GRE Renew Enertech IPO is a book-built issue worth ₹39.56 crore. The entire issue consists of a fresh issue of about 0.38 crore equity shares, with no offer for sale.
The IPO will open for subscription on January 13, 2026, and close on January 16, 2026. The basis of allotment is likely to be finalised on January 19, 2026, and the shares are expected to list on the BSE SME platform on January 21, 2026.
The price band for the IPO has been fixed at ₹100 to ₹105 per share. Each lot consists of 1,200 shares. Retail investors need to apply for a minimum of two lots (2,400 shares), which requires an investment of ₹2.52 lakh at the upper price band. For HNI investors, the minimum application is three lots (3,600 shares), amounting to ₹3.78 lakh.
Share India Capital Services Pvt. Ltd. is the book-running lead manager for the issue, while Maashitla Securities Pvt. Ltd. is acting as the registrar. Share India Securities Ltd. has been appointed as the market maker for the IPO.
Industry Outlook
- India’s energy demand is expected to grow faster than any other country due to its large population and economic growth.
- To meet this rising demand, most new energy needs will come from clean and renewable sources.
- India has committed to achieving net-zero carbon emissions by 2070 and meeting 50% of its electricity needs from renewables by 2030, marking a major step in fighting climate change.
- As of 2023, India ranked fourth globally in solar power capacity, wind power capacity, and total renewable energy installations.
- Renewable power capacity grew at a CAGR of over 15% between FY16 and FY23, reaching 125 GW in FY23.
- India is the fastest-growing renewable electricity market, with capacity additions expected to double by 2026.
- By March 2025, installed renewable capacity is expected to rise to around 170 GW.
- India has already crossed 100 GW of solar capacity, achieved 47% non-fossil fuel power, and reduced emissions intensity by 36%.
- The country aims to reach 500 GW of renewable energy capacity by 2030, with solar and wind power leading the growth.
- As of July 2024, renewable energy capacity (including biomass and waste-to-energy) stood at 150.27 GW.
GRE Renew Enertech IPO Objectives
The company proposes to utilise the net proceeds from the IPO for the following objectives:
- The IPO consists entirely of a fresh issue of up to 37,68,000 equity shares, each having a face value of ₹10.
- The issue size will depend on the final offer price and allotment.
- Since this is a fresh issue, the Company will receive the full proceeds from the IPO, after deducting issue-related expenses.
- Around ₹3,260.83 lakh will be used to set up the solar power plant.
- Funds allocated for general corporate purposes will be finalised after the issue price is determined.
- The amount used for general corporate purposes will not exceed 15% of the total issue size or ₹10 crore, whichever is lower.
About GRE Renew Enertech Limited
GRE Renew Enertech Limited operates in the renewable energy space, mainly providing solar energy solutions along with LED lighting products. The company offers both rooftop and ground-mounted solar installations, as well as indoor and outdoor LED lighting solutions. While it began as an LED lighting manufacturer, the company has now shifted its primary focus toward the solar power segment, in line with growing demand for clean energy.
The company works under 2 main business models. Under the CAPEX (EPC) model, customers invest in and own the solar systems, while GRE Renew Enertech handles the complete process, including design, procurement, installation, commissioning, and grid connectivity. Under the RESCO (Opex) model, the company invests in and owns rooftop solar systems and earns regular income by supplying power to customers, who pay monthly tariffs. However, this model requires access to low-cost funding.
GRE Renew Enertech provides end-to-end EPC services, offering turnkey solar solutions from planning to commissioning, along with operation and maintenance support when required. Its product range includes on-grid rooftop solar systems that help customers lower electricity bills by supplying solar power and exporting surplus energy to the grid. The company also offers hybrid solar rooftop systems, which combine solar panels, battery storage, and grid power to ensure uninterrupted and environmentally friendly energy supply. In addition, it supplies high-efficiency solar PV modules designed for reliable performance across different operating conditions.
The company’s key strengths include an experienced management team, continuous training and skill development programs for its operations and maintenance workforce, and a visible order book supported by favourable government policies for renewable energy. GRE Renew Enertech also provides 24/7 customer support and follows strong ESG (Environmental, Social, and Governance) practices, highlighting its commitment to sustainability and responsible business operations.
How To Check the Allotment Status of the GRE Renew Enertech IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One 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.
- Angel One will notify you of your IPO allotment status via push notification and email.
How To Apply for GRE Renew Enertech IPO Online?
- Login to Your Angel One Account: Open the Angel One app or 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 GRE Renew Enertech 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.
