GRE Renew Enertech

• GRE Renew Enertech is coming out with an initial public offering (IPO) of 37,68,000 shares in a price band of Rs 100-105 per equity share. 
• The issue will open on January 13, 2026 and will close on January 16, 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 10.00 times of its face value on the lower side and 10.50 times on the higher side.
• Book running lead manager to the issue is Share India Capital Services.
• Compliance Officer for the issue is Rohan Jayeshbhai Dhruve.

Profile of the company

GRE Renew Enertech is an emerging player in the field of Rooftop and ground mount solar solutions. The company is specialized in providing solar energy solutions to industrial and commercial customers. It offers green energy solutions by installing on-site solar projects. Its business operations are primarily divided into two segments: Capital Expenditure (CAPEX) and Renewable Energy Service Company (RESCO). Under the CAPEX model, it offers Engineering, Procurement, construction, and operation of solar projects. In this model, customers invest in the Capital Expenditure at their own and the company does Engineering, Procurement, Construction, and Operation on behalf of the client. Under the RESCO model, agreement is entered into with roof-top owners. The rooftop owners may consume the electricity generated, for which they have to pay a pre decided tariff to it as RESCO developer for the tenure of the agreement. In this model the assets (solar panels and installations) belong to the company.

Under RESCO model, the company may also develop ground mount project, in which case land for the project is owned by the company, either on freehold or leasehold, as developer of the RESCO Project. The company in the past has not developed any major ground mount project under RESCO model. However, under the RESCO Model, its object is to implement a 7.20 MW (AC) / 9.99 MW (DC) Ground Mounted Solar Power Plant in the company. It is also an Indian manufacturer of Light Emitting Diode (LED) lighting solutions. However, since last few years the prime focus of the company is in the Solar Energy segment only. The turnover from lighting business is less than 5% of the total turnover of the company as per the last audited financial statements for the Financial Year ended March 31, 2025.

As an ISO 9001:2015 certified company, it is not only installing solar plants but also providing innovative solutions to optimize its production output. A skilled group of solar architects and engineers who create sophisticated installations as per the best practices in the industry. In this way, it endeavors to achieve the optimum efficiency of electricity generation. It also provides the maintenance services that make sure its solar investment continues to give high volumes of electricity units in the long run. Customers are trusting it with their investments, and therefore, the company is committed to being the most trusted solar installation service provider by ensuring that the projects it undertakes are completed upto the customer’s expectations.

Proceed is being used for:

• Setting up of 7.20 MW (AC) / 9.99 MW (DC) Ground Mounted Solar Power Plant
• General corporate purposes 

Industry Overview

India's energy demand is expected to increase more than that of any other country in the coming decades due to its sheer size and enormous potential for growth and development. Therefore, most of this new energy demand must be met by low-carbon, renewable sources. India's announcement India that it intends to achieve net zero carbon emissions by 2070 and to meet 50% of its electricity needs from renewable sources by 2030 marks a historic point in the global effort to combat climate change. India was ranked fourth in wind power capacity and solar power capacity, and fourth in renewable energy installed capacity, as of 2023. Installed renewable power generation capacity has increased at a fast pace over the past few years, posting a CAGR of 15.4% between FY16 and FY23. India has 125.15 GW of renewable energy capacity in FY23. India is the market with the fastest growth in renewable electricity, and by 2026, new capacity additions are expected to double.

Ministry of New and Renewable Energy targets 500 GW non-fossil-based electricity generation by 2030, as per the Prime Minister's COP26 announcement, with an added installation of 13.5 GW renewable energy capacity in 2023, corresponding to an investment of around Rs 74,000 crores ($8.90 billion). India’s $109.50 billion (Rs 9,22,866 crore) plan aims to expand power infrastructure, meet 458 GW demand by 2032, enhance transmission, integrate renewable energy, and boost energy security, unlocking vast untapped potential. Meanwhile, installed renewable power generation capacity has increased at a fast pace over the past few years, posting a CAGR of 15.29% between FY16 and FY25 (as of January 2025). India has 165.2 GW of renewable energy capacity in FY25 (as of January 2025). Further, India added a record 10 GW of solar capacity in Q1 2024, a nearly 400% year-over-year increase, driven by the commissioning of delayed projects as module prices fell and the ALMM order was suspended, as well as improved grid connectivity to projects previously stalled. Solar power accounted for 16.9% of the total installed power capacity and 40.1% of the total installed renewable capacity at the end of December 2023. Solar power's share increased by 0.3% from the last quarter when it accounted for 39.5% of the total renewable capacity.

India has set a target to reduce the carbon intensity of the nation’s economy by less than 45% by the end of the decade, achieve 50% cumulative electric power installed by 2030 from renewables, and achieve net-zero carbon emissions by 2070. Low-carbon technologies could create a market worth up to $80 billion in India by 2030. India’s target is to produce five million tonnes of green hydrogen by 2030. The Green Hydrogen target is set at India’s electrolyser manufacturing capacity is projected to reach 8 GW per year by 2025. The cumulative value of the green hydrogen market in India could reach $8 Bn by 2030 and India will require at least 50 gigawatts (GW) of electrolysers or more to ramp up hydrogen production. It is expected that by 2040, around 49% of the total electricity will be generated by renewable energy as more efficient batteries will be used to store electricity, which will further cut the solar energy cost by 66% as compared to the current cost. The use of renewables in place of coal will save India Rs 54,000 crore ($8.43 billion) annually. Around 15,000 MW of wind-solar hybrid capacity is expected to be added between 2020-25. As per the Central Electricity Authority (CEA) estimates, by 2029-30, the share of renewable energy generation would increase from 18% to 44%, while that of thermal is expected to reduce from 78% to 52%. The CEA also estimates India’s power requirement to grow to reach 817 GW by 2030. 

