Grace Renewable Energy Files DRHP With SEBI for 1.12 Crore Share IPO

Ahmedabad-headquartered solar engineering, procurement, and construction (EPC) solutions provider Grace Renewable Energy Limited has submitted its Draft Red Herring Prospectus (DRHP) to the Securities and Exchange Board of India (SEBI) to raise capital through an Initial Public Offering (IPO).

The proposed public issue is slated for listing on both the BSE and the National Stock Exchange of India (NSE).

Structure of the Offer

The book-built issue entails an offer of up to 1,12,00,000 equity shares of face value ₹10 each, combining fresh equity dilution and an offer for sale (OFS):

• Fresh Issue: Up to 84,15,000 equity shares issued directly by the company.
• Offer for Sale (OFS): Up to 27,85,000 equity shares offloaded by promoter selling shareholders Manish Bagadia and Karuna Bagadia.

The net proceeds from the fresh capital raise are slated to support incremental working capital requirements and general corporate purposes. Marwadi Chandarana Intermediaries Brokers Private Limited is appointed as the sole Book Running Lead Manager (BRLM), while KFin Technologies Limited will serve as the registrar for the offering.

Business Operations and Capabilities

Incorporated in 2013, Grace Renewable Energy operates across three primary business verticals:

• Solar EPC Services: Execution of turnkey solar photovoltaic installations across rooftop and ground-mounted segments for residential, commercial, and industrial (C&I) clients.
• Product Trading: Sourcing and supply of solar PV modules and inverters, serving as an authorized channel partner for modules manufactured by Adani New Industries and Mundra Solar.
• Battery Energy Storage Solutions (BESS): Manufacturing and assembly of battery storage packs under the Grace brand, supported by an established manufacturing unit in Ahmedabad with an installed capacity of 48 MWh.

As of March 31, 2026, the company had cumulatively commissioned 94,904.74 kW of solar capacity across 6,344 projects, operating across 11 Indian states as well as selected international markets. Its confirmed solar EPC order book stood at ₹478.86 million.

Financial Performance

Grace Renewable Energy posted strong growth in financial performance over recent reporting periods, underpinned by surging adoption of commercial rooftop installations and government-backed clean energy schemes:

• Revenue from Operations: Grew 70.8% year-on-year to ₹205.84 crore in FY26, up from ₹120.49 crore in FY25 and ₹77.91 crore in FY24.
• Profit After Tax (PAT): Increased 91% to ₹18.67 crore in FY26 compared to ₹9.77 crore in FY25.
• EBITDA: Reached ₹25.80 crore in FY26, advancing from ₹12.81 crore reported in the prior fiscal.
• Balance Sheet Health: Reported a net worth of ₹37.73 crore with minimal total debt of ₹0.92 crore at the end of FY26.

The price band and bid period will be decided in consultation with the merchant banker following regulatory review and observations from SEBI.

Tags: Grace Renewable Energy SEBI IPO Solar EPC BSE NSE