GRE Renew Enertech IPO
Open SmeCurrent GMP
₹1 (+0.95%)
Price Band
₹ 100 – 105
Lot Size
1200
Issue Size
₹40 Cr
Minimum Investment
₹252000 (2400 Shares)
Listing Date
21 January 2026
Subscription
16.61x
About the Company
GRE Renew Enertech Limited operates in the renewable energy sector, primarily focusing on solar energy solutions, with an additional presence in LED lighting products. The company initially began as a manufacturer of LED lighting solutions and has since strategically transitioned its core business toward solar power generation and related services.
GRE Renew Enertech offers comprehensive solar solutions, including rooftop and ground-mounted solar installations, catering to commercial, industrial, and institutional customers.
Business Model
The company operates through two primary solar deployment models:
1. CAPEX Model (EPC – Engineering, Procurement & Construction)
Under the CAPEX model, the customer invests in and owns the solar power system. GRE Renew Enertech acts as the EPC contractor, delivering end-to-end project execution, including:
- System design and engineering
- Procurement of solar modules and balance-of-system components
- Installation, construction, and commissioning
- Grid synchronization and handover
- Optional operation and maintenance (O&M) services
This model ensures complete turnkey delivery of photovoltaic (PV) plants with reliable performance and regulatory compliance.
2. RESCO Model (OPEX)
In the RESCO (Renewable Energy Service Company) model, GRE Renew Enertech invests in, owns, and operates rooftop solar systems installed at customer premises. The company generates long-term annuity income by selling solar power to customers at predetermined monthly tariffs.
While this model offers recurring revenue and customer convenience, access to low-cost financing remains a critical factor for scalability.
Products and Services
1. EPC Services
Provision of turnkey solar EPC solutions, covering the entire project lifecycle—from feasibility analysis and system design to commissioning and post-installation maintenance.
2. Rooftop Solar Systems (On-Grid)
Grid-connected solar systems designed to reduce electricity costs by supplying clean power for self-consumption, with surplus energy exported to the utility grid under applicable net-metering policies.
3. Rooftop Solar Systems (Hybrid)
Hybrid systems integrate solar panels, battery storage, and grid connectivity, ensuring uninterrupted power supply during grid outages while maximizing renewable energy utilization.
4. PV Modules
High-efficiency photovoltaic modules engineered for durability and consistent performance across diverse environmental conditions, suitable for residential, commercial, and industrial applications.
Promoters
- Mr. Kamleshkumar Dahyalal Patel
- Mr. Kirtikumar Kantilal Suthar
- Mr. Mukeshkumar Prahladbhai Trivedi
Promoters Holding
Holding Pre Issue
95.06%
Holding Post Issue
69.99%
Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects.
- Setting up of 7.20 MW (AC) / 9.99 MW (DC) Ground Mounted Solar Power Plant
- General corporate purposes
Address / Contact Info
GRE Renew Enertech Ltd. Address
Plot no. 423,
G.I.D.C.-II
Dediyasan
Mehsana, Gujarat, 384002
Email: cs@greindia.com
Tel No.: +91 9974039300
Website:https://greindia.com/
IPO Snapshot
IPO Timeline (Tentative)
IPO Open Date
Tuesday, 13 January 2026
IPO Close Date
Friday, 16 January 2026
Basis of Allotment
Monday, 19 January 2026
Initiation of Refunds
Tuesday, 20 January 2026
Credit of Shares to Demat
Tuesday, 20 January 2026
Listing Date
Wednesday, 21 January 2026 — NSE & BSE
Important Dates
Open Date
13 January 2026
Close Date
16 January 2026
Basis Of Allotment
19 January 2026
Listing Date
21 January 2026
Financial Performance (₹ in Crores)
| Particular | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 42.77 | 45.46 | 49.12 | 51.65 |
| Revenue | 43.98 | 84.37 | 92.15 | 53.11 |
| Profit After Tax | 4 | 7.03 | 9.91 | 0.89 |
| Net Worth | 35.22 | 31.23 | 21.03 | 11.14 |
| Reserve & Surplus | 24.7 | 20.71 | 19.78 | 9.89 |
| Total Borrowings | 1.45 | 1.59 | 4.57 | 4.75 |
