Gre Renew Enertech Ipo
GRE Renew Enertech IPO Review & Key Points
Review: Neutral
IPO Lead Managers aka Merchant Bankers
Share India Capital Services Pvt.Ltd.
| Name of the Company | Face Value (₹) | EPS basic (₹) | EPS Diluted (₹) | RONW (%) | P/E Ratio | NAV (₹) |
| Powerica Limited | 5 | 15.26 | 15.26 | 15.37 % | 24.45 | 99.76 |
| Listed Peers | ||||||
| Cummins India Limited | 2 | 72.15 | 72.15 | 26.45% | 64.13 | 272.78 |
| Kirloskar Oil Engines Limited | 2 | 33.71 | 33.60 | 15.85% | 43.24 | 212.60 |
| NTPC Green Energy Limited | 10 | 0.67 | 0.67 | 2.58% | 129.40 | 21.88 |
| Acme Solar Holdings Limited | 2 | 4.55 | 4.53 | 5.59% | 50.74 | 74.54 |
| Adani Green Energy Limited | 10 | 8.37 | 8.37 | 11.90% | 101.53 | 76.62 |
| IPO Open Date | January 13, 2026 |
| IPO Close Date | January 16, 2026 |
| Face Value | ₹10 Per Equity Share |
| IPO Price Band | ₹100 to ₹105 Per Share |
| Issue Size | Approx ₹40 Crores |
| Fresh Issue | Approx ₹40 Crores |
| Issue Type | Bookbuilding Issue |
| IPO Listing | BSE SME |
| DRHP Draft Prospectus | |
| RHP Draft Prospectus |
| Application | Lot Size | Shares | Amount |
| Retail Minimum | 2 | 2,400 | ₹2,52,000 |
| Retail Maximum | 2 | 2,400 | ₹2,52,000 |
| S-HNI Minimum | 3 | 3,600 | ₹3,78,000 |
| S-HNI Maximum | 7 | 8,400 | ₹8,82,000 |
| B-HNI Minimum | 8 | 9,600 | ₹10,08,000 |
| Investor Category | Share Offered | -% Shares |
| Anchor Investor | 10,62,000 Shares | 28.18% |
| QIB (Ex. Anchor) | 7,14,000 Shares | 18.95% |
| NII Shares Offered | 5,40,000 Shares | 14.33% |
| Retail Shares Offered | 12,60,000 Shares | 33.44% |
| Anchor Bidding Date | January 12, 2026 |
| Anchor Investors List | |
| Shares Offered | 10,62,000 Shares |
| Anchor Size | 11.15 Cr. |
| lock-in period end date 50% shares (30 Days) | February 18, 2026 |
| lock-in period end date 50% shares (90 Days) | April 19, 2026 |
| IPO Open Date: | January 13, 2026 |
| IPO Close Date: | January 16, 2026 |
| Basis of Allotment: | January 19, 2026 |
| Refunds: | January 20, 2026 |
| Credit to Demat Account: | January 20, 2026 |
| IPO Listing Date: | January 21, 2026 |
| IPO Bidding Cut-off Time: | January 16, 2026 – 5 PM |
| Particular | Shares | % Share |
| Promoter Holding Pre Issue | 1,05,20,000 | 95.06% |
| Promoter Holding Post Issue | 1,42,88,000 | 69.99% |
| Purpose | Crores |
| Setting up of 7.20 MW (AC) / 9.99 MW (DC) Ground Mounted Solar Power Plant | 32.61 |
| General corporate purposes | – |
| Period Ended | Revenue | Expense | PAT | Assets |
| 2023 | ₹53.11 | ₹74.91 | ₹0.89 | ₹51.65 |
| 2024 | ₹92.15 | ₹79.52 | ₹9.91 | ₹49.12 |
| 2025 | ₹84.37 | ₹74.91 | ₹7.03 | ₹45.46 |
| Sep 2025 | ₹43.98 | ₹38.58 | ₹4.00 | ₹42.77 |
| KPI | Values |
| ROE: | 26.89% |
| ROCE: | 29.60% |
| EBITDA Margin: | 11.33% |
| PAT Margin: | 8.39% |
| Debt to equity ratio: | 0.05 |
| Earning Per Share (EPS): | ₹6.71 (Basic) |
| Price/Earning P/E Ratio: | N/A |
| Return on Net Worth (RoNW): | 26.89% |
| Net Asset Value (NAV): | ₹29.68 |
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
| Oriana Power Limited | 81.92 | 15.99 | 48.62% | 256.26 | 1018.67 Cr. |
| Zodiac Energy Limited | 13.38 | 29.27 | 27.71% | 64 | 407.78 Cr. |
| Period Ended | Revenue | Expense | PAT | Assets |
| 2023 | ₹184.81 | ₹154.97 | ₹32.10 | ₹251.58 |
| 2024 | ₹206.45 | ₹175.85 | ₹34.44 | ₹339.25 |
| 2025 | ₹322.58 | ₹261.43 | ₹28.13 | ₹455.49 |
| Dec 2025 | ₹236.50 | ₹186.96 | ₹38.69 | ₹561.34 |