GRE Renew Enertech Ltd IPO
Power Infrastructure
Price Band
₹100 – ₹105
Lot Size
1200
Minimum Bid Quantity
2400
Minimum Investment
₹252000
Issue Size
₹39.56Cr
Opens
2026-01-13
Closes
2026-01-16
Listing
21-01-2026
Subscription Status
Qualified Institutional Buyers
14.69 x
Non-Institutional Investor
14.47 x
Retail Individual Investor
10.42 x
Total
12.64 x
IPO Details
Issue Type
FP
Face Value
₹10
Tick Size
1
ISIN
INE0U8P01015
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
GRE Renew Enertech Limited is engaged primarily in the business of providing solar energy solutions to industrial and commercial customers in India. The company’s core operations are focused on the design, engineering, procurement, construction, operation, and maintenance of rooftop and selective ground-mounted solar power projects. Its activities are structured around two principal business models: the Capital Expenditure (CAPEX) model and the Renewable Energy Service Company (RESCO) model. Under the CAPEX model, customers invest in the solar project assets, while the company undertakes engineering, procurement, construction, and operational responsibilities on behalf of the customer. Under the RESCO model, the company develops, owns, and operates solar power installations and supplies electricity to customers at pre-agreed tariffs for the duration of the contract. In addition to its solar energy operations, the company manufactures light-emitting diode (LED) lighting solutions for indoor and outdoor applications. The company operates through three divisions: the solar segment, the LED segment, and the export segment. It also has a foreign subsidiary, DK USA Inc., which is engaged in departmental stores, convenience stores, and gas station operations in the United States and functions independently from the company’s core solar activities. GRE Renew Enertech Limited’s operations are currently concentrated mainly in Gujarat.
Pros
- • The company claims to manage key project activities through an in-house operations and maintenance (O&M) team, covering system design, procurement coordination, installation, monitoring, and maintenance. It employs an operational workforce of approximately 38 personnel. The company states that it conducts periodic training and skill development programs for its employees to update technical, safety, and operational capabilities and to align with prevailing industry practices.
- • The company claims to have executed or undertaken solar EPC projects with an aggregate installed capacity of over 61 MW, comprising both ground-mounted and rooftop installations. Its operations are carried out within a regulatory and policy framework that supports renewable energy adoption in India, including government initiatives aimed at promoting domestic solar manufacturing and increasing the share of renewable energy in the national power mix.
- • The company states that it operates a centralised monitoring and support system for installed solar projects, enabling continuous performance tracking and remote issue identification. According to the company, this approach is intended to reduce system downtime and manage ongoing operational costs.
Cons
- • The company undertakes a significant portion of its projects under fixed-price engineering, procurement, and construction (EPC) contracts, where project costs are estimated at the bidding or contract stage. These estimates may be based on preliminary assumptions and may not fully account for final pricing agreed with subcontractors, suppliers, or changes in project scope. Any inaccuracies in cost estimation, delays in execution, or failure to meet quality or performance guarantees could lead to higher construction costs, increased working capital requirements, and potential losses.
- • The solar EPC sector is highly competitive, with multiple players competing on pricing, technical capability, execution track record, and geographic reach. The company’s ability to grow depends on successfully bidding for and winning new projects, including expansion beyond its current operating regions.
- • The company’s operations and revenues are largely concentrated in the state of Gujarat. Revenue from Gujarat amounted to Rs 40.72 crore (92.95%) of the total revenue for the period ended September 30, 2025, Rs 78.69 crore (93.99%) for FY25, Rs 67.17 crore (88.87%) for FY24, and Rs 32.43 crore (95.46%) for FY23. This high geographical concentration exposes the company to regional risks, including policy changes, regulatory developments, economic disruptions, or operational challenges specific to Gujarat.
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