GRE Renew Enertech Limited IPO: ₹31.58 Crore Issue Opens January 13, 2026
GRE Renew Enertech Limited, a Gujarat-based solar energy solutions provider, is launching a ₹31.58 crore IPO opening January 13, 2026. The company operates through CAPEX and RESCO models with over 61 MW project portfolio and reported ₹84.37 crores revenue in FY2025, though 92.95% revenue concentration in Gujarat presents geographic risk.
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GRE Renew Enertech Limited, a renewable energy solutions provider based in Gujarat, is set to launch its initial public offering worth ₹31.58 crores. The company, which specializes in solar energy solutions for industrial and commercial customers, has scheduled the issue to open on January 13, 2026, and close on January 16, 2026, with listing expected on January 21, 2026.
Company Operations and Business Model
Founded in 2008, GRE Renew Enertech operates through two primary business models. The company provides comprehensive Engineering, Procurement, Construction and Operation services under its CAPEX model, while also operating a Renewable Energy Service Company (RESCO) model where it owns solar assets and sells electricity at predetermined tariffs. Solar energy represents over 90% of the company's total revenue, with LED lighting solutions contributing the remaining portion.
The company has established a significant presence with a project portfolio exceeding 61 MW across India, including 52+ MW ground-mounted projects and 9+ MW rooftop installations. Operations remain heavily concentrated in Gujarat, which contributed 92.95% of revenue as of September 30, 2025. The company maintains an experienced management team led by Managing Director Kamleshkumar Dahyalal Patel and CEO Kirtikumar Kantilal Suthar, supported by an in-house team of 38 operational experts.
Financial Performance Analysis
GRE Renew Enertech has demonstrated notable financial growth over recent years, though with some volatility:
| Financial Metric: | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Total Revenue: | ₹53.11 cr | ₹92.15 cr | ₹84.37 cr |
| Revenue from Operations: | ₹52.22 cr | ₹90.34 cr | ₹83.72 cr |
| PAT: | ₹0.89 cr | ₹9.91 cr | ₹7.03 cr |
| PAT Margin: | 1.68% | 10.76% | 8.33% |
The company experienced significant revenue growth of 73.51% in FY2024, followed by a decline of 8.44% in FY2025. Despite this volatility, the company achieved a revenue CAGR of 26.54% over FY2023-25. Profitability improved substantially from FY2023 to FY2024, with PAT margins reaching 10.76% before moderating to 8.33% in FY2025.
Balance Sheet Strength and Capital Structure
The company has shown considerable improvement in its capital structure and financial stability:
| Balance Sheet Item: | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Total Assets: | ₹51.65 cr | ₹49.12 cr | ₹45.46 cr |
| Total Equity: | ₹11.14 cr | ₹21.03 cr | ₹31.23 cr |
| Current Assets: | ₹47.90 cr | ₹44.48 cr | ₹30.54 cr |
| Current Liabilities: | ₹39.10 cr | ₹25.98 cr | ₹12.58 cr |
The company has achieved significant deleveraging and improved working capital management. Equity growth of 48.52% from FY2024 to FY2025 demonstrates strengthening capital base, while the reduction in current liabilities indicates improved financial management.
IPO Details and Fund Utilization
The ₹31.58 crore fresh issue will be utilized for specific strategic objectives:
| Fund Utilization: | Details |
|---|---|
| Primary Purpose: | 7.20 MW (AC) / 9.99 MW (DC) Ground Mounted Solar Power Plant |
| Location: | Village Gadha and Vaktapur, Taluka Himmatnagar, District Sabarkantha, Gujarat |
| Business Model: | RESCO model with 25-year O&M |
| Secondary Purpose: | General corporate purposes |
| Issue Timeline: | Opens Jan 13, Closes Jan 16, Lists Jan 21, 2026 |
The company maintains a robust order book of ₹77.53 crores as of November 2025, providing revenue visibility for future operations.
Risk Factors and Investment Considerations
Investors should consider several key risk factors before investing. The company faces significant geographic concentration risk with 92.95% of revenue dependent on Gujarat operations. The business model involves fixed-price EPC contracts where cost estimation challenges could impact profitability, as actual costs may exceed preliminary estimates made during bidding.
Cash flow analysis reveals historical volatility, with the company reporting negative operating cash flows of ₹2.87 crores in FY2023, though this improved substantially to positive ₹10.66 crores in FY2025. Additional risks include dependence on government projects and budgetary allocations, supply chain risks due to absence of long-term supplier contracts for solar PV modules, and potential project execution delays that could result in penalties or contract terminations.
Competitive Strengths and Market Position
GRE Renew Enertech operates in India's expanding renewable energy sector, supported by government initiatives including the ₹19,500 crore PLI scheme allocation. The company's competitive advantages include its 24/7 premium support system with dedicated remote monitoring, comprehensive training programs for its operational team, and focus on ESG principles through 100% renewable energy solutions.
The company's experienced management team and established project portfolio position it to capitalize on sector growth opportunities. However, execution capabilities, geographic diversification, and effective risk management remain critical factors for long-term success in the competitive renewable energy market.
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