GRE Renew Enertech IPO: GMP, Price, Analysis, And Details

GRE Renew Enertech IPO- Company Analysis 

GRE Renew Enertech IPO under the SME IPO category is a bookbuild issue of Rs. 39.56 Cr by GRE Renew Enertech Limited and is involved in the production of LED lighting goods and solar energy solutions.

They provide both interior and outdoor LED lighting options in addition to rooftop and ground-mounted solar installations. Originally producing LED lighting solutions, the company currently focuses mostly on solar energy.

Model of Business

CAPEX Model (EPC): Engineering, Procurement and Construction.

RESCO Model (Opex).

Products and services:

• EPC (Engineering, Procurement, and Construction)
• On-Grid Rooftop Systems
• Hybrid Solar Rooftop Systems 
• PV Module
  
  

GRE Renew Enertech IPO Details

The GRE Renew Enertech IPO date of opening is 13 Jan 2026, its initial public offering will end on 16 Jan, IPO allotment on Jan 19 and refund initiation on Jan 20, 2026.

The Rs. 39.56 crore new SME IPO comprises a wholly fresh issue of 0.38 crore shares.

The GRE Renew Enertech IPO listing date (expected) might be on Wednesday, Jan 21, 2026, and listing at the BSE and SME. 

The GRE Renew Enertech IPO price band is Rs. 100 to Rs. 105.

 

 

IPO Timetable (Tentative)

Events	Date
IPO Opening Date	Jan 13, 2026
IPO Closing Date	Jan 16, 2026
IPO Allotment Date	Jan 19, 2026
Refund Initiation	Jan 20, 2026
IPO Listing Date	Jan 21, 2026

 

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Company Financials 

(Amount in Cr)

Particulars	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	45.46	49.12	51.65
Total Income	84.37	92.15	53.11
PAT	7.03	9.91	0.89
EBITDA	9.48	11.48	1.31
Net Worth	31.23	21.03	11.14
Reserves & Surplus	20.71	19.78	9.89
Total Borrowing	1.59	4.57	4.75

 

Cash Flows

(Amount in lac)

Net Cash Flow	31 Mar 2025	31 Mar 2024	31 Mar 2023
Net Cash Flow Operating Activities	1,065.51	581.02	-286.80
Net Cash Flow Investing Activities	-1,022.12	-63.33	596.96
Net Cash Flow Financing Activities	-4.50	-57.52	-334.21

 

Revenue Bifurcation

(Rs. in Lac)

(Source: RHP)

The Objective of the Issue

The company desires to use the Net Proceeds from the Issue to fulfill its following goals:

• Setting up of 7.20 MW (AC) / 9.99 MW (DC) Ground Mounted Solar Power Plant. ~ Rs. 32.61 Cr.
• General Corporate Purposes.
  
  

Listed Peers of GRE Renew Enertech Ltd. 

Name of the Company	Face Value (₹)	EPS (₹)	P/E Ratio (x)
Oriana Power Limited	10	81.92	15.99
Zodiac Energy Limited	10	13.38	29.27

 

Valuation

KPI	Value
ROE	26.89%
ROCE	29.60%
Debt / Equity	0.05
RoNW	26.89%
PAT Margin	8.39%
EBITDA Margin	11.33%

 

Evaluation of P/E Ratio

Considering the period ended on FY 2025 with an EPS of Rs. 6.71 from the last year, the resulting P/E ratio is 15.64x.

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IPO's Strengths 

• Team for Experience Management.
• Programs for skill development and training to bolster .
• Team for Operation and Maintenance.
• Current quantity, order book visibility and support from favorable national policy.
• 24/7 Superior Support System.
• Environment, Social and Governance or ESG.

 

 

IPO’s Weaknesses  

• Geographical concentration risks.
• Business relies on consistent solar weather condition.
• Delays in the completion of projects could lead to termination of awarded projects or lead to cost overrun.
  
  

GRE Renew Enertech IPO GMP (Grey Market Premium)

GRE Renew Enertech IPO GMP today is Rs. 9 as of 07 Jan 2026 while writing this information. With a price band set at Rs. 105. This suggests that the estimated listing price of the IPO could be around Rs. 114, indicating a gain/loss of 8.57%.

GRE Renew Enertech IPO Summary

IPO Opening & Closing Date	13 Jan, 2026 to 16 Jan, 2026
Face Value	Rs. 10 per Share
Issue Price	Rs. 100 to Rs. 105 per Share.
Lot Size	1200 Shares
Issue Size	37,68,000 Shares (Rs. 40 Cr)
Offer for Sale	-
Fresh Issue	37,68,000 Shares (Rs. 40 Cr)
Listing at	BSE, SME
Issue Type	Bookbuild issue IPO
Registrar	Maashitla Securities Pvt. Ltd.

 

IPO Lot Details 

Retail investors can invest in a minimum of 2 Lots (2400 Shares) for Rs. 2,52,000, and in multiples thereof, while HNI investors can invest in a minimum of 3 Lots (3600 Shares) for Rs. 3,78,000.

Minimum Lot Investment (Retail)	2 Lots
Maximum Lot Investment (Retail)	2 Lots
HNI (Min)	3 Lots

 

GRE Renew Enertech IPO Allotment Status

To check the GRE Renew Enertech IPO Allotment Status, visit the official Registrar’s website or BSE website. Below are the website links for you.

Using BSE Website - ​BSE IPO allotment status

Promoters And Management of GRE Renew Enertech Ltd.

• Mr. Kamleshkumar Dahyalal Patel
• Mr. Kirtikumar Kantilal Suthar
• Mr. Mukeshkumar Prahladbhai Trivedi

Pre-Issue Promoter Shareholding	95.06%
Post-Issue Promoter Shareholding	69.99%

 

IPO Lead Managers

• Share India Capital Services Pvt. Ltd. 
  
  

Dividend Policy

The company has not paid a dividend during the last three financial years.

 

 

Conclusion

Strong revenue growth, rising ROE/ROCE, and a distinct emphasis on solar EPC and RESCO models characterize GRE Renew Enertech IPO, a SME renewable energy venture. Investors should keep a close eye on the margins, borrowings, and execution risks typical of SME solar companies, even though the valuation appears reasonable and the fundamentals are getting better.

Finowings IPO Analysis

Hope you enjoyed the Finowings IPO Analysis. We tried our best to give every required detail about the company that you should know before applying to the IPO. 

You must consult your financial advisor before making any financial decisions. 

To Apply for the IPO, Click Here.

To Read the Prospectus of the Company Click Here to Download the DRHP.

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DISCLAIMER: This blog is NOT any buy or sell recommendation. No investment or trading advice is given. The content is purely for educational and information purposes only. Always consult your eligible financial advisor for investment-related decisions.