GRE Renew Enertech
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 21 Jan 2026 | ₹1 | +0.95% | ₹900 | ₹106 | ₹1,200 |
| 20 Jan 2026 | ₹1 | +0.95% | ₹900 | ₹106 | ₹1,200 |
| 19 Jan 2026 | ₹6 | +5.71% | ₹5,500 | ₹111 | ₹7,200 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 13 Jan 2026 – 16 Jan 2026
- Listing date
- 21 Jan 2026
- Face value
- ₹1 per share
- Issue price
- ₹105 per share
- Lot size
- 1,200 shares
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹39.56 Cr
- Market cap at offer price
- ₹150 Cr
- Promoter holding
- 95.06% → 69.99% pre-issue → post-issue
- ISIN
- INE0U8P01015
- Registrar
- Maashitla Securities Pvt.Ltd.
- Lead managers
- Share India Capital Services Pvt.Ltd.
- Registered office
- Plot no.423, G.I.D.C.-II, Dediyasan, Gujarat
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 10,62,000 | — | — |
| Market maker | 1,92,000 | — | — |
Application size
Minimum 1,200 shares per lot, in multiples, at ₹105
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,26,000 |
| S-HNI (min) | 2 | 2,400 | ₹2,52,000 |
| S-HNI (max) | 7 | 8,400 | ₹8,82,000 |
| B-HNI (min) | 8 | 9,600 | ₹10,08,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹105 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 6.68 | 5.60 |
| P/E (×) | 15.72 | 18.75 |
| Price to book (×) | 3.54 | — |
| Market cap | — | ₹150 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 26.89%
- ROCE
- 29.60%
- Debt / equity
- 0.05
- PAT margin
- 8.39%
- EBITDA margin
- 11.33%
- NAV per share
- ₹29.68
- Price to book
- 3.54
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About GRE Renew Enertech
GRE Renew Enertech Limited, formerly GRE Electronics Private Limited, originated as a partnership firm established in 1999 and was converted to a private company in 2008, later becoming a public company in 2024. The company specializes in providing solar energy solutions through two primary business models: CAPEX (where customers invest capital and the company handles Engineering, Procurement, Construction, and Operation) and RESCO (where the company owns solar assets and sells electricity at pre-determined tariffs). The company is also an Indian manufacturer of LED lighting solutions, though solar energy is now the prime focus with LED contributing less than 5% of total turnover. Operations are concentrated in Gujarat, with revenue generation primarily from government-funded solar projects and EPC contracts.
Company Analysis
from RHPGRE Renew Enertech Limited is an Indian solar energy EPC and RESCO developer providing on-site solar projects and LED lighting solutions to industrial and commercial customers.
GRE Renew Enertech Limited, formerly GRE Electronics Private Limited, originated as a partnership firm established in 1999 and was converted to a private company in 2008, later becoming a public company in 2024. The company specializes in providing solar energy solutions through two primary business models: CAPEX (where customers invest capital and the company handles Engineering, Procurement, Construction, and Operation) and RESCO (where the company owns solar assets and sells electricity at pre-determined tariffs). The company is also an Indian manufacturer of LED lighting solutions, though solar energy is now the prime focus with LED contributing less than 5% of total turnover. Operations are concentrated in Gujarat, with revenue generation primarily from government-funded solar projects and EPC contracts.
Objects of the Issue
- Setting up of 7.20 MW (AC) / 9.99 MW (DC) Ground Mounted Solar Power Plant ₹3,158.31 lakhs p.24
- General corporate purposes p.24
- Setting up of 7.20 MW (AC) / 9.99 MW (DC) Ground Mounted Solar Power Plant ₹3,158.31 lakhs p.91
- General corporate purposes p.91
- Funding capex for implementation of a 7.20 MW (AC) / 9.99 MW (DC) Ground Mounted Solar Power Plant under RESCO model p.141
Issue Structure
- Total Issue
- Up to 37,68,000 Equity Shares aggregating to ₹ [●] Lakhs
- Fresh Issue
- Up to 37,68,000 Equity Shares aggregating to ₹ [●] lakhs
- Offer for Sale
- NIL
- Lot Size
- 2,400 Equity Shares and in multiples of 1,200 Equity Shares thereafter
- Face Value
- ₹10 per Equity Share
Business Model
The company operates under two primary models: (1) CAPEX model where the company provides Engineering, Procurement, Construction, and Operation services for customer-funded solar projects; (2) RESCO model where the company develops, owns, and operates rooftop and ground-mounted solar projects, selling generated electricity at pre-determined tariffs through long-term Power Purchase Agreements (typically 25 years). Revenue is generated through project execution fees under CAPEX and electricity tariffs under RESCO.
