Renfra Energy India IPO

About Renfra Energy India IPO

The public issue of Renfra Energy India Limited, a mainboard IPO, opens on TBA and closes on TBA. The basis of allotment is expected to be finalised on TBA. Shares will be credited to the eligible investors' demat accounts on TBA, while refunds, if any, will be initiated on TBA. The listing of shares is scheduled for TBA. The equity shares offered through the IPO are proposed to be listed on the BSE and the NSE.

The IPO comprises a fresh issue and an offer for sale. The fresh issue consists of equity shares aggregating up to ₹430 crores. The offer for sale comprises up to 47,94,800 equity shares by the selling shareholders. The total issue size and price band will be announced closer to the IPO opening date.

Renfra Energy India Limited’s IPO price band is fixed at ₹TBA to ₹TBA per share. The lot size for an application is TBA shares. The minimum investment required for retail investors is ₹TBA (TBA shares). The minimum investment required for HNI investors is ₹TBA.

Originally incorporated in 2017 as Renfra Power Private Limited, Renfra Energy India Limited is an integrated renewable energy company. The company provides turnkey solutions across the renewable energy value chain, including solar power projects, battery energy storage systems (BESS), transmission and distribution infrastructure, and operation and maintenance services.

Its capabilities span project design, engineering, procurement, construction, testing, commissioning and long-term maintenance of renewable energy and power infrastructure projects.

Objectives Of Renfra Energy India IPO

• Redemption of Non-Convertible Debentures issued by the company.
  
• Funding the working capital requirements of the company.
  
• General corporate purposes.
  

Industry Outlook

India's renewable energy sector has expanded rapidly over the last few years as electricity demand continues to rise. Government initiatives and higher private-sector participation have accelerated capacity additions, with the country targeting 500 GW of non-fossil fuel capacity by 2030.

Installed power capacity increased from around 356 GW in FY19 to 532 GW in FY26. Nearly 177 GW was added during this period, and the private sector accounted for close to 65% of the new capacity, reflecting its growing role in India's power sector.

Solar energy accounted for the largest share of renewable capacity additions during the period. Installed capacity rose from 36 GW in FY20 to 150 GW in FY26, supported by utility-scale projects, rooftop installations and favourable policy measures. Wind capacity also continued to expand, with Gujarat, Karnataka and Tamil Nadu contributing nearly 80% of the additions recorded between FY21 and FY26.

Investment activity is expected to remain strong. According to CRISIL, India's power sector could attract ₹37-42 trillion between FY27 and FY31. Around ₹27-32 trillion of this is expected to be invested in power generation, while the remaining investments are likely to support transmission and distribution infrastructure.

About Renfra Energy India

Renfra Energy India Limited provides integrated solar and wind energy solutions for commercial and industrial customers. Its scope of work extends beyond EPC execution and includes land acquisition, regulatory approvals, project development, commissioning and long-term operations and maintenance (O&M).

By 15 May 2026, the company had executed 217 agreements with 164 customers, comprising 164 EPC contracts and 53 O&M contracts. These projects represented an installed capacity of approximately 462.35 MW. In addition, the company managed a cumulative 601.40 MW of solar and wind assets under its O&M portfolio.

Project execution has expanded steadily over the years. During FY26, Renfra completed 32 renewable energy projects with a combined capacity of 120.40 MW and an executed project value of approximately ₹1,031.97 crores. The business is supported by a workforce of 1,140 personnel, including 457 permanent employees and 683 contract workers.

Strengths Of Renfra Energy India

• Turnkey renewable energy solutions covering land acquisition, EPC execution, regulatory approvals and long-term O&M services.
  
• Solar projects are generally completed within 100-110 days against scheduled timelines of 120-150 days. Wind projects typically take 150-180 days, compared with committed timelines of 180-220 days.
  
• As of 15 May 2026, the company had surplus grid connectivity of 465.50 MW. It also maintained a land bank of 640.01 acres for solar projects and 277.04 acres for wind projects.
  
