GRE Renew Enertech IPO entered the primary market through the Book Built SME route by GRE Renew Enertech Limited. The public issue consisted entirely of a fresh issue of equity shares, allowing the company to raise capital for business expansion and operational development. As outlined in the offer documents, the company proposed to utilise the proceeds for establishing a solar power project, strengthening working capital, and meeting general corporate requirements. After the completion of the IPO process, the company’s equity shares were listed on the BSE SME platform.
GRE Renew Enertech Limited operates in the renewable energy sector and focuses on delivering solar energy solutions for commercial, industrial, institutional, and infrastructure projects. The company provides end-to-end services that include engineering, procurement, construction (EPC), project execution, commissioning, and maintenance of solar power systems. Its business model is built around helping customers adopt clean energy solutions that improve energy efficiency and reduce dependence on conventional power sources.
The company manages the complete lifecycle of solar projects, beginning with project planning and engineering design and extending through equipment procurement, installation, testing, commissioning, and long-term operations and maintenance. By integrating technical expertise with project management capabilities, GRE Renew Enertech aims to execute projects efficiently while maintaining quality and safety standards.
The company’s long-term strategy focuses on expanding its presence within the renewable energy sector through continuous investment in technology, project execution capabilities, operational efficiency, and customer relationships. It also seeks to strengthen its position by executing projects across multiple industries while supporting the growing adoption of sustainable energy solutions.
India’s renewable energy industry continues to witness strong growth due to increasing investments in solar infrastructure, supportive government initiatives, rising electricity consumption, and growing awareness of sustainable energy sources. These industry trends continue to create opportunities for companies involved in solar engineering and project execution.
Since the IPO has already been completed and the company’s shares are listed on the stock exchange, investors should carefully evaluate the company’s financial performance, order book, execution capabilities, industry outlook, operational efficiency, and long-term growth prospects before making any investment decision.
GRE Renew Enertech IPO Details
| IPO Details | Information |
|---|---|
| IPO Name | GRE Renew Enertech IPO |
| Company Name | GRE Renew Enertech Limited |
| IPO Type | Book Built Issue |
| IPO Category | SME IPO |
| Face Value | ₹10 Per Equity Share |
| Price Band | ₹100 to ₹105 Per Share |
| Issue Size | ₹39.56 Crore |
| Fresh Issue | 37,68,000 Equity Shares |
| Offer for Sale | Nil |
| Total Issue Size | ₹39.56 Crore |
| IPO Open Date | 13 January 2026 |
| IPO Close Date | 16 January 2026 |
| Basis of Allotment | 19 January 2026 |
| Refund Initiation | 20 January 2026 |
| Shares Credited to Demat Account | 20 January 2026 |
| Listing Date | 21 January 2026 |
| Listing Exchange | BSE SME |
| Lot Size | 1,200 Equity Shares |
| Registrar | Maashitla Securities Private Limited |
| Book Running Lead Manager | Share India Capital Services Private Limited |
The IPO comprised only a fresh issue of equity shares and did not include an offer for sale by existing shareholders. The funds proposed to be raised through the issue were intended to strengthen business operations by supporting renewable energy projects, improving working capital availability, and meeting general corporate requirements. These initiatives are expected to enhance operational efficiency while supporting the company’s future growth plans.
GRE Renew Enertech IPO Dates
The key events relating to the GRE Renew Enertech IPO are provided below.
| IPO Event | Date |
|---|---|
| IPO Opening Date | 13 January 2026 |
| IPO Closing Date | 16 January 2026 |
| Basis of Allotment | 19 January 2026 |
| Refund Initiation | 20 January 2026 |
| Shares Credited to Demat Account | 20 January 2026 |
| Listing Date | 21 January 2026 |
Following the completion of the allotment process, successful applicants received the allotted equity shares in their demat accounts before trading commenced on the BSE SME platform. Applicants who were not allotted shares received refunds according to the IPO timetable.
GRE Renew Enertech IPO Reservation
The equity shares offered through the public issue were reserved for different categories of investors in accordance with the applicable SME IPO regulations.
| Investor Category | Reservation |
|---|---|
| Qualified Institutional Buyers (QIB) | Not More Than 50% |
| Non-Institutional Investors (NII) | Not Less Than 15% |
| Retail Individual Investors (RII) | Not Less Than 35% |
The final allocation for each investor category depended on the number of valid applications received during the subscription period and the applicable regulatory framework governing SME public issues.
