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Unlisted shares are illiquid and carry higher risk than listed securities. Prices are indicative, not live. Read the risk disclosure.

52-Week Range
Valuation
Financials (FY2025)
Investment Thesis
Goodluck Green Energy Limited is a strategic play on India's renewable energy build-out, backed by the credible Goodluck Group. The multi-technology EPC positioning (solar, wind, green hydrogen) is differentiated and well-timed. However, as a 2024-incorporated company, it is firmly at the pre-revenue stage, making it a high-risk, long-horizon speculative investment. The parent group's support is the key risk mitigant.
Pros
Cons
Business Segments
Solar EPC
Engineering, Procurement, and Construction of utility-scale solar power plants, rooftop solar systems, and floating solar projects for IPPs, PSUs, industrial customers, and state utilities
Wind EPC
Engineering, Procurement, and Construction of onshore wind energy projects including turbine foundation work, WTG erection, balance-of-plant, and grid connectivity for wind project developers
Green Hydrogen EPC
Construction of green hydrogen production facilities including electrolyser installation, hydrogen compression, storage infrastructure, and renewable power integration for green hydrogen projects
Revenue Model
Goodluck Green Energy generates revenue through EPC contract execution — receiving project-based revenues tied to construction milestones (mobilisation advance, equipment installation, civil completion, commissioning) from project owners. Revenue is driven by per-MW EPC rate negotiations for solar (typically ₹2.5–4 Cr/MW) and wind projects (₹6–8 Cr/MW), with green hydrogen project revenues on a cost-plus or lump-sum EPC basis. The company is in the early project development and tender participation stage as of 2024.
Detailed Analysis
Growth Plans
India's 500 GW renewable energy target by 2030 driving 50+ GW annual solar/wind capacity additions
National Green Hydrogen Mission SIGHT scheme activation creating first-wave green hydrogen project orders
Goodluck India Limited's balance sheet and engineering capabilities providing a competitive foundation for Goodluck Green Energy's EPC operations
Hybrid RE tenders (solar + wind + BESS) favouring multi-technology EPC players with diverse capabilities
Recent Developments
Goodluck Green Energy Limited was incorporated in 2024 to position the Goodluck Group in India's rapidly expanding renewable energy EPC market. India's renewable energy additions are accelerating — with 50+ GW of solar and wind capacity additions targeted annually through 2030.
2024India's government has been actively implementing the NGHM, with Strategic Interventions for Green Hydrogen Transition (SIGHT) scheme providing financial incentives for electrolyser and green hydrogen manufacturing. This creates near-term project development activity in the green hydrogen EPC space that Goodluck Green Energy aims to serve.
2024Comparable Companies
STERLINWIL · ~₹8,000 Cr
Frequently Asked Questions
About Goodluck Green Energy Limited
Goodluck Green Energy Limited is a Ghaziabad, Uttar Pradesh-based renewable energy company incorporated on 9 January 2024. A subsidiary of Goodluck India Limited, the company is focused on solar, wind, hybrid power projects, and green hydrogen technology. With CIN U43299UP2024PTC195449, the company reported revenue of Rs 3.4 crore in FY2024-25. The company has an authorised capital of Rs 105 crore and paid-up capital of Rs 42.14 crore. Key directors Rishabh Garg and Rajat Garg lead the company's strategic direction. Goodluck Green Energy is developing a green hydrogen platform incorporating waste-to-hydrogen technology, positioning it as an integrated clean energy solutions provider. As India accelerates its renewable energy transition toward the 500 GW target by 2030, Goodluck Green Energy is among several new entrants seeking to establish EPC capabilities in solar, wind, and green hydrogen. The company's parent Goodluck India provides financial backing and operational support. Commercial operations are expected to begin at scale in FY2026.
