GRE Renew EnertechShare price, financial results, shareholding and management
- Market cap
- ₹338 cr
- Stock P/E
- 24.9peers 7.8
- Book value
- ₹47.6
- Price to book
- 4.97
- EV / operating profit
- -
- Market cap to sales
- 2.75
- ROCE · FY26
- 38.5%
- ROE · FY26
- 30.2%
- ROE, 3-year average
- 41.8%
- Operating margin · FY26
- 13.0%peers 14.5%
- Sales growth, 3 years
- 33.2%
- Profit growth, 3 years
- 138.6%
- Debt to equity
- 0.03peers 0.24
- Borrowings
- ₹2 cr
- Interest cover
- No interest
- Cash from business / op. profit
- 31%
- Debtor days
- 31
- Pledged
- 0.00%
- Promoter holding
- 69.99%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 269
- 52-week high / low
- ₹279 / ₹78
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
GRE Renew Enertech share price chart
Close on 6 Nov 2026 · +3.18% on the day · Vol 7,200
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- +0.8%
- 3 months
- +30.1%
- 6 months
- +95.6%
- Traded a day, 20 days
- ₹0.14 cr
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +54% | +94% |
| 3 years, a year | +33% | +139% |
| Latest half, H2 FY26 | +80% | +140% |
About GRE Renew Enertech: business, products and customers
GRE Renew Enertech builds solar power plants on factory roofs and open land for businesses and government buildings, and also owns some plants and supplies their power to customers. It also makes LED lights, works mostly in Gujarat, and its shares trade on BSE SME.
GRE Renew Enertech began in 1999 as GRE Electronics making CFL lamps, was incorporated in 2008 and made solar its core business from 2013. Its main work is building rooftop and ground-mounted solar plants for factories and commercial buildings on a turnkey basis: design, buying the panels and inverters, building, connecting to the grid and maintaining the plant afterwards. It has built over 100 MWp of plants, for customers such as ceramics, paper, pharma and dye makers, and it also supplies GRE-branded LED lights to Indian Railways and government buyers.
Its second business is owning plants itself and selling the power for 25 years: rooftop plants on CRPF, BSF and CISF buildings at ₹5.04 a unit, and a 7.20 MW (AC) ground-mounted plant at Himmatnagar paid for with issue money, which started in May 2026 selling power at ₹4.00 a unit. Almost all of its domestic sales come from Gujarat.
Read more about the business
The business model shapes the numbers. In contract building the price includes the panels, inverters and structures it buys, so revenue is large but the margin is thin and moves with panel prices and competition; customers are drawn by lower power bills, subsidies and accelerated depreciation. In plants it owns, it spends the money up front and earns small monthly payments for 25 years, so this part adds little revenue at first but steadies earnings later. The offer document names Oriana Power and Zodiac Energy as its listed peers, both solar plant builders.
What is new: the company listed in January 2026, won its largest order, a ₹175 cr contract for a 50 MW (AC) ground-mounted plant in Maharashtra, and is moving from rooftops toward larger ground-mounted projects. It plans to expand beyond Gujarat and add battery storage and hybrid systems.
From the offer document (red herring prospectus, January 2026), the FY26 annual report, the June 2026 investor presentation and the Crisil rating rationale of July 2026.
Read the deeper study ↓In its favour
- Sales have grown fast: 33% a year over three years.
- It earns a high return on the money it uses: ROCE 39% in FY26.
- It has little debt for its size: debt to equity 0.03.
- The promoters own a large part of the company: 69.99%.
To watch
- Execution of the ₹175 cr order for a 50 MW (AC) plant in Maharashtra (Annual report FY26, p.9).
- Power output from the Himmatnagar plant started on 27 May 2026 (Investor presentation, June 2026, p.18).
- Growth of its own plant portfolio toward the projected 15,525 kWp in FY27 (Investor presentation, June 2026, p.16).
- Work won outside Gujarat, which the company names as a growth plan (Investor presentation, June 2026, p.24).
