Company Overview
Goodluck Green Energy Limited (GGE) is an unlisted public company headquartered in Ghaziabad, Uttar Pradesh. The company was incorporated in January 2024 as Goodluck Green Energy Private Limited and was subsequently converted into a public limited company in May 2025.
The company is positioning itself in the renewable-energy and emerging green-hydrogen ecosystem, with a focus on solar infrastructure, renewable-energy technology and waste-to-hydrogen solutions.
Its website describes waste-to-hydrogen as a key area of focus, with the objective of converting waste into hydrogen fuel and developing applications for hydrogen in power generation, fuel cells and grid balancing.
However, there is an important distinction between the business vision and the current financial position: the FY25 audited annual report states that the company had not commenced its business operations during FY25.
Company: Goodluck Green Energy Limited
Former Name: Goodluck Green Energy Private Limited
CIN: U43299UP2024PLC195449
ISIN: INE14Z701011
Face Value: ₹10 per share in the FY25 audited accounts
Status: Unlisted Public Company
Industry: Renewable Energy / Green Hydrogen / Solar Infrastructure
Registered Office: Plot No. E-24, Udhyog Kunj, Ghaziabad, Uttar Pradesh – 201001
Business Model
Goodluck Green Energy is being developed around emerging clean-energy technologies rather than an established conventional power-generation business.
1. Solar Infrastructure
The company identifies solar energy and solar infrastructure as one of its areas of focus.
Solar infrastructure can include project development, EPC-related activities, installation and associated renewable-energy systems.
The company’s stated objective is to participate in India’s expanding solar-energy ecosystem.
2. Waste-to-Hydrogen
Waste-to-hydrogen is the company’s most distinctive stated business theme.
The basic concept involves converting waste into hydrogen that can subsequently be used as a clean-burning fuel.
The company’s website highlights potential applications including:
- Fuel cells
- Gas turbines
- Grid balancing
- Portable hydrogen
- Hydrogen storage
- Renewable-energy integration
The company describes waste-to-hydrogen as a potential circular-economy solution because it combines waste management with hydrogen production.
3. Green Hydrogen
Goodluck Green Energy has also expanded its corporate-object framework toward hydrogen-related activities.
At its 2025 AGM, shareholders were asked to approve an alteration to the Memorandum of Association allowing the company to manufacture, process, store, distribute, transport, supply, trade, import and export hydrogen and hydrogen-based fuels and derivatives.
This is significant because it formally broadens the company’s permitted business activities beyond conventional renewable-energy infrastructure.
4. Hydrogen Applications
The company identifies several potential applications for hydrogen:
Fuel Cells: Hydrogen can be converted into electricity through electrochemical fuel-cell systems.
Gas Turbines: Hydrogen can potentially be blended with or replace conventional fuels in suitable power-generation systems.
Grid Balancing: Hydrogen can act as an energy-storage medium by converting surplus renewable electricity into hydrogen and subsequently using it when required.
Company Development
Goodluck Green Energy is a relatively young company.
2024
The company was incorporated as Goodluck Green Energy Private Limited on January 9, 2024.
It initially had a very small capital base.
2024 Capital Raising
During FY25, the company substantially expanded its authorized and paid-up capital.
The authorized capital increased:
₹5 lakh → ₹62.50 crore → ₹105 crore
The company also issued equity through preferential and rights issues.
2025 Public Company Conversion
A special resolution for conversion from private to public company was passed in April 2025.
The Certificate of Incorporation following conversion was received on May 5, 2025, and the company became Goodluck Green Energy Limited.
2025–26
The company’s investor page now lists an Annual Report for FY2025–26 and a notice for its third AGM, indicating continued corporate development beyond FY25.
