Greenzo Energy India: Revenue Doubles in FY26 as the Green Hydrogen Equipment Maker Scales Up

Author

Kratika Agrawal

Associate Financial Analyst

Financial Analyst at Planify with CFA L2 credentials, focused on valuation modeling and identifying growth opportunities across unlisted and pre-IPO equities.

Publish Date28 October 2026

Reading time5 Min

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From a green hydrogen start-up to an equipment maker

Greenzo Energy India Ltd was established in November 2022 by the founders of Greenzo Energy Private Ltd. The company deals with hydrogen equipment such as electrolysers, compressors, dryers, storage tanks, fuel cells, and fuelling stations. It also provides solar structures and can be a developer or consultant for solar, wind, and hydrogen plants. The primary product of the company is indigenous alkaline electrolysers. According to the Managing Director Sandeep Agarwal, the company develops and manufactures them within 150 kW to 5 MW with further expansion of the capacity up to 2 GW. Recently, the company completed the construction of a 150 kW green hydrogen plant for Felix Industries with the help of 30 Nm³/hr electrolyser operating at 30 bar. The company also works in collaboration with EODev providing its electrolysers and fuel cell generators made by EODev, which have Toyota technology in them. In the international segment, Greenzo will be exhibiting its electrolyser technology at the Hydrogen Technology World Expo 2026 in Hamburg.

The Sanand factory: from announcement to first dispatches

In December 2022, Greenzo said it was planning to invest $50 million in a plant at Sanand-II , Gujarat, to produce 250MW of electrolysers a year, with the plant’s completion expected by March 2024 . A February 2023 Gujarat MoU put this investment at a figure of approximately INR 500 crore (60.4 million) within the coming years.

This schedule proved to be off. By late 2024, the plant was referred to as being under construction with the commissioning due in December 2024. On 1 July 2025, Agarwal announced on his LinkedIn page that Greenzo had initiated the delivery of MW-scale alkaline electrolysers from the Sanand GIDC facility. The first 1 MW machine had been dispatched and he referred to it as a milestone of indigenously developed and manufactured technology.

There is far less expenditure recorded in the FY26 accounts compared to the headlines figures. Property, plant and equipment was reported at ₹17.7 crore and capital work in progress at ₹18.8 crore totaling about ₹36.5 crore compared to ₹400-500 crore announced. The factory has begun shipping product, but seems to be in an early stage of construction.

FY26 financials

The annual report shows a strong year (standalone, ₹ crore):

	FY25	FY26	Change
Total revenue	16.08	36.7	+128%
Profit before tax	1.95	4.74	+143%
Profit after tax	1.37	3.42	+148%
Net profit margin	8.6%	9.3%

Revenue from products was responsible for the increase from ₹13.28 crore to ₹35.78 crore. On the other hand, income from services decreased from ₹2.69 crore to ₹0.86 crore. Assets increased by about 52% to ₹124.2 crore, while equity stood at ₹109.6 crore.

Orders and partnerships

Oswal Energies (20 MW): INR 320 crore order from Greenzo for electrolysers and balance of plant equipment for a 20 MW plant in 2025.
Jindal Stainless (Odisha): The order is for an electrolyser based plant located at Kalinga Nagar which produces 0.47 KTPA capacity initially, extendable up to 1.5 KTPA. Hydrogen is used in the processes of stainless steel manufacturing such as bright annealing line and bell furnace.
Engineers India Limited: In August 2025 Greenzo secured an R&D order for an electrolyser modular unit at EIL's Gurugram complex.
Deendayal Port, Kandla: The Oswal Greenzo Energies joint venture between Oswal Energies Limited and Greenzo Energy India Limited secured a 5 MW project extendable up to 10 MW producing 800 tonnes per annum.
Tamil Nadu: In October 2024, the company secured a green hydrogen project from TANGEDCO at the Ennore SEZ Power Plant.

Fundraising and valuation

India-based Greenzo Energy has been valued at approximately ₹1,030 crore post-money after raising ₹130 crore through its most recent funding round, which was led by veteran venture capitalist Ashish Kacholia and his associates.
The company aims to use the new investment to build its own electrolyser manufacturing capacity, foster backward integration, invest in research and development, meet working capital needs and speed up execution of projects.
According to the press statement issued by the company, this is the third funding round for the company and brings its total capital raised to approximately ₹251 crore.

The gap between orders and revenue

Numbers announced have been far higher than numbers reported. For March 2024, the order book was announced as Rs 1,200 crore; however, revenue reported was ₹16 crore for FY25 and ₹36.6 crore for FY26.

Cash conversion: Trade receivables have gone up by about 51% to ₹27.3 crore; operating cash flow stands at about –₹17.9 crore.
First bank debt: The term loan of ₹9.95 crore has increased financial expenses from ₹0.02 crore to ₹0.92 crore. Debt to equity is still very low, at 0.05.
Low Returns: Return on equity is around 4%; ROCE is about 5.6%.
International subsidiary: The UK-based subsidiary, Greenzo Energy London, is yet to commence operations.

What to watch

The proof of the pudding is in the delivery. The first MW-scale deliveries in mid-2025 prove that the factory is capable of delivering goods. If the Oswal program, the Jindal plant, and the Kandla project come to fruition as planned, and the Sanand plant scales up to its advertised capacity, then FY27 will be quite different. Otherwise, the 2 GW plan will have no basis at all.