- It paid no dividend in the past year.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
GRE Renew Enertech revenue and profit growth
Half-yearly results · Profit and lossSales have grown fast. Last year profit grew faster than sales, so the company kept more from each rupee of sales.
SME companies report every six months. In the latest half, sales were higher than in the same half a year before. Profit grew faster than sales.
GRE Renew Enertech half-yearly results
SME companies report every six months · ₹ crore
| H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|
| Sales | 44 | 44 | 79.12 |
| Expenses | 39 | 38 | 68.52 |
| Operating profit | 5 | 6 | 10.59 |
| OPM | 11.0% | 13.0% | 13.4% |
| Interest | 0 | 0 | 0.12 |
| Depreciation | 0 | 0 | 0.46 |
| Profit before tax | 5 | 5 | 12.70 |
| Net profit | 4 | 4 | 9.58 |
GRE Renew Enertech profit and loss
Full years to March, FY14 to FY26 · ₹ crore, consolidated where reported
| FY14 | FY15 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|---|
| Sales | 2 | 3 | 20 | 11 | 52 | 90 | 80 | 122.92 |
| Expenses | 2 | 3 | 19 | 11 | 50 | 79 | 70 | 106.92 |
| Operating profit | 0 | 0 | 1 | 0 | 2 | 11 | 10 | 16 |
| OPM | 6.0% | 11.0% | 6.0% | 4.2% | 4.2% | 13.0% | 12.0% | 13.0% |
| Other income | 0 | 0 | 0 | 0 | 0 | 2 | 0 | 2.86 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 |
| Exceptional and other items | · | · | · | · | · | · | -1 | · |
| Profit before tax | 0 | 0 | 1 | 0 | 2 | 13 | 9 | 18.09 |
| Tax rate | 0.0% | 0.0% | 100.0% | -9.0% | 50.0% | 23.1% | 22.2% | 24.9% |
| Net profit | 0 | 0 | 0 | 0 | 1 | 10 | 7 | 13.58 |
| EPS ₹ | -4 | 0.67 | 4 | 2 | 7.12 | 79.28 | 6.65 | 8.45 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
The years to FY25 come rounded to the nearest crore in the source.
Exceptional and other items: profit before tax beyond operating profit, other income, interest and depreciation, such as one-off items or a share of associates' profit, as reported.
A tax rate above 60% or below zero (FY21, FY22) comes from tax charged on a small or negative profit, as reported.
Earnings per share before FY24 is on the share count of that time, before later bonus or share issues, so it does not compare with the years after.
GRE Renew Enertech profitability
Margins and returns on capitalLast year the company kept about as much from each rupee of sales as the year before. It earns a high return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY14 | FY15 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|---|
| Operating margin | 6.0% | 11.0% | 6.0% | 4.2% | 4.2% | 13.0% | 12.0% | 13.0% |
| Tax rate | 0.0% | 0.0% | 100.0% | -9.0% | 50.0% | 23.1% | 22.2% | 24.9% |
| ROCE | · | 0.0% | 17.9% | 0.0% | 17.4% | 61.9% | 36.0% | 38.5% |
| ROE | · | 0.0% | 0.0% | 0.0% | 14.3% | 62.5% | 32.6% | 30.2% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
GRE Renew Enertech debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. Its loans are smaller than its own money. Last year the business brought in less cash than it showed as profit, so part of the profit is still to be collected. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers take longer to pay than they did in FY24, which ties up more of the company's money in unpaid bills.
Bars below the line are cash going out.