GRE Renew Enertech IPO Lot Size
Applications for the IPO were accepted only in the prescribed lot size announced before the issue opened for subscription.
| Application | Shares | Amount |
|---|---|---|
| Retail Minimum | 2 Lots (2,400 Shares) | ₹2,52,000 |
| Retail Maximum | 2 Lots (2,400 Shares) | ₹2,52,000 |
| HNI Minimum | 3 Lots (3,600 Shares) | ₹3,78,000 |
The investment values shown above are calculated using the upper price band of ₹105 per equity share. Investors were required to submit IPO applications in multiples of the specified lot size.
About GRE Renew Enertech Limited
GRE Renew Enertech Limited is an Indian renewable energy company engaged in providing solar engineering, procurement, and construction (EPC) solutions for commercial, industrial, institutional, and infrastructure projects. The company specialises in developing solar power systems that help customers improve energy efficiency, reduce electricity costs, and adopt sustainable energy solutions. Through its technical expertise and project execution capabilities, the company serves clients across various sectors requiring reliable renewable energy infrastructure.
The company provides end-to-end solar project execution services covering engineering design, procurement of equipment, installation, testing, commissioning, and post-installation maintenance. Its integrated approach enables customers to receive complete solar energy solutions from project planning to long-term operational support. By maintaining quality standards throughout project execution, the company aims to deliver efficient and dependable renewable energy systems.
Over the years, GRE Renew Enertech Limited has focused on strengthening its engineering capabilities, expanding project execution capacity, and enhancing operational efficiency. The company continues to invest in technology, skilled professionals, and project management systems while building long-term relationships with customers across multiple industries. These initiatives support its objective of expanding its presence in India’s growing renewable energy sector.
Business Operations
GRE Renew Enertech Limited operates across various segments of the renewable energy industry with a primary focus on solar power solutions.
- Solar EPC Services – The company provides engineering, procurement, and construction services for rooftop and ground-mounted solar power projects.
- Solar Power Project Development – It undertakes complete project planning, engineering, design, execution, testing, and commissioning of solar energy systems.
- Commercial Solar Solutions – The company installs customised solar power systems for commercial establishments to improve energy efficiency and reduce operating costs.
- Industrial Solar Projects – It develops large-scale solar installations for manufacturing facilities, warehouses, factories, and industrial units.
- Institutional Solar Installations – The company executes renewable energy projects for educational institutions, hospitals, government organisations, and other institutional clients.
- Operations and Maintenance Services – It provides ongoing maintenance, system monitoring, inspections, and performance optimisation for installed solar projects.
- Project Engineering – The company prepares technical designs, electrical layouts, project documentation, and engineering solutions based on customer requirements.
- Equipment Procurement – It manages the procurement of solar modules, inverters, mounting structures, electrical equipment, and related components required for project execution.
- Project Management – Dedicated project teams supervise installation activities, quality control, safety compliance, and timely project completion.
- Customer Support Services – The company provides technical assistance, maintenance support, and after-sales services to ensure efficient long-term operation of installed solar systems.
Industry Overview
India’s renewable energy sector has witnessed significant growth due to increasing investments in clean energy infrastructure, supportive government policies, rising electricity demand, and growing environmental awareness. Solar energy has emerged as one of the fastest-growing segments within the country’s power generation industry, supported by continuous technological advancements and declining installation costs.
Government initiatives promoting renewable energy adoption, carbon emission reduction, and sustainable infrastructure development continue to encourage investments in solar power generation. Commercial enterprises, manufacturing companies, educational institutions, healthcare organisations, and public sector entities are increasingly adopting solar energy to improve energy security and reduce long-term electricity expenses.
The industry also benefits from continuous improvements in solar technology, higher energy efficiency, expanding financing options, and increasing demand for environmentally sustainable energy solutions. Companies with strong engineering expertise, efficient project execution capabilities, and established customer relationships are well positioned to benefit from the long-term expansion of India’s renewable energy market.
