Gre Renew Enertech has secured a Rs 24.8837335 crore order for ground-mounted and rooftop 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 24.8837335 crore covering design, engineering, supply, installation, testing, and commissioning of grid-connected solar power plants. The scope includes both ground-mounted solar EPC and rooftop solar EPC projects under the captive scheme. The order was disclosed to the exchange on September 5, 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 372.80 crore across 4 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 122.92 crore with an operating profit margin of 13.13%. Revenue grew by 45.6% year on year in FY26, and net profit increased by 108.1% over the same period. In FY25, revenue was Rs 84.40 crore with an OPM of 11.33%.

Working Capital and Execution Capacity

The company's consolidated balance sheet as of FY26 shows total assets of Rs 106.10 crore and total equity of Rs 79.70 crore. The current ratio stands at 3.19x, and the total liabilities to equity ratio is 0.33x. Operating cashflow in FY25 was Rs 10.70 crore, while capex was Rs 10.90 crore, resulting in a free cashflow proxy of -Rs 0.20 crore. Reserve and surplus stood at Rs 65.40 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 5, 2026 order has not been disclosed due to confidentiality obligations and mutual understanding with the client.
• Return ratios (FY25): ROCE of 29.76% and ROE of 22.5% reflect the company's historical capital efficiency.
• Valuation context (as of 05 Sep 2026): Stock P/E of 17.4x against ROCE of 29.76%; book value of Rs 55.74 per share and price to book of 2.96x.
• Leverage: Total liabilities to equity of 0.33x indicates low leverage on the consolidated balance sheet.

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.