GRE Renew Enertech IPO Analysis: Your Essential Guide for PublicListing.inDecoding the GRE Renew Enertech IPO: A Comprehensive Look for Investors
The Initial Public Offering (IPO) market remains a dynamic space for capital raising and investment opportunities. Among the recent listings drawing attention is the SME IPO from GRE Renew Enertech Limited. This company, focusing on the burgeoning renewable energy sector, is set to list on the BSE SME platform. For investors looking to understand the core fundamentals and potential of this offering, this detailed analysis breaks down everything you need to know before applying.
Understanding the Company: GRE Renew Enertech Limited
GRE Renew Enertech Limited has positioned itself within the crucial solar energy and LED lighting solutions domain. While initially rooted in LED manufacturing, the company's current strategic focus leans heavily towards solar energy projects, aligning perfectly with India's national push towards sustainable power.
Core Business Verticals:
- EPC Model (CAPEX): Providing end-to-end engineering, procurement, construction, and commissioning services for solar PV plants, where the client owns the asset.
- RESCO Model (OPEX): Where the company funds and owns the rooftop solar systems, generating annuity income through long-term tariffs paid by consumers.
Key Offerings:
- Turnkey Solar EPC Solutions with Operations & Maintenance contracts.
- On-Grid Solar Rooftop Systems designed for grid synchronization and bill reduction.
- Hybrid Solar Rooftop Systems integrating battery storage for uninterrupted power.
- Supply of high-efficiency Solar PV Modules.
Competitive Advantages Noted:
- A seasoned management team with relevant industry exposure.
- Commitment to skill development for robust Operation & Maintenance capabilities.
- A visible order book providing revenue visibility.
- Favorable policy environment supporting renewable energy adoption.
GRE Renew Enertech IPO: Key Subscription Details
This is a Book Building issue on the BSE SME segment, aiming to raise capital primarily through a fresh issue of shares. Understanding the timelines and pricing is vital for timely participation.
IPO Snapshot: The offering is a fresh issue of 0.38 crore shares, aggregating to approximately ₹39.56 Crores. The IPO is scheduled to open on January 13, 2026, and close on January 16, 2026.
IPO Timeline Overview (Tentative Schedule)
The following table outlines the critical dates for the GRE Renew Enertech IPO process:
| Milestone | Date |
|---|
| IPO Opening Date | Tuesday, January 13, 2026 |
| IPO Closing Date | Friday, January 16, 2026 |
| Basis of Allotment Finalization | Monday, January 19, 2026 |
| Initiation of Refunds | Tuesday, January 20, 2026 |
| Credit of Shares to Demat Account | Tuesday, January 20, 2026 |
| Tentative Listing Date on BSE SME | Wednesday, January 21, 2026 |
Pricing and Application Structure
The price band for the issue is set, determining the potential cost of investment. Given the lot size, retail investors need to calculate their minimum required capital outlay.
| Parameter | Detail |
|---|
| Face Value Per Share | ₹10 |
| Price Band (Per Share) | ₹100 to ₹105 |
| Lot Size | 1,200 Shares |
| Minimum Retail Investment (2 Lots) | ₹2,52,000 |
Share Allocation Breakdown
The shares are distributed across various investor categories based on SEBI norms for SME IPOs. The allocation structure influences the availability for retail participants.
| Investor Category | Shares Offered (Approx.) | Percentage (%) |
|---|
| Qualified Institutional Buyers (QIB) (Incl. Anchor) | 17,76,000 | 47.13% |
| Non-Institutional Investors (NII) | 5,40,000 | 14.33% |
| Retail Individual Investors (RII) | 12,60,000 | 33.44% |
| Market Maker Reservation | 1,92,000 | 5.10% |
| Total Issue Size | 37,68,000 | 100.00% |
Corporate Health Check: Financial Performance Insights
Evaluating the company's recent financial trajectory gives essential context to its valuation. The data below presents the restated consolidated financial figures (Amounts in ₹ Crore).