Business Segments
SWOT Analysis
- • Established solar energy business with CAPEX and RESCO models(p.23)
- • In-house designing and engineering team ensuring project self-reliance(p.37)
- • Strong order book demonstrating business pipeline(p.37)
- • Healthy financial performance with positive profitability(p.27)
- • Comprehensive EPC solutions with global execution track record(p.107)
- • Strong customer relationships and repeat business(p.107)
- • Advanced technology and equipment(p.107)
- • Experienced management team(p.107)
- • Track record of growth and profitability(p.107)
- • Strong financial position with low leverage(p.109)
- • High liquidity and working capital efficiency(p.109)
- • Established market presence with growing renewable energy portfolio(p.151)
- • Experienced management team with deep industry expertise(p.151)
- • Skilled O&M team ensuring high operational standards(p.151)
- • ISO 9001:2015 certification demonstrating quality commitment(p.135)
- • Diversified business model spanning CAPEX and RESCO segments(p.134)
- • Strong government relationship evidenced by SECI contracts(p.141)
- • Experienced founding team with 25+ years in renewable energy(p.203)
- • Strong technical and operational expertise across R&D, manufacturing, and project execution(p.203)
- • Diversified revenue streams from both EPC and RESCO solar models(p.268)
- • Strong financial position with low leverage and improving profitability(p.271)
- • Strong profitability with high operating margins in solar business(p.297)
- • Significant revenue growth from solar segment expansion(p.277)
- • Low leverage ratio indicating strong financial position(p.297)
- • Multiple relevant business certifications and quality standards(p.290)
- • Established track record with 3+ years of operations(p.296)
- • High geographic concentration with 92.93% revenue from Gujarat(p.36)
- • Reliance on limited number of suppliers without long-term agreements(p.40)
- • History of negative operating cash flows(p.39)
- • Past delays in statutory filings and compliance(p.44)
- • Delayed payment of statutory dues (EPF, ESIC)(p.45)
- • High concentration of revenue from top 10 clients(p.54)
- • Dependence on few key customers(p.56)
- • Concentration of operations in single geographic location(p.64)
- • Smaller revenue base compared to listed peers(p.113)
- • Limited scale relative to industry competitors(p.113)
- • High customer concentration risk with top customer accounting for significant revenue(p.155)
- • Geographic concentration of operations primarily in Gujarat(p.135)
- • Limited scale relative to target market opportunity(p.129)
- • Small employee base limiting operational capacity(p.154)
- • LED business becoming negligible with minimal contribution(p.135)
- • Concentration of ownership and key person dependency on three promoters(p.205)
- • Reliance on promoter-related parties for significant loans and advances(p.237)
- • Capital-intensive business requiring continuous investment in CWIP(p.253)
- • Significant decline in profitability from FY2024 to FY2025(p.270)
- • Significant dependence on a single or few customers(p.279)
- • Decline in profitability year-on-year despite historical growth(p.276)
- • Revenue decline in FY2025 from prior year peak(p.275)
- • High cost of materials consumed relative to revenue(p.272)
- • India's renewable energy growth targets with 50% electricity from renewable sources by 2030(p.24)
- • Rapidly expanding renewable capacity with 15.4% CAGR(p.24)
- • Expansion of ground-mounted solar projects under RESCO model(p.23)
- • Growing investment and improved economics in solar sector(p.24)
- • Planned deployment of IPO proceeds for 7.20 MW ground-mounted solar project(p.25)
- • India's renewable energy expansion targeting 500 GW by 2030(p.127)
- • Government support and policy framework for renewable energy(p.127)
- • Rising renewable energy investment in India(p.127)
- • Government capital expenditure push for infrastructure(p.126)
- • Growth in energy demand driving renewable sector expansion(p.126)
- • Strong FDI inflows into India for infrastructure(p.123)
- • Massive government targets for renewable energy expansion(p.128)
- • Strong projected growth in solar capacity and cost competitiveness(p.128)
- • Significant investment inflows supporting sector expansion(p.128)
- • Geographic expansion potential across Indian states(p.129)
