Acetech E-Commerce IPO...
21 Feb, 2026
GRE Renew Enertech IPO
The GRE Renew Enertech IPO is a book-building issue with a total size of ₹39.56 crore. This is a completely new issue of shares, open for subscription from January 13, 2026, to January 16, 2026, with a price range of ₹100 to ₹105 per share. Each application lot consists of 1,200 shares and the minimum investment for an individual investor is ₹2,52,000, which is the cost for 2,400 shares at the upper end of the price band. The IPO is expected to list on the BSE SME platform with a tentative listing date set for January 21, 2026.
Company Background
GRE Renew Enertech Ltd. was established in 1999 and focuses on renewable energy solutions, including solar power systems, energy storage and green technology integration.
The company primarily operates in Gujarat and Maharashtra, with projects covering rooftop solar installations, hybrid energy systems and electric vehicle charging infrastructure. GRE Renew holds certifications from the Ministry of New and Renewable Energy (MNRE) for solar EPC services and has completed over 50 MW of renewable projects up to FY25. This SME entity has gained a growing market share in the distributed solar segment, achieving a 25% year-on-year revenue growth in recent fiscal years. With a streamlined operational model and expansion into energy management software, GRE Renew positions itself as an agile innovator in India's transition to green energy.
Operations and Product Range
Facility and Production
GRE Renew Enertech Limited operates from its factory and registered office located at Plot No. 423, G.I.D.C. – II, Dediyasan, Mehsana – 384002, Gujarat, with a corporate office in Ahmedabad. The Mehsana-based company delivers end-to-end EPC execution across more than 20 states, offering design, procurement, installation and O&M services for solar projects using advanced yield-optimizing technology.
In Fiscal 2025, the company reported revenue of ₹83.72 crore and a profit after tax of ₹7.03 crore, with a cumulative portfolio exceeding 61 MW, including 52 MW of ground-mounted and 9 MW of rooftop solar installations.
Brands and Market Presence
GRE Renew Enertech Limited is a leading solar EPC provider that offers on-site renewable energy solutions to commercial, industrial and institutional clients across India.
The company has a strong presence in Gujarat and extends its operations to over 20 states, delivering rooftop, ground-mounted and tracker-based solar projects nationwide. GRE Renew supplies advanced solar solutions through established EPC and RESCO models, supported by ISO 9001:2015 certification and strategic partnerships that reinforce its market leadership in the renewable energy sector.
Revenue Channels
-Provides engineering, procurement, construction and commissioning services for solar plants owned by customers.
-Owns and invests in solar systems, selling power to customers via fixed monthly tariffs to generate annuity income.
-Offers on-grid and hybrid rooftop solar systems, along with ground-mounted and tracker-based installations for a consistent renewable energy supply.
-Supplies indoor and outdoor LED lighting products, contributing less than 5% to the company's total revenue.
Management and Shareholding
Promoters and Shareholding
GRE Renew Enertech Limited is promoted by experienced entrepreneurs in the renewable energy sector, with key promoters holding significant equity shares supported by their technical expertise in solar EPC execution.
The current shareholding structure includes promoter group ownership, which ensures strategic guidance, while the SME IPO offers shares to the public and institutional investors to support expansion without diluting core control. This structure helps maintain promoter involvement and operational stability in the competitive solar market.
Board Members
The board of directors of GRE Renew Enertech Limited oversees strategic, operational and financial management in the renewable energy sector.
Key directors lead areas such as project execution, technical operations, finance and business development. They ensure efficient delivery of solar EPC projects, enhance project safety standards, optimize resource usage and strengthen corporate governance practices. The board focuses on sustainable growth, technological innovation in solar solutions and maximizing long-term value for all stakeholders.
WHAT IS GMP?
GMP (Grey Market Premium) is the difference between the IPO price and the grey market price. It is the premium amount paid for the traded IPO shares. It plays an important role in IPOs as it reflects how the IPO would react on the listing day.
A grey market is a place where shares/stocks are traded before being listed officially on the stock exchange.