Business Strategy
GRE Renew Enertech Limited aims to strengthen its position within the renewable energy sector by expanding its project portfolio, improving execution capabilities, and enhancing operational efficiency. The company continues to invest in engineering expertise, project management systems, modern technologies, and skilled manpower to deliver high-quality solar energy solutions across different customer segments.
The management also focuses on expanding geographical reach, strengthening customer relationships, improving project delivery timelines, and maintaining quality standards throughout project execution. Efficient resource utilisation, sustainable business practices, and continuous operational improvement remain important elements of the company’s long-term growth strategy.
By combining technical expertise, efficient project execution, quality-focused operations, and customer-oriented solutions, GRE Renew Enertech Limited seeks to strengthen its presence in India’s renewable energy industry while creating sustainable long-term business growth.
GRE Renew Enertech IPO Financial Information
The financial performance of a company helps investors understand its business growth, profitability, operational efficiency, and financial stability. Reviewing financial statements over multiple financial years provides insights into revenue trends, earnings growth, capital utilisation, and the company’s ability to support future expansion. Investors should always analyse financial performance together with the company’s business model, order book, competitive position, and industry outlook before making any investment decision.
GRE Renew Enertech Financial Summary
| Particulars | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue from Operations | ₹252.81 Crore | ₹327.94 Crore | ₹415.26 Crore |
| Total Income | ₹255.47 Crore | ₹330.18 Crore | ₹418.73 Crore |
| EBITDA | ₹29.18 Crore | ₹41.63 Crore | ₹56.84 Crore |
| Profit Before Tax (PBT) | ₹18.46 Crore | ₹28.12 Crore | ₹39.51 Crore |
| Profit After Tax (PAT) | ₹13.74 Crore | ₹20.94 Crore | ₹29.38 Crore |
| Net Worth | ₹52.84 Crore | ₹73.16 Crore | ₹101.42 Crore |
| Total Borrowings | ₹28.91 Crore | ₹26.58 Crore | ₹24.13 Crore |
GRE Renew Enertech Limited has reported steady financial growth during the last three financial years. The company recorded consistent improvement in revenue and profitability while strengthening its net worth. Borrowings remained at manageable levels, reflecting a balanced financial structure. Investors should evaluate these financial results together with the company’s execution capabilities, project pipeline, renewable energy expertise, and long-term growth strategy before making an investment decision.
GRE Renew Enertech IPO Key Performance Indicators (KPIs)
Key financial ratios provide additional insights into the company’s profitability, capital efficiency, operational performance, and financial position. These indicators help investors evaluate the company’s overall financial health and valuation.
| KPI | Value |
|---|---|
| Return on Equity (ROE) | 28.97% |
| Return on Capital Employed (ROCE) | 33.42% |
| Return on Net Worth (RONW) | 28.97% |
| EBITDA Margin | 13.58% |
| PAT Margin | 7.02% |
| Debt-to-Equity Ratio | 0.24 |
| Earnings Per Share (EPS) | ₹11.84 |
| Net Asset Value (NAV) Per Share | ₹40.89 |
| Price to Earnings (P/E) | 8.87x |
The financial ratios indicate improving profitability, efficient utilisation of capital, and a healthy balance sheet. Strong return ratios and controlled borrowings support the company’s financial profile. However, investors should consider these indicators together with valuation, industry conditions, project execution capabilities, and future business prospects before making any investment decision.
Objects of the GRE Renew Enertech IPO
The company proposed to utilise the net proceeds from the fresh issue for the following purposes:
- Establishing a solar power project.
- Meeting working capital requirements.
- General corporate purposes.
The proposed utilisation of the IPO proceeds is expected to strengthen the company’s renewable energy infrastructure, improve working capital availability, enhance operational efficiency, and support future business expansion. These initiatives are intended to strengthen the company’s long-term growth while improving overall operational capabilities.
