Updated on 21.01.2026 @ 11:55 AM
GRE Renew Enertech Limited, a Gujarat-based solar EPC company with over two decades of experience, has announced its Initial Public Offering (IPO) on the BSE SME platform. You can check details about all the upcoming and live IPOs at our ipo hub page which is updated regularly.
It is a company with over two decades of experience in the solar EPC (Engineering, Procurement, and Construction) domain.
The subscription will open on January 13, 2026 and close on January 16, 2026, with a price band of ₹100 to ₹105 per share. The book-built issue aims to raise approximately ₹39.56 Crores. The net proceeds are intended to fund the construction of a new ground-mounted solar power plant, as part of a strategy to build an asset portfolio.
In this article, you will find the GRE Renew Enertech IPO GMP today,allotment date, price band, and a detailed review. You can check the subscription status of this and other ipos at our subscription status hub page.
Briefs of GRE Renew Enertech IPO Details:
- Price Band: ₹100 – ₹105 per share
- IPO Open / Close Dates: January 13, 2026 – January 16, 2026
- Lot Size: 1,200 Shares (Note: Retail Minimum Application is 2 Lots / 2,400 Shares)
- Issue Size: 37,68,000 Equity Shares / ~₹39.56 Crores
- Fresh Issue / OFS: 100% Fresh Issue
- Registrar: Maashitla Securities Pvt. Ltd.
- Listing Exchange: BSE SME
What Is The GRE Renew Enertech IPO GMP Today?
You can check the GMP of this and other issues at our GMP hub page.
Note: The Grey Market Premium (GMP) changes daily based on market demand. It is an unofficial indicator and is not regularised by SEBI, NSE, or BSE. Investors should not rely solely on GMP for investment decisions.
Listing Updates
| Type | Issue Price | Open | Gain/loss |
| Lisiting | 105 | 96 | -8.6 |
What Are The Important GRE Renew Enertech IPO Dates & Allotment Schedule?
For investors planning their capital allocation, here is the critical timeline for the issue:
- IPO Open Date: Tuesday, January 13, 2026
- IPO Close Date: Friday, January 16, 2026
- Basis of Allotment Date: Monday, January 19, 2026
- Refund Initiation Date: Tuesday, January 20, 2026
- Credit of Shares: Tuesday, January 20, 2026
- Listing Date: Wednesday, January 21, 2026
What Are The Objectives of GRE Renew Enertech IPO?
The company intends to utilize the net proceeds for the following strategic purpose:
- Capital Expenditure (32.61 Crores): To set up a 7.20 MW (AC) / 9.99 MW (DC) Ground Mounted Solar Power Plant in Gujarat under the RESCO model. This project will enable the company to generate long-term annuity income by selling power through a 25-year Power Purchase Agreement (PPA).
- General Corporate Purposes: To meet ongoing operational contingencies.
How is The Financial Performance of GRE Renew Enertech?
(Figures in ₹ Crores)
| Particulars | FY 2024-25 | FY 2023-24 | FY 2022-23 |
Total Income | 84.37 | 92.15 | 53.11 |
Profit After Tax (PAT) | 7.03 | 9.91 | 0.89 |
EBITDA | 9.48 | 11.48 | 1.31 |
Total Borrowing | 1.59 | 4.57 | 4.75 |
Assets | 45.46 | 49.12 | 51.67 |
Source: RHP
Financial Analysis & Observations:
Total Income:
The company's Total Income for Fiscal 2025 stands at ₹84.37 Crores. This follows a reported income of ₹92.15 Crores in Fiscal 2024 and ₹53.11 Crores in Fiscal 2023, reflecting activity within the solar EPC sector during this period.
Profit After Tax (PAT):
The company's Profit After Tax (PAT) was ₹9.91 Crores in Fiscal 2024 and ₹7.03 Crores in Fiscal 2025, representing a net profit margin of 8.33% for the latter period. This change in profitability aligns with the company's reported financial results for these fiscal years.
EBITDA:
The company recorded an EBITDA of ₹9.48 Crores in Fiscal 2025. The EBITDA margin remained healthy at 11.33%, indicating efficient management of core project execution costs and material procurement in a competitive market environment.
Total Borrowing:
In Fiscal 2025, the company's borrowings stood at ₹1.59 Crores, leading to a Debt-to-Equity ratio of 0.05. This represents a decrease in leverage from previous reporting periods.
