Gre Renew Enertech Ltd

BSE: 544682

₹ 214.85-4.93%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 307 crWebsite: www.greindia.comUpdated: 24 Oct 2026

About

Gre Renew Enertech, established in 2008, is a renewable energy company specialising in solar EPC solutions and energy-efficient LED lighting across India. It operates through an EPC (CAPEX) model and a RESCO model, combining project execution revenues with recurring annuity income. Revenue from operations was Rs 122.92 Cr in FY26, with Solar EPC contributing 90.9%. It listed on the BSE SME Platform on 21 January 2026.^[1][2][3]

Business segments

Solar EPC: revenue of Rs 111.79 Cr in FY26, 90.9% of revenue, with an EBIT margin of 18.2%.^[3]
Others: revenue of Rs 8.82 Cr in FY26, 7.2% of revenue.^[3]
Sale of Power: revenue of Rs 2.32 Cr in FY26.^[1]
The CAPEX/EPC model made up 92% of FY26 revenue. EPC PBT rose to INR 204 Mn in FY26 from INR 128 Mn in FY25.^[4]
RESCO revenue rose to INR 23 Mn in FY26 from INR 4 Mn in FY25.^[4]

Products and services

Turnkey rooftop and ground-mounted solar power solutions for industrial, commercial and government customers.^[1]
Indoor and outdoor LED lighting products sold under the 'GRE' brand.^[1]
O&M services with 24×7 remote monitoring, preventive and corrective maintenance, and plant health assessments.^[1]
Holds ISO 9001:2015 certification. The company says it gives priority to domestic solar modules and inverters.^[1]

Order book

Order book of ₹24,801 Lacs (including GST) as on 15 July 2026, covering about 82.02 MW DC and 62.55 MW AC.^[1]
Confirmed order book of INR 520 Mn (excluding GST) as of March 2026, plus a pipeline of 11.57+ MW.^[4][1]
The FY27 EPC execution track covers 23 projects totalling 44,088.5 KWp.^[4]
Largest-ever order: ₹175 crore for a 50 MW AC / 65 MW DC ground-mounted solar PV project in Maharashtra.^[1]

Execution and operating numbers

EPC capacity executed was 23,506.04 KWp in FY26, up from 11,936.76 KWp in FY25.^[4]
More than 61 MW of solar EPC capacity had been commissioned as at March 31, 2026, including Indrap (17 MW), Pilucha (10 MW), KN (10 MW) and Ghariyal (2.7 MW).^[1]
Cumulative solar EPC execution passed 100 MWp in June 2026.^[1]
Working capital days were 62 in FY26.^[4]

RESCO portfolio

The cumulative RESCO asset portfolio was 3,833 KWp in FY26, up from 840 KWp in FY25.^[4]
Himmatnagar (9,676.8 KWp) and Indrap (2,016 KWp, built through a subsidiary) ground-mount plants were commissioned in May 2026 on 25-year terms at ₹4.00/kWh.^[4]
The RESCO portfolio is projected to reach 15,525 KWp in FY27.^[4]

Expansion plans

A 7.20 MW AC / 9.99 MW DC ground-mounted RESCO plant is being built from IPO proceeds.^[1]
Plans to expand solar EPC beyond Gujarat into other states and to diversify into hybrid energy systems and battery energy storage.^[1][4]
The subsidiary GRE Green Energy Private Limited is the vehicle for large greenfield solar projects and solar parks across India.^[1]

Recent developments

Listed on the BSE SME Platform on 21 January 2026 after an IPO of ₹39.56 Crore at ₹105 per share.^[1]
June 2026: approval to move ₹206.13 lakh of IPO proceeds from the solar plant object to general corporate purposes.^[1]
1 - 15 September 2026: received seven ground-mounted solar EPC orders worth ₹25,56,33,495 in total, each with an execution period of about 6 months.^[5]

Market Cap

₹307 Cr

High / Low

₹279 / 78

Stock P/E

22.6

Price / Book

0.0

Book Value

₹56

EPS

₹9.5

No. of Shares

1.43 Cr

ROCE

22.5%

ROE

17.1%

OPM

14.5%

Debt / Equity

0.02

Sales

₹123 Cr

Net Profit

₹14 Cr

Promoter holding

68.6%

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