EPS Pre
6.68%
EPS Post
5.60%
P/E Pre
15.72
P/E (Post Issue)
18.75x
Company Financial Information
KPI Information (₹ in Crores)
| Particular | Sep 2025 | Mar 2025 | Mar 2024 | Mar 2023 |
|---|---|---|---|---|
| ROE % | 12.04 | 26.89 | 61.58 | 8.54 |
| ROCE % | 15.3 | 29.6 | 51.04 | 11.56 |
| Debt / Equity | 0.04 | 0.05 | 0.22 | 0.43 |
| RoNW % | 12.04 | 26.89 | 61.58 | 8.54 |
| PbW | 0 | 0 | 0 | 0 |
| Pat Margin % | 9.13 | 8.39 | 10.96 | 1.71 |
Return Ratio
IPO Reservations
| Category | Shares Offered | Shares Offered % | Max Allotee |
|---|---|---|---|
| Qualified Institutions | 714000 | 28.4 | 0 |
| Non-Institutional | 540000 | 21.48 | 0 |
| BNII | 360000 | 14.32 | 0 |
| SNII | 180000 | 7.16 | 0 |
| Retail Investors | 1260000 | 50.12 | 0 |
| Total | 2514000 | 100 | 0 |
Subscription Status ( Fri, 16 Jan 26 01:41 PM)
| Category | Shares Offered | Shares Bid For | Subscription (x) |
|---|---|---|---|
| Qualified Institutions | 714000 | 10485600 | 14.69x |
| Non-Institutional | 540000 | 13513200 | 25.02x |
| Retail Investors | 1260000 | 17760000 | 14.1x |
| Total | 2514000 | 41758800 | 16.61x |
Subscription figures are updated periodically and may change until issue closing. Data reflects bids placed across exchanges.
Peer Comparision
| Company | Face Value | PE Ratio | EPS Basic | EPS Diluted | RoNW | Net Assets |
|---|---|---|---|---|---|---|
| GRE Renew Enertech Ltd | 10 | 0.00 | 6.69 | 6.69 | 41.93 | 20.72 |
| Oriana Power Ltd | 10 | 15.99 | 81.92 | 81.92 | 48.62 | 256.26 |
| Zodiac Energy Ltd | 10 | 29.27 | 13.38 | 13.27 | 27.71 | 64.00 |
Lot Size & Investment Details
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 2 | 2,400 | 252,000.00 |
| Retail (Max) | 2 | 2,400 | 252,000.00 |
| S-HNI (Min) | 3 | 3,600 | 378,000.00 |
| S-HNI (Max) | 7 | 8,400 | 882,000.00 |
| B-HNI (Min) | 8 | 9,600 | 1,008,000.00 |
Registrar
Maashitla Securities Pvt. Limited
011-45121795-96
investor.ipo@maashitla.com
https://www.maashitla.com
Book Running Lead Managers
- Share India Capital Services Private Limited
RHP Document
DRHP Document
Disclaimer: This data is for informational purposes only and does not constitute investment advice. Figures shown are illustrative sample data.
Frequently Asked Questions
Everything you need to know before applying to an IPO.
GRE Renew Enertech IPO is a Book-building IPO worth ₹40 crores. The price band is ₹100 to 105 per share. The IPO opens on Tue, Jan 13, 2026 and closes on Fri, Jan 16, 2026. It will be listed on BSE and NSE. Maashitla Securities Pvt. Limited is the registrar.
The GRE Renew Enertech IPO opens on Tue, Jan 13, 2026 and closes on Fri, Jan 16, 2026
GRE Renew Enertech IPO Price Band is ₹100 to 105.
GRE Renew Enertech IPO lot size is 1200, and the minimum amount required for application is ₹252000.
The minimum investment for GRE Renew Enertech IPO is approximately ₹252000 based on the upper price band.
To apply for the GRE Renew Enertech IPO, investors can use the ASBA (Application Supported by Blocked Amount) process via their bank's net banking or apply through UPI using a registered broker or trading app. The IPO is available in retail, HNI, and institutional investor categories. Investors must select the lot size, enter bid details within the price band, and submit their application before the IPO closing date of Fri, Jan 16, 2026. After submission, funds are blocked until the basis of allotment of GRE Renew Enertech IPO is finalised.
GRE Renew Enertech IPO issue size is ₹40 crores.
GRE Renew Enertech IPO allotment date is Sat, Jun 27, 2026.
The registrar for GRE Renew Enertech IPO is Maashitla Securities Pvt. Limited. Investors can go to Maashitla Securities Pvt. Limited website for IPO allotment status, refund processing, and other queries related to GRE Renew Enertech IPO through their official website or helpline.
The GRE Renew Enertech IPO GMP (Grey Market Premium) is ₹1 as of Wed, Jan 21, 2026. Based on the upper price band of ₹105 per share, the estimated GRE Renew Enertech IPO listing price is ₹106, indicating a potential listing gain of approximately 31% over the issue price.