GRE Renew Enertech Limited reported a Profit After Tax (PAT) of ₹136 million for the financial year ended March 31, 2026 (FY26), reflecting a 3-year Compound Annual Growth Rate (CAGR) of 147%. The renewable energy company, engaged in solar EPC solutions and LED lighting products, posted a 3-year EBITDA CAGR of 131%. Revenue from operations for FY26 reached ₹1,229 million, compared to ₹837 million in FY25.

The company’s operational highlights include the installation of over 100 MW of solar capacity by June 2026. GRE Renew Enertech operates through both EPC (CAPEX) and RESCO (OPEX) business models, serving industrial, commercial, and government customers. The EPC model generated revenue through execution contracts and annual operations & maintenance service agreements, while the RESCO model focuses on long-term Power Purchase Agreements (PPAs) for recurring revenue.

Financial Performance

The company’s financial performance for the past four years shows a consistent upward trend in profitability and operational scale. The EBITDA margin improved to 13.10% in FY26 from 11.35% in the previous year.

EPC Execution Track Record

GRE Renew Enertech has delivered cumulative solar EPC projects across rooftop and ground-mounted installations. The company executed 25 projects in FY26 with a total capacity of 23,506.04 KWp, following 17 projects in FY25.

RESCO Projects

Under the RESCO model, the company manages rooftop and ground-mounted solar plants. The total project size for rooftop solar plants commissioned stands at 2,993 KWp, with a PPA tariff of ₹5.04 per kWh. Ground-mounted projects total 12,532.80 KWp, with tariffs ranging between ₹4.00 and ₹5.27 per kWh.

The company’s balance sheet for FY26 indicates a strengthening of shareholders' funds, which grew to ₹797 million from ₹312 million in FY25. Total assets stood at ₹1,061 million as of March 31, 2026.

[GRE Renew Enertech Limited](gre renew enertech) has secured shareholder approval to vary the utilisation of its Initial Public Offering (IPO) proceeds. The special resolution was passed via a postal ballot process, with 100% of the valid votes cast in favour of the proposal. The outcome allows the company to alter the deployment of funds raised during its public issue.

The remote e-voting process commenced on May 26, 2026, and concluded on June 24, 2026. A total of 22 members participated in the e-voting, representing 1,12,42,600 shares. The scrutinizer's report confirmed that there were no votes cast against the resolution and no invalid votes were recorded.

The voting breakdown indicates strong support across both promoter and public shareholder categories. The resolution required a special majority, which was comfortably met with unanimous approval from the participating votes.

Voting Breakdown

The following table details the votes cast by different shareholder categories during the postal ballot:

Postal Ballot Details

The postal ballot notice was dispatched to shareholders on May 25, 2026, with the record date set as May 22, 2026. The total number of shareholders on the record date was 275. The resolution sought approval for the variation in the utilisation of the IPO proceeds, a material change that required explicit shareholder consent under SEBI regulations.

Vivek Vakharia, Practicing Company Secretary, served as the scrutinizer for the e-voting process. The results were unblocked and downloaded from the NSDL website on June 25, 2026, in the presence of independent witnesses. The company has submitted the detailed voting results to the stock exchanges in compliance with Regulation 44(3) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.