GRE Renew Enertech Limited concluded its 18th Annual General Meeting on September 25, 2026, in Mehsana, Gujarat. The meeting focused on the adoption of audited standalone and consolidated financial statements for the fiscal year ended March 31, 2026.

The proceedings were chaired by Kamleshkumar Dahyalal Patel, Managing Director of the company. Key directors present included Mukeshkumar P. Trivedi, Whole Time Director; Lokesh Dave, Independent Director and Audit Committee Chairperson; and Mehul Rajput, Independent Director. The company confirmed that the requisite quorum was present throughout the session, with a total of eight members attending, including two promoter members.

Resolutions passed

Members considered and adopted several ordinary resolutions during the meeting. These included the re-appointment of Mukeshkumar P. Trivedi as a Whole-time Director, liable to retire by rotation. The board also approved the appointment of Vivek J. Vakharia & Associates, Practicing Company Secretaries, as Secretarial Auditors for the company.

A significant portion of the agenda involved the approval of material related party transactions. Members granted consent for transactions with three specific entities:

• GRE Green Energy Private Limited
• Solarsource Energy Private Limited
• Solarcatch Energy Private Limited

Additionally, the members approved the appointment of statutory auditors to fill a casual vacancy for the fiscal year 2026-27.

Voting and compliance details

The company provided a remote e-voting facility from September 22, 2026, to September 24, 2026, in compliance with Section 108 of the Companies Act, 2013, and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Voting was also conducted via poll at the physical venue.

Vivek J. Vakharia & Associates served as the scrutinizer for both remote e-voting and the poll. The combined voting results, along with the consolidated scrutinizer's report, are scheduled for submission to BSE Limited within two working days of the meeting's conclusion. The auditors' reports on the standalone and consolidated financial statements, as well as the secretarial audit report for FY26, did not contain any qualifications, reservations, adverse remarks, or disclaimers.

Gre Renew Enertech has secured a Rs 25.5633495 crore order for ground-mounted solar EPC projects under the captive scheme from a domestic client. The client's identity has not been disclosed due to confidentiality obligations. Execution is expected within approximately 6 months.

What Happened

The company received an order valued at Rs 25.5633495 crore covering design, engineering, supply, installation, testing, and commissioning of grid-connected ground-mounted solar power plants. The scope includes 7 orders ranging from 600 kW to 1500 kW AC capacity under the captive scheme. The order was disclosed to the exchange on September 17, 2026. The awarding entity is a domestic party whose name has not been disclosed due to confidentiality obligations and mutual understanding with the client. This is not a related-party transaction, and no promoter interest has been declared.

Gre Renew Enertech has now received orders from multiple entity types, including named domestic corporates such as Solarium Green Energy Limited, Standard Solar Limited, and Urjasol Energy Private Limited, as well as an undisclosed domestic client in the current filing.

Order Details

Company Order Track Record

Order inflow in Q2FY27 stands at Rs 397.68 crore across 5 orders, compared to Rs 261.04 crore across 3 orders in Q1FY27. The portfolio mix spans large utility-scale projects and smaller distributed generation and rooftop units.

Execution and Revenue Quality

Annual audited financials show consistent growth. In FY26, Gre Renew Enertech reported revenue of Rs 117.00 crore with an operating profit margin of 13.30%. Revenue grew by 46.2% year on year in FY26, and net profit increased by 72.9% over the same period. In FY25, revenue was Rs 80.00 crore with an OPM of 12.16%.

Working Capital and Execution Capacity

The company's consolidated balance sheet as of FY26 shows total assets of Rs 94.40 crore and total equity of Rs 68.70 crore. The current ratio stands at 2.77x, and the total liabilities to equity ratio is 0.37x. Operating cashflow in FY26 was Rs 5.30 crore, while capex was Rs 12.90 crore, resulting in a free cashflow proxy of -Rs 7.60 crore. Reserve and surplus stood at Rs 54.40 crore as of FY26.

Key Observations

• Order classification: The new order is classified as Significant, consistent with prior smaller orders in the portfolio alongside the Large-classified utility-scale contracts.
• Client confidentiality: The awarding entity for the September 17, 2026 order has not been disclosed due to confidentiality obligations and mutual understanding with the client.
• Return ratios (FY26): ROCE of 22.89% and ROE of 17.58% reflect the company's historical capital efficiency.
• Valuation context (as of 17 Sep 2026): Stock P/E of 21.3x against ROCE of 22.89%; book value of Rs 48.1 per share and price to book of 3.74x.
• Leverage: Total liabilities to equity of 0.37x indicates low leverage on the consolidated balance sheet.