GRE Renew Enertech Limited is engaged in the business of providing solar energy solutions and LED lighting products, with a strategic shift in recent years towards solar power as its core focus. While the company initially operated as a manufacturer of LED lighting solutions, it now primarily derives its business from solar EPC and rooftop solar projects, aligned with India’s renewable energy transition.
The company offers rooftop and ground-mounted solar installations catering to residential, commercial, industrial, and institutional customers. Its solutions are designed to help clients reduce electricity costs, improve energy efficiency, and adopt sustainable power generation.
Business Model:
- CAPEX Model (EPC): Under the CAPEX model, customers own and fund the solar power systems, while GRE provides end-to-end engineering, procurement, construction, commissioning, and grid connectivity services, ensuring turnkey delivery of photovoltaic plants.
- RESCO / OPEX Model: Under the RESCO model, GRE invests in and owns rooftop solar systems and supplies power to customers under long-term arrangements, generating annuity-based revenue through monthly tariffs. The model offers stable cash flows, though access to low-cost capital remains a key operational consideration.
Products and Services:
- EPC Services: Turnkey solar project execution covering system design, procurement, installation, commissioning, and operation & maintenance, where required.
- Rooftop Solar Systems (On-Grid): Grid-connected systems that enable customers to reduce power bills and export surplus electricity to the grid.
- Hybrid Solar Rooftop Systems: Integrated solutions combining solar panels, battery storage, and grid access to ensure uninterrupted and sustainable power supply.
- PV Modules: High-efficiency solar modules designed for reliable performance across varied operating conditions.
GRE Renew Enertech IPO – Details
| IPO Opening Date | 13 January 2026 |
| IPO Closing Date | 16 January 2026 |
| Issue Type | Book Built Issue IPO |
| Issue Size | Total Issue: 37,68,000 Shares Worth ₹40.00 Crore Fresh Issue: 37,68,000 Shares Worth ₹40.00 Crore |
| Face Value | ₹10 per equity share |
| IPO Price | ₹100 – ₹105 per share |
| Market Lot | 1200 Shares |
| Min Order | 1200 Shares [ 1 Lot ] |
| Listing At | BSE SME |
| Registrar | Maashitla Securities Pvt.Ltd. |
| QIB Shares Offered | 50% |
| NII Shares Offered | 15% |
| Retail Shares Offered | 35% |
GRE Renew Enertech IPO – Date Schedule
| IPO Open Date | 13 January 2026 |
| IPO Close Date | 16 January 2026 |
| Basis of Allotment | 19 January 2026 |
| Initiation of Refund | 20 January 2026 |
| Credit of Shares to Demat | 20 January 2026 |
| IPO Listing Date | 21 January 2026 |
| Cut-off time for UPI mandate confirmation | 5 PM on January 16, 2026 |
GRE Renew Enertech IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 2,400 | ₹2,52,000 |
| Retail (Max) | 2 | 2,400 | ₹2,52,000 |
| S-HNI (Min) | 3 | 3,600 | ₹3,78,000 |
| S-HNI (Max) | 7 | 8,400 | ₹8,82,000 |
| B-HNI (Min) | 8 | 9,600 | ₹10,08,000 |
Competitive Strength
- Experience Management Team.
- Training and Skill development programs to strengthen Operation & Maintenance Team.
- Existing number, visible order book, and favorable national policy support.
- 24/7 Premium Support System.
- ESG (Environment, Social and Governance).
Company Promoters
- Mr. Kamleshkumar Dahyalal Patel
- Mr. Kirtikumar Kantilal Suthar
- Mr. Mukeshkumar Prahladbhai Trivedi
Company Financials
| Period | Total Revenue | Total Expense | Profit After Tax | Total Borrowings |
|---|---|---|---|---|
| 31 March 2023 | ₹53.11 Cr | ₹51.59 Cr | ₹0.89 Cr | ₹4.75 Cr |
| 31 March 2024 | ₹92.15 Cr | ₹79.52 Cr | ₹9.91 Cr | ₹4.57 Cr |
| 31 March 2025 | ₹84.37 Cr | ₹74.91 Cr | ₹7.03 Cr | ₹1.59 Cr |
Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 26.89% |
| ROCE | 29.60% |
| Debt/Equity | 0.05 |
| RoNW | 26.89% |
| PAT Margin | 8.39% |
| EBITDA Margin | 11.33% |
| Price to Book Value | 3.54 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | 6.68 | 4.92 |
| P/E (x) | 15.72 | 21.35 |
Object Of The Issue
| Objects of the Issue | Expected Amount (in Crore) |
|---|---|
| Setting up of 7.20 MW (AC) / 9.99 MW (DC) Ground Mounted Solar Power Plant. | ₹32.61 |
| General corporate purposes. | – |
✅Strengths
- Integrated solar EPC capabilities with end-to-end execution.
- Presence in both CAPEX and RESCO models, enabling diversified revenues.
- Experienced promoters and management in renewable energy.
- Strategic shift towards solar-focused business aligned with energy transition.
- Portfolio includes rooftop, ground-mounted, hybrid systems & LED products.
⚠️Risks
- Project execution delays can impact revenues.
- High capital & working capital needs, especially in the RESCO model.
- Policy and regulatory changes in renewable energy sector.
- Client concentration risk in large solar projects.
- Intense competition leading to margin pressure.
GRE Renew Enertech IPO Promoter Holding
| Pre-Issue Share Holding | 95.06% |
| Post Issue Share Holding | 69.99% |
GRE Renew Enertech IPO Prospectus
- GRE Renew Enertech IPO DRHP
- GRE Renew Enertech IPO RHP
Company Contact Information
| GRE Renew Enertech Ltd. Plot no. 423, G.I.D.C.-II Dediyasan Mehsana, Gujarat, 384002 Phone: +91 9974039300 Email: cs@greindia.com Website: https://greindia.com/ |
GRE Renew Enertech IPO Registrar
| Maashitla Securities Pvt.Ltd. Phone: +91-11-45121795-96 Email: ipo@maashitla.com Website: https://maashitla.com/allotment-status/public-issues |
GRE Renew Enertech IPO Lead Manager(s)
| 1. Share India Capital Services Pvt.Ltd. |
GRE Renew Enertech IPO FAQ
| What is the GRE Renew Enertech IPO? GRE Renew Enertech IPO is an SME IPO. The issue is priced at ₹100 – ₹105 per equity share. The IPO is to be listed on BSE SME. |
| When will GRE Renew Enertech IPO open? The IPO is to open on 13 January 2025 for QIB, NII, and Retail Investors. |
| What is GRE Renew Enertech IPO Investors’ Portion? The investors’ portion for QIB – 50%, NII – 15%, and Retail – 35%. |
| What is the GRE Renew Enertech IPO Size? GRE Renew Enertech IPO size is ₹40.00 Crore. |
| What are the GRE Renew Enertech IPO Minimum and Maximum Lot Sizes for Retail Investors? The minimum bid is 2400 Shares for ₹2,52,000, while the maximum bid is 2400 Shares for ₹2,52,000. |
| What is the GRE Renew Enertech IPO Allotment Date? GRE Renew Enertech IPO allotment date is 19 January 2026. |
| What is the GRE Renew Enertech IPO Listing Date? GRE Renew Enertech IPO listing date is 21 January 2026. The IPO is to be listed on the BSE SME. |