• Repeat customers accounted for 278.20 MW out of a total project capacity of 601.45 MW as of 15 May 2026, reflecting long-term customer relationships.
  
• The company is supported by 128 solar suppliers and 31 wind suppliers, together with dedicated quality assurance and supply chain teams.
  
• Experienced management team with more than two decades of experience in renewable energy project execution, procurement and operations.
  

Risks Of Renfra Energy India

• Weather conditions can affect project execution and commissioning timelines.
  
• Solar modules, wind turbines and other key equipment are sourced from third-party suppliers. Delays in procurement or higher input costs could affect profitability.
  
• Business operations remain concentrated in Tamil Nadu and Puducherry. As of 15 May 2026, all ongoing projects were located in Tamil Nadu.
  
• Renewable energy projects require timely grid connectivity and approvals from government authorities. Delays in approvals or evacuation infrastructure may postpone project commissioning.
  
• Turnkey solar and wind projects contributed 98.36%, 96.70% and 98.46% of revenue in FY26, FY25 and FY24, respectively. Any slowdown in project orders could affect financial performance.
  
• The wind energy business is still at a relatively early stage. Wind projects contributed 34.57% of revenue in FY26, compared with 16.78% in FY25, and have a shorter operating track record than the solar segment.
  
• Renewable energy projects depend on timely land acquisition. Delays in securing suitable land parcels may increase costs and postpone project execution.
  

The company has identified listed peers operating in a similar line of business for broad comparison purposes.

Note: All the financial information for listed industry peers mentioned above is sourced from Financial Results/ Draft Red Herring Prospectus of the company for the year ended 31 March 2026 and stock exchange data dated 30 June 2026 to compute the corresponding financial ratios.

Anchor Investor Bidding Date TBA

Registrar Details
Bigshare Services Private Limited
E-mail: ipo@bigshareonline.com
Tel.: +91 22 62638200

Book Running Lead Manager
Unistone Capital Private Limited

Renfra Energy India Limited Contact Details
Indiqube Ocean Bay, 5th Floor, Plot No. A-19 & A-20, Sidco Industrial Estate,
Guindy Industrial Estate, Chennai City Corporation, Chennai, 600 032, Tamil Nadu

Renfra Energy India Business Model

Renfra Energy India Limited operates in the renewable energy sector, generating revenue by providing turnkey solar and wind energy solutions, including engineering, procurement and construction (EPC), land acquisition, regulatory approvals and operations and maintenance (O&M) services. It primarily caters to commercial and industrial customers across the renewable energy value chain.

Renfra Energy India Growth Trajectory

Renfra Energy India Limited's Total Income for FY26 was ₹1,018.22 crores, whereas in FY25 and FY24 it was ₹511.43 crores and ₹446.73 crores, respectively.

The Profit After Tax for FY26 was ₹156.82 crores, whereas in FY25 and FY24 it was ₹94.55 crores and ₹36.86 crores, respectively.

Its EBITDA for FY26 was ₹245.94 crores, whereas in FY25 and FY24 it was ₹131.08 crores and ₹55.41 crores, respectively.

Renfra Energy India Market Position

Renfra Energy India Limited is an integrated renewable energy company providing turnkey solar and wind energy solutions for commercial and industrial customers. As of 15 May 2026, it had entered into 217 agreements, including 164 EPC agreements and 53 O&M agreements with 164 customers, representing an installed capacity of approximately 462.35 MW.

The company also managed a cumulative 601.40 MW of solar and wind assets under its O&M portfolio. During FY26, it completed 32 renewable energy projects with an aggregate capacity of 120.40 MW and an executed project value of approximately ₹1,031.97 crores.

As of 31 March 2026, the company's Total Income, Profit After Tax and EBITDA stood at ₹1,018.22 crores, ₹156.82 crores and ₹245.94 crores, respectively.

How To Apply for Renfra Energy India IPO?

• Step 1: Log in to your Kotak Neo Demat account – access IPO investments and 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 places 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.