GRE Renew Enertech balance sheet
At each 31 March · ₹ crore
| FY14 | FY15 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 0.15 | 0.15 | 1 | 1 | 1 | 1 | 11 | 14 |
| Reserves | 0 | 0 | 1 | 2 | 10 | 20 | 11 | 54 |
| Net worth | 0.15 | 0.15 | 2 | 3 | 11 | 21 | 22 | 68 |
| Borrowings | 3 | 4 | 5 | 4 | 5 | 5 | 2 | 2 |
| Other liabilities | 1.85 | 2.85 | 4 | 1 | 36 | 23 | 11 | 24 |
| Total liabilities | 5 | 7 | 11 | 8 | 52 | 49 | 35 | 94 |
| Fixed assets | 2 | 2 | 1 | 1 | 3 | 2 | 4 | 14 |
| Capital work in progress | 0 | 0 | 0 | 0 | 0 | 2 | 9 | 7 |
| Investments | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other assets | 2 | 4 | 10 | 7 | 49 | 45 | 22 | 73 |
GRE Renew Enertech cash flow
₹ crore
| FY14 | FY15 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | · | · | 1 | 0 | -3 | 6 | 9 | 5 |
| Cash from investing | · | · | 0 | 0 | 6 | -1 | -12 | -15 |
| Cash from financing | · | · | -1 | 0 | -3 | -1 | 0 | 35 |
| Net cash flow | · | · | 0 | 0 | 0 | 4 | -3 | 25 |
Working capital
Days
| FY14 | FY15 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|---|
| Debtor days | 117 | 113 | 31 | 87 | 14 | 22 | 41 | 31 |
| Inventory days | 404 | 407 | 84 | 101 | 33 | 25 | 24 | 51 |
| Days payable | 344 | 281 | 60 | 38 | 8 | 3 | 23 | 43 |
| Cash conversion cycle | 176 | 239 | 55 | 150 | 39 | 44 | 42 | 38 |
| Working capital days | 113 | 194 | -13 | 9 | 50 | 49 | 24 | 42 |
GRE Renew Enertech peers and competitors
Listed SME companies in the same industryBy sales, GRE Renew Enertech is number 32 of the 58 listed SME companies in construction.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Mahendra Realtors & Infrastructure | 125 | 6.9 | 136 | 18 | 15.0% | 0.11 |
| H.M. Electro Mech | 68 | 6.8 | 132 | 10 | 11.0% | 0.20 |
| Rudra Gas Enterprise | 58 | 6.5 | 124 | 9 | 14.0% | 1.41 |
| GRE Renew Enertech | 338 | 24.9 | 123 | 13.6 | 13.0% | 0.03 |
| Desco Infratech | 138 | 8.6 | 119 | 16 | 20.0% | 0.21 |
| Teerth Gopicon | 14 | 1.1 | 118 | 12.8 | 20.8% | 0.24 |
| Aesthetik Engineers | 123 | 17.3 | 118 | 7.1 | 10.2% | 0.50 |
| Safety Controls & Devices | 142 | 10.1 | 117 | 14 | 23.0% | 0.83 |
| Paluck Technologies | 87 | 6.2 | 111 | 14.1 | 22.6% | - |
| Jayant Infratech | 130 | 16.3 | 111 | 8 | 10.0% | 0.56 |
| Rulka Electricals | 52 | 15.7 | 110 | 3.3 | 5.1% | 0.13 |
| Median of the 10 others | 105 | 7.8 | 118 | 11.4 | 14.5% | 0.24 |
GRE Renew Enertech shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company. Big foreign and Indian funds own very little. The number of shareholders has come down.