Financial Performance
FY24–FY25
| Particulars | FY24 | FY25 |
|---|---|---|
| Revenue from Operations | ₹0 Cr | ₹0 Cr |
| Other Income | Nil | ₹33.99 Cr |
| Total Income | ₹0 Cr | ₹33.99 Cr |
| PBT | -₹0.001 Cr | ₹25.94 Cr |
| PAT | -₹0.001 Cr | ₹17.40 Cr |
| EPS | -₹1.22 | ₹0.80 |
The FY25 numbers need to be interpreted carefully.
The company explicitly states in its Directors’ Report that it had not commenced business operations during FY25. The ₹33.99 crore reported as total revenue was actually interest income, not operating revenue from renewable-energy projects.
The audited Statement of Profit & Loss confirms:
Revenue from operations: Nil
Other income: ₹33.99 crore
Profit before tax: ₹25.94 crore
Profit after tax: ₹17.40 crore
Therefore, the FY25 PAT should not be treated as evidence of an operating renewable-energy business.
Nature of FY25 Profit
This is perhaps the most important point in the report.
Goodluck Green Energy generated approximately ₹34 crore of interest income during FY25.
There was essentially no operating business revenue.
The company itself stated:
“though the Company has not started its business operations however, it has earned Rs.339.93 lakhs as interest income.”
Therefore:
FY25 PAT ≠ renewable-energy operating profit.
The company’s future valuation will need to depend on the successful launch and scale-up of its actual renewable-energy and hydrogen businesses.
Balance Sheet
FY25 Balance Sheet
| Particulars | FY25 |
|---|---|
| Share Capital | ₹42.14 Cr |
| Reserves & Surplus | ₹77.40 Cr |
| Net Worth | ~₹119.54 Cr |
| Long-Term Borrowings | Nil |
| Trade Payables | Nil |
| Capital Work in Progress | ₹7.66 Cr |
| Cash & Cash Equivalents | ₹39.68 Cr |
| Short-Term Loans & Advances | ₹73.09 Cr |
| Total Assets | ₹120.43 Cr |
The company had approximately ₹119.5 crore of net worth at March 31, 2025.
It had no long-term borrowings reported in the FY25 balance sheet.
The asset side consisted mainly of cash, short-term advances and capital work-in-progress.
Cash Flow
FY25 Cash Flow
| Particulars | FY25 |
|---|---|
| Cash Flow from Operations | -₹73.87 Cr |
| Cash Flow from Investing | -₹4.26 Cr |
| Cash Flow from Financing | ₹117.79 Cr |
| Net Change in Cash | ₹39.67 Cr |
| Closing Cash | ₹39.68 Cr |
Operating cash flow was approximately negative ₹73.87 crore.
This is largely explained by the substantial increase in short-term loans and advances.
At the same time, financing activities generated approximately ₹117.79 crore, primarily through equity issuance.
This means the increase in cash during FY25 was primarily capital-raising driven rather than operating-cash-flow driven.
Capital Raising
The company significantly expanded its equity capital during FY25.
Preferential Issue – September 2024
The company allotted:
1.80 crore equity shares
at:
₹10 per share
Total issue value:
₹18 crore
Preferential Issue – November 2024
The company subsequently allotted:
73.84 lakh equity shares
at:
₹126 per share
This represented a substantially higher issue price than the earlier ₹10 issue.
Rights Issue
The company also allotted:
6.70 crore partly paid-up equity shares
with ₹2.50 per share received as application/allotment money at the time of allotment.
These transactions resulted in a major increase in the company’s equity base.
Share Capital
As of March 31, 2025, the company reported:
Fully Paid Shares
2,53,93,550 shares
Partly Paid Shares
6,70,00,000 shares
Total Shares
9,23,93,550 shares
The capital structure is therefore unusual because it included a large number of partly paid-up shares.
Investors should verify the latest paid-up share count because subsequent capital calls, conversions and corporate actions can materially change the number of fully paid shares.
Shareholding
The FY25 annual report disclosed the following significant holdings.