Assets:
The company's total assets stood at ₹45.46 Crores in Fiscal 2025.
What Are The P/E Ratio and Peer Comparison?
Based on its Fiscal Year 2025 earnings per share (EPS) of ₹6.71, the IPO is priced at a Price-to-Earnings (P/E) multiple of approximately 15.65x at the upper end of the price band (₹105).
P/E Ratio = ₹105 (Price) / ₹6.71(Earnings Per Share)
P/E Ratio ≈ 15.65x
Peer Comparison Table
| Company | Revenue (₹ Cr) | P/E Ratio | RoNW (%) |
GRE Renew Enertech | 76.02 | 15.65 | 69.27 |
| Oriana Power | 1,018.67 | 15.99 | 48.62 |
| Zodiac Energy | 407.77 | 29.27 | 27.71 |
Analysis:
The IPO values GRE Renew Enertech at a P/E of approximately 15.65x, which is below the industry average P/E of 31.35x. This valuation is also lower than the P/E multiples of listed peers Zodiac Energy (29.27x) and Oriana Power (15.99x). A separate financial metric show the company's RoNW was above 69% in FY24.
What is The Industry Outlook GRE Renew Enertech?
Growth Potential:
India aims to achieve 500 GW of non-fossil fuel energy capacity by 2030. The solar sector is the cornerstone of this ambition, with significant policy support like the PLI scheme and solar park developments.
Market Trends:
There is a growing shift from pure EPC contracts to the RESCO (Renewable Energy Service Company) model, where developers own the asset and sell power. This model provides predictable, long-term cash flows, which GRE is actively pursuing.
What Are The Strengths and Risks of GRE Renew Enertech IPO?
Strengths:
- Integrated Model: The company offers end-to-end solutions from design to maintenance, ensuring quality control and better margins.
- Annuity Income: The shift to the RESCO model with the new solar plant will provide stable, long-term revenue visibility for 25 years.
- Financial Health: A nearly debt-free balance sheet (D/E 0.05) is a major advantage in a capital-intensive industry.
Risks:
- Geographic Concentration: With nearly 94% of revenue coming from Gujarat, the company is highly exposed to regional risks.
- Client Concentration: The top 10 clients account for over 62% of revenue. Losing a key client could impact short-term cash flows.
- Competitive Bidding: The solar EPC market is crowded, and aggressive bidding by larger players can compress margins.
Key Considerations for Investors
This section is for information purposes only and does not constitute financial advice.
Investors should note the Minimum Investment structure.
- Minimum Application: The lot size is 1,200 Shares. Based on the data provided, the minimum application for Retail Individual Investors is 2 Lots (2,400 Shares), amounting to ₹2,52,000. Note: This investment amount exceeds the typical ₹2 Lakh retail limit, which implies this category may technically be treated as HNI (Small-HNI).
- Valuation: At ~15.65x P/E, the valuation leaves room for some upside compared to industry averages.
- Risk Profile: The company is financially robust but carries concentration risks.
Standard Disclaimer: This article is strictly for educational purposes. Please consult a SEBI-registered investment advisor before making any investment decisions.
Key Takeaways
- IPO Price: ₹105 per share (Upper Band).
- Min Investment: ₹2,52,000 (2,400 Shares).
- Allotment Date: January 19, 2026
- Listing: BSE SME platform on January 21, 2026.
FAQs on GRE Renew Enertech IPO
What is GRE Renew Enertech IPO GMP today?
The GMP is a dynamic market sentiment indicator. Please check trusted financial news portals or our dedicated GMP section for the latest updates.
What is GRE Renew Enertech IPO price band?
The price band is fixed at ₹100 to ₹105 per equity share.
What is GRE Renew Enertech IPO allotment date?
The allotment status is expected to be finalized on Monday, January 19, 2026.
How to check GRE Renew Enertech IPO allotment status?
Investors can check the status on the website of Maashitla Securities Pvt. Ltd. (the Registrar) or via the BSE IPO allotment portal. You can also check at our ipo allotment status hub page.
What is GRE Renew Enertech IPO listing date?
The shares are tentatively scheduled to list on Wednesday, January 21, 2026.
Investment Perspective on GRE Renew Enertech IPO
GRE Renew Enertech offers a solid play in the renewable energy space with a clean balance sheet and a strategic shift towards annuity income. The valuation is attractive, but the high ticket size for retail investors and geographic concentration are factors to weigh carefully.
