GRE Renew Enertech Subscription
Last updated on 16-Jan-2026 17:08:06
| Category | Offered | Applied | Times |
|---|---|---|---|
| QIBs | 714000 | 10485600 | 14.69 |
| HNIs | 540000 | 13321200 | 24.67 |
| bHNI | 360000 | 10077600 | 27.99 |
| sHNI | 180000 | 3243600 | 18.02 |
| Individual | 1260000 | 17760000 | 14.1 |
| Total | 2514000 | 41566800 | 16.53 |
Application-Wise Breakup  | |||
|---|---|---|---|
| Category | Reserved | Applied | Times |
| HNIs (10L+) | 100 | 1029 | 10.29 |
| HNIs (3-10L) | 50 | 880 | 17.6 |
| Individual | 525 | 7400 | 14.1 |
| QIB Interest Cost Per Share (7 Days) | |||||
|---|---|---|---|---|---|
| @7% ₹2.1 | @8% ₹2.4 | @9% ₹2.7 | @10% ₹3 | @11% ₹3.3 | @12% ₹3.5 |
GRE Renew Enertech Lot(s) Distribution
| Category | Lot(s) | Qty | Amount | Reserved |
|---|---|---|---|---|
| bHNI | 8 | 9600 | 1008000 | 100 |
GRE Renew Enertech Reservation
| Category | Shares Offered | % |
|---|---|---|
| Anchor | 1062000 | 28.18% |
| QIB | 714000 | 18.95% |
| HNI | 540000 | 14.33% |
| INDIVIDUAL | 1260000 | 33.44% |
| Market Maker | 192000 | 5.1% |
| Total | 3768000 | 100% |
GRE Renew Enertech About
IPO Details
| Total Issue Size | 37,68,000 shares (aggregating up to ₹40 Cr) |
| Fresh Issue | 37,68,000 shares (aggregating up to ₹40 Cr) |
| Face Value | ₹10/- Per Share |
| 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 |
| Reserved for Market Maker | 1,92,000 shares (aggregating up to ₹2 Cr) |
| Market Maker | Share india securities limited |
Key Performance Indicators (KPI)
| KPI | Sep-25 | Mar-25 | Mar-24 |
|---|---|---|---|
| ROE | 12.04% | 26.89% | 61.58% |
| RONW | 12.04% | 26.89% | 61.58% |
| EPS (BASIC) | 3.80 | 6.71 | 9.91 |
| P/E Pre IPO | 15.72 | ||
| P/E Post IPO | 18.75 |
Company Financial (In ₹Crore)
| Period Ended | Sep-25 | Mar-25 | Mar-24 | Mar-23 |
|---|---|---|---|---|
| Assets | 42.77 | 45.46 | 49.12 | 51.65 |
| Total Income | 43.98 | 84.37 | 92.15 | 53.11 |
| Profit After Tax | 4 | 7.03 | 9.91 | 0.89 |
| EBITDA | 5.72 | 9.48 | 11.48 | 1.31 |
| NET Worth | 35.22 | 31.23 | 21.03 | 11.14 |
| Reserves and Surplus | 24.7 | 20.71 | 19.78 | 9.89 |
| Total Borrowing | 1.45 | 1.59 | 4.57 | 4.75 |
Peer Comparision (Valuation)
| Company | P/E (x) | CMP*(₹) | Face value (₹) |
|---|---|---|---|
| GRE Renew Enertech Ltd. | 15.72 | - | 10.00 |
| Oriana Power Limited | 15.99 | 1309.85 | 10.00 |
| Zodiac Energy Limited | 29.27 | 391.65 | 10.00 |
Source:RHP,we have shown the P/E ratio of the IPO issuer company based on the pre-IPO valuation.
Peer Comparision (Financial Performance)
| Company | NAV/Share (₹) | RoNW (%) | EPS (Basic) (₹) |
|---|---|---|---|
| GRE Renew Enertech Ltd. | 20.72 | 41.93 | 6.69 |
| Oriana Power Limited | 256.26 | 48.62 | 81.92 |
| Zodiac Energy Limited | 64 | 27.71 | 13.38 |
About Company
GRE Renew Enertech Limited operates in solar energy solutions and LED lighting, with its primary focus now on solar power projects.
Provides rooftop and ground-mounted solar installations, along with indoor and outdoor LED lighting solutions.
Operates under two business models:
• CAPEX (EPC) Model – Turnkey solar project execution where clients fund and own systems, and the company handles engineering, procurement, construction, and commissioning.
• RESCO (Opex) Model – Company-owned rooftop solar systems generating annuity income, while customers pay monthly tariffs.
Service portfolio includes EPC turnkey solutions, on-grid rooftop systems, hybrid rooftop systems, and high-efficiency PV modules.
IPO proceeds will be used for setting up a 7.20 MW (AC) / 9.99 MW (DC) ground-mounted solar power plant (₹32.61 cr) and general corporate purposes.
Strength
Experienced management team – Strong leadership with sector knowledge supports project execution and growth.
Skilled O&M workforce – Continuous training and skill development strengthen operations and maintenance capabilities.
Visible order book and policy tailwinds – Existing projects and supportive national renewable energy policies aid growth visibility.
Weakness
EPC execution risk – Cost overruns, delays, or failure to meet performance guarantees under fixed-price contracts can impact margins and cash flows.
High competition in solar EPC – Intense bidding competition may limit project wins and national expansion.
Geographical concentration – Heavy dependence on projects in Gujarat exposes the business to regional disruptions.
GRE Renew Enertech Lead Manager(s)
GRE Renew Enertech Address
Address
Plot no. 423,
G.I.D.C.-II
Dediyasan
Mehsana, Gujarat, 384002
+91 9974039300
E-mail:cs@greindia.com
Website: www.greindia.com