Fully Paid Shares
| Shareholder | Shares | Holding |
|---|---|---|
| VA Trading Ventures LLP | 39.00 lakh | 15.36% |
| Gaurav Rajsingh Vijaysingh Rathore | 31.00 lakh | 12.21% |
| Saroj Vijaysingh Rathore | 20.00 lakh | 7.88% |
| Others | Balance | Balance |
Partly Paid Shares
| Shareholder | Shares | Holding |
|---|---|---|
| Suchita Garg | 111.69 lakh | 16.67% |
| Avrums India Pvt. Ltd. | 111.69 lakh | 16.67% |
| Shruti Agarwal | 100.50 lakh | 15.00% |
| Parul Garg | 122.81 lakh | 18.33% |
| Radhika Garg | 122.81 lakh | 18.33% |
| Rishabh Garg | 100.50 lakh | 15.00% |
Because the capital structure includes both fully paid and partly paid shares, shareholding percentages should be interpreted carefully.
Current Unlisted Share Price
Goodluck Green Energy is not listed on NSE or BSE.
Recent unlisted-market references have shown prices around ₹158 per share.
UnlistedZone reported an indicative price of ₹158 as of September 11, 2026, with an indicative market capitalization of approximately ₹1,576 crore.
Another unlisted-share platform displayed ₹154 per share using March 31, 2025 share information.
These should be treated only as indicative OTC prices, not as exchange-traded market prices.
Different intermediaries can quote different prices because the stock has limited liquidity and transactions are privately negotiated.
Indicative Valuation
Using the September 2026 indicative price of approximately ₹158 and the currently reported share count of roughly 9.97 crore shares from UnlistedZone:
Indicative Equity Value ≈ ₹1,576 crore
UnlistedZone currently displays:
P/E ≈ 310x
P/B ≈ 10x
ROE ≈ 3.2%
However, these ratios should be treated cautiously.
The FY25 earnings were predominantly generated from interest income, while the company’s operating business had not yet commenced.
Therefore, a conventional P/E comparison using FY25 PAT can be misleading.
A more meaningful future valuation framework would depend on:
- Operating revenue
- EBITDA
- Hydrogen project capacity
- Solar EPC execution
- Cash generation
- Return on capital
- Manufacturing capacity
- Project pipeline
- Capital requirements
Why the Valuation Requires Caution
At approximately ₹1,576 crore implied market capitalization, the company is being valued substantially above its FY25 operating scale.
FY25:
Operating Revenue = ₹0
PAT = ₹17.40 crore
This means the valuation is effectively based on expectations of future business development rather than established renewable-energy earnings.
This distinction is critical for investors.
Green Hydrogen Opportunity
Green hydrogen is potentially the company’s most differentiated business opportunity.
The company is exploring waste-to-hydrogen technology, which attempts to combine two major environmental challenges:
Waste management + clean fuel production
The company’s website highlights potential benefits including:
- Reduction in landfill waste
- Lower dependence on fossil fuels
- Hydrogen production
- Circular-economy applications
- Energy storage
- Cleaner power generation
However, waste-to-hydrogen remains a technically demanding area.
Commercial viability depends on:
- Feedstock availability
- Hydrogen yield
- Energy efficiency
- Capital expenditure
- Hydrogen purification
- Storage
- Transportation
- Offtake contracts
- Regulatory support
The company will need to demonstrate commercial-scale execution before the technology can be evaluated on operating economics.
Solar Energy Opportunity
India’s solar sector continues to expand rapidly.
The company’s focus on solar infrastructure provides exposure to this structural growth.
Potential opportunities include:
- Solar EPC
- Solar project infrastructure
- Renewable-energy systems
- Industrial solar
- Commercial solar
- Hybrid renewable systems
However, the solar EPC market is competitive and generally requires significant working capital.
Manufacturing Strategy
The FY25 Directors’ Report states that the company had developed a strategy for ramping up manufacturing operations and functions to meet expected demand.
The balance sheet also reported approximately ₹7.66 crore of capital work-in-progress at March 31, 2025.
