GRE Renew Enertech disclosed on August 17, 2026, that its statutory auditor, Dhiren H Pandya & Associates LLP, has tendered its resignation effective August 14, 2026. The audit firm cited a lack of agreement on revised professional fees for the financial year 2026-27 as the primary reason for stepping down.

The resignation follows the company’s listing on the BSE, which triggered enhanced financial reporting, disclosure, and regulatory responsibilities. Dhiren H Pandya & Associates LLP noted that these requirements necessitated greater professional time commitment and senior involvement to comply with Standards on Auditing and SEBI regulations. The Audit Committee did not agree to the proposed revision in professional fees.

Regulatory Compliance

The disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and SEBI Master Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024. In compliance with Para A of Part A of Schedule III of the LODR Regulations, the company enclosed a copy of the resignation letter received from the auditors.

The resignation letter explicitly confirmed that there are no material reasons for the departure other than the fee disagreement. Key clarifications provided by the auditors include:

• No concerns regarding non-availability of information or management cooperation.
• No disputes regarding accounting policies, treatments, or internal financial controls.
• No circumstances requiring immediate attention by shareholders or regulators beyond the stated reason.

Auditor Details

Transition Details

Dhiren H Pandya & Associates LLP stated it would provide reasonable cooperation to incoming auditors to ensure an orderly transition. Regarding the quarter ending September 30, 2026, the firm noted that a limited review may not be required given the company’s SME listing status, unless determined otherwise by the company’s legal advisors.

Managing Director Kamleshkumar D Patel signed the intimation letter issued from Mehsana. The company is formally known as GRE Renew Enertech Private Limited prior to its recent name change.

GRE Renew Enertech Limited has further strengthened its project pipeline with ₹24 crore in new orders, taking its consolidated EPC order book to approximately ₹248 crore. This latest addition builds on the company's earlier order book of 75 MWp worth approximately ₹224 crore, driven by project wins in the first quarter of FY27. The company also commissioned a 7.20 MW (AC)/9.678 MW (DC) ground-mounted solar power plant under the RESCO model and has crossed the milestone of 100 MWp of cumulative solar installations by June 2026.

Order Book Overview

The updated order book reflects continued momentum in GRE Renew Enertech's project acquisition activity. The following table summarises the key order book metrics:

Key Order Wins

The growth in the order book is anchored by a ₹175 crore turnkey order from Solarium Green Energy Limited for a 50 MW AC/65 MW DC utility-scale project in Maharashtra. The company also secured a ₹17.75 crore solar EPC contract. The aggregate value of the single ₹175 crore contract alone exceeds GRE Renew Enertech's consolidated revenue from operations of ₹122.9 crore for FY26.

Financial Performance

On a consolidated financial basis, GRE Renew Enertech reported a Profit After Tax (PAT) of ₹13.6 crore for the financial year ended March 31, 2026. The company has delivered a 3-year Compound Annual Growth Rate (CAGR) of 147% in PAT. The table below highlights the key financial metrics:

Operational Highlights

GRE Renew Enertech operates through EPC (CAPEX) and RESCO (OPEX) business models, serving industrial, commercial, and government customers on a Captive and Non-Captive basis. The EPC model generates revenue through execution contracts and annual Operations & Maintenance (O&M) service agreements, while the RESCO model focuses on long-term Power Purchase Agreements (PPAs). The company has stated it will continue to prioritise the use of domestic solar modules and inverters across its project pipeline.