| Metric | 30 Sep 2025 (Interim) | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|
| Total Income | 43.98 | 84.37 | 92.15 | 53.11 |
| Profit After Tax (PAT) | 4.00 | 7.03 | 9.91 | 0.89 |
| EBITDA | 5.72 | 9.48 | 11.48 | 1.31 |
| Total Borrowing | 1.45 | 1.59 | 4.57 | 4.75 |
Key Valuation Metrics (As of Mar 31, 2025 Data)
These Key Performance Indicators (KPIs) offer a snapshot of efficiency and leverage:
| KPI | Value |
|---|
| Return on Equity (ROE) | 26.89% |
| Return on Capital Employed (ROCE) | 29.60% |
| Debt/Equity Ratio | 0.05 |
| PAT Margin | 8.39% |
| Price to Book Value (P/BV) | 3.54 |
Impact of Equity Dilution
The IPO involves significant equity dilution, which impacts per-share metrics:
| Metric | Pre-IPO EPS (Rs) | Post-IPO EPS (Rs) | P/E Ratio (x) |
|---|
| Valuation Snapshot | 6.68 | 5.60 | 15.72 (Pre) / 18.75 (Post) |
| Promoter Holding | 95.06% | 69.99% | (N/A) |
The promoter holding is set to reduce substantially post-issue, from nearly absolute ownership to approximately 70%.
Strategic Use of IPO Proceeds
The primary objective of raising capital is clearly defined, providing transparency on how the funds will be deployed to drive future growth.
| IPO Objective | Estimated Amount (₹ Cr.) |
|---|
| Setting up 7.20 MW (AC) / 9.99 MW (DC) Ground Mounted Solar Plant | 32.61 |
| General Corporate Purposes | (Remainder) |
A significant portion of the proceeds is earmarked for tangible asset creation—the new ground-mounted solar power plant—which should bolster future revenue streams.
Stakeholders and Intermediaries
The successful execution of the IPO relies on experienced intermediaries:
- Book Running Lead Manager (BRLM): Share India Capital Services Pvt.Ltd.
- Registrar to the Issue: Maashitla Securities Pvt.Ltd.
- Market Maker: Share India Securities Ltd. (Ensuring liquidity post-listing).
Company Contact Information:
For official inquiries, the company details are:
- Address: Plot no. 423, G.I.D.C.-II, Dediyasan, Mehsana, Gujarat, 384002
- Contact: +91 9974039300
- Email: cs@greindia.com
SWOT Analysis for GRE Renew Enertech IPO Assessment
To provide a balanced view, here is an analysis of the company's internal capabilities and external environment:
| Category | Factors |
|---|
| Strengths (Internal Positives) | Experienced management; established O&M support system; focus shifting to high-growth solar segment. |
| Weaknesses (Internal Negatives) | Potential dependence on securing low-cost capital for the RESCO model; transition away from LED focus. |
| Opportunities (External Positives) | Strong governmental policy support for renewable energy; increasing corporate demand for solar power solutions. |
| Threats (External Negatives) | Regulatory changes in the power sector; volatility in raw material prices (modules); intense competition in the EPC space. |
Conclusion: Navigating the GRE Renew Enertech SME Listing
The GRE Renew Enertech IPO presents a calculated entry point into the solar energy infrastructure space via the SME board. Financially, the company demonstrates growth in top line and impressive profitability metrics like ROE and ROCE, coupled with a very low debt-to-equity ratio, suggesting a fundamentally sound operational base. The capital raised is strategically targeted towards capacity expansion in ground-mounted solar projects, which should fuel further scaling.
As with any SME offering, potential investors should recognize the higher inherent volatility associated with smaller listings. However, the business model aligns with long-term energy transition themes, offering compelling prospects for those comfortable with the risk profile of the BSE SME segment.