Key Milestones
1986 — Goodluck Group founded in Ghaziabad by Mahesh Kumar Garg; built into a significant industrial conglomerate with listed flagship Goodluck India Limited
2010s — Goodluck India Limited expanded significantly in CDW tubes, precision engineering, and export-oriented steel products
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Unlisted shares are illiquid and carry higher risk. Pricing is indicative, not live, and these are private off-market transactions with no exchange settlement guarantee. Read the full risk disclosure.
UP state government's aggressive renewable energy targets creating regional project opportunities near Ghaziabad base
Industry Tailwinds
India's 500 GW renewable energy target by 2030 driving 50+ GW annual solar/wind capacity additions
National Green Hydrogen Mission SIGHT scheme activation creating first-wave green hydrogen project orders
Goodluck India Limited's balance sheet and engineering capabilities providing a competitive foundation for Goodluck Green Energy's EPC operations
Hybrid RE tenders (solar + wind + BESS) favouring multi-technology EPC players with diverse capabilities
UP state government's aggressive renewable energy targets creating regional project opportunities near Ghaziabad base
Industry Headwinds
Building project references takes 2–3 years before the company can compete for large-scale tenders
Margin pressure from intense EPC competition in India's solar sector where per-MW EPC rates have declined significantly
Green hydrogen commercialisation timeline uncertainty — large EPC orders may not materialise until 2026–2028
Working capital and credit facility constraints for a newly incorporated entity without a credit track record
With no completed EPC projects as of 2024, Goodluck Green Energy lacks the project references required to qualify for large-scale renewable tenders (which typically require 50–500 MW of completed project experience). Building references requires winning smaller initial projects, which have lower margins.
Source: Company Financial Filings
The renewable EPC market is intensely competitive. L&T, Tata Power Solar, Sterling & Wilson, KPI Green, and dozens of mid-sized regional EPC players have established references, supply chain relationships, and technical teams. New entrants face severe pricing pressure to win initial orders.
Source: Media Reports / Public Records
Green hydrogen EPC requires specialised expertise in electrolyser integration, hydrogen piping systems, safety protocols, and high-pressure storage that is nascent in India's engineering ecosystem. Technology partnerships or acquiring specialist talent is essential.
Source: Media Reports / Public Records
EPC businesses require significant working capital for project mobilisation, material procurement, and subcontractor management. Without adequate credit limits from banks and financial institutions, cash flow constraints can limit project execution capacity.
Source: Regulatory Filings
India's renewable energy sector is policy-driven — changes in RPO (Renewable Purchase Obligation) norms, transmission infrastructure delays, land acquisition challenges, and state electricity board payment risks can create project execution uncertainty for EPC players.
Source: AlphaHub Research
With no completed EPC projects as of 2024, Goodluck Green Energy lacks the project references required to qualify for large-scale renewable tenders (which typically require 50–500 MW of completed project experience). Building references requires winning smaller initial projects, which have lower margins.
The renewable EPC market is intensely competitive. L&T, Tata Power Solar, Sterling & Wilson, KPI Green, and dozens of mid-sized regional EPC players have established references, supply chain relationships, and technical teams. New entrants face severe pricing pressure to win initial orders.
Green hydrogen EPC requires specialised expertise in electrolyser integration, hydrogen piping systems, safety protocols, and high-pressure storage that is nascent in India's engineering ecosystem. Technology partnerships or acquiring specialist talent is essential.
EPC businesses require significant working capital for project mobilisation, material procurement, and subcontractor management. Without adequate credit limits from banks and financial institutions, cash flow constraints can limit project execution capacity.
India's renewable energy sector is policy-driven — changes in RPO (Renewable Purchase Obligation) norms, transmission infrastructure delays, land acquisition challenges, and state electricity board payment risks can create project execution uncertainty for EPC players.
KPIGREEN · ~₹9,000 Cr
WAAREEENER · ~₹8,000 Cr
2023 — Group diversified into defence with Goodluck Defence and Aerospace Limited
2024 — Goodluck Green Energy Limited incorporated under CIN U43299UP2024PTC195449 to pursue solar, wind, and green hydrogen EPC opportunities in India's renewable energy sector
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