GRE Renew Enertech shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Mar 26 | Jun 26 | |
|---|---|---|
| Promoters | 69.99% | 69.99% |
| Foreign investors (FIIs) | 0.55% | - |
| Indian institutions (DIIs) | 10.74% | - |
| Number of shareholders | 337 | 269 |
GRE Renew Enertech study: the business from its own documents
Read from 5 of the company's own documentsGRE Renew Enertech so far
From the company's own record
- 17 Sept 2026An order announced
- 3 Oct 2026An order announced
- 30 June 2026Promoters at 69.99%
- 24 Sept 2026Highest close since listing, ₹240.50
GRE Renew Enertech key facts from the filings
Each figure with the document it comes from
- Sales
- ₹122.9 cr
- FY26 consolidated revenue from operations, up 46.8% from ₹83.7 cr.Annual report FY26, p.9 and p.13
- EBITDA margin
- 13.10%
- FY26, up from 11.35%; contract building carries thin margins because panels are bought in.Annual report FY26, p.22
- Order book
- ₹248.0 cr
- Orders at 15 July 2026 including GST, covering about 82 MW (DC), up from about ₹52 cr at March 2026.Annual report FY26, p.3 and p.13
- Largest order
- ₹175 cr
- Contract for a 50 MW (AC) ground-mounted solar plant in Maharashtra.Annual report FY26, p.9
- Top ten customers
- 78.78%
- Share of revenue in the half year to September 2025, up from 62.42% in FY25; the largest gave 29.61%.Offer document, p.155 and p.156
Show 5 more facts
- Gujarat
- 99.41%
- Share of domestic sales from Gujarat in the half year to September 2025.Offer document, p.155
- Own ground plant
- 7.20 MW (AC)
- Himmatnagar plant built with issue money, started 27 May 2026, selling power at ₹4.00 a unit for 25 years.Investor presentation, June 2026, p.18; Annual report FY26, p.13
- Own rooftop plants
- 2.99 MWp
- Seven plants on CRPF, BSF and CISF buildings, selling power at ₹5.04 a unit for 25 years.Investor presentation, June 2026, p.17
- Issue money unspent
- ₹15.7 cr
- Left at March 2026 out of ₹39.6 cr raised at ₹105 a share in January 2026.Annual report FY26, p.3 and p.13
- Credit rating
- BBB-/Stable
- Crisil's July 2026 rating on ₹35 cr of bank facilities; gearing was 0.02 times at March 2026.Crisil rating rationale, July 2026, p.1
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
The company says its order book stood at about ₹248.0 cr including GST on 15 July 2026, covering about 82 MW (DC), and Crisil records orders of about ₹248 cr to be executed over 6 to 18 months. The company projects its own power plant portfolio rising to 15,525 kWp in FY27 from 3,833 kWp in FY26, including its Himmatnagar plant and a 2,016 kWp plant held by its subsidiary GRE Green Energy, both started in May 2026. It plans to expand beyond Gujarat, use GRE Green Energy for larger solar parks, and add hybrid and battery storage systems.
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
The company earns most of its money building solar plants for factories in Gujarat, and is starting to own plants and supply their power for steady income.
Its weak spots are thin contract margins in a crowded field, a few large customers, and almost all its work in one state.
WatchCan it set its own prices?Little: solar plant building is crowded, and panel supply and prices are set by policy and global makers.
AverageHow strong is it against rivals?A long building record and in-house engineering help it win work, but many contractors can do the same job.
WatchWho are its customers?A few large factory and government customers bring most of the revenue, nearly all in Gujarat.
AverageDoes it need a lot of money?Contract work needs little plant, but owning power plants means paying for them up front, so far done with issue money rather than debt.
StrongCan it keep finding new work?Orders in hand are now about twice the latest year's sales, helped by its largest ever contract.
WatchDo good and bad years swing a lot?Sales and margins have moved sharply from year to year as projects come and go.
Who runs GRE Renew Enertech?
Promoters, directors and officers; tap a name for the background
KDKamleshkumar Dahyalal PatelPromoter and Managing Director · holds 36.74%
BE in electronics from the University of Pune (1995); first-generation entrepreneur with over 26 years of experience, leading the solar business and overall operations, including business development, sourcing and finance.
Offer document, p.187 and p.203; Annual report FY26, p.35KKKirtikumar Kantilal SutharPromoter and Whole-Time Director · holds 17.50%
Educated to Class X; more than 35 years in research and development, manufacturing, quality control and service delivery; leads product development, solar plant building, internal controls and operations.