This suggests that the company was beginning to invest in its operating infrastructure.
The critical next step is to see whether this investment produces actual commercial revenue.
Corporate Structure & Goodluck India Connection
Goodluck Green Energy has important connections with the broader Goodluck India group.
The company’s board includes Iswarchandra Dayanidhi Agasti, who is also associated with Goodluck India, along with Rajat Garg and Rishabh Garg.
In July 2026, Goodluck India announced an in-principle corporate restructuring proposal involving the amalgamation of Goodluck Green Energy Limited into Goodluck India Limited.
The proposal remains subject to the required approvals and the final structure and financial implications were to be evaluated and disclosed subsequently.
This is a major development for investors in Goodluck Green Energy.
If the amalgamation proceeds, the standalone future of Goodluck Green Energy as a separate unlisted company could change materially.
Investors should therefore monitor:
- Scheme of amalgamation
- Share-swap ratio
- Valuation report
- Fairness opinion
- Shareholder approval
- NCLT/regulatory approvals
- Treatment of existing Goodluck Green Energy shareholders
Until the final scheme is approved, no particular exchange ratio or value should be assumed.
Key Growth Drivers
1. Green Hydrogen
Expansion of India’s hydrogen ecosystem could create opportunities for companies developing hydrogen technologies.
2. Waste-to-Hydrogen
The company’s focus on converting waste into hydrogen gives it exposure to both waste management and clean-energy applications.
3. Solar Infrastructure
Growing solar installations provide a large potential market for EPC and infrastructure services.
4. Hydrogen Policy Support
Government support for India’s hydrogen ecosystem could improve the commercial environment for hydrogen-related projects.
5. Manufacturing Scale-Up
The company’s stated plan to ramp up manufacturing could eventually create operating revenue and improve business scale.
6. Group Synergies
The company’s relationship with the Goodluck group could potentially provide access to engineering, infrastructure and manufacturing capabilities.
However, any such synergies should be assessed based on actual contracts and financial disclosures rather than assumed.
Key Risks
1. No Operating Revenue in FY25
This is the most significant risk.
The company reported zero revenue from operations in FY25.
Its ₹33.99 crore income came from interest income.
2. Early-Stage Business
The company was incorporated only in 2024.
It therefore has a limited operating track record.
3. Valuation Risk
At indicative unlisted prices around ₹158, the implied valuation is substantial compared with the company’s current operating scale.
4. Negative Operating Cash Flow
FY25 operating cash flow was approximately -₹73.87 crore.
This demonstrates that the business was not yet generating operating cash.
5. Technology Risk
Waste-to-hydrogen technology is still developing.
Commercial-scale efficiency and cost competitiveness remain important uncertainties.
6. Execution Risk
The transition from a capitalized shell/early-stage company into a functioning renewable-energy business requires successful execution.
7. Capital Requirement
Solar and hydrogen projects require significant capital expenditure.
Future expansion may require additional equity or debt financing.
8. Share Dilution
The company has already issued substantial equity during its early development.
Further capital raising could dilute existing shareholders.
9. Unlisted Liquidity
There is no NSE/BSE trading mechanism.
Investors may therefore find it difficult to exit at a desired price.
10. Amalgamation Risk
The proposed amalgamation with Goodluck India introduces an additional corporate-action risk.
The final share-swap ratio and treatment of existing shareholders could materially affect the value of the investment.
What Investors Should Monitor
For Goodluck Green Energy, the following indicators are particularly important:
- FY26 operating revenue
- Actual commencement of renewable-energy operations
- Green-hydrogen project announcements
- Waste-to-hydrogen pilot/commercial projects
- Solar EPC orders
- Manufacturing capacity
- Capital expenditure
- Operating cash flow
- Working-capital requirements
- Further equity issuance
- Share capital changes
- Current fully paid-up share count
- Unlisted-market price
- Formal IPO/listing plans, if any
- Goodluck India amalgamation scheme
- Share-swap ratio
- NCLT and shareholder approvals
Investment Perspective
Goodluck Green Energy is a very early-stage renewable-energy and hydrogen company.