Contact Details of GRE Renew Enertech IPO
Registered Office: GRE Renew Enertech Ltd. Address, Plot no. 423, G.I.D.C.-II, Dediyasan, Mehsana, Gujarat, 384002
Phone: +91 9974039300
E-mail: cs@greindia.com
GRE Renew Enertech IPO Reservation
| Investor Category | Shares Offered |
| Qualified Institutional Buyers (QIB) | Not more than 50% of the Net Issue |
| Retail Individual Investors (RII) | Not less than 35% of the Net Issue |
| Non-Institutional Investors (NII) | Not less than 15% of the Net Issue |
GRE Renew Enertech IPO Promoter Holding
The promoters of the company are H N Devakumar, B H Devasinghnaik, Dharanendra H Gouda, Ramalingam Venkataramana, and Anil K N.
| Share Holding Pre-Issue | 95.06% |
| Share Holding Post Issue | 69.99% |
Key Performance Indicators for GRE Renew Enertech IPO
| KPI | Value |
| Return on Equity (ROE) | 26.89% |
| Return on Capital Employed (ROCE) | 29.60% |
| Debt to Equity Ratio | 0.05 |
| Return on Net Worth (RoNW) | 26.89% |
| PAT Margin | 8.39% |
| EBITDA Margin | 11.33% |
| Price to Book Value | 3.54 |
GRE Renew Enertech IPO Prospectus
GRE Renew Enertech IPO Registrar and Lead Managers
GRE Renew Enertech IPO Lead Managers
- Share India Capital Services Pvt.Ltd
Registrar for GRE Renew Enertech IPO
Maashitla Securities Pvt.Ltd.
- Contact Number: +91-11-45121795-96
- Email Address: ipo@maashitla.com
Financial Performance of GRE Renew Enertech Limited
| Particulars | Year ending as of Mar 31 2025 | Year ending as of Mar 31 2024 | Year ending as of Mar 31 2023 |
| Assets (₹ cr) | 45.46 | 49.12 | 51.65 |
| Total Income (₹ cr) | 84.37 | 92.15 | 53.11 |
| Profit After Tax (PAT) (₹ cr) | 7.03 | 9.91 | 0.89 |
| EBITDA (₹ cr) | 9.48 | 11.48 | 1.31 |
| Net Worth (₹ cr) | 31.23 | 21.03 | 11.14 |
| Reserves and Surplus (₹ cr) | 20.71 | 19.78 | 9.89 |
| Total Borrowings (₹ cr) | 1.59 | 4.57 | 4.75 |
GRE Renew Enertech Limited Peer Details Comparison
| Name of Company | Revenue from Operations (₹ in lakhs) | Face Value (₹) | P/E | RoNW (%) | NAV per Equity Share (₹) |
| GRE Renew Enertech Limited | 7,965.87 | 10 | Nil | 41.93 | 20.72 |
| Oriana Power Limited | 101,867.31 | 10 | 15.99 | 48.62 | 256.26 |
| Zodiac Energy Limited | 40,777.72 | 10 | 29.27 | 27.71 | 64.00 |
Strengths and Opportunities of GRE Renew Enertech IPO
- Experienced leadership with a strong background in solar and LED businesses, driving consistent execution and growth.
- In-house EPC and O&M team with trained professionals ensuring quality project delivery and efficient system maintenance.
- Strong order book with over 61 MW of EPC projects executed, supported by favourable government renewable energy policies.
- 24/7 monitoring and customer support, helping optimise solar output and reduce downtime.
- Strong ESG focus, aligned with India’s clean energy and sustainability goals.
- Expansion opportunities across new geographies, building on presence in 13 states and 2 overseas markets.
- Rising demand for renewable energy creates long-term growth potential.
- Focus on quality and professionalism is expected to improve repeat orders, customer retention, and brand value.
Risks and Threats of GRE Renew Enertech IPO
- The company undertakes fixed-price EPC contracts. If actual project costs turn out to be higher than estimated, it may lead to cost overruns, higher working capital needs, and lower profitability.
- Delays due to weather, approvals, supply issues, or changes in project scope can increase costs, delay payments, or result in penalties, affecting cash flows and margins.
- The company faces strong competition from other EPC players. Aggressive pricing, better technology, or faster execution by competitors could reduce order wins, margins, and market share.
- A large portion of revenue comes from Gujarat. Any regional disruptions, policy changes, or slowdown in this state could significantly impact business performance.
- Solar power generation depends on consistent sunlight. Unfavourable weather conditions may reduce power output, delay installations, and affect revenue and project timelines.
- The company depends on its in-house engineering and design team. Loss of key technical staff may affect project quality, timelines, and execution capability.
- The order book is based on estimates and may not convert fully into revenue. Delays, cancellations, payment defaults, or scope changes can impact expected earnings.
- Failure to meet project timelines may result in liquidated damages, forfeiture of security deposits, or termination of EPC contracts, impacting profitability.
