The Indian renewable energy manufacturing domain is set to undergo explosive growth during the period from 2030 onwards because of the 500 GW target, PLI schemes for solar panels or storage solutions, as well as an annual capex outlay of ₹24,000 Cr for the equipment required for renewable energy according to a report.
GRE Renew Enertech Ltd, founded in 2008 and based out of Ahmedabad in Gujarat, comes into focus as a niche EPC company in ground mount solar, battery energy storage solutions (BESS), and hybrid facilities. Operating with internal engineering capabilities and execution capacity in excess of 500 MWp per year (scale-able), GRE Renew is catering to DISCOM, C&I, and SEC/NTPC contracts in 20+ states with turnkey solutions from PV modules to BoS with 5+ year maintenance services. GRE Renew Enertech is soon to release an NSE SME IPO of ₹39.56 Cr involving Fresh issue of 37.55 Cr + Market maker of 2.02 Cr of face value of ₹10, Price band from Rs.100-Rs.105, to meet working capital requirements, enhancing solar EPC business for, and for General Corporate Purposes, as the green energy revolution gathers pace in India.
GRE Renew Enertech Limited IPO Details:
GRE Renew Enertech Limited Issue Management:
Share India Capital Services Pvt Ltd acts as the book-running lead manager for GRE Renew Enertech Limited SME IPO, managing underwriting and compliance.
GRE Renew Enertech Limited IPO RTA (Registrar) Details:
Maashtila Securities Pvt Ltd handles allotment, refunds, and demat credits—contact at +91-11-45121795-96 or ipo@maashitla.com.
GRE Renew Enertech Limited IPO Allotment Status:
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GRE Renew Enertech Limited operates in a niche segment of renewable energy solutions, focusing on solar EPC services (rooftop and ground-mounted plants) and LED lighting systems for industrial, commercial, and institutional clients, primarily on a business-to-business model. The company is registered in Gujarat with its base in Mehsana and operational presence across multiple Indian states, and plans to deepen execution capabilities and project scale using IPO proceeds to cater to rising clean energy demand.
GRE Renew Enertech Limited provides end-to-end solar EPC solutions, right from the assessment of the customer’s requirements to site visits, feasibility studies, designing, government approvals, installation, commissioning, and finally, monitoring of the solar plant. The ISO 9001-2015-certified company is also a producer of highly efficient indoor and outdoor LED lights and aims to be the leading player in Gujarat for providing sustainable energy solutions in affordable and high-performance configurations.
GRE Renew Enertech is displaying encouraging revenue growth over the past few years with a total of ₹84.37 Cr in FY25 slightly down from last year's ₹92.15 Cr, with their PAT of ₹7.03 Cr showing excellent ROE of 26.89% during the solar capacity explosion in the Indian market, based on their pre-IPO press release statements. Their BSE SME IPO consists of a fresh issuance of 37.68 lakh equity shares at the face value of ₹10 each to meet the cost of implementing the 7.2MW solar plant worth ₹32.61 Cr plus for general expenditure.
GRE Renew Enertech Limited IPO comprises a fresh issue of up to ₹39.56 Cr (37.68 lakh shares @ ₹10 FV), with no OFS component, aimed at capex for a 7.2 MW(AC)/9.99 MW(DC) solar plant (₹32.61 Cr) and general corporate purposes.
GRE Renew Enertech Limited IPO proceeds will be deployed towards the following objectives:
Gabion Technologies India Ltd SME IPO reserves shares across key investor categories, with retail at 33.33%, NII (HNI) at 14.27%, QIB at 47.38% (including 28.40% for anchors), and market makers at 5.02%.
GRE Renew Enertech Ltd IPO reserves ~35% of QIB portion (~11.8 lakh shares of 37.68 lakh total issue) for anchor investors, with bidding TBD post-RHP (one working day before public opening).
Lock-in: 50% of anchor shares for 30 days and remaining 50% for 90 days, per SEBI guidelines.
The anchor allocation document filed right before the issue opens will list the names of specific anchor investors.
GRE Renew Enertech Limited exhibits healthy financial metrics with ROE 26.89%, ROCE 29.60%, PAT margin ~8.33%, and EBITDA margin 11.33% for FY25 (revenue ₹84.37 Cr, PAT ₹7.03 Cr) per pre-IPO disclosures.
The important risks and strengths of GRE Renew Enertech Limited IPO are mentioned below:
Strengths
Execution experience: 500+ MWp per annum capacity, ₹32.84 Cr order book, and projects in 20+ States with ISO certification and 5 years warranty.
