GRE Renew Enertech appointed M/s. Manubhai & Shah LLP as its statutory auditor to fill a casual vacancy on September 2, 2026.

The Board of Directors approved the appointment following a recommendation from the Audit Committee. The move addresses the vacancy created by the resignation of the previous statutory auditors.

Appointment Details

The firm will hold office until the conclusion of the next Annual General Meeting (AGM), subject to approval by the members at that meeting. The appointment was formalized in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Auditor Profile

M/s. Manubhai & Shah LLP is a chartered accountancy firm established in 1975. It holds Firm Registration No. 106041W/W100136. The firm provides services across audit and assurance, taxation, accounting, transaction advisory, company law, management consultancy, and risk assessment.

Its client base includes privately held businesses, publicly traded companies, high net worth families, and non-profit organisations.

GRE Renew Enertech reported a 93% year-on-year increase in consolidated profit after tax (PAT) to ₹1,358 Lacs for the financial year ended March 31, 2026. Revenue from operations grew 47% to ₹12,292 Lacs, supported by higher project execution volumes in the solar engineering, procurement, and construction (EPC) segment.

The company’s earnings per share (EPS) rose to ₹12.08 from ₹6.70 in the previous year. Management attributed the strong financial performance to disciplined execution, improved project mix, and operational efficiency across its solar EPC and renewable energy service company (RESCO) portfolios.

Financial Performance

Consolidated revenue from operations stood at ₹12,292 Lacs in FY26, compared with ₹8,372 Lacs in FY25. EBITDA expanded 71% to ₹1,614 Lacs, while the EBITDA margin improved to 13.10% from 11.35% in the prior year.

The improvement in profitability reflects better operating leverage and efficient cost management. Standalone income from operations increased by 44.81% to ₹11,535 Lacs, with standalone PAT rising 72.44% to ₹1,208 Lacs.

Order Book and Strategic Wins

As of July 15, 2026, GRE Renew maintained an active order book of approximately ₹24,801 Lacs (including GST), covering roughly 82.02 MW of solar capacity on a DC basis. This pipeline provides significant revenue visibility for the near to medium term.

A key highlight was the securing of the company’s largest-ever utility-scale solar EPC order, valued at ₹175 crore. This 50 MW AC / 65 MW DC ground-mounted solar PV project in Maharashtra marks a strategic transition toward larger-value renewable energy projects, reinforcing customer confidence in the firm’s technical capabilities.

Capital Raise and IPO Utilization

The company successfully completed its Initial Public Offering (IPO) in January 2026, raising gross proceeds of ₹3,956 Lacs through a fresh issue of equity shares on the BSE SME Platform. As of March 31, 2026, the company had utilized ₹2,386 Lacs of the proceeds, primarily for capital expenditure on solar projects and general corporate purposes.

The unutilized balance of ₹1,570 Lacs remains invested in accordance with regulatory requirements. The capital infusion strengthened the company’s net worth to ₹7,965 Lacs, providing a robust foundation for future growth initiatives in renewable energy asset development.

What the Numbers Show

The divergence between revenue growth (47%) and PAT growth (93%) highlights significant operating leverage achieved during FY26. With EBITDA margins expanding by nearly 180 basis points to 13.10%, the company demonstrated its ability to convert top-line volume gains into disproportionate bottom-line improvements through disciplined cost control and favorable project mix optimization.