GRE Renew Enertech IPO Listing Performance
The listing performance shows how the company’s shares performed on the stock exchange on the first day of trading after the IPO process was completed. While listing gains or discounts reflect initial investor sentiment, long-term returns depend on the company’s financial performance, project execution capabilities, operational efficiency, and future growth prospects.
| Particular | Value |
|---|---|
| Listing Exchange | BSE SME |
| Listing Date | 21 January 2026 |
| Issue Price | ₹105 Per Share |
| Listing Price | ₹126.00 Per Share |
| Listing Gain | ₹21.00 Per Share |
| Listing Gain (%) | 20.00% |
GRE Renew Enertech Limited made a positive debut on the BSE SME platform by listing at a premium over its issue price. The listing reflected healthy investor participation during the company’s market debut. However, the company’s future performance will depend on its ability to execute renewable energy projects efficiently, maintain profitability, and expand its business operations.
GRE Renew Enertech IPO Subscription Status
The subscription figures indicate the level of investor participation received during the IPO bidding period. Although strong subscription generally reflects positive market interest, investors should also consider the company’s financial performance, valuation, order book, and long-term business outlook before making an investment decision.
GRE Renew Enertech IPO Subscription
| Investor Category | Subscription |
|---|---|
| Qualified Institutional Buyers (QIB) | 72.48 Times |
| Non-Institutional Investors (NII) | 194.83 Times |
| Retail Individual Investors (RII) | 131.56 Times |
| Total Subscription | 124.37 Times |
The IPO received robust participation across all investor categories. The Non-Institutional Investor segment recorded the highest demand, while Retail Individual Investors and Qualified Institutional Buyers also subscribed to the issue multiple times. The overall subscription reflected strong market interest in the public offering.
GRE Renew Enertech IPO Review
GRE Renew Enertech Limited operates in India’s expanding renewable energy sector by providing engineering, procurement, construction, commissioning, and maintenance services for solar power projects. The company serves commercial, industrial, institutional, and infrastructure customers by delivering integrated solar energy solutions.
Its business model covers the complete lifecycle of solar projects, including engineering design, procurement, installation, testing, commissioning, and long-term maintenance. The company continues to strengthen its project execution capabilities, improve operational efficiency, and build long-term customer relationships while expanding its presence in the renewable energy industry.
From a financial perspective, the company has reported consistent growth in revenue, profitability, and net worth over recent financial years. The proposed utilisation of IPO proceeds towards developing a solar power project, strengthening working capital, and supporting general corporate activities is expected to improve operational capabilities and support future expansion.
However, investors should also consider factors such as project execution risks, dependence on government policies supporting renewable energy, fluctuations in raw material prices, competitive pressures within the EPC industry, and delays in project implementation before making an investment decision.
Overall, GRE Renew Enertech Limited operates in a sector supported by increasing investments in renewable energy, favourable government initiatives, and rising demand for clean power solutions. Investors should carefully evaluate the company’s financial performance, valuation, order book, operational capabilities, and long-term growth strategy before considering an investment.
GRE Renew Enertech IPO Strengths
GRE Renew Enertech Limited has established its business through technical expertise, project execution capabilities, and a growing presence in the renewable energy industry.
- Experienced player in the solar EPC and renewable energy sector.
- Integrated capabilities covering engineering, procurement, construction, and maintenance.
- Diversified customer base across commercial, industrial, and institutional sectors.
- Consistent growth in revenue and profitability during recent financial years.
- Strong focus on operational efficiency and project execution.
- Benefits from the long-term growth potential of India’s renewable energy industry.
GRE Renew Enertech IPO Risk Factors
Like other companies operating in the renewable energy sector, GRE Renew Enertech Limited is exposed to several operational and industry-related risks that investors should evaluate carefully.
- Project execution delays may affect revenue recognition and profitability.
- Dependence on government policies and renewable energy incentives could influence future business growth.
- Fluctuations in the prices of solar modules and other key components may impact operating margins.
- Increasing competition within the solar EPC industry may affect market share.
- Delays in customer approvals or project payments may impact working capital requirements.
- Economic slowdowns or reduced capital expenditure by customers could affect demand for renewable energy projects.
GRE Renew Enertech IPO Promoters
GRE Renew Enertech Limited is promoted by experienced professionals with expertise in renewable energy, engineering, project execution, and business management. The promoters have played an important role in expanding the company’s operations, strengthening project execution capabilities, and building long-term customer relationships. Their focus remains on sustainable growth, operational excellence, and delivering reliable renewable energy solutions across various sectors.
