Board Meeting Details

  • Meeting Date: May 23, 2026
  • Commencement Time: 3:00 PM
  • Conclusion Time: 6:30 PM
  • Location: Mehsana

Key Board Approvals

1. Financial Statements Approval

  • Approved Standalone Audited Financial Statements for year ended March 31, 2026
  • Approved Consolidated Audited Financial Statements for year ended March 31, 2026
  • Approved Results for Half year and Year ended March 31, 2026

2. Variation in IPO Proceeds Utilization

  • Original allocation: ₹2,06,12,830 for automated Solar Panel Dry Cleaning System for 7.20 MW (AC)/9.99 MW (DC) Ground Mounted Solar Power Plant
  • Revised proposal: Adoption of manual and semi-mechanised cleaning methods instead of automated system
  • Reallocation of ₹2,06,12,830 to "General Corporate Purposes"
  • Subject to shareholder approval through Postal Ballot
  • Postal Ballot Notice to be sent to shareholders in due course

3. Utilization of Savings and Project Variations

  • Savings of ₹33.23 Lakhs from lower actual IPO Issue Expenses compared to prospectus estimates
  • Savings utilized towards Solar Power Plant Project
  • Project capacity revised from 7.20 MW (AC)/9.99 MW (DC) to 7.20 MW (AC)/9.67 MW (DC)
  • Component-level variations in Solar PV Modules, Inverter Duty Transformers, Auxiliary Transformers, VCB Panels and Transmission Line Work
  • Board noted variations do not materially affect overall performance, viability or core objectives

Standalone Financial Results (₹ in lakhs)

Income Statement Highlights

| Period | Revenue | Other Income | Total Income | Net Profit | EPS (Basic) |

| FY26 (Audited) | 11,534.72 | 165.61 | 11,700.33 | 1,207.82 | 10.74 |

| FY25 (Audited) | 7,965.87 | 38.68 | 8,004.55 | 700.45 | 6.69 |

| H2 FY26 (Audited) | 7,438.21 | 152.58 | 7,590.79 | 813.75 | 6.80 |

| H1 FY26 (Audited) | 4,096.51 | 13.03 | 4,109.54 | 394.09 | 3.75 |

Expense Breakdown (FY26)

  • Cost of Material Consumed: ₹7,818.07 lakhs
  • Employee Benefit Expense: ₹321.42 lakhs
  • Finance Cost: ₹16.80 lakhs
  • Depreciation & Amortization: ₹67.54 lakhs
  • Other Expenditure: ₹1,845.56 lakhs

Tax Expense (FY26)

  • Current Tax: ₹308.68 lakhs
  • Deferred Tax: ₹99.31 lakhs

Share Capital

  • Paid-up equity share capital (Face value ₹10 each): ₹1,428.80 lakhs

Standalone Cash Flow Statement (₹ in lakhs)

FY26 Cash Flows

  • Net Cash from Operating Activities: ₹527.69
  • Net Cash from Investing Activities: ₹-1,544.91
  • Net Cash from Financing Activities: ₹3,481.11
  • Total Cash Flow: ₹2,463.89
  • Opening Cash Balance: ₹285.72
  • Closing Cash Balance: ₹2,749.61

Standalone Segment Information (FY26)

Revenue by Segment

  • Solar EPC: ₹11,178.96 lakhs (96.9% of total)
  • Sale of Power: ₹231.60 lakhs (2.0% of total)
  • Others: ₹124.16 lakhs (1.1% of total)

Segment Profit Before Tax

  • Solar EPC: ₹2,039.19 lakhs
  • Sale of Power: ₹184.16 lakhs
  • Others: ₹-66.67 lakhs
  • Unallocated: ₹-540.87 lakhs

Segment Assets (FY26)

  • Solar EPC: ₹2,042.47 lakhs
  • Sale of Power: ₹5,578.46 lakhs
  • Others: ₹264.30 lakhs
  • Unallocated: ₹1,559.49 lakhs

Consolidated Financial Results (₹ in lakhs)

Income Statement Highlights

| Period | Revenue | Other Income | Total Income | Net Profit | EPS (Basic) |

| FY26 (Audited) | 12,292.16 | 286.13 | 12,578.29 | 1,357.74 | 12.08 |

| FY25 (Audited) | 8,371.73 | 68.56 | 8,440.29 | 702.38 | 6.70 |

| H2 FY26 (Audited) | 7,911.72 | 268.89 | 8,180.61 | 957.76 | 8.00 |

| H1 FY26 (Audited) | 4,380.44 | 17.24 | 4,397.68 | 399.98 | 3.80 |

Consolidated Entities

1. DK USA INC (Wholly owned subsidiary)

2. GRE Green Energy Private Limited (Wholly owned subsidiary)

Consolidated Statement of Assets and Liabilities (₹ in lakhs)

As at March 31, 2026

  • Total Assets: ₹10,608.58
  • Share Capital: ₹1,428.80
  • Reserves & Surplus: ₹6,535.83
  • Non-Current Liabilities: ₹258.90
  • Current Liabilities: ₹2,385.05

Asset Composition

  • Non-Current Assets: ₹2,990.87 (Property, Plant & Equipment: ₹1,516.05, Capital work-in-Progress: ₹967.68)
  • Current Assets: ₹7,617.71 (Cash & Cash Equivalents: ₹3,078.58, Inventories: ₹1,152.96, Trade Receivables: ₹979.86)

IPO Related Information

  • Completed IPO of 37,68,000 Equity Shares of face value ₹10 each at issue price of ₹105 per share
  • Share premium: ₹95 per share
  • Total issue related expenses: ₹433.59 Lakhs
  • Unutilized IPO proceeds as at March 31, 2026 maintained in escrow account and company's current account

Audit and Compliance

  • Statutory Auditor: Dhiren H Pandya & Associates LLP, Chartered Accountants (Registration No: 114307W/W100348)
  • Audit Report issued with unmodified opinion on both Standalone and Consolidated Financial Results
  • Declaration provided pursuant to Regulation 33(3)(d) of SEBI LODR Regulations
  • Certification provided pursuant to Regulation 33(2)(a) of SEBI LODR Regulations by Managing Director and CFO

Notes on Financial Results

  • Figures rounded off to multiple of lakhs
  • EPS calculated on weighted average share capital outstanding during the year
  • Half year period EPS not annualized (AS-20)
  • Previous year figures regrouped and rearranged for comparability
  • H2 FY26 figures arrived as difference between audited full year and audited H1 figures

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