GRE Renew Enertech IPO January 2026 has drawn attention as the renewable energy SME issue closes today. The company operates in the fast-growing solar power segment with both EPC and annuity-based revenue models.
This IPO matters to Indian investors because solar EPC and RESCO companies directly benefit from India’s renewable energy transition.
GRE Renew Enertech Business Model Explained
GRE Renew Enertech Limited transitioned from LED manufacturing to solar power solutions. The company operates through two core business models.
CAPEX (EPC model) generates upfront revenue by executing turnkey solar projects for clients.
RESCO (OPEX model) creates long-term annuity income by owning solar assets and selling power under fixed tariffs.
The company’s executed portfolio exceeds 61 MW, including ground-mounted and rooftop installations.
GRE Renew Enertech IPO Dates, Price Band and Lot Size
The table below summarizes the key IPO details investors should track.
| IPO Detail | Information |
|---|---|
| IPO Close Date | January 16, 2026 |
| Basis of Allotment | January 19, 2026 |
| Refunds / Demat Credit | January 20, 2026 |
| Listing Date | January 21, 2026 (BSE SME) |
| Price Band | ₹100 – ₹105 per share |
| Lot Size | 1,200 shares |
| Issue Size | ₹39.56 crore (100% fresh issue) |
Financial Performance: Growth With Volatility
GRE Renew Enertech operates with very low leverage, reflected in its debt-to-equity ratio of 0.05. However, revenue has fluctuated across years.
| Financial Year | Total Income (₹ Cr) | PAT (₹ Cr) | PAT Margin |
|---|---|---|---|
| FY23 | 53.11 | 0.89 | 1.71% |
| FY24 | 92.15 | 9.91 | 10.75% |
| FY25 | 84.37 | 7.03 | 8.39% |
The company maintained a strong ROE of 26.89%. IPO proceeds of ₹32.61 crore will fund a 7.20 MW solar plant to expand RESCO income.
Subscription Status and Market Sentiment
- QIB Subscription: ~7.04x
- Retail Subscription: ~0.89x
- Grey Market Premium: ₹7–₹9
Higher institutional participation indicates confidence, while retail demand remains moderate.
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Frequently Asked Questions
What does GRE Renew Enertech do?
The company develops solar power projects using EPC and RESCO models.
Is this a low-debt company?
Yes. The debt-to-equity ratio stands at 0.05.
Is this IPO suitable for long-term investors?
It may suit investors comfortable with SME volatility and regional concentration risk.
Key Takeaways
- Solar-focused SME with EPC and annuity income
- Very low debt and strong ROE
- High geographic concentration risk
Disclaimer
This article is for informational purposes only and does not constitute financial, tax, or legal advice. Please consult a qualified professional before making decisions.
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