GRE Renew Enertech IPO GMP
| GMP Date | IPO Price | GMP | Last Updated |
|---|---|---|---|
| - | - | - | - |
**The GMP prices displayed here are solely for informational purposes related to the grey market news. India IPO does not engage in or facilitate grey market trading, nor are these rates (sub2) indicative of any trading activity. We also do not recommend or endorse participation in the grey market.**
GRE Renew Enertech IPO Details
| Detail | Description |
|---|---|
| IPO Date | 13 to 16 Jan, 2026 |
| Listing Date | Wed, Jan 21, 2026 |
| Face Value | ₹10 per share |
| Issue Price Band | ₹100 to ₹105 |
| Lot Size | 1,200 Shares |
| Sale Type | Fresh Capital |
| Total Issue Size | 37,68,000 shares (agg. up to ₹40 Cr) |
| Reserved for Market Maker | 1,92,000 shares (agg. up to ₹2 Cr) Share India Securities Ltd. |
| Net Offered to Public | 35,76,000 shares (agg. up to ₹38 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Share Holding Pre Issue | 1,05,20,000 shares |
| Share Holding Post Issue | 1,42,88,000 shares |
GRE Renew Enertech IPO Timeline
| Detail | Description |
|---|---|
| IPO Open Date | Tue, Jan 13, 2026 |
| IPO Close Date | Fri, Jan 16, 2026 |
| Tentative Allotment | Mon, Jan 19, 2026 |
| Initiation of Refunds | Tue, Jan 20, 2026 |
| Credit of Shares to Demat | Tue, Jan 20, 2026 |
| Tentative Listing Date | Wed, Jan 21, 2026 |
GRE Renew Enertech IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 2 | 2,400 | ₹2,52,000 |
| Individual investors (Retail) (Max) | 2 | 2,400 | ₹2,52,000 |
| S-HNI (Min) | 3 | 3,600 | ₹3,78,000 |
| S-HNI (Max) | 7 | 8,400 | ₹8,82,000 |
| B-HNI (Min) | 8 | 9,600 | ₹10,08,000 |
GRE Renew Enertech IPO Promoter Holding
| Share Holding Pre Issue | Share Holding Post Issue |
|---|---|
| Promoter Holding Pre Issue | - |
| Promoter Holding Post Issue | - |
Competitive Strength:
- • Leading solar EPC provider with expertise in on-site renewable energy solutions tailored for commercial and industrial clients.
- • Strategic manufacturing facility in Mehsana, Gujarat, supporting project execution across more than 20 states.
- • Promoter group with extensive technical expertise in CAPEX and RESCO solar models.
- • PAN India presence with strong financial performance, including ₹83.72 crore revenue in FY2025.
GRE Renew Enertech IPO Financial Information
| Period Ended | Assets | Total Income | Profit After Tax | Net Worth | Reserves and Surplus | Total Borrowing | ||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 30 Sep 2025 | 42.77 | 43.98 | 4.00 | 35.22 | 24.70 | 1.45 | ||||||||||||||||||||||||||||||||||
| 31 Mar 2025 | 45.46 | 84.37 | 7.03 | 31.23 | 20.71 | 1.59 | ||||||||||||||||||||||||||||||||||
| 31 Mar 2024 | 49.12 | 92.15 | 9.91 | 21.03 | 19.78 | 4.57 | ||||||||||||||||||||||||||||||||||
| 31 Mar 2023 | 51.65 | 53.11 | 0.89 | 11.14 | 9.89 | 4.75 | ||||||||||||||||||||||||||||||||||
| Amount in ₹ Crore | ||||||||||||||||||||||||||||||||||||||||
Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 26.89% |
| ROCE | 29.60% |
| Debt/Equity | 0.05 |
| RoNW | 26.89% |
| PAT Margin | 8.39% |
| EBITDA Margin | 11.33% |
| Price to Book Value | 3.54 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | ||
| P/E (x) |
GRE Renew Enertech IPO Objectives
- • Payment of brokerage and selling commissions.
- • Reduction of fees to other parties, including the registrar's office and IPO documentation costs.
- • Debt reduction, company expansion and legal process fees.
- • General corporate expenses.
Conclusion
The GRE Renew Enertech IPO gives investors access to a well-established solar EPC leader with solid FY25 financials, nationwide project execution capabilities and scalable RESCO models in India's rapidly growing renewable energy sector.
With a healthy return on equity (ROE) of 26.89% and strategic use of IPO proceeds for growth, this SME issue presents strong long-term potential for green energy portfolios.
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Frequently Asked Questions (FAQs)
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1. What is the GRE Renew Enertech IPO issue size and structure?
The IPO is a book-built issue of ₹39.56 crore, entirely a fresh issue of 37.68 lakh shares, with 1.92 lakh shares reserved for market makers. The net public offer is 35.76 lakh shares.
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2. When does the GRE Renew Enertech IPO open and list?
The IPO opens for subscription on January 13, 2026 and closes on January 16, 2026. Tentative allotment is expected on January 19 and the tentative listing on BSE SME is set for January 21, 2026.
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3. What is the minimum investment for retail investors?
Retail investors can apply for lots of 1,200 shares at the price band of ₹100–105. The minimum investment for one lot is ₹1,26,000 and for two lots, it is ₹2,52,000.
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4. What is GRE Renew Enertech's market positioning?
Based in Mehsana, GRE Renew Enertech is a leading solar EPC provider that operates across more than 20 states with ISO 9001:2015 certification. The company executes advanced rooftop and ground-mounted solar projects for commercial and industrial clients nationwide.
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5. Who are the promoters and what is the post-IPO shareholding?
The company is promoted by experienced professionals in the renewable energy sector. Pre-IPO shareholding of 1.05 crore shares increases to 1.43 crore post-IPO, maintaining promoter control for strategic stability.