GRE Renew Enertech IPO Promoters Details
| Promoter | Designation |
|---|---|
| Girish R. Patel | Promoter & Managing Director |
| Rakesh R. Patel | Promoter & Whole-Time Director |
GRE Renew Enertech IPO Management Team
The company is managed by professionals with experience in engineering, renewable energy, finance, project management, operations, and corporate compliance. The management team focuses on efficient project execution, quality standards, customer satisfaction, and sustainable business growth.
| Name | Designation |
|---|---|
| Girish R. Patel | Managing Director |
| Rakesh R. Patel | Whole-Time Director |
| Dhaval Shah | Chief Financial Officer |
| Neha Patel | Company Secretary & Compliance Officer |
GRE Renew Enertech IPO Registrar Details
The registrar managed the IPO application process, finalised the basis of allotment, credited shares to successful applicants, initiated refunds where applicable, and handled investor-related services during the public issue.
| Particular | Details |
|---|---|
| Registrar Name | Maashitla Securities Private Limited |
| Website | https://www.maashitla.com |
| IPO Allotment Status | https://www.maashitla.com/allotment-status/public-issues |
| Email ID | [email protected] |
| Contact Number | +91-11-4512 1795 |
GRE Renew Enertech IPO Lead Manager Details
The Book Running Lead Manager coordinated the IPO process, ensured regulatory compliance, managed issue-related activities, and assisted the company throughout the public offering and listing process.
| Particular | Details |
|---|---|
| Lead Manager | Share India Capital Services Private Limited |
| Website | https://www.shareindia.com/ |
| Email ID | [email protected] |
| Contact Number | +91-120-400 2244 |
GRE Renew Enertech Limited Contact Details
| Particular | Details |
|---|---|
| Company Name | GRE Renew Enertech Limited |
| Registered Office | Ahmedabad, Gujarat, India |
| Website | https://greindia.com/ |
| Email ID | [email protected] |
How to Check GRE Renew Enertech IPO Allotment Status
Investors could check the IPO allotment status after the basis of allotment was finalised through the registrar’s website or the BSE IPO portal.
Through Maashitla Securities Private Limited
- Visit the official IPO allotment portal of Maashitla Securities Private Limited.
- Select GRE Renew Enertech IPO from the list of available IPOs.
- Choose any one of the available search options such as Application Number, PAN, or DP/Client ID.
- Enter the required details in the respective field.
- Click on Search to view the allotment status.
Through BSE
- Visit the official BSE IPO allotment page.
- Select Equity as the issue type.
- Choose GRE Renew Enertech IPO from the company list.
- Enter your PAN Number or Application Number.
- Complete the verification process.
- Click on Search to check your allotment status.
Frequently Asked Questions (FAQs)
What is the GRE Renew Enertech IPO?
GRE Renew Enertech IPO was a Book Built SME public issue comprising a fresh issue of equity shares.
What was the price band of the GRE Renew Enertech IPO?
The IPO was offered at a price band of ₹100 to ₹105 per equity share.
What was the issue size of the GRE Renew Enertech IPO?
The total issue size of the IPO was ₹39.56 Crore.
When did the GRE Renew Enertech IPO open and close?
The IPO opened for subscription on 13 January 2026 and closed on 16 January 2026.
On which stock exchange are GRE Renew Enertech shares listed?
The company’s equity shares are listed on the BSE SME platform.
Who was the registrar for the GRE Renew Enertech IPO?
Maashitla Securities Private Limited acted as the registrar to the issue.
Who was the Book Running Lead Manager for the GRE Renew Enertech IPO?
The IPO was managed by Share India Capital Services Private Limited as the Book Running Lead Manager.
What was the minimum lot size for the GRE Renew Enertech IPO?
The minimum application size was 2,400 equity shares (2 lots).
What does GRE Renew Enertech Limited do?
The company provides engineering, procurement, construction (EPC), commissioning, and maintenance services for solar power projects across commercial, industrial, institutional, and infrastructure sectors.
What were the objectives of the GRE Renew Enertech IPO?
The company proposed to utilise the IPO proceeds for establishing a solar power project, meeting working capital requirements, and funding general corporate purposes.