Offer document, p.187 and p.203; Annual report FY26, p.35MPMukeshkumar Prahladbhai TrivediPromoter and Whole-Time Director · holds 3.50%
BBA from Sardar Patel University (1984) with 36 years across industries in marketing and public relations; handles product sales, government liaison and approvals, and business development.
Offer document, p.187, p.188 and p.203; Annual report FY26, p.35LLLokesh Laxmanbhai DaveIndependent Director
Fellow member of the Institute of Company Secretaries of India, commerce and law graduate, with over 16 years as a practising company secretary advising more than 200 companies.
Offer document, p.188KKKavita KhatriIndependent Director
Commerce and law graduate with 14 years as a practising company secretary.
Offer document, p.188MGMehul Ganesh RajputIndependent Director
Fellow company secretary with law degrees and 9 years of practice; chairman of the Western Region of the ICSI.
Offer document, p.188ALAlpeshkumar L AgrawalChief Financial Officer
Chartered accountant with over 15 years in corporate finance, tax and compliance across renewable energy, manufacturing and exports; appointed during FY26.
Investor presentation, June 2026, p.8; Annual report FY26, p.14RJRohan J DhruveCompany Secretary and Compliance Officer
Company secretary and commerce graduate with over 7 years in SEBI-regulated entities and corporate firms; appointed in February 2024.
Investor presentation, June 2026, p.8; Offer document, p.201GRE Renew Enertech latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- H2 FY26: sales ₹79.1 cr (+80%), net profit ₹9.6 cr (+140%) on H2 FY25.
- Shareholding, 30 June 2026: promoters unchanged at 69.99%.
- 3 Oct 2026: an order announced.
- 17 Sept 2026: an order announced.
GRE Renew Enertech announcements
5 on record, latest first; each opens the filing on the exchange
- Company UpdateCompliance certificate under regulation 74(5) of SEBI (DP) Regulations 2018 for the quarter ended on September 30, 2026PDF ↗
- Company UpdateBusiness Update on Orders received -Fortnightly UpdatePDF ↗
- AGM/EGMScrutinizer Report and Voting Result of 18th Annual General MeetingPDF ↗
- Insider Trading / SASTIntimation of Closure of Trading WindowPDF ↗
- Company UpdateBusiness Update on Orders Received-Fortnightly UpdatePDF ↗
GRE Renew Enertech annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
- 30 June 2026 ↗read
- Credit ratings ↗read
GRE Renew Enertech share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on GRE Renew Enertech's data · 8
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (1,42,88,000 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓The two half-years of FY26 add up to the full-year sales.
- !Earnings per share changes basis between FY24 (₹79.28) and FY25 (₹6.65) because the share count behind it changes; EPS is shown as reported, and growth is worked out on profit.
- ✓Revenue and profit are reported for every year shown, FY14 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about GRE Renew Enertech
What does GRE Renew Enertech do?
GRE Renew Enertech builds solar power plants on factory roofs and open land for businesses and government buildings, and also owns some plants and supplies their power to customers. It also makes LED lights, works mostly in Gujarat, and its shares trade on BSE SME.
What is the share price of GRE Renew Enertech?
₹237 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of GRE Renew Enertech?
₹338 cr at the close on 6 Nov 2026, on 1,42,88,000 shares.
What is the P/E of GRE Renew Enertech?
24.9 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are GRE Renew Enertech's revenue and profit?
Revenue ₹123 cr and profit after tax ₹14 cr in FY26.
Who are the promoters of GRE Renew Enertech?
Kamleshkumar Dahyalal Patel, Kirtikumar Kantilal Suthar, Mukeshkumar Prahladbhai Trivedi; promoters held 69.99% at 30 June 2026.
What is GRE Renew Enertech's website?
www.greindia.com
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Other listed SME companies in construction, the closest in size first, each read from its own documents.
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Built from 2 annual reports, 1 offer document, 1 investor presentation, 1 credit rating note, 5 exchange announcements, 2 shareholding patterns and 8 years of reported results. Every figure carries its source; where the documents are silent, the page says so.