Grace Renewable Energy IPO (DRHP filed)
Grace Renewable Energy Limited filed its draft red herring prospectus with SEBI on 7 Oct 2026. Price band, lot size and issue dates are announced only after SEBI observations and the RHP filing.
Last updated
- Stage
- DRHP Filed
- DRHP filed
- 7 Oct 2026
- Days since
- 11
- Issue size
- —
- Board
- Mainboard
- Price band
- TBA
Grace Renewable Energy IPO status
Grace Renewable Energy Limited filed its draft red herring prospectus (DRHP) with SEBI on . The issue can open only after SEBI issues its observations and the company files the RHP with the price band.
| DRHP filed | 7 Oct 2026 |
|---|---|
| Days since filing | 11 |
| SEBI observation | Awaited |
| Price band | TBA |
| Issue dates | TBA |
Share reservation by category
| Category | Shares Details |
|---|---|
| Qualified Institutions | 50% of the Net Issue |
| Retail Investors | 35% of the Net Issue |
| Non-Institutional | 15% of the Net Issue |
Grace Renewable Energy Limited financials
Between 31 Mar 2025 and 31 Mar 2026, Income rose from ₹121.36 Cr to ₹206.27 Cr, and profit after tax rose from ₹9.77 Cr to ₹18.67 Cr. The PAT margin for 31 Mar 2026 was 9.05%.
| Period ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 53.88 | 23.32 | 16.46 |
| Total Income | 206.27 | 121.36 | 78.32 |
| Profit After Tax | 18.67 | 9.77 | 5.79 |
| EBITDA | 25.80 | 12.81 | 8.88 |
| Net Worth | 37.73 | 19.07 | 9.29 |
| Reserve & Surplus | 22.13 | 3.47 | 6.29 |
| Total Borrowings | 0.93 | 1.32 | 3.24 |
₹ in crore, as stated in the prospectus.
Key performance indicators
| KPI | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| ROE % | 65.73 | 68.91 | 90.47 |
| ROCE % | 80.45 | 81.03 | 91.56 |
| Debt / Equity | 0.13 | 0.09 | 0.35 |
| RoNW % | 49.51 | 51.33 | 62.53 |
| Pat Margin % | 9.05 | 8.05 | 7.40 |
Peer comparison
| Company | Face value | P/E | EPS (basic) | EPS (diluted) | RoNW | NAV |
|---|---|---|---|---|---|---|
| Grace Renewab le Energy Limited* | 10 | — | 5.27 | 5.27 | 49.47% | 10.66 |
| Solarium Green Energy Ltd | 10 | 12.81 | 9.81 | 9.76 | 12.59% | 77.93 |
| Waaree Energies Ltd | 10 | 19.50 | 129.10 | 128.84 | 25.86% | 522.16 |
| SPML Infra Ltd | 2 | 17.79 | 10.14 | 9.33 | 7.89% | 128.79 |
From the prospectus. P/E is shown as — when earnings are zero or negative, or not reported for the issuer before listing.
Objectives
The company intends to allocate the net proceeds from the offering to the following objectives.
| Sr | Objective | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Funding of incremental Working Capital Requirement | 79.31 |
| 2 | General Corporate Purposes | — |
| Total | 79.31 |
About Grace Renewable Energy Limited
Incorporated in September 2013, Grace Renewable Energy Limited is engaged in providing solar energy solutions and energy-related products. Its business operates across three main verticals: solar Engineering, Procurement and Construction (EPC), trading of solar and energy-related products, and Battery Energy Storage Systems (BESS). Under its Solar EPC vertical, the Company provides turnkey solar photovoltaic solutions, including rooftop and ground-mounted installations for residential and commercial and industrial (C&I) customers. Its services cover site evaluation, system design, procurement, installation, testing, commissioning and operation and maintenance (O&M). As of March 31, 2026, the Company had cumulatively commissioned 94,904.74 kW of solar capacity across 6,344 projects and reported an EPC order book of ₹478.86 million.
The Company's trading business primarily involves the sale of solar PV modules and inverters. It is an authorised channel partner for solar modules manufactured by Mundra Solar Energy Limited, Mundra Solar PV Limited and Adani New Industries Limited, and distributes inverters manufactured by a Chinese supplier. Its BESS business operates under the Grace brand and includes battery pack manufacturing and distribution through a combination of in-house production, third-party contract manufacturing and imports. The Company established a manufacturing facility in Ahmedabad, Gujarat, with an installed capacity of 48 MWh in 2026.
The Company has executed solar projects across 11 Indian states and international markets, with a presence in three countries. During Fiscal 2026, its revenue from operations was ₹2,058.36 million, compared with ₹1,204.92 million in Fiscal 2025 and ₹779.09 million in Fiscal 2024.
As of August 31, 2026, the Company had 87 permanent employees across technical, battery, sales and marketing, management and other functions.
Promoters
Manish Bagadia
Karuna Bagadia
Contact details
Grace Renewable Energy Ltd
404-406, Sarthik Square
Near Pakwan Cross Road
S.G Highway, Bodakdev
Ahmedabad, Gujarat, 380054
Telephone: +91 75739 03035
Email: cs@gracerenew.com
Website: http://www.gracerenew.com/
Grace Renewable Energy IPO FAQs
- Has Grace Renewable Energy IPO filed for an IPO?
- Grace Renewable Energy Limited filed its draft red herring prospectus (DRHP) with SEBI on 7 Oct 2026.
- When will the Grace Renewable Energy IPO open?
- Issue dates are announced after SEBI observations and the RHP filing. They are not available yet.
- What is the Grace Renewable Energy IPO price band?
- The price band is announced a few days before the issue opens. It is not available yet.
Details are from the draft prospectus and can change in the final RHP. This is not investment advice.