Finance Costs | 0.02 | 0 |
| Depreciation | 0.29 | 0.04 |
| Profit Before Tax | 1.94 | 1.31 |
| Tax | 0.58 | 0.31 |
| Tax % | 29.71% | 2.10% |
| Profit After Tax | 1.37 | 1.00 |
| Growth % | 35.88% | - |
| PAT % | 8.55% | 6.76% |
| Diluted EPS | 1.16 | 1.81 |
Company Financials
| Metric | FY2025 | FY2024 |
|---|---|---|
| Equity Capital | 11.85 | 10.93 |
| Reserves | 65.62 | 44.49 |
| Total Equity | 77.48 | 55.42 |
| Borrowings | 0 | 0.51 |
| Other Non-Current Liabilities | 0.01 | 0.00 |
| Total Non current Liabilities | 0.01 | 0.51 |
| Trade payables | 3.42 | 6.28 |
| Other Current Liabilities | 0.99 | 1.65 |
| Total current Liabilities | 4.41 | 7.93 |
| Equity + Liabilities | 81.90 | 63.86 |
| Fixed Assets (incl. WIP) | 20.58 | 5.27 |
| Other Non Current Assets | 0.00 | 0.03 |
| Total Non current Assets | 20.58 | 5.30 |
| Cash & Cash Equivalents43.82 | 5.06 | 43.82 |
| Other Current Assets | 56.25 | 14.74 |
| Total current Assets | 61.31 | 58.56 |
| Total Assets | 81.89 | 63.86 |
Shareholding Pattern
- Sandeep Agarwal
- 34%%
- Kokila Agarwal
- 33%%
- Kushal Agarwal
- 17%%
- Others
- 17%%
Strengths & Weaknesses
Strengths
- Innovative Technology: Greenzo Energy leverages advanced technologies such as hydrogen fuel cells developed in partnership with EODev, positioning itself at the forefront of clean energy solutions.
- Full-Value Chain Provider: The company operates across the entire value chain of green hydrogen, from development to operation and maintenance, which enhances its market presence and customer trust.
- Surging Order Book with Marquee Clientele: GEIL has orderbook of Rs. 1,200 crore as of September 2024, and estimated order book around Rs.1800 crore in 2025.
- Local Assembly and Distribution: The ability to assemble products locally allows for quicker deployment and adaptation to regional needs, enhancing operational efficiency
- Debt-Free Balance Sheet with Strong Liquidity As of FY25, GEIL has fully retired its long-term borrowings, and is carrying a near-zero debt-to-equity ratio. The current ratio stands at ~14x in FY25.
- Increasing Capex Investments Fixed assets nearly quadrupled from Rs. 5.27 Cr in FY24 to Rs. 20.58 Cr in FY25. Greenzo is also establishing a state-of-the-art 250 MW per annum electrolyzer manufacturing plant in Ahmedabad
Weaknesses
- Market Penetration: As a relatively new entrant in the hydrogen market, Greenzo may face challenges in establishing a strong foothold against more established competitors.
- Decreasing Margins: EBITDA margin collapsed from ~8% in FY24 to ~6% in FY25, as operating expenses grew ~15% YoY while revenue grew only 7.9%.
- Revenue Scale Severely Lags Order Book: Despite an large order book of ~Rs. 1800+ crore in FY25, revenue from operations was only Rs. 15.97 Cr. While the company is still relatively new, this raises some questions about project execution pace, commissioning timelines, and working capital management.
About Greenzo Energy India Ltd.
Greenzo Energy is a globally recognized leader in the design, development, and manufacturing of advanced alkaline water electrolyzer systems, supporting the transition to a hydrogen-powered future.Founded by seasoned professionals with extensive experience in renewable energy and engineering machinery manufacturing, the company brings deep industry expertise to every project. In addition to its core hydrogen solutions, Greenzo Energy also operates as an EPC (Engineering, Procurement, and Construction) provider in the domains of solar and green hydrogen, offering end-to-end solutions that drive sustainable energy development across the globe.
Board of Directors
- Sandeep Agarwal - Founder and Managing Director
- Amit Singal - Independent DIrector
- Kushal Agarwal - Executive Director
Senior Management
- Raj Agarwal - Founding Member
- Shreya Agarwal - Strategy and Finance Executive
- Aditya Gupta - R and D Executive