Company Overview

GRE Renew Enertech Limited (formerly GRE Renew Enertech Private Limited) is a renewable energy company established in 2008, engaged in solar EPC solutions and LED lighting products across India. The company provides turnkey rooftop and ground-mounted solar power solutions for industrial, commercial and government customers, offering end-to-end services including design, engineering, procurement, construction, commissioning and operations & maintenance.

Business Models

The company operates through both EPC (CAPEX) and RESCO business models:

CAPEX Model (EPC): Customers invest in and own the solar power asset, while GRE acts as the EPC contractor. Revenue is generated through EPC execution contracts along with annual operations & maintenance service agreements. Over 197 MW of cumulative solar EPC projects completed and ongoing across rooftop and ground-mounted installations till October 2026.

RESCO Model: GRE invests in, owns and operates solar power assets, while customers procure electricity under long-term power purchase agreements (PPAs). This includes:

  • Rooftop Solar Plants: 2,993 KWp total capacity with 25-year PPAs at ₹5.04/kWh tariff
  • Ground-Mount Solar Plants: 12,532.80 KWp total capacity with 25-year PPAs at tariffs ranging from ₹4.00 to ₹5.27/kWh

Financial Performance (H1-FY27 Consolidated)

  • Revenue from Operations: ₹1,387 Mn, +216.7% YoY
  • EBITDA: ₹132 Mn, +131.6% YoY
  • EBITDA Margin: 9.52% (349 bps decrease YoY)
  • PAT: ₹91 Mn, +127.5% YoY
  • PAT Margin: 6.56% (257 bps decrease YoY)
  • Diluted EPS: ₹6.34, +66.8% YoY

The EBITDA and PAT margins were impacted by a large 50 MW AC (65 MW DC) back-to-back EPC project, which accounted for 48% of H1 FY27 revenue and was executed at lower margins to establish execution credibility.

Operational Highlights

  • Order Book: ₹2,203 Mn (including GST) as of October 2026
  • 97+ MW under execution
  • 197+ MW solar portfolio
  • 20+ ongoing projects
  • Expanded operations beyond Gujarat into Rajasthan, Delhi and Maharashtra
  • Successfully commissioned the 9.676 MW DC IPO-funded solar project at Himmatnagar, Gujarat
  • Additional 2 MW solar project through subsidiary GRE Green Energy Private Limited

Historical Financial Performance

Income Statement (INR Mn):

  • FY24: Revenue ₹903, EBITDA ₹115, PAT ₹99
  • FY25: Revenue ₹837, EBITDA ₹95, PAT ₹70
  • FY26: Revenue ₹1,229, EBITDA ₹161, PAT ₹136
  • 3-Year Revenue CAGR: 33%
  • 3-Year EBITDA CAGR: 131%
  • 3-Year PAT CAGR: 147%

Balance Sheet (H1-FY27):

  • Total Shareholders' Funds: ₹887 Mn
  • Share Capital: ₹143 Mn
  • Reserves & Surplus: ₹744 Mn
  • Long-Term Borrowings: ₹119 Mn
  • Short Term Borrowings: ₹66 Mn
  • Total Assets: ₹1,877 Mn

Management & Governance

Board of Directors:

  • Mr. Kamleshkumar D Patel - Promoter & Managing Director (DIN: 02061331)
  • Mr. Kirtikumar K Suthar - Promoter & Whole Time Director
  • Mr. Mukeshkumar P Trivedi - Promoter & Whole Time Director
  • Laxmanbhai Dave - Non-Executive Independent Director
  • Mr. Lokesh Khatri - Non-Executive Independent Director
  • Ms. Kavita - Non-Executive Independent Director
  • Mr. Mehul Ganesh Rajput - Non-Executive Independent Director

Management Team:

  • Mr. Alpeshkumar L Agrawal - Chief Financial Officer
  • Mr. Rohan J Dhruve - Compliance Officer

Growth Strategies

  • Geographic expansion across India beyond Gujarat
  • Strengthening O&M-led customer relationships
  • Deepening presence in high-energy-consumption industries (ceramics, pharmaceuticals, paper)
  • Diversification into advanced energy solutions (Hybrid Energy Systems, Battery Energy Storage Systems)
  • Scaling utility-scale solar development through GRE Green Energy Private Limited

Industry Context

India has crossed 150 GW of cumulative installed solar capacity, becoming the 3rd largest solar market globally. Government targeting 500 GW of non-fossil fuel capacity by 2030 with key initiatives including PM Surya Ghar Yojana, PLI Scheme, KUSUM Scheme and Solar Park Program.

Capital Market Information (As on 30th September 2026)

  • Face Value: ₹10
  • CMP: ₹231.2
  • 52 Week H/L: ₹245.0/₹77.5
  • Market Capitalization: ₹3,302.67 Mn
  • Shares Outstanding: 14.3 Mn