GRE Renew Enertech IPO
Bookbuilding IPO | ₹40.00 Cr | Listing at BSE SME
IPO Open
Tue, Jan 13, 2026
IPO Close
Fri, Jan 16, 2026
Price Band
₹100.00 to ₹105.00
Market Cap (Pre-IPO)
₹150.02 Cr
IPO Details
| IPO Date | Jan 13, 2026 to Jan 16, 2026 |
| Listing Date | Tentative: Jan 21, 2026 |
| Face Value | ₹10.00 per share |
| Price Band | ₹100.00 to ₹105.00 |
| Lot Size | 1200 Shares (Minimum: ₹126,000.00) |
| Sale Type | Fresh Issue |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Issue Size | ₹40.00 Crores |
| Total Shares Offered | 3,768,000 shares |
| Offer For Sale | 3,768,000 shares |
GRE Renew Enertech IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | 17,76,000 (47.13%) |
| Retail Shares Offered | 12,60,000 (33.44%) |
| NII Shares Offered | 5,40,000 (14.33%) |
GRE Renew Enertech IPO Lot Size
Investors can bid for a minimum of 2,400 shares and in multiples of 1,200 shares thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 2,400 | ₹252,000 |
| Retail (Max) | 2 | 2,400 | ₹252,000 |
| S-HNI (Min) | 3 | 3,600 | ₹378,000 |
| S-HNI (Max) | 7 | 8,400 | ₹882,000 |
| B-HNI (Min) | 8 | 9,600 | ₹1,008,000 |
GRE Renew Enertech Financial Information (Restated Consolidated)
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 42.77 | 45.46 | 49.12 | 51.65 |
| Total Income | 43.98 | 84.37 | 92.15 | 53.11 |
| Profit After Tax | 4.00 | 7.03 | 9.91 | 0.89 |
| EBITDA | 5.72 | 9.48 | 11.48 | 1.31 |
| NET Worth | 35.22 | 31.23 | 21.03 | 11.14 |
| Reserves and Surplus | 24.70 | 20.71 | 19.78 | 9.89 |
| Total Borrowing | 1.45 | 1.59 | 4.57 | 4.75 |
Amount in ₹ Cr
Key Performance Indicators
As of Monday, March 31, 2025| KPI | Values |
|---|---|
| ROE (Return on Equity) | 26.89% |
| ROCE (Return on Capital Employed) | 29.60% |
| Debt/Equity | 0.05 |
| RoNW (Return on Net Worth) | 26.89% |
| PAT Margin (Profit After Tax Margin) | 8.39% |
| EBITDA Margin | 11.33% |
| Price to Book Value | 3.54 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS Rs | 6.68 | 5.60 |
| P/E (x) | 15.72 | 18.75 |
| Promoter Holding | 95.06% | 69.99% |
Company Promoters
- Mr. Kamleshkumar Dahyalal Patel
- Mr. Kirtikumar Kantilal Suthar
- and Mr. Mukeshkumar Prahladbhai Trivedi are the promoters of the company.
Company Overview
GRE Renew Enertech Limited is engaged in the business of solar energy solutions and LED lighting products.
They offer rooftop and ground-mounted solar installations, as well as indoor and outdoor LED lighting solutions.
The company, originally a manufacturer of LED lighting solutions, now primarily focuses on solar energy.
Business Model:
- CAPEX Model (EPC) (Engineering, Procurement and Construction): The company follows the CAPEX model, where consumers own and fund solar systems, while EPC services manage engineering, procurement, construction, and commissioning, ensuring complete PV plant delivery and grid connection.
- RESCO Model (Opex): The company uses the RESCO model, where it funds and owns rooftop solar systems, earning annuity income while consumers pay monthly tariffs, though securing low-cost capital remains a key challenge.
Products and services:
- EPC (Engineering, Procurement, and Construction):Turnkey solar solutions from design to commissioning, including operation and maintenance as required.
- Rooftop Systems (On-Grid):Grid-tied solar systems reduce electricity bills by supplying power and feeding excess to the grid.
- Solar Rooftop Systems (Hybrid):Combines solar panels, batteries, and grid access to ensure a continuous, eco-friendly power supply anytime.
- PV Module:High-efficiency, reliable solar modules suitable for various applications with strong performance in all conditions.
Company Strengths
- Experience Management Team
- Training and Skill development programs to strengthen Operation & Maintenance Team
- Existing number, visible order book, and favourable national policy support
- 24/7 Premium Support System
- ESG (Environment, Social and Governance)
Use of Proceeds
| 1) | Setting up of 7.20 MW (AC) / 9.99 MW (DC) Ground Mounted Solar Power Plant | 32.61 |
| 2) | General corporate purposes |
Objectives
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
GRE Renew Enertech IPO Peer Comparison
GRE Renew Enertech peer comparison with similar listed entities. (As on March 28, 2025)| Company Name | EPS (Basic) | EPS (Diluted) | NAV (per share) (Rs) | P/E (x) | RoNW (%) | P/BV Ratio | Financial statements |
|---|---|---|---|---|---|---|---|
| GRE Renew Enertech Ltd. | 6.69 | 6.69 | 20.72 | - | 41.93 | - | - |
| Oriana Power Limited | 81.92 | 81.92 | 256.26 | 15.99 | 48.62 | 5.11 | Standalone |
| Zodiac Energy Limited | 13.38 | 13.27 | 64.00 | 29.27 | 27.71 | 6.11 | Standalone |
Quick Info
| Sector | Renewable Energy |
| Exchange | BSE SME |
| Market Cap (Pre-IPO) | ₹150.02 Cr |
| GMP | 0.00 |
Important Dates
| IPO Open | Jan 13, 2026 |
| IPO Close | Jan 16, 2026 |
| Allotment Date | Jan 19, 2026 |
| Credit to Demat | Jan 20, 2026 |
| Listing Date | Tentative: Jan 21, 2026 |
Lead Manager(s)
Share India Capital Services Pvt.Ltd.
Registrar
Maashitla Securities Pvt.Ltd.
+91-11-45121795-96
Description
- GRE Renew Enertech IPO is a book build issue of ₹39.56 crores. The issue is entirely a fresh issue of 0.38 crore shares of ₹39.56 crore.
- GRE Renew Enertech IPO opens for subscription on Jan 13, 2026 and closes on Jan 16, 2026. The allotment for the GRE Renew Enertech IPO is expected to be finalized on Jan 19, 2026. GRE Renew Enertech IPO will list on BSE SME with a tentative listing date fixed as Jan 21, 2026.
- GRE Renew Enertech IPO price band is set at ₹100 to ₹105 per share. The lot size for an application is 1,200. The minimum amount of investment required by an individual investor (retail) is ₹2,52,000 (2,400 shares) (based on upper price). The minimum lot size for investment in HNI is 3 lots (3,600 shares), amounting to ₹3,78,000.