Grace Renewable Energy IPO

Grace Renewable Energy Limited IPO is a book building issue of 1.12 crore equity shares, consisting of a fresh issue of up to 84.15 lakh equity shares and an offer for sale of up to 27.85 lakh equity shares.

The equity shares are proposed to be listed on NSE and BSE. Marwadi Chandarana Intermediaries Brokers Private Limited is the book running lead manager, and KFin Technologies Limited is the registrar of the issue. Key details, such as IPO dates, price band, and lot size, are yet to be announced.

About Grace Renewable Energy Limited

Grace Renewable Energy Limited is a solar energy company providing specialised energy solutions to customers across the residential, commercial, and industrial sectors. The company operates through three principal business verticals: Engineering, Procurement and Construction (EPC), trading of solar and energy-related products, and Battery Energy Storage Solutions (BESS).

Under its EPC vertical, the company undertakes on-site solar projects, including rooftop and ground-mounted installations, as well as off-site solar farms. The company also provides Operation and Maintenance (O&M) services for the contracted period following commissioning.

The company's EPC business has executed and commissioned 56,516.75 KW of solar projects across more than 2,132 sites over the last three financial years. These projects included 1,950 residential sites with an installed capacity of approximately 10,347.87 KW and 182 commercial and industrial sites with an installed capacity of approximately 46,168.88 KW. As of March 31, 2026, the company had an EPC order book of ₹478.86 million. Its geographical presence extended across 11 states in India and three countries.

The company also operates a trading business involving solar photovoltaic modules, inverters, and other related equipment. It is an authorised channel partner for solar panels and photovoltaic modules manufactured by Mundra Solar Energy Limited, Mundra Solar PV Limited, and Adani New Industries Limited. It also distributes inverters manufactured by a Chinese manufacturer. These trading activities complement its EPC operations by enabling it to offer integrated solar energy solutions and diversify its revenue streams.

The company's third business vertical involves the manufacturing and distribution of Battery Energy Storage Solutions under its own brand, Grace. Initially, it engaged third-party contract manufacturers to produce BESS products according to its specifications and quality standards.

During Fiscal 2026, the company's revenue from operations stood at ₹2,058.36 million. Solar EPC contracts contributed ₹923.89 million, while the sale of solar panels contributed ₹1,108.96 million. BESS manufacturing and third-party contract manufacturing together contributed ₹5.30 million during the same period. Trading of solar panels represented the largest individual revenue contributor, accounting for 53.88% of revenue from operations. Commercial and industrial EPC contracts contributed 39.51%, while residential EPC contracts contributed 5.05%.

As of March 31, 2026, the company had a diversified customer base comprising more than 500 customers across its Solar EPC, trading, and BESS business segments. It undertakes solar EPC projects for residential, commercial, and industrial customers across India and overseas. During Fiscal 2026, its top 10 customers contributed ₹776.56 million, representing 37.73% of revenue from operations. Eight of these customers belonged to the commercial and industrial category, while the remaining two were trading customers.

The facility is intended to undertake battery pack assembly and system integration, including cell receipt and storage, electrical sorting, busbar and module assembly, battery management system integration, container integration, and end-of-line electrical performance testing. As of August 31, 2026, the company had 87 permanent employees across various departments.

The company holds ISO 9001:2015 certification for its Quality Management System, issued by Assurance Quality Certification LLC. The certification covers the manufacturing of batteries and the design, supply, sale, delivery, installation, operation, and maintenance of solar systems and related components for residential, commercial, and utility-scale off-grid and on-grid power systems, including large-scale projects executed under EPC contracts. The certification is valid until August 6, 2027.

Industry Outlook

• The global renewable energy sector is witnessing significant growth, driven by government policies, renewable energy auctions, declining solar module prices, and shorter project development timelines. According to the International Energy Agency (IEA), global renewable power capacity is projected to reach approximately 9,530 GW by 2030, with solar photovoltaic expected to account for nearly 80% of global renewable capacity additions.
• India's renewable energy sector has expanded considerably, with total renewable energy capacity reaching 274.68 GW as of March 31, 2026. Solar power capacity stood at 150.26 GW, compared with 2.82 GW in March 2014. India added 44.61 GW of solar capacity during FY 2025–26 and aims to achieve 500 GW of non-fossil fuel-based energy capacity by 2030.
• The Government of India has introduced several initiatives to promote solar energy adoption and domestic manufacturing. These include PM-Surya Ghar, PM-KUSUM, solar parks, rooftop solar programmes, and the Production Linked Incentive (PLI) scheme for high-efficiency solar photovoltaic modules.
• The growing adoption of utility-scale, rooftop, and distributed solar projects is creating opportunities for engineering, procurement, and construction (EPC) companies. EPC services typically include project design, engineering, procurement, installation, transmission, testing, and commissioning. Competition in this segment depends on execution capabilities, procurement efficiency, technical expertise, and financial strength.
• India's battery energy storage system (BESS) market is projected to grow from approximately USD 1.5 billion in FY25 to USD 6.7 billion by FY30, representing a compound annual growth rate of around 35%. Growth is expected to be driven by increasing renewable energy integration, grid flexibility requirements, peak demand management, power reliability, and rising electricity consumption from data centres and artificial intelligence infrastructure.
• The renewable energy and energy storage sectors have a fragmented competitive landscape, comprising integrated energy companies, project developers, and EPC service providers. Competition is influenced by project execution capabilities, cost efficiency, technical expertise, financial resources, technological advancements, and supply chain management. Demand for BESS is also supported by requirements for grid stability, frequency and voltage regulation, peak-load management, domestic battery manufacturing, and recycling.

Grace Renewable Energy IPO Objectives

The company proposes to utilise the net proceeds from the issue towards the following objectives:

• Funding of incremental working capital requirements of the company.
• Towards general corporate purposes.

Financial Performance of Grace Renewable Energy Limited

Grace Renewable Energy Limited Peer Details Comparison