Pros and strengths

Existing number, visible order book and favourable national policy support: The company had an EPC project portfolio of more than 61 MW across India which combined 52+ MW of projects under ground-mounted and 9 MW+ projects in rooftop. In the Union Budget 2022-23, the government allocated Rs 19,500 crore ($2.57 billion) for a PLI scheme to boost the manufacturing of high-efficiency solar modules. India launched the Mission Innovation Clean Tech Exchange, a global initiative that will help accelerate clean energy innovation. As per the Central Electricity Authority (CEA) estimates, by 2029-30, the share of renewable energy generation would increase from 18% to 44%, while that of thermal is expected to reduce from 78% to 52%.

24/7 Premium Support System: The company has a unique way to support the client and maximize the Solar yield through its dedicated remote monitoring and analytic platform. Its continuous monitoring by the in-house O&M team enables the client to have optimum O&M cost and reduce downtime.

ESG (Environment, Social and Governance): The purpose of the company is to protect the environment by reducing carbon footprints by using more and more of the most abundant sources of energy- The SUN. The company helps to protect the environment by powering with 100% renewable energy. It can make a difference to this world, to this very earth on which it lives. The company is trying to bridge the gap by providing renewable energy solutions provider that are revolutionizing.

Risks and concerns

Adverse weather conditions could affect solar power generation: Solar power is highly dependent on weather conditions and the profitability of its operations depends not only on observed solar conditions at the project site but also on the consistency of those solar conditions. Unfavorable weather conditions might make solar power projects less effective, lower their output below their rated capacity, force the shutdown of vital equipment, make solar power projects more difficult to operate and have a materially negative impact on its projected revenues and cash flows. The installation of solar power projects could be unexpectedly delayed by persistently unfavorable weather, which could postpone project completion and have a materially negative impact on its business, financial situation, and operational results. It is confirmed that there has been no such aforesaid instance in the company in the past.

Substantial dependence on the state of Gujarat for revenue: The company’s projects mainly concentrated in one state i.e. Gujarat. The company has garnered 92.95%, 93.99%, 88.87% and 95.46% of its total revenue from the state of Gujarat for the period ended September 30, 2025 and financial year ended March 31, 2025, 2024 and 2023, respectively. Any geographical disturbance in Gujarat can heavily adversely affect its business.

Growth strategy linked to success in renewable energy bids: The company’s strategy to grow its business includes expanding and diversifying its renewable energy portfolio to include Resco and hybrid model projects for which it has to participate in bids and bid against other renewable energy players. It competes for project awards based on, among other things, pricing, technical and engineering expertise, financing capabilities, past experience and track record. The bidding and selection process is also affected by a number of factors, including those beyond its control, such as market conditions or government incentive programs. In addition, the government conducted tender processes may be subject to change in qualification criteria, unexpected delays and uncertainties. There can be no assurance that the projects for which it bids will be tendered within a reasonable time, or at all. In the event that new projects which have been announced and which it plans to bid for are not put up for tender within the announced timeframe, or qualification criteria are modified such that it is unable to qualify, its business, prospects, financial condition, cash flows and results of operations could be materially and adversely affected.

Outlook

GRE Renew Enertech is engaged in the business of solar energy solutions and LED lighting products. It offers rooftop and ground-mounted solar installations, as well as indoor and outdoor LED lighting solutions. The company, originally a manufacturer of LED lighting solutions, now primarily focuses on solar energy. The company has training and skill development programs to strengthen operation & maintenance team. On the concern side, the company’s business operations rely on consistent solar weather conditions and unfavorable solar weather conditions could have a material adverse effect on its business, financial condition and results of operations. Moreover, it has projects mainly concentrated in one state - Gujarat. Any geographical disturbance in Gujarat can heavily adversely affect its business.

The company is coming out with a maiden IPO of 37,68,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 100-105 per equity share. The aggregate size of the offer is around Rs 37.68 crore to Rs 39.56 crore based on lower and upper price band respectively. On performance front, total revenue from operation has decreased by 7.33% from Rs 9,034.01 lakh in the financial year ended March 31, 2024 to Rs 8371.73 lakh in the financial year ended March 31, 2025. Moreover, the company recorded a decrease of 29.06% in profit after tax from Rs 990.52 lakh in financial year ended March 31, 2024 to Rs 702.64 lakh in financial year ended March 31, 2025.

The company ensures to maintain strong relationships with Suppliers and clients and work closely with them to understand their views and expectations and obtain feedback on its deliveries to further align its project execution, marketing and pricing strategies with demand. It intends to continue to provide high-quality deliveries to its customers and grow its business by leveraging its strengths. Going forward, the company intends to cater to the increasing demand of its existing clients and also to increase its existing customer base by enhancing its geographical reach. Enhancing its presence in additional regions will enable it to reach out to a larger market and have direct access to the suppliers and clients which will allow it to have a better understanding of their concept and ideas. Further, the company maintains long-term relationships with its customers. It aims to achieve this by maintaining the high quality of O & M Services, and Customer Support.