GRE Renew Enertech IPO

GRE Renew Enertech IPO offers investors a niche play on industrial and commercial solar EPC and RESCO projects with healthy return ratios, low leverage and a high‑ticket SME‑style lot size.​

GRE Renew Enertech IPO overview

• GRE Renew Enertech Limited provides rooftop and ground‑mounted solar solutions to industrial and commercial customers, operating under CAPEX (EPC + O&M) and RESCO (PPA‑based) models.​
• The company also manufactures LED lighting solutions but has shifted its primary focus towards solar energy projects in recent years.​
• GRE Renew Enertech aims to be a preferred solar solutions provider for industrial and commercial clients, leveraging long‑term PPAs and turnkey EPC capabilities.​

Key IPO details, dates and lot size

5. IPO open date: January 13, 2026;
5. Close date: January 16, 2026;
5. Allotment on January 19,
5. Refunds and Demat credit on January 20  
5. Listing on January 21, 2026 (cut‑off 5 PM on closing day).​

5. IPO lot size : 2,400 shares with an application amount of ₹2,52,000; retail can apply for only 1 application (2 lots = 2,400 shares) as per table, placing it in the high‑ticket SME bracket.​
5. Investor reservation:
   • QIB (ex‑anchor) 50%, NII 35%, and Retail 15%; anchor portion and size will be updated around anchor bidding in 2026.​

5. Promoters: Kamleshkumar Dahyalal Patel, Kirtikumar Kantilal Suthar and Mukeshkumar Prahladbhai Trivedi; promoter holding pre‑issue 95.06% (1,05,20,000 shares), post‑issue 69.99% (1,42,88,000 shares).​

5. Objective Of the IPO: Setting up a 7.20 MW (AC) / 9.99 MW (DC) ground‑mounted solar power plant with capex of ₹32.61 crore, plus general corporate purposes.​

Financials and valuation snapshot

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 ₹ Crore

•  FY2025 key ratios:
  • ROE 26.89%, ROCE 29.60%.​
  • EBITDA margin 11.33%, PAT margin 8.39%.​
  • Debt‑equity ratio 0.05, indicating very low leverage.​
  • EPS ₹6.71 (basic), RoNW 26.89%, NAV ₹29.68; P/E not specified.​
• Peer comparison (solar/energy EPC):
  • Oriana Power: EPS 81.92, P/E 15.99, RoNW 48.62%, NAV ₹256.26, income ₹1,018.67 crore.​
  • Zodiac Energy: EPS 13.38, P/E 29.27, RoNW 27.71%, NAV ₹64, income ₹407.78 crore; peers operate at larger scale than GRE Renew Enertech.​

Strengths

• Established presence in rooftop and ground‑mounted solar EPC, targeting industrial and commercial customers with both CAPEX and RESCO models.​
• Clear business positioning as an integrated solar solutions provider—engineering, procurement, construction and O&M under CAPEX and PPA‑based RESCO.​
• Strong improvement in profitability with PAT increasing from ₹0.89 crore in FY2023 to ₹9.91 crore in FY2024 and sustaining at ₹7.03 crore in FY2025.​
• Healthy return ratios with ROE of 26.89% and ROCE of 29.60% in FY2025, reflecting efficient capital use.​
• Decent EBITDA margin of 11.33% and PAT margin of 8.39% in FY2025, respectable for a competitive solar EPC/RESCO player.​
• Very low leverage with debt‑equity at 0.05, giving comfort on balance sheet strength and future borrowing capacity.​
• IPO proceeds earmarked for a 7.20 MW (AC) / 9.99 MW (DC) ground‑mounted solar plant, adding annuity‑style power‑generation revenue and diversifying income.​
• Promoters retaining nearly 70% post‑issue stake, ensuring continued skin in the game and promoter commitment.​
• Tailwinds from India’s renewable energy push, industrial decarbonisation, and rising adoption of solar by C&I customers.​
• Peer group (Oriana Power, Zodiac Energy) shows market appetite for solar EPC/renewable names, supporting thematic interest in GRE Renew Enertech IPO.​

Risks

• SME‑style IPO with high minimum lot size (2,400 shares, ₹2,52,000) makes GRE Renew Enertech IPO suitable mainly for higher‑ticket retail investors.​
• Revenue declined from ₹92.15 crore in FY2024 to ₹84.37 crore in FY2025, indicating volatility and project‑driven lumpiness.​
• Scale is modest compared with peers like Oriana Power and Zodiac Energy, which operate at several times higher income levels.​
• Project‑based solar EPC and RESCO models expose the company to execution delays, counterparty risk and PPA payment delays.​
• Price/Earning (P/E) ratio not disclosed yet, making valuation benchmarking vs listed solar peers harder at this stage.​
• Customer and sector concentration risk due to focus on industrial and commercial solar, potentially linked to specific geographies or clusters.​
• RESCO model involves upfront capital outlay with staggered tariff recovery, creating long‑term receivable and asset‑recovery risk if clients default or renegotiate.​
• Competition from larger solar EPC players and integrated renewable developers could pressure margins and order wins.​
• Regulatory and policy risk around solar incentives, open access rules, net‑metering and power tariffs that can impact project viability.​
• SME listing risk with potentially low liquidity, higher impact cost and sharper price swings after listing compared to mainboard renewables.​

How To Apply for the IPO ?

• Login or Open demat account with JM Financial Services / JM PRO app: Open the JM PRO app or JM Financial Services website and log in with your credentials. 
• Locate the IPO Section: Navigate to the 'IPO' section on the platform. 
• Select IPO: Find and select the IPO from the list of open IPOs. 
• Enter the Lot Size: Specify the number of lots you want to bid for. 
• Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application. 
• Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN. 

How To Check the Allotment Status of IPO?

Steps to check IPO allotment status on JM Pro app: 

• Log in to the JM Pro app. 
• Go to the IPO Section and then to IPO Orders. 
• Select the individual IPO that you had applied for and check the allotment status. 

JM Financial Services will notify you of your IPO allotment status via push notification and email

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