GRE Renew Enertech IPO

About GRE Renew Enertech IPO

The offer consists of a fresh issue component. The fresh issue will include up to 0.38 crore shares of ₹39.56 crores. The total number of shares is up to 37,68,000 shares (aggregating up to ₹40 crores).

GRE Renew Enertech price band is set at ₹100 to ₹105 per share. The lot size for an application is 1,200. The minimum amount of investment required by an individual investor (retail) is ₹2,52,000 (2,400 shares) (based on upper price). The minimum lot size for investment in HNI is 3 lots (3,600 shares), amounting to ₹3,78,000.

The GRE Renew Enertech IPO opens on Tuesday, Jan 13, 2026 and closes on Friday, Jan 16, 2026. The allotment of shares will take place on Monday, Jan 19, 2026. The credit of shares to the demat account will take place on Tuesday, Jan 20, 2026. The initiation of refunds will take place on Tuesday, Jan 20, 2026. The listing of shares will take place on Wednesday, Jan 21, 2026.

GRE is an emerging player in the field of Rooftop and ground mount solar solutions. They are also manufacturers of Light Emitting Diode (“LED”) lighting solutions with the turnover from lighting business being 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. GRE Renew Enertech is a company that specializes in providing solar energy solutions to industrial and commercial customers. They offer green energy solutions by installing on-site solar projects.

Objective of GRE Renew Enertech IPO

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

Industry Outlook

The installed solar energy capacity has increased by 26 times in the last 9 years and stands at 73.32 GW as of December 2023. 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. 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.

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 (US$ 843 crore) annually. Around 15,000 MW of wind-solar hybrid capacity is expected to be added between 2020-25.

GRE Renew Enertech Company Information

GRE is an emerging player in the field of rooftop and ground-mount solar solutions. GRE Renew Enertech is a company that specialises in providing solar energy solutions to industrial and commercial customers. They offer green energy solutions by installing on-site solar projects. Their business operations are primarily divided into two segments: Capital Expenditure (CAPEX) and Renewable Energy Service Company (RESCO). Under the CAPEX model, they offer engineering, procurement, construction, and operation of solar projects. In this model, customers invest in the capital expenditure at their own cost, and the company handles engineering, procurement, construction, and operation on behalf of the client. Under the CAPEX model, they have been planning to implement a 20 MWp project through their wholly owned subsidiary – GRE Green Energy Private Limited. The company is also an Indian manufacturer of Light Emitting Diode (“LED”) lighting solutions. However, for the past few years, their prime focus has been solely on the solar energy segment.

Strengths of GRE Renew Enertech

• Experience management team.
• Training and skill development programs to strengthen the operation & maintenance team.
• Existing number, visible order book and favourable national policy support.
• 24/7 premium support system.
• ESG (Environment, Social and Governance): Help protect the environment by powering with 100% renewable energy.

Risks of GRE Renew Enertech

• Projects mainly concentrated in one state – Gujarat.
• Business operations rely on consistent solar weather conditions.
• Increase in the prices of raw materials and labour.
• Do not have long‐term contracts with suppliers of Solar PV modules and all other raw materials.
• Change in technology, evolving customer requirements and emerging industry trends may affect business.

*As Certified by M/s. Dhiren H Pandya & Associates LLP., Chartered Accountant pursuant to their certificate dated December 15, 2025, vide UDIN 25129612BMKPAA1217

Anchor Investor Bidding Date: Monday, Jan 12, 2026 *Anchor Investor Bidding Date shall be one Working Day prior to the Bid/ Offer Opening Date.

Registrar: Maashitla Securities Private Limited
Book Running Lead Managers: Share India Capital Services Private Limited

GRE Renew Enertech Business Model

The company earns its revenue through providing solar energy solutions to industrial and commercial customers. They also manufacture LED lighting solutions. However, for the past few years, their prime focus has been solely on the solar energy segment.

GRE Renew Enertech Growth Trajectory

GRE Renew Enertech’s Total Income for the financial year 2025 stood at ₹84.374 crores, whereas in the financial year 2024 it stood at ₹92.154 crores, and in the financial year 2023 it was ₹53.109 crores.

Their Profit After Tax for the financial year 2025 stood at ₹7.026 crores, whereas for the financial year 2024, it stood at ₹9.905 crores, and in the financial year 2023 it was ₹0.893 crores.

Their EBITDA was ₹9.483 crores in the financial year 2025, and ₹11.479 crores in the financial year 2024, and ₹1.314 crores in the financial year 2023.

GRE Renew Enertech Market Position

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.

As of 31st March 2025, their Total Income, Profit After Tax, and EBITDA are ₹84.374 crores, ₹7.026 crores, and ₹9.483 crores, respectively.

How to apply for GRE Renew Enertech IPO?

• Step 1: Log in to your Kotak Neo Demat account - Log in to your Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details - Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID - After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification - Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request - Your funds will be blocked once you approve the mandate request on your UPI.