The investment story is based primarily on future business development rather than historical operating performance.
The company has identified attractive themes such as:
Solar infrastructure
Green hydrogen
Waste-to-hydrogen
Hydrogen applications
These sectors have significant long-term potential, but the company’s FY25 financial statements show that the commercial business had not yet commenced.
The ₹33.99 crore FY25 income was interest income, while operating revenue was zero.
The balance sheet provides a reasonable initial capital base, with approximately ₹119.5 crore of net worth and no long-term borrowings at March 31, 2025. However, operating cash flow was deeply negative as the company deployed funds toward advances and capital expenditure.
The other major development is the proposed amalgamation with Goodluck India Limited announced in 2026. The eventual structure and share-swap terms could become more important to existing investors than the company’s standalone IPO prospects.
Therefore, the most important question for investors is not simply whether green hydrogen is a promising industry.
It is whether Goodluck Green Energy can convert its stated technology and renewable-energy plans into commercially meaningful operations and cash flows — and how the proposed corporate restructuring ultimately treats existing shareholders.
Corporate Details
Company: Goodluck Green Energy Limited
Former Name: Goodluck Green Energy Private Limited
CIN: U43299UP2024PLC195449
ISIN: INE14Z701011
Face Value: ₹10 as per FY25 audited accounts
Status: Unlisted Public Company
Registered Office: Plot No. E-24, Udhyog Kunj, Ghaziabad, Uttar Pradesh – 201001
Email: goodluck@goodluckgreen.com
Directors: Rajat Garg, Rishabh Garg, Vijender Kumar Tyagi, Iswarchandra Dayanidhi Agasti and Pranshu Gupta as reflected in current corporate-information sources.
Important Links
Official Website: Goodluck Green Energy
Investor Relations: Goodluck Green Energy Investor Relations
FY25 Annual Report: Goodluck Green Energy FY25 Annual Report
2nd AGM Notice: Goodluck Green Energy AGM Notice
Conclusion
Goodluck Green Energy Limited is an emerging unlisted company positioned around renewable-energy infrastructure, solar applications and green-hydrogen technology.
Its waste-to-hydrogen concept provides a differentiated angle, while its proposed hydrogen-related activities expand the potential addressable market.
However, the company is still at a very early stage.
The FY25 audited accounts show:
Operating Revenue: ₹0
Other Income: ₹33.99 Cr
PAT: ₹17.40 Cr
Operating Cash Flow: -₹73.87 Cr
The company itself stated that it had not commenced operations during FY25.
Consequently, historical P/E-based valuation should be treated cautiously because the reported earnings did not come from an operating renewable-energy business.
The proposed amalgamation with Goodluck India Limited is now another major factor that investors need to follow. The final scheme, valuation and share-swap ratio will determine how existing Goodluck Green Energy shareholders are treated if the transaction progresses.
For an unlisted investor, the key things to track are therefore commercial commencement, hydrogen/solar project execution, cash-flow generation, capital raising, and the final outcome of the proposed amalgamation.
Disclaimer
This report is prepared for educational and informational purposes only and should not be considered investment advice, a recommendation to buy or sell securities, or a solicitation to invest.
Goodluck Green Energy Limited is an unlisted company, and its shares do not currently trade on NSE or BSE. Prices quoted by unlisted-share intermediaries are indicative OTC references and may differ substantially from actual transaction prices.
Financial figures in this report are primarily based on the company’s FY25 audited annual report. Company websites and third-party unlisted-market sources have been used for business descriptions and indicative market information.
Investors should independently verify the latest audited financial statements, fully paid-up share capital, ISIN, corporate actions, unlisted share price and the final terms of any proposed amalgamation before making an investment decision.
The author is not a SEBI-registered Research Analyst unless specifically stated otherwise.
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