Strong financials: ROE of 26.89%, ROCE of 29.60%, almost debt-free (with a debt/equity
Niche Positioning: Integrated Solar EPC + LED B2B play in a scenario of 500GW targets, PLI schemes, and C&I demand.
Experienced leadership: Proven solar EPC team members, minimum 15+ years experience, 100% ownership in pre-IPO company, INTERPOL
Risks
Revenue variability: FY25 down 8% YoY to ₹84Cr, impacted by project cyclicality; Tenders are key drivers of revenue.
Execution/competition risks: Capex-related delayed start of 7.2 MW project; competition from Waaree Renewables; growth of Zodiac Energy scales.
Policy sensitivity: Changes in subsidies, fluctuations in module costs, risks in RESCO model off-taker in green energy transition.
Illiquidity in SMEs: Volatility post listing and absence of analyst coverage for BSE SME IPO.
Based on pre-IPO information, GRE Renew Enertech Limited shows robust profitability and scaling potential in solar EPC and LED Solutions with an impressive ROE of 26.89% in FY 25, an EBITDA margin of 11.33%, and a PAT margin of 8.33% driven by the 500 GW of renewable targets for the Indian government, the PLI schemes announced, and the C&I rooftop and ground mounting scenario. The company's comprehensive business-to-business services ranging from site evaluation to a 5-year warranty for O&M services available in over 20 states puts them at the forefront of the green energy EPC sector with a solar capex of ₹24,000Cr on an annual basis.
Investors in the BSE SME IPO are offered exposure in the burgeoning renewable energy domain through an optimally low debt (0.05x equity ratio), and technically sound and successful executing firm with an order book of 32.84 Cr and strong industry connections. The valuation of 15-18x for EPS in FY25 (TBD in upper band post RHP) looks reasonable for the SME with strong RoE scaling up through 7.2 MW capacity expansion.
Investors are advised to exercise discretion and refer to the full DRHP/RHP document before reaching any investment decision. This analysis only contains informative purposes and not investment advice.
Action Links:
To apply for GRE Renew Enertech Limited IPO, open a demat account here
GRE Renew Enertech Limited IPO Subscription Status: Check live subscription here
GRE Renew Enertech Limited IPO GMP Update: Check latest grey market premium here
1. What is GRE Renew Enertech Limited IPO Date & Listing Date?
GRE Renew Enertech Limited IPO dates from 13th Jan to 16th Jan and allotment on 19th Jan with, BSE SME listing on 21st Jan 2026,
Track GRE Renew Enertech Limited IPO IPO subscription status live here.
2. GRE Renew Enertech Limited IPO Price Band, Lot Size & Minimum Amount?
The IPO Price band is ₹100-105/share, lot size 1200 shares. Retail min ₹2,52,000 (1 lot), NII min 3 lots 3600 shares.
Track GRE Renew Enertech Limited IPO GMP here on Finnpick to gauge investor demand before submitting your bid.
3. What is GRE Renew Enertech Limited IPO FY25 Financials ROE PAT?
The financials of GRE Renew Enertech Limited stands at ROE 26.89%, ROCE 29.60%, PAT ₹7.03 Cr (revenue ₹84.37 Cr), EBITDA margin 11.33%, PAT margin ~8.33%. Strong solar EPC play with 500+ MWp capacity and ₹32.84 Cr order book amid 500 GW targets.
4. How to apply for the GRE Renew Enertech Limited IPO?
Open demat here (Zerodha/Upstox/AngelOne) or ASBA by Jan 16, 5 PM. Monitor GRE Renew Enertech Limited IPO subscription tracker here.
5. How to check GRE Renew Enertech Limited IPO Allotment Status?
The allotment date is on Jan 19 and can be checked on Maashtila Securities Pvt Ltd RTA portal using PAN/DP ID.
6. What is GRE Renew Enertech Limited IPO GMP today and subscription status?
Current GMP ₹9 (as of Jan 05). GRE Renew Enertech Limited IPO GMP trends here and live subscription status here from Jan 13th opening only on Finnpick.
7. Who is the lead manager and registrar for GRE Renew Enertech Limited IPO?
The lead manager for GRE Renew Enertech is Share India Capital Services and RTA is Maashitla Securities Pvt.Ltd.
8. When is GRE Renew Enertech Limited IPO listing date?
GRE Renew Enertech Limited IPO is listing on NSE SME on January 21, 2026.
