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GRE Renew Enertech IPO
Price Band
₹100.0–105.0
Issue Size
₹39.56 Cr
Lot Size
1,200 shares
Min Investment
₹252,000
2 LOTS MIN
GMP
+₹1.0 (0.95%)
Issue Price
₹105.0
GRE Renew Enertech IPO AI Summary
- GRE Renew Enertech IPO is listed on BSE SME in the Civil Construction sector.
- Price band: ₹100.0–₹105.0 per share, lot size 1,200 shares (min. investment ₹252,000, 2 lots minimum).
- Subscription window: 13 Jan–16 Jan 2026, listing on 21 Jan 2026.
- Current GMP is +₹1.0 (0.95%), an estimated listing price of ₹106 — unofficial and can change daily.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
Important Dates
Subscription Status
Subscription data unavailable
GRE Renew Enertech IPO Grey Market Premium (GMP) Today
GMP
+₹1.0
GMP %
+0.95%
Est. Listing
₹106.0
Updated: 14 Jul 2026 15:53
About the Company
GRE Renew Enertech Limited is engaged in the business of solar energy solutions and LED lighting products. They offer 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. Business Model: CAPEX Model (EPC) (Engineering, Procurement and Construction): The company follows the CAPEX model, where consumers own and fund solar systems, while EPC services manage engineering, procurement, construction, and commissioning, ensuring complete PV plant delivery and grid connection. RESCO Model (Opex): The company uses the RESCO model, where it funds and owns rooftop solar systems, earning annuity income while consumers pay monthly tariffs, though securing low-cost capital remains a key challenge. Products and services: EPC (Engineering, Procurement, and Construction):Turnkey solar solutions from design to commissioning, including operation and maintenance as required. Rooftop Systems (On-Grid):Grid-tied solar systems reduce electricity bills by supplying power and feeding excess to the grid. Solar Rooftop Systems (Hybrid):Combines solar panels, batteries, and grid access to ensure a continuous, eco-friendly power supply anytime. PV Module:High-efficiency, reliable solar modules suitable for various applications with strong performance in all conditions. Competitive Strengths: Experience Management Team Training and Skill development programs to strengthen Operation & Maintenance Team Existing number, visible order book, and favourable national policy support 24/7 Premium Support System ESG (Environment, Social and Governance)
Company Financials (₹ Cr)
As of 2025-09-30
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 42.77 | 45.46 | 49.12 | 51.65 |
| Total Income | 43.98 | 84.37 | 92.15 | 53.11 |
| Profit After Tax | 4.00 | 7.03 | 9.91 | 0.89 |
| EBITDA | 5.72 | 9.48 | 11.48 | 1.31 |
| NET Worth | 35.22 | 31.23 | 21.03 | 11.14 |
| Reserves and Surplus | 24.70 | 20.71 | 19.78 | 9.89 |
| Total Borrowing | 1.45 | 1.59 | 4.57 | 4.75 |
Key Ratios
EPS
₹6.68
NAV
₹29.68
ROE
26.89%
ROCE
29.60%
RoNW
26.89%
P/B Value
3.54
P/E Ratio
15.72
Market Cap
₹150.02 Cr
PAT Margin
8.39%
Debt/Equity
0.05
Promoters
Kamleshkumar Dahyalal Patel, Kirtikumar Kantilal Suthar and Mukeshkumar Prahladbhai Trivedi
Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: # Issue Objects Est Amt (₹ Cr.) 1 Setting up of 7.20 MW (AC) / 9.99 MW (DC) Ground Mounted Solar Power Plant 31.58 2 General Corporate Purposes 3.65 3 Issue Expenses 4.34 Total 39.56
IPO Evaluation
Generated 23 Sep 2026Revenue Trend
Total income was ₹53.11 Cr in the year ending 31 Mar 2023, rising to ₹92.15 Cr by 31 Mar 2024, then decreasing to ₹84.37 Cr by 31 Mar 2025. The most recent figure of ₹43.98 Cr as of 30 Sep 2025 is lower than the prior full year, though this is a 9-month figure, not a full year, so isn't directly comparable.
Profit Trend
Profit after tax was ₹0.89 Cr in the year ending 31 Mar 2023, increasing to ₹9.91 Cr by 31 Mar 2024. This continued to rise to ₹7.03 Cr by 31 Mar 2025, but then decreased to ₹4.00 Cr as of 30 Sep 2025, which is again a 9-month figure and not directly comparable to the full years.
Valuation
The company's implied P/E ratio at the issue price of ₹105.0 is 15.72, which is within the range of its peers.
Grey Market Premium, Explained
The grey market premium (GMP) refers to the unofficial price at which shares of an IPO are traded before they are listed on the stock exchange. A positive GMP indicates that the market expects the stock to perform well post-listing.
Who This IPO Suits
Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against their investment goals and risk tolerance. It's important to consider the company's business model, financial performance, and market conditions before making a decision.
Who May Want to Wait
Investors who prefer stable, established companies with predictable earnings may want to avoid this IPO, as it operates in a sector that can be subject to regulatory changes and market fluctuations.
IPO Timeline, Explained
The IPO will open for subscription on January 13, 2026, and close on January 16, 2026. Allotment of shares will be done on January 19, 2026, with the listing date set for January 21, 2026.
Listing Gains — The Risk
Listing-day gains can be unpredictable and are influenced by various factors, including market sentiment and demand for the stock. Investors should be cautious, as there is a risk of price volatility on the listing day.
This evaluation is generated from GRE Renew Enertech's own public IPO filing data for educational purposes and is not investment advice or a recommendation to apply, subscribe to, or avoid this issue — see Broker Recommendations below for named third-party research views (clearly attributed, not TopFund's own). TopFund is not a SEBI-registered investment adviser — see our Disclaimer.
Frequently Asked Questions
What is GRE Renew Enertech IPO GMP today?
GRE Renew Enertech IPO GMP today is +₹1.0 (0.95%), indicating an estimated listing price of ₹106. GMP is an unofficial grey-market indicator and can change daily.
What is the price band of GRE Renew Enertech IPO?
The price band of GRE Renew Enertech IPO is ₹100.0–₹105.0 per share.
When does GRE Renew Enertech IPO open and close?
GRE Renew Enertech IPO opens on 13 January 2026 and closes on 16 January 2026.
When does GRE Renew Enertech IPO list on the stock exchange?
GRE Renew Enertech IPO listed on 21 January 2026 at ₹106.0.
What is the lot size for GRE Renew Enertech IPO?
The lot size for GRE Renew Enertech IPO is 1200 shares, requiring a minimum investment of ₹252,000 (2 lots).
What is the price band for the GRE Renew Enertech IPO?
The price band for the GRE Renew Enertech IPO is ₹100.0 to ₹105.0.
What is the minimum investment required?
The minimum investment required is ₹252,000, which corresponds to a lot size of 1200 shares.
When does the GRE Renew Enertech IPO open and close?
The IPO opens on January 13, 2026, and closes on January 16, 2026.
What does GMP mean?
GMP stands for grey market premium, which indicates the expected price of the stock in the grey market before it officially lists.
When will the shares be listed?
The shares are expected to be listed on January 21, 2026.
Issue Details
Investor Allocation
Registrar
Lead Managers / Book Running
IPO Timeline
Open
13 Jan 2026
Close
16 Jan 2026
Allotment
19 Jan 2026
Listing
21 Jan 2026
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