- • Government incentive schemes driving market adoption(p.132)
- • Rising renewable energy generation demonstrating sector momentum(p.129)
- • Hybrid and decentralized solar projects expanding addressable market(p.131)
- • Manufacturing incentives for solar components(p.133)
- • Growing demand for renewable energy solutions and solar installations in India(p.268)
- • Expansion through RESCO model enabling recurring revenue and asset ownership(p.268)
- • Diversification into multiple states and establishment of pan-India presence(p.265)
- • Establishment of subsidiary companies for market expansion and business development(p.208)
- • Strong government support for solar energy expansion(p.277)
- • Potential for migration to main board of stock exchange(p.322)
- • Expansion into new product segments including LED and solar power generation(p.273)
- • Growing awareness among new potential solar buyers(p.277)
- • Unfavorable solar weather conditions impacting project effectiveness(p.36)
- • Reduction in government budgetary allocation to renewable energy sector(p.36)
- • Intense competition in solar energy industry with price pressures(p.36)
- • Falling solar tariff rates across India(p.48)
- • Volatility of raw material prices and supply chain disruptions(p.39)
- • Dependency on government authorities and policy changes(p.36)
- • Anti-dumping duties on imported solar components affecting supply costs(p.50)
- • Regulatory risks and need for multiple approvals(p.40)
- • Changes in government regulations and implementation(p.56)
- • Tax and levy increases affecting product costs and demand(p.56)
- • Political instability and changes to liberalization policies(p.56)
- • Global economic and political volatility affecting demand(p.56)
- • Infrastructure adequacy risks in India(p.56)
- • Natural calamities and weather-related disruptions(p.56)
- • Terrorist attacks and geopolitical violence affecting markets(p.57)
- • Intense industry competition from established and new entrants(p.128)
- • Technology and cost evolution creating pricing pressure(p.133)
- • Regulatory and policy changes affecting project viability(p.167)
- • Dependence on long-term Power Purchase Agreements with uncertain counterparty performance(p.141)
- • Weather and natural resource variability affecting generation(p.131)
- • Import duty increases on solar components raising project costs(p.163)
- • Regulatory changes and subsidy withdrawal in solar energy sector(p.269)
- • Cyclical nature of solar EPC projects dependent on customer capex cycles(p.268)
- • Volatility in input costs and raw material prices(p.220)
- • Intense competition from established and new entrants in solar sector(p.269)
- • Dependence on government policies and schemes for demand drivers(p.279)
- • Competition in the solar and lighting industry(p.279)
- • Exposure to input price volatility and foreign exchange risks(p.279)
- • Declining export revenue indicating potential market challenges(p.273)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Kamleshkumar Dahyalal Patel | Promoter | 49.90% | — |
| Kirtikumar Kantilal Suthar | Promoter | 23.76% | — |
| Mukeshkumar Prahladbhai Trivedi | Promoter | 4.75% | — |
| Kamleshkumar Dahyalal Patel | Promoter | 49.90% | — |
| Kirtikumar Kantilal Suthar | Promoter | 23.76% | — |
| Mukeshkumar Prahladbhai Trivedi | Promoter | 4.75% | — |
| Hasmukh Dahyalal Patel | Promoter Group | 5.23% | — |
| Jitendrakumar Patel | Promoter Group | 3.80% | — |
| Rameshchandra Keshavlal Patel | Promoter Group | 0.95% | — |
| Maniben Rameshchandra Patel | Promoter Group | 0.95% | — |
| Ashaben Prakashchandra Patel | Promoter Group | 3.80% | — |
| Bhavnaben Kamleshkumar Patel | Promoter Group | 1.90% | — |
| Kamleshkumar Dahyalal Patel | Promoter | 49.90% | — |
| Kirtikumar Kantilal Suthar | Promoter | 23.76% | — |
| Mukeshkumar Prahladbhai Trivedi | Promoter | 4.75% | — |
| Kamleshkumar Dahyalal Patel | Promoter and Managing Director | 49.90% | — |
| Kirtikumar Kantilal Suthar | Promoter and Executive Director | 23.76% | — |
| Mukeshkumar Prahladbhai Trivedi | Promoter and Executive Director | 4.75% | — |
| Mr. Kamleshkumar Dahyalal Patel | Promoter | — | — |
| Mr. Kirtikumar Kantilal Suthar | Promoter | — | — |
| Mr. Mukeshkumar Prahladbhai Trivedi | Promoter | — | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.